(RTTNews) - Integrated Device Technology Inc. (IDTI: News ), a provider of mixed signal semiconductor solutions, Tuesday reported a significant rise in profit for the second quarter, despite a decline in revenue, reflecting a gain on divestiture of the company's network search engine business.

Net income for the second quarter rose to $60.54 million or $0.36 per share from $11.67 million or $0.07 per share in the previous year. Results for the quarter include amortization of acquisition related intangibles of $6.11 million, gain on divestiture of $82.75 million, inventory amortization of $7.63 million, severance and retention costs of $14.02 million and stock-based compensation of $3.92 million.

On an adjusted basis, net income declined to $12.19 million or $0.07 per share from $43.27 million or $0.25 per share in the previous year.

On average, ten analysts polled by Thomson Reuters expected the company to report earnings of $0.02 per share. Analysts' estimates typically exclude special items.

Revenues for the quarter declined to $139.50 million from $200.54 million a year ago. Analysts expected revenues of $131.30 million for the quarter.
Total operating expenses for the quarter were $72.12 million, compared to $73.74 million in the previous year.

For the six-month period, net income increased to $46.42 million or $0.28 per share from $20.83 million or $0.12 per share last year. Revenues for the period declined to $255.46 million from $388.75 million last year.

IDTI closed Tuesday's regular trading at $6.14, down 0.02 or 0.32%, on a volume of 3.69 million shares on the Nasdaq. In after hours, the stock gained 0.26 or 4.23%, trading at $6.30.

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by RTT Staff Writer

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