SAN FRANCISCO Hurt by a hefty write down, mixed-signal chip vendor Integrated Device Technology Inc. (IDT) Thursday (April 30) reported a GAAP net loss of $719.2 million on revenue of $107.4 million for the quarter ended March 29. The company also said it entered into a definitive agreement to sell assets of its network search engine products to NetLogic Microsystems Inc. for $90 million.
IDT's GAAP net loss for the fiscal fourth quarter equates to $4.37 per share. IDT (San Jose, Calif.) posted a GAAP net income of $17.1 million, or 10 cents per share, in the year-ago quarter.
The net loss was impacted by a $686.6 million non-cash charge from goodwill and intangible asset impairment, IDT said.
IDT's fiscal fourth quarter revenue was down 36 percent from $167 million in the previous quarter and down 40 percent from $177 million in the same period a year ago.
For fiscal 2009, IDT posted a GAAP net loss of $1 billion on revenue of $663.2 million, IDT said. The company posted a GAAP net income of $34.2 million on revenue of $781.5 million in fiscal 2008.
NetLogic will pay IDT about $100 million less an estimated $10 million for cost of inventory at the closing of the network search engine products transaction, IDT said. IDT's board unanimously approved of the divestiture, the company said.
In a statement, Ted Tewksbury, president and CEO at IDT, said the divestiture sharpens the company's focus on mixed-signal ICs and provides funds for further investments.
Earlier Thursday, IDT said it signed a definitive agreement to acquire Tundra Semiconductor Corp. for about $100 million. Gennum Corp., which had a definitive agreement in place to acquire Tundra for about $92.3 million, announced that it would not match IDT's offer.
Tewksbury said IDT's fiscal fourth quarter results were in line with revised projections the company issued March 31.