Integrated Device Technology, Inc. reported unaudited consolidated earnings results for the fourth quarter and full year ended April 2, 2017. For the quarter, the company reported revenues of $224,578,000 against $175,698,000 a year ago. Operating income was $29,874,000 against $29,914,000 a year ago. Income from continuing operations before income taxes was $24,999,000 against $27,761,000 a year ago. Net income from continuing operations was $20,711,000 or $0.15 per diluted share against $30,209,000 or $0.22 per diluted share a year ago. Non-GAAP net income from continuing operations was $63,367,000 or $0.46 per diluted share against $48,119,000 or $0.35 per diluted share a year ago.

For the year, the company reported revenues of $842,764,000 against $728,243,000 a year ago. Operating income was $110,916,000 against $110,341,000 a year ago. Income from continuing operations before income taxes was $92,172,000 against $99,285,000 a year ago. Net loss from continuing operations was $12,136,000 or $0.09 per diluted share against profit $109,184,000 or $0.79 per diluted share a year ago. Non-GAAP net income from continuing operations was $214,352,000 or $1.55 per diluted share against $195,733,000 or $1.40 per diluted share a year ago. The company generated $69 million in cash from operations and spent approximately $9 million on CapEx.

For the first quarter of 2019, the company expects revenue to be approximately $227 million plus or minus $5 million. This is net of a negative impact of $4 million from ZTE in the quarter. Otherwise, its guidance midpoint would have been set at $231 million. Non-GAAP gross margin to be approximately 62.5% plus or minus 1% point, similar to the prior quarter. Interest and other expense will be approximately $1.5 million and non-GAAP tax rate will be approximately 10%. The company expects fully diluted shares for EPS to be approximately $135.4 million and non-GAAP EPS to be between $0.40 and $0.46 or $0.43 at the midpoint. The company projects non-GAAP operating expense will increase approximately $2.8 million to $76 million plus or minus $1 million. R&D to increase by $1.8 million to approximately $44 million and SG&A to increase by $1.1 million to approximately $32 million.

For the first half of fiscal 2019, the company expects gross margins to remain in a similar range.

For the second half of fiscal 2019, the company believes that gross margins have the potential to reach the 63% to 64% range, driven by the positive impact of new products and continued cost reductions in that time period.

For the full year 2019, OpEx to be approximately $310 million.