IDT Announces Third-Quarter, Fiscal 2003 Results
Integrated Device Technology Inc. (IDT, Santa Clara, CA), a communications IC company, announced results for the quarter ended December 29, 2002, its third quarter of fiscal 2003. Revenues for the third quarter were $79 million, a decrease of 14 percent compared to the second quarter of fiscal 2003 and a decrease of one percent compared to the quarter ended December 30, 2001. On a pro-forma basis, the net loss for the third fiscal quarter was $20.6 million, or $0.20 loss per share, compared to net income of $1 million, or $0.01 per diluted share, in the second quarter of fiscal 2003, and a net loss of $11.9 million, or $0.11 loss per share, for the quarter one year ago.
Including certain costs, charges and gains in accordance with GAAP, the company lost $26.3 million in the third quarter of fiscal 2003, or $0.25 loss per share, compared to a loss of $4.9 million in the second quarter of fiscal 2003, or $0.05 loss per share. One year ago, on a GAAP basis, the company earned $214,000, $0.00 per diluted share, for the third quarter of fiscal 2002.
"We experienced a difficult third fiscal quarter with declining revenue and a substantial reduction in inventories," said Greg Lang, IDT president and CEO. "While the business climate remains challenging, we believe that working down our inventory levels will put us in better financial shape as we enter fiscal 2004. Additionally, our strong balance sheet enables us to continue to invest in technology and product development, which has resulted in new design-win momentum."