Integrated Device Technology, Inc. (IDTI), Tuesday said it slipped to a loss in the first quarter from a profit in the same quarter a year ago, hurt mainly by a decline in revenues. Quarterly revenues as well as non-GAAP earnings, however, came in ahead of Street's view.
Quarterly results included amortization charges of $5.2 million, stock based compensation expenses of $4.3 million, acquisition-related costs of $3.6 million, asset impairment charges of $2.0 million , and $1.5 million severance-related expense.
Excluding charges, non-GAAP net income for the first quarter declined to $3.463 million or $0.02 per share from $39.174 million or $0.23 per share in the first quarter of last year.
On average, ten analysts surveyed by Thomson Reuters expected the company to report break-even earnings for the first quarter. Analysts' estimate typically excludes special items such as one-time charges or gains.
Operating loss for the first quarter was $14.585 million, compared to an operating income of $7.875 million in the same quarter last year.
Net revenues for the first quarter declined to $115.954 million from $188.208 million in the same quarter a year ago, however, was above the Street view of $112.93 million.
Total operating expenses for the first quarter declined to $61.750 million from $76.854 million in the same quarter a year ago, helped by a drop in research and development expenses as well as selling, general and administrative expenses.
Research and development expenses for the first quarter declined to $36.315 million from $43.619 million in the same quarter last year, while selling, general and administrative expenses for the quarter declined to $25.435 million from $32.968 million in the same quarter a year ago.
IDTI closed Tuesday's trading at $6.55, down $0.05 or 0.76%, on a volume of 5.695 million shares on the Nasdaq. In after hours, the stock lost $0.0013 or 0.02%, to trade at $6.55.
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