Integrated Device Technology Inc, the Santa Clara, California maker of microprocessors and memory products, has reported second-quarter net income of $40.5m on revenue up 18.3% at $173.5m, compared to a net loss of $239.4m in the year-ago quarter. Earnings per share came in at $0.41 but, excluding one- time gains from cross licensing deals and the sale of a subsidiary, were $0.18. Analysts surveyed by First Call were expecting earnings of just $0.13. Gross margin for the quarter was 48.6%, up from 46.6% in the preceding quarter.
The company claims it is seeing the benefit of its exit from the x86 market – which was completed with the recent sale of the Centaur Design subsidiary and the related WinChip intellectual property – as sales grew in each of the company’s four major product areas; communications products, RISC microprocessors, high-speed logic and SRAM. Order backlog grew sequentially for the third consecutive quarter and bookings exceeded billings, the company said. Six-month net income was $48.9m on revenue up 9.3% at $327.5m, against a net loss of $290.3m last year. Year-ago results include restructuring and asset impairment charges of $178.3m and $207.2m for the quarter and six months, respectively.
