This excerpt taken from the IDTI 8-K filed Jan 24, 2008.
Company Announces Board of Directors Transition
SAN JOSE, Calif.--(BUSINESS WIRE)--IDT® (Integrated Device Technology, Inc.)(NASDAQ:IDTI), a leading provider of essential mixed-signal semiconductor solutions that enrich the digital media experience, today announced results for the fiscal third quarter ended December 30, 2007.
“We experienced broad strength in sales of timing devices across our computing, consumer and communications end markets. Increased sales of PC audio and PCI Express® devices, combined with robust timing product sales and sequential improvement in gross margin, allowed us to post EPS that was in line with the mid-point of our previous expectations,” stated Greg Lang, president and CEO of IDT. “While revenue growth in these markets was more than offset by weaker demand for our communications and server products, we continue to see strong design win momentum across many of our new product lines including PCI Express and PC audio, and we look forward to a strong second half of calendar year 2008 as these design wins ramp.”
The following highlights the Company’s financial performance on both a GAAP and non-GAAP basis. The GAAP results include certain costs, charges, gains and losses in accordance with GAAP which are excluded from non-GAAP results based on management’s determination that they are not directly reflective of on-going operations. A complete reconciliation of GAAP to non-GAAP results is attached to this press release.