Integrated Device Technology Inc. (IDTI, Financial) filed Quarterly Report for the period ended 2011-01-02.
Integrated Device Technology Inc. has a market cap of $959.7 million; its shares were traded at around $7.63 with a P/E ratio of 16.5 and P/S ratio of 1.8. Hedge Fund Gurus that owns IDTI: Richard Perry of Perry Capital, Jim Simons of Renaissance Technologies LLC, Bruce Kovner of Caxton Associates, Paul Tudor Jones of The Tudor Group, George Soros of Soros Fund Management LLC. Mutual Fund and Other Gurus that owns IDTI: John Buckingham of Al Frank Asset Management, Inc., RS Investment Management, Pioneer Investments, Chuck Royce of Royce& Associates, Chuck Royce of Royce& Associates, Mario Gabelli of GAMCO Investors.
R&D (the first nine months of fiscal 2011 compared to the first nine months of fiscal 2010). Our year to date R&D expenses were $133.9 million, an increase of $17.8 million, or 15% compared to the same period one year ago. The increase was primarily attributable to an additional one week in the first nine months of fiscal 2011, $6.3 million increase in the incentive compensation expense and $2.5 million increase in other performance bonus expense as a result of acquisitions. Equipment expenses and product development expenses increased $2.9 million and $1.1 million, respectively. Partially offsetting these increases was a $1.3 million decrease in photomask expense and a $1.0 million decrease in severance and retention expense.
SG&A (the third quarter of fiscal 2011 compared to the third quarter of fiscal 2010). SG&A expenses increased $2.3 million, or 9%, to $27.0 million in the third quarter of fiscal 2011 compared to the third quarter of fiscal 2010. The increase in SG&A was primarily due to an additional one week in the third quarter of fiscal 2011, $0.4 million increase in severance and retention expense and $0.6 million increase in incentive compensation expense. Sales representative commissions increased $0.6 million attributable to higher revenues in the third quarter of fiscal 2011. In addition, travel and entrainment costs, trade show and outside services expense increased $0.3 million, $0.5 million and $0.5 million, respectively. Partially offsetting these increases was a $0.4 million decrease in intangible assets amortization expense as the majority of intangible assets acquired from the ICS acquisition were fully amortized.
During the second quarter of fiscal 2006, we completed the consolidation of our Northern California workforce into our San Jose headquarters and exited a leased facility in Salinas, California. We recorded lease impairment charges of approximately $2.1 million, of which $0.6 million was recorded as cost of revenues, $0.9 million was recorded as R&D expense and $0.6 million was recorded as SG&A expense. Since the initial restructuring, we have made lease payments of $1.4 million related to the vacated facility in Salinas. As of January 2, 2011, the remaining accrued lease liabilities were $0.7 million. We expect to pay off this facility charges through the third quarter of fiscal 2014.
Interest income decreased $0.6 million in the first nine months of fiscal 2011 compared to the first nine months of fiscal 2010. The decrease is primarily attributable to less favorable interest rates and lower cash and investment balances during the first nine months of fiscal 2011 compared to the first nine months of fiscal 2010. Other income, net increased $0.2 million in the first nine months of fiscal 2011 as compared to the first nine months of fiscal 2010. The increase was primarily attributable to a $0.8 million miscellaneous gain and a $0.1 million gain on sale of our fixed assets in the first nine months of fiscal 2011, while we recorded a $0.2 million loss in the first nine months of fiscal 2010. In addition, foreign currency loss decreased $0.2 million in the first nine months of fiscal 2011 compared to the first nine months of fiscal 2010. Partially offsetting these increases was a $1.2 million decrease in gain on our investment portfolio of marketable equity securities related to our deferred compensation arrangements.
Our cash and available for sale investments were $308.2 million at January 2, 2011, a decrease of $35.0 million compared to March 28, 2010. The decrease was primarily attributable to the repurchase of approximately $96.9 million of our common stock, net cash payments of $6.2 million relating to the acquisition of IKOR and $7.6 million used to purchase capital equipment and other, net, partially offset by $71.9 million cash from operations in the first nine months of fiscal 2011. We had no outstanding debt at January 2, 2011 and March 28, 2010.
Read the The complete Report
Integrated Device Technology Inc. has a market cap of $959.7 million; its shares were traded at around $7.63 with a P/E ratio of 16.5 and P/S ratio of 1.8. Hedge Fund Gurus that owns IDTI: Richard Perry of Perry Capital, Jim Simons of Renaissance Technologies LLC, Bruce Kovner of Caxton Associates, Paul Tudor Jones of The Tudor Group, George Soros of Soros Fund Management LLC. Mutual Fund and Other Gurus that owns IDTI: John Buckingham of Al Frank Asset Management, Inc., RS Investment Management, Pioneer Investments, Chuck Royce of Royce& Associates, Chuck Royce of Royce& Associates, Mario Gabelli of GAMCO Investors.
Highlight of Business Operations:
R&D (the third quarter of fiscal 2011 compared to the third quarter of fiscal 2010). R&D expenses increased $7.8 million, or 20%, to $46.1 million in the third quarter of fiscal 2011 compared to the third quarter of fiscal 2010. The increase in R&D was primarily attributable to an additional one week in the third quarter of fiscal 2011, $1.5 million increase in incentive compensation expense, $0.7 million increase in other performance bonus expense associated with the acquisitions and $0.4 million increase in 401K matching. Equipment expenses, product developments and photomasks expense increased $0.6 million, $0.3 million and $0.5 million, respectively, as we increased development efforts to bring new products to market. Partially offsetting these increases was a $0.2 million decrease in consulting service expense.R&D (the first nine months of fiscal 2011 compared to the first nine months of fiscal 2010). Our year to date R&D expenses were $133.9 million, an increase of $17.8 million, or 15% compared to the same period one year ago. The increase was primarily attributable to an additional one week in the first nine months of fiscal 2011, $6.3 million increase in the incentive compensation expense and $2.5 million increase in other performance bonus expense as a result of acquisitions. Equipment expenses and product development expenses increased $2.9 million and $1.1 million, respectively. Partially offsetting these increases was a $1.3 million decrease in photomask expense and a $1.0 million decrease in severance and retention expense.
SG&A (the third quarter of fiscal 2011 compared to the third quarter of fiscal 2010). SG&A expenses increased $2.3 million, or 9%, to $27.0 million in the third quarter of fiscal 2011 compared to the third quarter of fiscal 2010. The increase in SG&A was primarily due to an additional one week in the third quarter of fiscal 2011, $0.4 million increase in severance and retention expense and $0.6 million increase in incentive compensation expense. Sales representative commissions increased $0.6 million attributable to higher revenues in the third quarter of fiscal 2011. In addition, travel and entrainment costs, trade show and outside services expense increased $0.3 million, $0.5 million and $0.5 million, respectively. Partially offsetting these increases was a $0.4 million decrease in intangible assets amortization expense as the majority of intangible assets acquired from the ICS acquisition were fully amortized.
During the second quarter of fiscal 2006, we completed the consolidation of our Northern California workforce into our San Jose headquarters and exited a leased facility in Salinas, California. We recorded lease impairment charges of approximately $2.1 million, of which $0.6 million was recorded as cost of revenues, $0.9 million was recorded as R&D expense and $0.6 million was recorded as SG&A expense. Since the initial restructuring, we have made lease payments of $1.4 million related to the vacated facility in Salinas. As of January 2, 2011, the remaining accrued lease liabilities were $0.7 million. We expect to pay off this facility charges through the third quarter of fiscal 2014.
Interest income decreased $0.6 million in the first nine months of fiscal 2011 compared to the first nine months of fiscal 2010. The decrease is primarily attributable to less favorable interest rates and lower cash and investment balances during the first nine months of fiscal 2011 compared to the first nine months of fiscal 2010. Other income, net increased $0.2 million in the first nine months of fiscal 2011 as compared to the first nine months of fiscal 2010. The increase was primarily attributable to a $0.8 million miscellaneous gain and a $0.1 million gain on sale of our fixed assets in the first nine months of fiscal 2011, while we recorded a $0.2 million loss in the first nine months of fiscal 2010. In addition, foreign currency loss decreased $0.2 million in the first nine months of fiscal 2011 compared to the first nine months of fiscal 2010. Partially offsetting these increases was a $1.2 million decrease in gain on our investment portfolio of marketable equity securities related to our deferred compensation arrangements.
Our cash and available for sale investments were $308.2 million at January 2, 2011, a decrease of $35.0 million compared to March 28, 2010. The decrease was primarily attributable to the repurchase of approximately $96.9 million of our common stock, net cash payments of $6.2 million relating to the acquisition of IKOR and $7.6 million used to purchase capital equipment and other, net, partially offset by $71.9 million cash from operations in the first nine months of fiscal 2011. We had no outstanding debt at January 2, 2011 and March 28, 2010.
Read the The complete Report
