MANHASSET, N.Y. Communications IC supplier Integrated Device Technology (IDT) Inc. posted GAAP earnings of $6.6 million, or 6 cents per share on sales of $93.8 million in the first fiscal 2006 quarter ended July 6, compared with $6.2 million, or 6 cents per share on sales of $97.0 million in the previous quarter.
GAAP results reflected $4.2 million in costs associated with restructuring actions the past two quarters, and an $8.9 million tax benefit related to a tax settlement.
IDT (San Jose, Calif.) said earnings met guidance but sales fell below original expectations. The company lowered its fiscal quarter forecast earlier this month.
“Our revenues experienced seasonal weakness across our distribution customers and commodity SRAM products,” said Greg Lang, president and chief executive of IDT, in a statement.
IDT’s recent restructuring measures include closing its Manila plant and cutting 750 jobs.