IDT Reports Progress Integrating ZMDI Acquisition
Integrated Device Technology, Inc. (IDT) announced results for the fiscal first quarter 2017, ended July 3, 2016. Revenue from continuing operations for the fiscal first quarter of 2017 was $192.1 million. This compared with $189.4 million reported last quarter, and $160.9 million reported in the same period one year ago.
â€œFirst quarter fiscal 2017 revenue increased by over 19 percent year-over-year, driven by broad strength across our consumer, communications, automotive and industrial end markets. On a sequential basis, growth was driven by consumer timing, wireless charging and mobile sensing products,â€ said Greg Waters, president and chief executive officer.
â€œOperationally, we achieved two significant milestones in our integration of ZMDI. First, we reached an agreement on the labor-related aspects of the restructuring, and second, we completed the automotive qualification of our test facility in Penang, Malaysia. With both of these goals successfully met, we are tracking ahead of plan on the combination. Design-win traction remains strong across all of our target market segments, and we look forward to continuing to deliver exceptional operating results as the fiscal year unfolds,â€ concluded Mr. Waters.
GAAP net income from continuing operations for the fiscal first quarter of 2017 was $20.9 million, or $0.15 per diluted share, versus GAAP net income from continuing operations of $81.6 million or $0.59 per diluted share last quarter, and GAAP net income from continuing operations of $38.7 million or $0.25 per share in the same period one year ago.
Fiscal first quarter GAAP results include $10.5 million in stock-based compensation, $21.0 million in acquisition and restructuring charges, $3.3 million in non-cash interest expense and $4.5 million in related tax effects.
GAAP gross profit from continuing operations for the fiscal first quarter of 2017 was $108.3 million, or 56.4 percent, compared with GAAP gross profit of $108.0 million or 57.0 percent last quarter, and $99.2 million, or 61.7 percent, reported in the same period one year ago.