Integrated Device Technology, Inc. Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended December 31, 2017; Provides Revenue Guidance for the Fourth Quarter and Full Year Ending March 2018 and Tax Rate Guidance for the First Quarter Ending June 2018
For the nine months, revenues were $618,186,000 against $552,545,000 for the same period of last year. Operating income was $81,042,000 against $80,427,000 for the same period of last year. Income from continuing operations before income taxes was $67,173,000 against $71,524,000 for the same period of last year. Net loss from continuing operations was $32,847,000 or $0.25 per basic and diluted share against net income of $78,975,000 or $0.57 per diluted share for the same period of last year. Net loss was $32,847,000 or $0.25 per basic and diluted share against net income of $80,273,000 or $0.58 per diluted share for the same period of last year. Non-GAAP net income from continuing operations was $150,985,000 or $1.09 per diluted share compared with $147,614,000 or $1.06 per diluted share for the same period one year ago.
The company expects about $840 million of revenue for fiscal year that ends in March 2018.
For the fourth quarter ending March 2018, the company expects revenue of fiscal fourth quarter to be between $217 million and $227 million or $222 million at the midpoint. The company projects non-GAAP gross margin to be approximately 62.5%, plus or minus 1 percentage point. The sequential decline of 40 basis points is driven by the higher mix of wireless power revenue in the forecast. The company projects non-GAAP operating expense will decrease approximately $1.7 million to $72.2 million, plus or minus $1 million. The company projects R&D to decline by $1 million to approximately $41.8 million and SG&A to decrease $700,000 to $30.4 million. The company estimates non-GAAP operating margin will increase 110 basis points at the midpoint of guidance range to reach target model of 30%. The company currently anticipates fiscal fourth quarter interest and other expense will be approximately $2.1 million and that non-GAAP tax rate will remain at approximately 5%. The company projects non-GAAP EPS for the March quarter to be between $0.41 and $0.47 or $0.44 at the midpoint.
For the first quarter ending June 2018, the company expects non-GAAP tax rate will reset to approximately 10%. This estimate is subject to future refinement as additional clarity becomes available on accounting interpretation and positions to be taken by state taxing authorities.