/x/
|
ANNUAL
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934
|
/ /
|
TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934
|
DELAWARE
(State
or Other Jurisdiction of Incorporation or Organization)
|
94-2669985
(I.R.S.
Employer Identification No.)
|
|
6024
SILVER CREEK VALLEY ROAD, SAN JOSE, CALIFORNIA
(Address
of Principal Executive Offices)
|
95138
(Zip
Code)
|
Title of each
class
|
Name of each exchange on which
registered
|
|
Common
stock, $.001 par value
|
The
NASDAQ Stock Market LLC
|
Item
1
|
3
|
|
Item
1A.
|
11
|
|
Item
1B.
|
17
|
|
Item
2.
|
17
|
|
Item
3.
|
17
|
|
Item
4.
|
18
|
|
Item
5.
|
19
|
|
Item
6.
|
21
|
|
Item
7.
|
22
|
|
Item
7A.
|
36
|
|
Item
8.
|
37
|
|
Item
9.
|
72
|
|
Item
9A.
|
72
|
|
Item
9B.
|
72
|
|
Item
10.
|
73
|
|
Item
11.
|
75
|
|
Item
12.
|
75
|
|
Item
13.
|
75
|
|
Item
14.
|
75
|
|
Item
15.
|
76
|
|
79
|
·
|
Investment
in applications expertise, system-level knowledge and whole product
solution elements that allow us to solve difficult technology problems for
our customers that enable them to reduce their overall bill-of-materials
(BOM), increase system performance and lower power consumption while
accelerating their time to market;
|
·
|
Application
of our diverse skill, know-how and technology to help our customers
achieve maximum benefit from evolving technology standards relevant in the
market;
|
·
|
Demonstrating
the dependability and reliability of an experienced, high-volume vendor
with a long-term view; and
|
·
|
Combining
our digital design silicon heritage with the latest in analog,
mixed-signal capabilities to provide value-added, highly integrated
Application Specific Standard Products
(ASSPs).
|
·
|
Leveraging
our design services and customizability model to enable user-configured,
application-optimized, quick turn benefits to our
customers
|
§
|
Communications
segment: includes network search engines (NSEs), clock and timing
solution, RapidIO®
switching solutions, flow-control management devices, FIFOs, multi-port
products, integrated communications processors, high-speed SRAM, military
application, digital logic,
telecommunications.
|
§
|
Computing
and Consumer segment: includes clock generation and distribution products,
high-performance server memory interfaces, PCI Express®
switching solutions, PC audio and video
products.
|
·
|
Terminate
contracts at its convenience;
|
·
|
Terminate,
modify or reduce the value of existing contracts, if budgetary constraints
or needs change;
|
·
|
Cancel
multi-year contracts and related orders, if funds become
unavailable;
|
·
|
Adjust
contract costs and fees on the basis of audits performed by U.S.
government agencies;
|
·
|
Control
and potentially prohibit the export of our
products;
|
·
|
Require
that the company continue to supply products despite the expiration of a
contract under certain
circumstances;
|
·
|
Require
that the company fill certain types of rated orders for the U.S.
government prior to filling any orders for other customers;
and
|
·
|
Suspend
us from receiving new contracts pending resolution of any alleged
violations of procurement laws or
regulations.
|
·
|
The
need to bid on programs prior to completing the necessary design, which
may result in unforeseen technological difficulties, delays and/or cost
overruns;
|
·
|
The
difficulty in forecasting long-term costs and schedules and the potential
obsolescence of products related to long-term fixed price contracts;
and
|
·
|
The
need to transfer and obtain security clearances and export licenses, as
appropriate.
|
§
|
Performance,
feature, quality and price of our
products;
|
§
|
Timing
and success of new product introductions by us, our customers and our
competitors;
|
§
|
Quality
of technical service and support and brand
awareness;
|
§
|
Cost
effectiveness of our design, development, manufacturing and marketing
efforts;
|
§
|
Global
economic condition.
|
·
|
Global
market and economic conditions, including those related to the credit
markets, may adversely affect our business and results of
operations;
|
·
|
The
cyclicality of the semiconductor industry and industry-wide wafer
processing capacity;
|
·
|
Changes
in the demand for and mix of products sold and in the markets we and our
customers serve;
|
·
|
Competitive
pricing pressures;
|
·
|
The
success and timing of new product and process technology announcements and
introductions from us or our
competitors;
|
·
|
Potential
loss of market share among a concentrated group of
customers;
|
·
|
Difficulty
in attracting and retaining key
personnel;
|
·
|
Difficulty
in predicting customer product
requirements;
|
·
|
Production
difficulties and interruptions caused by our complex manufacturing and
logistics operations;
|
·
|
Difficulty
in managing fixed costs of our manufacturing capability in the face of
changes in demand;
|
·
|
Reduced
control over our manufacturing and product delivery as a result of our
increasing reliance on subcontractors, foundry and other manufacturing
services;
|
·
|
Costs
and other issues relating to future
acquisitions;
|
·
|
Availability
and costs of raw materials from a limited number of
suppliers;
|
·
|
Political
and economic conditions in various geographic
areas;
|
·
|
Costs
associated with other events, such as intellectual property disputes or
other litigation; and
|
·
|
Legislative,
tax, accounting, or regulatory changes or changes in their
interpretation.
|
·
|
Terminate
contracts at its convenience;
|
·
|
Terminate,
modify or reduce the value of existing contracts, if budgetary constraints
or needs change;
|
·
|
Cancel
multi-year contracts and related orders, if funds become
unavailable;
|
·
|
Adjust
contract costs and fees on the basis of audits performed by U.S.
government agencies;
|
·
|
Control
and potentially prohibit the export of our
products;
|
·
|
Require
that the company continue to supply products despite the expiration of a
contract under certain
circumstances;
|
·
|
Require
that the company fill certain types of rated orders for the U.S.
government prior to filling any orders for other
customers; and
|
·
|
Suspend
us from receiving new contracts pending resolution of any alleged
violations of procurement laws or
regulations.
|
·
|
The
need to bid on programs prior to completing the necessary design, which
may result in unforeseen technological difficulties, delays and/or cost
overruns;
|
·
|
The
difficulty in forecasting long-term costs and schedules and the potential
obsolescence of products related to long-term fixed price contracts;
and
|
·
|
The
need to transfer and obtain security clearances and export licenses, as
appropriate.
|
(percentage
of total revenues)
|
Fiscal
2009
|
Fiscal
2008
|
Fiscal
2007
|
||||
Americas
|
20%
|
28%
|
30%
|
||||
Asia
Pacific
|
63%
|
56%
|
47%
|
||||
Japan
|
9%
|
9%
|
13%
|
||||
Europe
|
8%
|
7%
|
10%
|
||||
Total
|
100%
|
100%
|
100%
|
·
|
Political
instability and acts of war or terrorism, which could disrupt our
manufacturing and logistical
activities;
|
·
|
Regulations
regarding use of local employees and
suppliers;
|
·
|
Currency
controls and fluctuations, devaluation of foreign currencies, hard
currency shortages and exchange rate
fluctuations;
|
·
|
Changes
in local economic conditions;
|
·
|
Governmental
regulation of taxation of our earnings and those of our personnel;
and
|
·
|
Changes
in tax laws, import and export controls, tariffs and freight
rates.
|
High
|
Low
|
|||||
Fiscal
2009
|
||||||
First
Quarter
|
$
|
12.51
|
$
|
8.93
|
||
Second
Quarter
|
11.34
|
8.26
|
||||
Third
Quarter
|
7.82
|
4.33
|
||||
Fourth
Quarter
|
6.25
|
4.12
|
||||
Fiscal
2008
|
||||||
First
Quarter
|
$
|
15.97
|
$
|
14.31
|
||
Second
Quarter
|
16.37
|
14.78
|
||||
Third
Quarter
|
14.72
|
11.10
|
||||
Fourth
Quarter
|
11.31
|
7.42
|
Period
|
Total Number
of Shares Purchased
|
Average
Price Paid Per Share
|
Total
Number of Shares Purchased as Part of Publicly Announced Plans
or Programs
|
Approximate
Dollar Value of Shares that May Yet Be Purchased Under the Plans or
Programs
|
||||||||
December
28, 2008 – January 25, 2009
|
--
|
--
|
--
|
$
|
77,894,774
|
|||||||
January
26, 2009 – February 22, 2009
|
--
|
--
|
--
|
$
|
77,894,774
|
|||||||
February
23, 2009 – March 29, 2009
|
--
|
--
|
--
|
$
|
77,894,774
|
|||||||
Total
|
--
|
--
|
--
|
Cumulative
Total Return
|
|||||||||||||||||
2004
|
2005
|
2006
|
2007
|
2008
|
2009
|
||||||||||||
Integrated
Device Technology, Inc.
|
$
|
100.00
|
$
|
80.20
|
$
|
99.07
|
$
|
102.80
|
$
|
59.53
|
$
|
30.33
|
|||||
S&P
500
|
$
|
100.00
|
$
|
106.69
|
$
|
119.20
|
$
|
133.31
|
$
|
126.54
|
$
|
78.34
|
|||||
S&P
Semiconductor index
|
$
|
100.00
|
$
|
84.76
|
$
|
91.80
|
$
|
84.76
|
$
|
80.50
|
$
|
57.01
|
(in
thousands, except per share data)
|
Fiscal
Year Ended
|
|||||||||||||||||||
March
29,
2009
|
March
30,
2008
|
April
1,
2007
|
April
2,
2006
|
April
3,
2005
|
||||||||||||||||
Revenues
|
$
|
663,245
|
$
|
781,467
|
$
|
803,596
|
$
|
527,778
|
$
|
390,640
|
||||||||||
Research
and development expenses
|
161,192
|
165,599
|
166,433
|
127,591
|
103,729
|
|||||||||||||||
Goodwill
and intangible assets impairment
|
1,025,685
|
--
|
--
|
--
|
--
|
|||||||||||||||
Losses
on investments, net
|
--
|
--
|
--
|
(1,705
|
)
|
(12,831
|
)
|
|||||||||||||
Operating
income (loss)
|
(1,043,835
|
)
|
12,025
|
(17,496
|
)
|
(94,842
|
)
|
13,923
|
||||||||||||
Net
Income (loss)
|
$
|
(1,045,167
|
)
|
$
|
34,179
|
$
|
(7,578
|
)
|
$
|
(81,708
|
)
|
$
|
13,333
|
|||||||
Basic
net income (loss) per share
|
(6.22
|
)
|
0.18
|
(0.04
|
)
|
(0.52
|
)
|
0.13
|
||||||||||||
Diluted
net income (loss) per share
|
(6.22
|
)
|
0.18
|
(0.04
|
)
|
(0.52
|
)
|
0.12
|
||||||||||||
Shares
used in computing net income (loss) per share:
|
||||||||||||||||||||
Basic
|
168,114
|
187,213
|
198,106
|
157,345
|
105,825
|
|||||||||||||||
Diluted
|
168,114
|
189,260
|
198,106
|
157,345
|
108,204
|
(in thousands, except employee
data)
|
March
29,
2009
|
March
30,
2008
|
April
3,
2007
|
April
2,
2006
|
April
3,
2005
|
|||||||||||||||
Cash,
cash equivalents and investments (1)
|
$ | 296,073 | $ | 239,191 | $ | 359,933 | $ | 295,973 | $ | 581,233 | ||||||||||
Total
assets
|
678,367 | 1,783,253 | 2,041,732 | 2,037,691 | 910,829 | |||||||||||||||
Other
long-term obligations
|
14,314 | 18,364 | 16,001 | 15,581 | 10,890 | |||||||||||||||
Stockholders'
equity
|
$ | 557,068 | $ | 1,620,822 | $ | 1,839,090 | $ | 1,858,199 | $ | 787,116 | ||||||||||
Number
of employees
|
2,112 | 2,353 | 2,400 | 2,700 | 2,955 |
§
|
Communications
segment: includes network search engines (NSEs), switching solutions,
flow-control management devices, FIFOs, multi-port products, integrated
communications processors, high-speed SRAM, military application, digital
logic, telecommunications.
|
§
|
Computing
and Consumer segment: includes clock generation and distribution products,
high-performance server memory interfaces, PC audio and video
products.
|
(in
thousands)
|
For
the fiscal year ended
|
|||||||||||
March
29,
2009
|
March
30,
2008
|
April
1,
2007
|
||||||||||
Communications
|
$ | 304,256 | $ | 349,820 | $ | 403,393 | ||||||
Computing
and Consumer
|
358,989 | 431,647 | 400,204 | |||||||||
Total
|
$ | 663,245 | $ | 781,467 | $ | 803,597 |
(in
thousands)
|
For
the fiscal year ended
|
|||||||
March
29, 2009
|
March
30, 2008
|
|||||||
Gross
deferred revenue
|
$ | 21,302 | $ | 30,741 | ||||
Gross
deferred costs
|
4,764 | 6,429 | ||||||
Deferred
income on shipments to distributors
|
$ | 16,538 | $ | 24,312 |
(in
thousands)
|
For
the fiscal year ended
|
|||||||||||
March
29,
2009
|
March
30,
2008
|
April
1,
2007
|
||||||||||
Gross
Profit
|
$ | 274,449 | $ | 339,332 | $ | 340,648 | ||||||
Gross
Margin
|
41 | % | 43 | % | 42 | % |
(in
thousands)
|
March 29,
2009
|
%
of Net
Revenues
|
March 30,
2008
|
%
of Net
Revenues
|
April
1,
2007
|
%
of Net
Revenues
|
||||||||||||||||||
Research
and Development
|
$ | 161,192 | 24 | % | $ | 165,599 | 21 | % | $ | 166,433 | 21 | % | ||||||||||||
Selling,
General and Administrative
|
$ | 125,810 | 19 | % | $ | 161,708 | 21 | % | $ | 191,211 | 24 | % | ||||||||||||
In-process
Research and Development
|
$ | 5,597 | 1 | % | $ | -- | -- | $ | 500 | 0 | % |
(in
thousands)
|
Fiscal
2009
|
Fiscal
2008
|
Fiscal
2007
|
|||||||||
Interest
income
|
$ | 5,456 | $ | 15,020 | $ | 14,502 | ||||||
Other
income (expense), net
|
(4,148 | ) | 1,795 | 709 | ||||||||
Interest
income and other, net
|
$ | 1,308 | $ | 16,815 | $ | 15,211 |
·
|
Goodwill
and intangible assets impairment charges were $1,025.7 million in fiscal
2009, while we did not have such charge in fiscal
2008.
|
·
|
Amortization
of intangible assets was $79.4 million in fiscal 2009 compared to $110.0
million in fiscal 2008. The decrease is primarily associated
with intangible assets related to our merger with ICS, a portion of which
is being amortized on an accelerated method, resulting in decreased
amortization expense over time.
|
·
|
Stock-based
compensation was $32.4 million in fiscal 2009 compared to $41.2 million in
fiscal 2008. The decrease is due to a portion of the ICS merger
grants becoming fully recognized in fiscal 2008 and lower valuation of new
grants as compared to fiscal 2008.
|
·
|
Acquired
IPR&D expense related to Silicon Optix purchase was $5.6 million in
fiscal 2009, while we did not have such charge in fiscal
2008.
|
·
|
Depreciation
expense was $26.3 million in fiscal 2009 compared to $29.9 million in
fiscal 2008. The decrease is primarily attributable to our
manufacturing equipment as a large portion of these assets are now fully
depreciated and our continuous efforts to control capital asset
purchases.
|
·
|
A
decrease in deferred taxes of $1.3 million in fiscal 2009 compared to a
decrease of $7.5 million in fiscal 2008. The decrease in fiscal
2009 is attributable to a reduction in deferred tax liabilities, as a
result of the long-lived assets impairment charge in fiscal 2009; while
the decrease in fiscal 2008 is attributable to a decrease in deferred tax
liabilities, primarily due to the extension of our Pioneer tax status in
Singapore in fiscal 2008.
|
·
|
Other-than-temporary
impairment charge was $3.0 million in fiscal 2009 related to our
investment in a non-marketable equity
security.
|
·
|
We
recorded a $1.8 million gain on sale of our equity investment in Maxtek in
fiscal 2008, while we did not have such gain in fiscal
2009.
|
·
|
A
decrease in accounts receivable of $28.2 million in fiscal 2009 compared
to a decrease of $6.9 million in fiscal 2008. The decrease
accounts receivable in fiscal 2009 is primarily attributable to lower
revenue compared to fiscal 2008 and the timing of the shipments in the
fourth quarter of both periods.
|
·
|
A
decrease in prepayments and other assets of $11.7 million in fiscal 2009
compared to an increase of $15.3 million in fiscal 2008. The
decrease in fiscal 2009 is primarily attributable to $3.1 million decrease
in the fair value of our corporate owned life insurance, $1.2 million
decrease in interest receivable primarily due to receipts of interest from
the IRS for the tax settlement related to the ICS pre-acquisition income
tax returns and $2.3 million reduction of VAT receivable as we received
VAT refunds from the foreign government along with the normal recurring
prepaid amortization. The increase in fiscal 2008 is primarily
attributable to the purchase of approximately $23.3 million of software
design tools and $2.2 million increase in VAT receivable due to the timing
of the receipt of refund, partially offset by the standard prepaid
amortization and a decrease in the value of our executive deferred
compensation. In addition, we sold our Philippine facility for
net proceeds of $2.4 million in fiscal
2008.
|
·
|
A
decrease in inventory of $10.2 million in fiscal 2009 compared to a
decrease of $5.0 million in fiscal 2008. The decrease in both
periods is primarily attributable to our efforts to align our inventory
levels to meet current demand.
|
·
|
A
decrease in deferred income on shipments to distributors of $7.8 million
in fiscal 2009 compared to a decrease of $10.0 million in fiscal
2008. The decrease in deferred income on shipments to
distributors is attributable to the lower inventory levels in the channels
as our distributors adjusted their inventory levels in light of challenges
in the end markets.
|
·
|
A
decrease in accounts payable of $17.9 million in fiscal 2009 compared to a
decrease of $5.0 million in fiscal 2008. The decrease in both
periods is primarily attributable to the timing of payments and decrease
in the volume of foundry and subcontractor activity towards the fiscal
fourth quarter end. The decrease in account payable is primarily
attributable to a decrease in the volumes of foundry and subcontract
activity along with the timing of
payments.
|
·
|
A
decrease in accrued compensation of $8.0 million in fiscal 2009 compared
to a decrease of $4.3 million in fiscal 2008. The decrease in
both periods is primarily attributable to a reduction in
performance-related bonuses.
|
·
|
A
decrease in income taxes receivable/payable of $4.8 million in fiscal 2009
compared to a decrease of $5.8 million in fiscal 2008. The
decrease in fiscal 2009 is primarily attributable to the receipt of tax
refund from the IRS for ICS pre-acquisition tax returns. The decrease in
fiscal 2008 is primarily attributable to the tax settlement with the IRS
for ICS pre-acquisition tax
returns.
|
·
|
A
decrease in other accrued and long term liability of $3.4 million in
fiscal 2009 compared to a decrease of $2.4 million in fiscal 2008. The
decrease in fiscal 2009 is primarily attributable to $1.9 million decease
in the fair value of our executive deferred compensation plan due to the
sequential decline in the stock market and a payment of $1.2 million
related to the executive transition agreement signed with our former CEO,
partially offset by additional reserve related to our restructuring
actions. The decrease in fiscal 2008 is primarily attributable to a
reclass of our outstanding but uncleared vendor disbursements and an
adjustment to our previously reserved lease impairment charges for vacated
facilities as we completed a buyout of the San Jose ICS lease with the
landlord and subleased the Salinas facility in fiscal 2008. Fiscal 2008 is
partially offset by $1.2 million and $2.8 million accruals related to the
executive transition agreement signed with our CEO and the purchases of
software design tools.
|
(in
millions)
|
Payments
Due by Period
|
|||||||||||||||||||
Less
Than
|
2-3
|
4-5
|
||||||||||||||||||
Total
|
1
Year
|
Years
|
Years
|
Thereafter
|
||||||||||||||||
Operating
leases (1)
|
$ | 12.6 | $ | 3.6 | $ | 5.5 | $ | 3.2 | $ | 0.3 | ||||||||||
Other
supplier obligations (2)
|
3.7 | 2.3 | 1.4 | -- | -- |
Consolidated
Financial Statements:
|
|
38
|
|
39
|
|
40
|
|
41
|
|
42
|
|
43
|
|
Financial
Statement Schedule:
|
|
80
|
(in
thousands)
|
March
29, 2009
|
March
30, 2008
|
||||||
Assets
|
||||||||
Current
assets:
|
||||||||
Cash
and cash equivalents
|
$ | 136,036 | $ | 131,986 | ||||
Short-term
investments
|
160,037 | 107,205 | ||||||
Accounts
receivable, net of allowances of $7,351 and $9,212
|
54,894 | 83,091 | ||||||
Inventories
|
69,722 | 79,954 | ||||||
Deferred
tax assets
|
1,696 | 4,853 | ||||||
Prepayments
and other current assets
|
19,881 | 26,081 | ||||||
Total
current assets
|
442,266 | 433,170 | ||||||
Property,
plant and equipment, net
|
71,561 | 81,652 | ||||||
Goodwill
|
89,404 | 1,027,438 | ||||||
Acquisition-related
intangibles, net
|
50,509 | 204,489 | ||||||
Other
assets
|
24,627 | 36,504 | ||||||
Total
assets
|
$ | 678,367 | $ | 1,783,253 | ||||
Liabilities
and stockholders' equity
|
||||||||
Current
liabilities:
|
||||||||
Accounts
payable
|
$ | 25,837 | $ | 44,655 | ||||
Accrued
compensation and related expenses
|
18,820 | 26,621 | ||||||
Deferred
income on shipments to distributors
|
16,538 | 24,312 | ||||||
Income
taxes payable
|
457 | 150 | ||||||
Other
accrued liabilities
|
21,206 | 19,978 | ||||||
Total
current liabilities
|
82,858 | 115,716 | ||||||
Deferred
tax liabilities
|
3,220 | 7,678 | ||||||
Long-term
income tax payable
|
20,907 | 20,673 | ||||||
Other
long-term obligations
|
14,314 | 18,364 | ||||||
Total
liabilities
|
121,299 | 162,431 | ||||||
Commitments
and contingencies (Notes 11 and 12)
|
||||||||
Stockholders'
equity:
|
||||||||
Preferred
stock; $.001 par value: 10,000 shares authorized; no shares
issued
|
-- | -- | ||||||
Common
stock; $.001 par value: 350,000 shares authorized; 165,298 and
171,282 shares outstanding
|
165 | 171 | ||||||
Additional
paid-in capital
|
2,283,601 | 2,237,634 | ||||||
Treasury
stock (57,752 and 49,395 shares) at cost
|
(777,847 | ) | (715,509 | ) | ||||
Retained
earnings (accumulated deficit)
|
(949,721 | ) | 95,446 | |||||
Accumulated
other comprehensive income
|
870 | 3,080 | ||||||
Total
stockholders' equity
|
557,068 | 1,620,822 | ||||||
Total
liabilities and stockholders' equity
|
$ | 678,367 | $ | 1,783,253 | ||||
Fiscal Year End | ||||||||||||
(In thousands, except per share data) |
March 29,
2009
|
March
30,
2008
|
April 1,
2007
|
|||||||||
Revenues
|
$ | 663,245 | $ | 781,467 | $ | 803,596 | ||||||
Cost
of revenues
|
388,796 | 442,135 | 462,948 | |||||||||
Gross
profit
|
274,449 | 339,332 | 340,648 | |||||||||
Operating
expenses:
|
||||||||||||
Research
and development
|
161,192 | 165,599 | 166,433 | |||||||||
Selling,
general and administrative
|
125,810 | 161,708 | 191,211 | |||||||||
Acquired
in-process research and development
|
5,597 | -- | 500 | |||||||||
Goodwill
and acquisition-related intangible asset impairment
|
1,025,685 | -- | -- | |||||||||
Total
operating expenses
|
1,318,284 | 327,307 | 358,144 | |||||||||
Operating
income (loss)
|
(1,043,835 | ) | 12,025 | (17,496 | ) | |||||||
Other-than-temporary
impairment loss on investments
|
(3,000 | ) | -- | -- | ||||||||
Interest
expense
|
(60 | ) | (103 | ) | (263 | ) | ||||||
Interest
income and other, net
|
1,308 | 16,815 | 15,211 | |||||||||
Income
(loss) before income taxes
|
(1,045,587 | ) | 28,737 | (2,548 | ) | |||||||
Income
taxes expense (benefit)
|
(420 | ) | (5,442 | ) | 5,030 | |||||||
Net
income (loss)
|
$ | (1,045,167 | ) | $ | 34,179 | $ | (7,578 | ) | ||||
Basic
net income (loss) per share:
|
$ | (6.22 | ) | $ | 0.18 | $ | (0.04 | ) | ||||
Diluted
net income (loss) per share:
|
$ | (6.22 | ) | $ | 0.18 | $ | (0.04 | ) | ||||
Weighted
average shares:
|
||||||||||||
Basic
|
168,114 | 187,213 | 198,106 | |||||||||
Diluted
|
168,114 | 189,260 | 198,106 |
(in thousands) |
Fiscal
Year Ended
|
|||||||||||
March
29,
2009
|
March 30,
2008
|
April
1,
2007
|
||||||||||
Cash
flows provided by operating activities:
|
||||||||||||
Net
income (loss)
|
$ | (1,045,167 | ) | $ | 34,179 | $ | (7,578 | ) | ||||
Adjustments:
|
||||||||||||
Depreciation
|
26,337 | 29,881 | 32,773 | |||||||||
Amortization
of intangible assets
|
79,388 | 109,995 | 155,388 | |||||||||
Goodwill
and acquisition-related intangible asset impairment
|
1,025,685 | -- | -- | |||||||||
Stock-based
compensation expense, net of amounts capitalized in
inventory
|
32,402 | 41,242 | 46,506 | |||||||||
Acquired
in-process research and development
|
5,597 | -- | 500 | |||||||||
Other-than
temporary impairment loss on investments
|
3,000 | -- | -- | |||||||||
Non-cash
restructuring, asset impairment and other
|
-- | -- | 4,630 | |||||||||
Gain
on sale of investment in equity securities
|
-- | (1,784 | ) | -- | ||||||||
Deferred
tax provision (benefit)
|
(1.301 | ) | (7,501 | ) | 1,107 | |||||||
Changes
in assets and liabilities (net of amounts acquired):
|
||||||||||||
Accounts
receivable, net
|
28,196 | 6,895 | (187 | ) | ||||||||
Inventories
|
10,171 | 5,001 | (18,586 | ) | ||||||||
Other
assets
|
11.718 | (15,297 | ) | (2,051 | ) | |||||||
Accounts
payable
|
(17,894 | ) | (5,003 | ) | 3,389 | |||||||
Accrued
compensation and related expenses
|
(7,964 | ) | (4,261 | ) | 7,684 | |||||||
Deferred
income on shipments to distributors
|
(7,774 | ) | (10,031 | ) | 4,546 | |||||||
Income
taxes payable and receivable
|
4,814 | 5,798 | (6,032 | ) | ||||||||
Other
accrued liabilities and long term liabilities
|
(3,433 | ) | (2,384 | ) | (5,613 | ) | ||||||
Net
cash provided by operating activities
|
143,775 | 186,730 | 216,476 | |||||||||
Cash
flows provided by (used for) investing activities
|
||||||||||||
Acquisitions,
net of cash acquired
|
(20,097 | ) | -- | (73,212 | ) | |||||||
Purchases
of property, plant and equipment
|
(16,591 | ) | (16,938 | ) | (20,490 | ) | ||||||
Purchases
of short-term investments
|
(239,609 | ) | (170,882 | ) | (129,800 | ) | ||||||
Proceeds
from sales of short-term investments
|
25,166 | 31,598 | 3,350 | |||||||||
Proceeds
from maturities of short-term investments
|
162,397 | 146,761 | 45,211 | |||||||||
Net
cash used for investing activities
|
(88,734 | ) | (9,461 | ) | (174,941 | ) | ||||||
Cash
flows provided by (used for) financing activities
|
||||||||||||
Issuance
of common stock
|
13,513 | 41,659 | 62,864 | |||||||||
Repurchase
of common stock
|
(62,338 | ) | (334,831 | ) | (124,930 | ) | ||||||
Excess
tax benefit from share based payment arrangements
|
192 | 12 | 73 | |||||||||
Net
cash used for financing activities
|
(48,633 | ) | (293,160 | ) | (61,993 | ) | ||||||
Effect
of exchange rates on cash and cash equivalents
|
(2,358 | ) | 1,288 | 874 | ||||||||
Net
increase (decrease) in cash and cash equivalents
|
4,050 | (114,603 | ) | (19,584 | ) | |||||||
Cash
and cash equivalents at beginning of period
|
131,986 | 246,589 | 266,173 | |||||||||
Cash
and cash equivalents at end of period
|
$ | 136,036 | $ | 131,986 | $ | 246,589 | ||||||
Supplemental
disclosure of cash flow information
|
||||||||||||
Cash
paid for:
|
||||||||||||
Interest
|
$ | 9 | $ | 5 | $ | 11 | ||||||
Income
taxes, net of refunds
|
$ | (4,072 | ) | $ | (569 | ) | $ | 9,313 |
(in
thousands, except share amounts)
|
Common
Stock and Additional Paid-In Capital
|
Treasury
Stock
|
|
Retained
Earnings
|
Accumulated
Other
Comprehensive
Income
(Loss)
|
Total
Stockholders'
Equity
|
|||||||||||||||||||
Shares
|
Dollars
|
||||||||||||||||||||||||
Balance,
April 2, 2006
|
198,388,794 | $ | 2,044,749 | $ | (255,748 | ) | $ | 68,784 | $ | 414 | $ | 1,858,199 | |||||||||||||
Comprehensive
loss:
|
|||||||||||||||||||||||||
Net
loss
|
-- | -- | -- | (7,578 | ) | -- | (7,578 | ) | |||||||||||||||||
Translation
adjustment
|
-- | -- | -- | -- | 831 | 831 | |||||||||||||||||||
Net
unrealized gain on
investments
|
-- | -- | -- | -- | 2,304 | 2,304 | |||||||||||||||||||
Total
comprehensive loss
|
(4,443 |
)
|
|||||||||||||||||||||||
Issuance
of common stock
|
5,702,121 | 62,864 | -- | -- | -- | 62,864 | |||||||||||||||||||
Repurchase
of common stock
|
(7,828,173 | ) | -- | (124,930 | ) | -- | -- | (124,930 | ) | ||||||||||||||||
Tax
benefit from stock option
|
-- | 73 | -- | -- | -- | 73 | |||||||||||||||||||
Stock-based
compensaton
|
47,327 | 47,327 | |||||||||||||||||||||||
Balance,
April 1, 2007
|
196,262,742 | 2,155,013 | (380,678 | ) | 61,206 | 3,549 | 1,839,090 | ||||||||||||||||||
Comprehensive
income:
|
|||||||||||||||||||||||||
Net
income
|
-- | -- | -- | 34,179 | -- | 34,179 | |||||||||||||||||||
Translation
adjustment
|
-- | -- | -- | -- | 1,025 | 1,025 | |||||||||||||||||||
Net
unrealized (loss) on
investments
|
-- | -- | -- | -- | (1,494 | ) | (1,494 | ) | |||||||||||||||||
Total
comprehensive loss
|
33,710 | ||||||||||||||||||||||||
Issuance
of common stock
|
3,871,796 | 41,659 | -- | -- | -- | 41,659 | |||||||||||||||||||
Repurchase
of common stock
|
(28,853,034 | ) | -- | (334,831 | ) | -- | -- | (334,831 | ) | ||||||||||||||||
Adoption
of FIN 48
|
-- | -- | -- | 61 | -- | 61 | |||||||||||||||||||
Tax
benefit from stock option
|
-- | 12 | -- | -- | -- | 12 | |||||||||||||||||||
Stock-based
compensation
|
-- | 41,121 | -- | -- | -- | 41,121 | |||||||||||||||||||
Balance,
March 30, 2008
|
171,281,504 | 2,237,805 | (715,509 | ) | 95,446 | 3,080 | 1,620,822 | ||||||||||||||||||
Comprehensive
income:
|
|||||||||||||||||||||||||
Net
loss
|
-- | -- | -- | (1,045,167 | ) | -- | (1,045,167 | ) | |||||||||||||||||
Translation
adjustment
|
-- | -- | -- | -- | (2,082 | ) | (2,082 | ) | |||||||||||||||||
Net
unrealized (loss) on
investments
|
-- | -- | -- | -- | (128 | ) | (128 | ) | |||||||||||||||||
Total
comprehensive loss
|
(1,047,377 | ) | |||||||||||||||||||||||
Issuance
of common stock
|
2,373,937 | 13,513 | -- | -- | -- | 13,513 | |||||||||||||||||||
Repurchase
of common stock
|
(8,357,300 | ) | -- | (62,338 | ) | -- | -- | (62,338 | ) | ||||||||||||||||
Tax
benefit from stock option
|
-- | 192 | -- | -- | -- | 192 | |||||||||||||||||||
Stock-based
compensation
|
-- | 32,256 | -- | -- | -- | 32,256 | |||||||||||||||||||
Balance,
March 29, 2009
|
165,298,141 | $ | 2,283,766 | $ | (777,847 | ) | $ | (949,721 | ) | $ | 870 | $ | 557,068 |
Fiscal
Year Ended
|
||||||||||
(in
thousands, except per share amounts)
|
March
29,
2009
|
March
30,
2008
|
April
1,
2007
|
|||||||
Net
income (loss)
|
$
|
(1,045,167
|
)
|
$
|
34,179
|
$
|
(7,578
|
)
|
||
Weighted
average common shares outstanding, basic
|
168,114
|
187,213
|
198,106
|
|||||||
Dilutive
effect of employee stock options and awards
|
--
|
2,047
|
--
|
|||||||
Weighted
average common shares outstanding, diluted
|
168,114
|
189,260
|
198,106
|
|||||||
Basic
earnings per common share
|
$
|
(6.22
|
)
|
$
|
0.18
|
$
|
(0.04
|
)
|
||
Diluted
earnings per common share
|
(6.22
|
)
|
0.18
|
(0.04
|
)
|
(in
thousands)
|
March
29,
2009
|
March
30,
2008
|
|||||
Cumulative
translation adjustments
|
$
|
446
|
$
|
2,528
|
|||
Unrealized
gain on available-for-sale investments
|
424
|
552
|
|||||
Total
accumulated other comprehensive income
|
$
|
870
|
$
|
3,080
|
(in
millions)
|
||||
Cash
paid
|
$ | 19.4 | ||
Acquisition-related
transaction costs
|
0.7 | |||
Total
purchase price
|
$ | 20.1 |
(in
millions)
|
Fair
Value
|
|||
Net
tangible assets acquired
|
$ | 0.6 | ||
Amortizable
intangible assets
|
4.7 | |||
In-process
research and development
|
5.6 | |||
Goodwill
|
9.2 | |||
Total
purchase price
|
$ | 20.1 |
Fair
Value
(in
millions)
|
Method
|
Useful
Lives from Date of
Acquisition
(years)
|
|||||||
Amortizable
intangible assets:
|
|||||||||
Existing
technologies
|
$ | 3.7 |
Straight-Line
|
3-7 | |||||
Customer
relationships
|
0.5 |
Straight-Line
|
3 | ||||||
Trade
name
|
0.5 |
Straight-Line
|
7 | ||||||
Total
|
$ | 4.7 |
(in
millions)
|
||||
Cash
paid
|
$ | 72.0 | ||
Merger-related
transaction costs
|
1.2 | |||
Total
purchase price
|
$ | 73.2 |
(in
millions)
|
Fair
Value
|
|||
Net
tangible assets acquired
|
$ | 3.7 | ||
Amortizable
intangible assets
|
42.1 | |||
In-process
research and development
|
0.5 | |||
Goodwill
|
26.9 | |||
Total
purchase price
|
$ | 73.2 |
Fair
Value
(in
millions)
|
Method
|
Useful
Lives from date of
acquisition
(years)
|
|||||||
Amortizable
intangible assets:
|
|||||||||
Existing
technology
|
$ | 36.4 |
Straight-Line
|
4 | |||||
Customer
relationships
|
3.0 |
Straight-Line
|
7 | ||||||
Non-Compete
agreements
|
0.8 |
Straight-Line
|
2 | ||||||
Trade
name
|
0.7 |
Straight-Line
|
3 | ||||||
Backlog
|
1.2 |
Straight-Line
|
0.25 | ||||||
Total
|
$ | 42.1 |
Fair
Value at Reporting Date Using:
|
||||||||||||
(in
thousands)
|
Quoted Prices in
Active Markets for
Identical Assets
(Level 1)
|
Significant Other
Observable Inputs
(Level 2)
|
Total
Balance
|
|||||||||
Cash
Equivalents and Short Term Investments:
|
||||||||||||
US
government treasuries and agencies securities
|
$ | 108,935 | $ | $ | 108,935 | |||||||
Money
market funds
|
75,531 | -- | 75,531 | |||||||||
Corporate
bonds
|
47,436 | 47,436 | ||||||||||
Corporate
commercial paper
|
39,637 | 39,637 | ||||||||||
Bank
deposits
|
10,110 | 10,110 | ||||||||||
Municipal
bonds
|
1,056 | 1,056 | ||||||||||
Asset-backed
securities
|
146 | 146 | ||||||||||
Other
Assets:
|
||||||||||||
Assets
related to non-qualified deferred compensation plan
|
9,668 | 9,668 | ||||||||||
Total
assets measured at fair value
|
$ | 184,466 | $ | 108,053 | $ | 292,519 | ||||||
Liabilities:
|
||||||||||||
Non-qualified
deferred compensation obligations
|
-- | 10,946 | 10,946 | |||||||||
Total liabilities measured at
fair value
|
$ | -- | $ | 10,946 | $ | 10,946 |
(in
thousands)
|
Cost
|
Gross
Unrealized
Gains
|
Gross
Unrealized
Losses
|
Estimated
Fair
Value
|
||||||||||||
U.S.
government treasuries and agency securities
|
$ | 108,528 | $ | 445 | $ | (38 | ) | $ | 108,935 | |||||||
Money
market funds
|
75,531 | -- | -- | 75,531 | ||||||||||||
Corporate
bonds
|
47,452 | 102 | (118 | ) | 47,436 | |||||||||||
Corporate
commercial paper
|
39,634 | 3 | -- | 39,637 | ||||||||||||
Bank
deposits
|
10,110 | -- | -- | 10,110 | ||||||||||||
Municipal
bonds
|
1,027 | 29 | -- | 1,056 | ||||||||||||
Asset-backed
securities
|
145 | 1 | -- | 146 | ||||||||||||
Total
available-for-sale investments
|
282,427 | 580 | (156 | ) | 282,851 | |||||||||||
Less
amounts classified as cash equivalents
|
(122,818 | ) | (1 | ) | 5 | (122,814 | ) | |||||||||
Short-term
investments
|
$ | 159,609 | $ | 579 | $ | (151 | ) | $ | 160,037 |
(in
thousands)
|
Cost
|
Gross
Unrealized Gains
|
Gross
Unrealized Losses
|
Estimated
Fair Value
|
||||||||||||
Corporate
commercial paper
|
$ | 78,866 | $ | -- | $ | -- | $ | 78,866 | ||||||||
U.S.
government agency securities
|
77,084 | 525 | -- | 77,609 | ||||||||||||
Money
market funds
|
39,686 | -- | -- | 39,686 | ||||||||||||
Bank
deposits
|
16,182 | -- | -- | 16,182 | ||||||||||||
Corporate
bonds
|
14,019 | 49 | (64 | ) | 14,004 | |||||||||||
Asset-backed
securities
|
3,991 | 43 | -- | 4,034 | ||||||||||||
Municipal
bonds
|
1,063 | -- | (1 | ) | 1,062 | |||||||||||
Total
available-for-sale investments
|
230,891 | 617 | (65 | ) | 231,443 | |||||||||||
Less
amounts classified as cash equivalents
|
(124,238 | ) | -- | -- | (124,238 | ) | ||||||||||
Short-term
investments
|
$ | 106,653 | $ | 617 | $ | (65 | ) | $ | 107,205 |
(in
thousands)
|
Cost
|
Estimated
Fair
Value
|
||||||
Due
in 1 year or less
|
$ | 265,962 | $ | 266,166 | ||||
Due
in 1-2 years
|
15,020 | 15,211 | ||||||
Due
in 2-5 years
|
1,445 | 1,474 | ||||||
Total
investments in available-for-sale debt securities
|
$ | 282,427 | $ | 282,851 |
Less
than 12 months
|
12
months or Greater
|
Total
|
||||||||||||||||||||||
(in
thousands)
|
Fair
Value
|
Unrealized
Loss
|
Fair
Value
|
Unrealized
Loss
|
Fair
Value
|
Unrealized
Loss
|
||||||||||||||||||
Corporate
bonds
|
$ | 28,629 | $ | (105 | ) | $ | 795 | $ | (13 | ) | $ | 29,424 | $ | (118 | ) | |||||||||
U.S.
government agency securities
|
19,212 | (38 | ) | -- | -- | 19,212 | (38 | ) | ||||||||||||||||
Total
|
$ | 47,841 | $ | (143 | ) | $ | 795 | $ | (13 | ) | $ | 48,636 | $ | (156 | ) |
Less
than 12 months
|
12
months or Greater
|
Total
|
||||||||||||||||||||||
(in
thousands)
|
Fair
Value
|
Unrealized
Loss
|
Fair
Value
|
Unrealized
Loss
|
Fair
Value
|
Unrealized
Loss
|
||||||||||||||||||
Corporate
bonds
|
$ | 4,282 | $ | (64 | ) | $ | -- | $ | -- | $ | 4,282 | $ | (64 | ) | ||||||||||
Municipal
bonds
|
1,062 | (1 | ) | -- | -- | 1,062 | (1 | ) | ||||||||||||||||
Total
|
$ | 5,344 | $ | ( 65 | ) | $ | -- | $ | -- | $ | 5,344 | $ | (65 | ) |
Fiscal
Year Ended
|
||||||||||||
(in
thousands)
|
March
29,
2009
|
March
30,
2008
|
April
1,
2007
|
|||||||||
Cost
of revenue
|
$ | 3,702 | $ | 3,936 | $ | 3,741 | ||||||
Research
and development
|
18,927 | 22,919 | 25,116 | |||||||||
Selling,
general and administrative
|
9,773 | 14,387 | 17,649 | |||||||||
Total
stock-based compensation expense
|
32,402 | 41,242 | 46,506 | |||||||||
Tax
effect on stock-based compensation expense (1)
|
-- | -- | -- | |||||||||
Total
stock-based compensation expense, net of related tax
effects
|
$ | 32,402 | $ | 41,242 | $ | 46,506 | ||||||
(1)
|
Assumes
a zero tax rate for each period presented as the Company has a valuation
allowance.
|
Fiscal
Year Ended
|
||||||||||||
(in
thousands)
|
March
29,
2009
|
March
30,
2008
|
April
1,
2007
|
|||||||||
Employee
stock options
|
$ | 23,155 | $ | 35,146 | $ | 44,093 | ||||||
Employee
stock purchase plan (“ESPP”)
|
2,940 | 2,599 | 2,721 | |||||||||
Restricted
stock units (“RSUs”)
|
6,161 | 3,376 | 513 | |||||||||
Change
in amounts capitalized in inventory
|
146 | 121 | (821 | ) | ||||||||
Total
stock-based compensation expense
|
$ | 32,402 | $ | 41,242 | $ | 46,506 | ||||||
Fiscal
Year Ended
|
||||||||||||
March
29,
2009
|
March
30,
2008
|
April
1,
2007
|
||||||||||
Stock
option plans:
|
||||||||||||
Expected
Term
|
4.60
years
|
4.66
years
|
4.88
years
|
|||||||||
Risk-free
interest rate
|
2.67 | % | 4.57 | % | 4.98 | % | ||||||
Volatility
|
42.5 | % | 43.1 | % | 50.9 | % | ||||||
Dividend
Yield
|
0.0 | % | 0.0 | % | 0.0 | % | ||||||
Weighted
average grant-date fair value
|
$ | 3.66 | $ | 6.13 | $ | 7.50 | ||||||
ESPP:
|
||||||||||||
Expected
Term
|
0.25
years
|
0.25
years
|
0.25
years
|
|||||||||
Risk-free
interest rate
|
0.94 | % | 4.30 | % | 4.91 | % | ||||||
Volatility
|
48.3 | % | 30.5 | % | 34.9 | % | ||||||
Dividend
Yield
|
0.0 | % | 0.0 | % | 0.0 | % | ||||||
Weighted
average grant-date fair value
|
$ | 1.87 | $ | 2.82 | $ | 3.39 | ||||||
Fiscal
2009
|
Fiscal
2008
|
Fiscal
2007
|
||||||||||||||||||||||
(shares
in thousands)
|
Shares
|
Price
|
Shares
|
Price
|
Shares
|
Price
|
||||||||||||||||||
Beginning
options outstanding
|
30,506 | $ | 13.00 | 33,105 | $ | 12.99 | 33,750 | $ | 12.40 | |||||||||||||||
Granted
|
3,775 | 9.62 | 3,315 | 14.46 | 6,569 | 15.31 | ||||||||||||||||||
Exercised
(1)
|
(346 | ) | 9.32 | (2,738 | ) | 11.14 | (4,879 | ) | 10.76 | |||||||||||||||
Canceled
|
(6,391 | ) | 14.23 | (3,176 | ) | 16.00 | (2,335 | ) | 15.65 | |||||||||||||||
Ending
options outstanding
|
27,544 | $ | 12.30 | 30,506 | $ | 13.00 | 33,105 | $ | 12.99 | |||||||||||||||
Ending
options exercisable
|
20,512 | $ | 12.50 | 21,110 | $ | 12.74 | 18,651 | $ | 12.92 |
(1)
|
Upon
exercise, the Company issues new shares of common
stock.
|
(shares
in thousands)
|
Options
Outstanding
|
Options
Exercisable
|
||||||||||
Weighted
Average
Remaining
Contractual
Life
(in
years)
|
||||||||||||
Range
of Exercise Prices
|
Number
Outstanding
|
Weighted
Average
Exercise
Price
|
Number
Exercisable
|
Weighted
Average
Exercise
Price
|
||||||||
$0.86
- $10.80
|
5,184
|
3.33
|
$
|
9.10
|
3,238
|
$
|
10.48
|
|||||
$10.85
- $11.20
|
782
|
1.56
|
11.04
|
757
|
11.03
|
|||||||
$11.23
- $11.23
|
9,247
|
3.28
|
11.23
|
8,461
|
11.23
|
|||||||
$11.34
- $12.51
|
4,152
|
4.06
|
12.12
|
2,396
|
11.91
|
|||||||
$12.53
- $14.80
|
3,259
|
3.74
|
14.61
|
2,458
|
14.58
|
|||||||
$14.99
- $16.17
|
2,941
|
4.84
|
15.32
|
1,508
|
15.36
|
|||||||
$16.21
- $21.06
|
1,934
|
2.41
|
18.13
|
1,650
|
18.44
|
|||||||
$24.93
- $30.23
|
45
|
0.11
|
25.37
|
44
|
25.37
|
|||||||
$0.86
- $30.23
|
27,544
|
3.51
|
$
|
12.30
|
20,512
|
$
|
12.50
|
(in
thousands)
|
Fiscal
year ended
|
|||||||||||
March
29,
2009
|
March
30,
2008
|
April
1,
2007
|
||||||||||
Cash
proceeds from options exercised
|
$ | 3,226 | $ | 30,500 | $ | 52,512 | ||||||
Total
intrinsic value of options exercised
|
734 | 11,796 | 25,633 | |||||||||
Realized
excess tax benefits from option exercised (1)
|
192 | 12 | 73 |
Fiscal
2009
|
Fiscal
2008
|
Fiscal
2007
|
||||||||||||||||||||||
(shares
in thousands)
|
Shares
|
Weighted
Average
Grant
Date
Fair
Value
Per
Share
|
Shares
|
Weighted
Average
Grant
Date
Fair
Value
Per
Share
|
Shares
|
Weighted
Average
Grant
Date
Fair
Value
Per
Share
|
||||||||||||||||||
Beginning
RSU’s outstanding
|
627 | $ | 14.53 | 75 | $ | 15.07 | -- | $ | -- | |||||||||||||||
Granted
|
995 | 11.11 | 673 | 14.55 | 76 | 15.09 | ||||||||||||||||||
Released
|
(167 | ) | 14.41 | (49 | ) | 15.54 | -- | -- | ||||||||||||||||
Forfeited
|
(217 | ) | 12.84 | (72 | ) | 14.59 | (1 | ) | 16.21 | |||||||||||||||
Ending
RSU’s outstanding
|
1,238 | $ | 12.09 | 627 | $ | 14.53 | 75 | $ | 15.07 | |||||||||||||||
(shares
in thousands)
|
Fiscal
2009
|
Fiscal
2008
|
Fiscal
2007
|
|||||||||
Number
of shares issued
|
1,860 | 1,085 | 823 | |||||||||
Average
issuance price
|
$ | 5.53 | $ | 10.29 | $ | 12.58 | ||||||
Number
of shares available at year-end
|
867 | 2,727 | 1,812 |
(in
thousands)
|
March
29,
2009
|
March
30,
2008
|
||||||
Inventories
|
||||||||
Raw
materials
|
$ | 6,876 | $ | 4,674 | ||||
Work-in-process
|
35,252 | 43,556 | ||||||
Finished
goods
|
27,594 | 31,724 | ||||||
Total
inventories
|
$ | 69,722 | $ | 79,954 | ||||
Property,
Plant and Equipment, Net
|
||||||||
Land
|
$ | 14,533 | $ | 14,533 | ||||
Machinery
and equipment
|
796,387 | 785,527 | ||||||
Building
and leasehold improvements
|
134,358 | 135,341 | ||||||
945,278 | 935,401 | |||||||
Less:
accumulated depreciation
|
(873,717 | ) | (853,749 | ) | ||||
Total
property, plant and equipment, net
|
$ | 71,561 | $ | 81,652 | ||||
Other
Long-Term Obligation
|
||||||||
Deferred
compensation related liabilities
|
$ | 10,946 | $ | 12,858 | ||||
Long-term
portion of deferred gain on equipment sales
|
940 | 897 | ||||||
Long-term
portion of lease impairment obligations
|
890 | 1,103 | ||||||
Long-term
portion of supplier obligations
|
1,384 | 3,086 | ||||||
Other
|
154 | 420 | ||||||
Total
other long-term obligations
|
$ | 14,314 | $ | 18,364 |
(in
thousands)
|
For
the fiscal year ended
|
|||||||
March
29, 2009
|
March
30, 2008
|
|||||||
Gross
deferred revenue
|
$ | 21,302 | $ | 30,741 | ||||
Gross
deferred costs
|
4,764 | 6,429 | ||||||
Deferred
income on shipments to distributors
|
$ | 16,538 | $ | 24,312 |
March
29, 2009
|
||||||||||||
(in
thousands)
|
Gross
assets
|
Accumulated
amortization
|
Net
assets
|
|||||||||
Goodwill
|
$ | 89,404 | $ | -- | $ | 89,404 | ||||||
Identified
intangible assets:
|
||||||||||||
Existing
technology
|
236,423 | (198,133 | ) | 38,290 | ||||||||
Trademarks
|
9,360 | (8,878 | ) | 482 | ||||||||
Customer
relationships
|
138,317 | (126,586 | ) | 11,731 | ||||||||
Foundry
& Assembler relationships
|
64,380 | (64,374 | ) | 6 | ||||||||
Non-compete
agreements
|
52,958 | (52,958 | ) | -- | ||||||||
Other
|
31,053 | (31,053 | ) | -- | ||||||||
Subtotal,
identified intangible assets
|
532,491 | (481,982 | ) | 50,509 | ||||||||
Total
goodwill and identified intangible assets
|
$ | 621,895 | $ | (481,982 | ) | $ | 139,913 |
March
30, 2008
|
||||||||||||
(in
thousands)
|
Gross
assets
|
Accumulated
amortization
|
Net
assets
|
|||||||||
Goodwill
|
$ | 1,027,438 | $ | -- | $ | 1,027,438 | ||||||
Identified
intangible assets:
|
||||||||||||
Existing
technology
|
288,558 | (144,570 | ) | 143,988 | ||||||||
Trademarks
|
10,534 | (7,716 | ) | 2,818 | ||||||||
Customer
relationships
|
158,396 | (103,506 | ) | 54,890 | ||||||||
Foundry
& Assembler relationships
|
65,256 | (63,219 | ) | 2,037 | ||||||||
Non-compete
agreements
|
53,165 | (52,688 | ) | 477 | ||||||||
Other
|
31,174 | (30,895 | ) | 279 | ||||||||
Subtotal,
identified intangible assets
|
607,083 | (402,594 | ) | 204,489 | ||||||||
Total
goodwill and identified intangible assets
|
$ | 1,634,521 | $ | (402,594 | ) | $ | 1,231,927 |
(in
thousands)
|
Fiscal
2009
|
Fiscal
2008
|
Fiscal
2007
|
|||||||||
Existing
technology
|
$ | 53,563 | $ | 56,756 | $ | 53,931 | ||||||
Trademarks
|
1,162 | 1,917 | 2,807 | |||||||||
Customer
relationships
|
23,080 | 33,704 | 42,149 | |||||||||
Foundry
& Assembler relationships
|
1,155 | 4,241 | 23,647 | |||||||||
Non-compete
agreements
|
270 | 11,668 | 25,272 | |||||||||
Other
|
158 | 1,709 | 7,582 | |||||||||
Total
|
$ | 79,388 | $ | 109,995 | $ | 155,388 |
Fiscal
Year
|
Amount
|
|||
2010
|
$ | 17,713 | ||
2011
|
13,955 | |||
2012
|
9,554 | |||
2013
|
4,563 | |||
2014
|
2,001 | |||
Thereafter
|
2,723 | |||
Total
|
$ | 50,509 |
(in
thousands)
|
Goodwill
|
|||
April
1, 2007
|
$
|
1,038,064
|
||
Additions
|
--
|
|||
Adjustments
|
(10,626
|
)
|
||
March
30, 2008
|
1,027,438
|
|||
Additions
|
9,268
|
|||
Adjustments
(1)
|
(947,302
|
)
|
||
March
29, 2009
|
$
|
89,404
|
Cost
of goods sold
|
Operating
Expenses
|
|||||||||||||||||
(In
thousands)
|
Restructuring
|
Asset
impairment–
PP&E
|
Restructuring
|
Asset
impairment
–
PP&E
|
||||||||||||||
Balance
as of April 2, 2006
|
$ | 3,020 | $ | -- | $ | 4,430 | -- | |||||||||||
FY
2007 charges (credits)
|
722 | 4,397 | (1) | 987 | $ | 233 | ||||||||||||
Non-cash
charges
|
-- | (4,397 | ) | -- | (233 | ) | ||||||||||||
Cash
receipts (payments)
|
(2,470 | ) | -- | (2,949 | ) | -- | ||||||||||||
Balance
as of April 1, 2007
|
1,272 | -- | 2,468 | -- | ||||||||||||||
FY
2008 charges (credits)
|
(39 | ) | -- | 511 | -- | |||||||||||||
Non-cash
charges
|
-- | -- | -- | -- | ||||||||||||||
Cash
receipts (payments)
|
(800 | ) | -- | (1,847 | ) | -- | ||||||||||||
Balance
as of March 30, 2008
|
433 | -- | 1,132 | -- | ||||||||||||||
FY
2009 charges (credits)
|
1,938 | 5,338 | -- | |||||||||||||||
Non-cash
charges
|
-- | -- | -- | |||||||||||||||
Cash
payments
|
(1,796 | ) | (2,821 | ) | -- | |||||||||||||
Balance
as of March 29, 2009
|
$ | 575 | $ | -- | $ | 3,649 | $ | -- |
2010
|
$ | 3.6 | ||
2011
|
3.0 | |||
2012
|
2.5 | |||
2013
|
1.8 | |||
2014
|
1.4 | |||
Thereafter
|
0.3 | |||
Total
|
$ | 12.6 |
Fiscal
|
Fiscal
|
Fiscal
|
|||||||||||
Provision:
|
2009
|
2008
|
2007
|
||||||||||
Income
(loss) before taxes:
|
|||||||||||||
United
States
|
$ | (1,045,608 | ) | $ | (29,409 | ) | $ | (59,732 | ) | ||||
Foreign
|
21 | 58,146 | 57,184 | ||||||||||
Income
(loss) before taxes:
|
$ | (1,045,587 | ) | $ | 28,737 | $ | (2,548 | ) | |||||
Provision
(benefit) for taxes:
|
|||||||||||||
Current:
|
|||||||||||||
United
States
|
$ | 1,074 | $ | 156 | $ | 784 | |||||||
State
|
(95 | ) | 642 | 643 | |||||||||
Foreign
|
(208 | ) | 1,261 | 2,496 | |||||||||
771 | 2,059 | 3,923 | |||||||||||
Deferred:
|
|||||||||||||
United
States
|
(839 | ) | 3,358 | 312 | |||||||||
State
|
(62 | ) | 73 | 23 | |||||||||
Foreign
|
(290 | ) | (10,932 | ) | 772 | ||||||||
(1,191 | ) | (7,501 | ) | 1,107 | |||||||||
Provision
(benefit) for taxes:
|
$ | (420 | ) | $ | (5,442 | ) | $ | 5,030 |
Fiscal
2009
|
Fiscal
2008
|
||||||
Deferred
tax assets:
|
|||||||
Deferred
income on shipments to distributors
|
$
|
4,888
|
$
|
7,280
|
|||
Non-deductible
accruals and reserves
|
9,987
|
10,810
|
|||||
Inventory
related and other expenses
|
3,473
|
2,666
|
|||||
Net
operating losses and credit carryforwards
|
64,405
|
72,237
|
|||||
Depreciation
and amortization
|
17,388
|
11,415
|
|||||
Stock
options
|
13,303
|
14,686
|
|||||
Other
|
5,841
|
6,758
|
|||||
119,285
|
125,852
|
||||||
Deferred
tax liabilities:
|
|||||||
Purchased
intangibles
|
(13
|
)
|
(35,598
|
)
|
|||
US
tax on earnings of foreign subsidiaries not indefinitely
reinvested
|
(676
|
)
|
(671
|
)
|
|||
Other
|
(2,531
|
)
|
(2,146
|
)
|
|||
(3,220
|
)
|
(38,415
|
)
|
||||
Valuation
allowance
|
(117,589
|
)
|
(90,262
|
)
|
|||
Net
deferred tax liabilities
|
$
|
(1,524
|
)
|
$
|
(2,825
|
)
|
Fiscal
2009
|
Fiscal
2008
|
Fiscal
2007
|
||||||||||
Rate
Reconciliation:
|
||||||||||||
Provision
(benefit) at 35% U.S. statutory rate
|
$ | (365,955 | ) | $ | 10,058 | $ | (892 | ) | ||||
State
tax, net of federal benefit
|
(229 | ) | 688 | 666 | ||||||||
Foreign
income taxed at lower rates
|
554 | (17,317 | ) | (15,246 | ) | |||||||
Impact
of rate change and extension of incentive in foreign
jurisdiction
|
(864 | ) | (11,408 | ) | -- | |||||||
Repatriation
of foreign earnings
|
1,056 | 2,680 | -- | |||||||||
Net
operating losses and tax credits not benefited
|
36,213 | 1,648 | 16,977 | |||||||||
Goodwill
and intangible assets impairment
|
321,798 | -- | -- | |||||||||
Stock-based
compensation related to foreign jurisdictions and incentive stock
options
|
6,533 | 6,873 | 2,342 | |||||||||
Other
|
474 | 1,336 | 1,183 | |||||||||
Provision
(benefit) for taxes
|
$ | (420 | ) | $ | (5,442 | ) | $ | 5,030 |
Balance
as of March 31, 2008
|
$ | 42,896 | ||
Increases
related to prior year tax positions
|
-- | |||
Decreases
related to prior year tax positions
|
(20 | ) | ||
Increases
related to current year tax positions
|
2,096 | |||
Decreases
related to settlements with taxing authorities
|
-- | |||
Decreases
related to the lapsing of statute limitations
|
||||
Balance
as of March 29, 2009
|
$ | 44,972 |
§
|
Communications
segment: includes network search engines (NSEs), switching solutions,
flow-control management devices, FIFOs, multi-port products, integrated
communications processors, high-speed SRAM, military application, digital
logic, telecommunications.
|
§
|
Computing
and Consumer segment: includes clock generation and distribution products,
high-performance server memory interfaces, PC audio and video
products.
|
Fiscal
Year Ended
|
||||||||||||
(in
thousands)
|
March
29,
2009
|
March
30,
2008
|
April
1,
2007
|
|||||||||
Communications
|
$ | 304,256 | $ | 349,820 | $ | 403,393 | ||||||
Computing
and Consumer
|
358,989 | 431,647 | 400,204 | |||||||||
Total
revenues
|
$ | 663,245 | $ | 781,467 | $ | 803,597 |
Fiscal
Year Ended
|
|||||||||||
(in
thousands)
|
March
29,
2009
|
March
30,
2008
|
April
1,
2007
|
||||||||
Communications
|
$
|
95,417
|
$
|
103,226
|
$ |
|
133,796
|
||||
Computing
and Consumer
|
11,292
|
65,210
|
69,401
|
||||||||
Amortization
of intangible assets
|
(79,388
|
)
|
(109,995
|
)
|
(155,388
|
)
|
|||||
Inventory
FMV adjustment
|
--
|
--
|
(3,721
|
)
|
|||||||
Goodwill
and intangible assets impairment
|
(1,025,684
|
)
|
--
|
--
|
|||||||
Amortization
of stock-based compensation
|
(32,402
|
)
|
(41,242
|
)
|
(46,506
|
)
|
|||||
Severance
and retention costs
|
(7,484
|
)
|
(2,884
|
)
|
(10,267
|
)
|
|||||
Acquired
in-process research and development
|
(5,597
|
)
|
--
|
(500
|
)
|
||||||
Acquisition-related
costs and other
|
11
|
(2,290
|
)
|
(4,311
|
)
|
||||||
Other-than-temporary
loss on investments
|
(3,000
|
)
|
--
|
--
|
|||||||
Interest
expense
|
(60
|
)
|
(103
|
)
|
(263
|
)
|
|||||
Interest
income and other, net
|
1,308
|
16,815
|
15,211
|
||||||||
Income
(loss) before income taxes
|
$
|
(1,045,587
|
)
|
$
|
28,737
|
$
|
(2,548
|
)
|
Fiscal
Year Ended
|
||||||||||||
(in
thousands)
|
March
29,
2009
|
March
30,
2008
|
April
1,
2007
|
|||||||||
Asia
Pacific
|
$ | 416,815 | $ | 436,491 | $ | 378,594 | ||||||
Americas
|
131,836 | 216,570 | 238,439 | |||||||||
Japan
|
61,098 | 70,729 | 105,390 | |||||||||
Europe
|
53,496 | 57,677 | 81,174 | |||||||||
Total
revenues
|
$ | 663,245 | $ | 781,467 | $ | 803,597 |
in
thousands)
|
March
29,
2009
|
March
30,
2008
|
||||
United
States
|
$
|
60,836
|
$
|
69,284
|
||
Malaysia
|
4,888
|
6,211
|
||||
Singapore
|
2,918
|
4,230
|
||||
All
other countries
|
2,919
|
1,927
|
||||
Total
property, plant and equipment, net
|
$
|
71,561
|
$
|
81,652
|
Fiscal
Year Ended March 29, 2009
|
||||||||||||||||
First
Quarter
|
Second
Quarter
|
Third
Quarter
|
Fourth
Quarter
|
|||||||||||||
Revenues
|
$
|
188,208
|
$
|
200,541
|
$
|
167,079
|
$
|
107,417
|
||||||||
Gross
profit
|
84,459
|
87,153
|
69,669
|
33,168
|
||||||||||||
Net
income (loss)
|
9,154
|
11,675
|
(345,259
|
)
|
(720,737
|
)
|
||||||||||
Basic
net income (loss) per share
|
0.05
|
0.07
|
(2.06
|
)
|
(4.38
|
)
|
||||||||||
Diluted
net income (loss) per share
|
$
|
0.05
|
$
|
0.07
|
$
|
(2.06
|
)
|
$
|
(4.38
|
)
|
Fiscal
Year Ended March 29, 2009
|
||||||||||||||||
First
Quarter
|
Second
Quarter
|
Third
Quarter
|
Fourth
Quarter
|
|||||||||||||
Revenues
|
$
|
199,016
|
$
|
204,127
|
$
|
201,228
|
$
|
177,096
|
||||||||
Gross
profit
|
84,888
|
88,190
|
88,324
|
77,930
|
||||||||||||
Net
income (loss)
|
(1,096
|
)
|
4,759
|
13,418
|
17,098
|
|||||||||||
Basic
net income (loss) per share
|
(0.01
|
)
|
0.02
|
0.07
|
0.10
|
|||||||||||
Diluted
net income (loss) per share
|
$
|
(0.01
|
)
|
$
|
0.02
|
$
|
0.07
|
$
|
0.10
|
Name
|
Age
|
Position
|
||
Ted
Tewksbury
|
52
|
President
and Chief Executive Officer
|
||
Jimmy
Lee
|
56
|
Senior
Vice President, Worldwide Sales
|
||
Richard
D. Crowley, Jr
|
52
|
Vice
President, Chief Financial Officer
|
||
Ji
Park
|
36
|
Vice
President and General Manager, Video and Display
Division
|
||
Fred
Zust
|
39
|
Vice
President and General Manager, Communications Division
|
||
Ram
Iyer
|
44
|
Vice
President and General Manager, Computing and Multimedia
Division
|
||
Derek
Dicker
|
35
|
Vice
President and General Manager, Networking Division
|
||
Roger
Ervin
|
53
|
Vice
President, Human Resources
|
||
Mike
Hunter
|
57
|
Vice
President, Worldwide Manufacturing
|
||
Chuen-Der
Lien
|
53
|
Vice
President, Chief Technical Officer, Circuit and Process
Design
|
||
Mario
Montana
|
47
|
Vice
President, Serial Switching Division
|
||
Chad
Taggard
|
44
|
Vice
President, Strategic Planning and Worldwide
Marketing
|
·
|
change
the requirement for stockholders to provide advance notice of stockholder
proposals or nominations at an annual meeting to provide that such advance
notice shall be delivered to the principal executive office of the Company
not less than 90 days nor more than 120 days prior to the one year
anniversary of the preceding year’s annual meeting, subject to certain
conditions;
|
·
|
expand
the required disclosure for stockholders making proposals or nominations
to include, among other things, all ownership interests, hedges, economic
incentives and rights to vote any shares of any security of the
Company;
|
·
|
require
stockholders nominating directors to disclose the same information about a
proposed director nominee that would be required if the director nominee
were submitting a proposal and any material relationships between the
stockholder proponents and their affiliates, on the one hand, and the
director nominees and their affiliates, on the other
hand;
|
·
|
expand
disclosures regarding proposed business to include a reasonably detailed
description of all agreements, arrangements and understandings between
proposing persons and other stockholders of the Company in connection with
the proposed business;
|
·
|
require
that any stockholder seeking to call a special meeting must first request
that the Board fix a record date for the purpose of determining the
stockholders entitled to demand that the Company call such special
meeting, and if the Board fails to fix a record date within ten days of
such request, provides that the record date will be the 20th
day after the Company receives such
request;
|
·
|
provide
that no special meeting of stockholders shall be called unless the holders
of a majority of the outstanding shares of the Company’s stock as of the
record date timely demand the same in writing and in proper form to the
Secretary of the Corporation at its principal executive offices, and to be
timely, among other things, a stockholder’s demand to call a special
meeting must be delivered to the Company’s principal executive offices not
later than 60 days following the record date for such demand as described
above; and
|
·
|
provide
that the Company is not required to call a special meeting of stockholders
if certain conditions set forth in amended Article 1.14 of the Amended and
Restated Bylaws are satisfied.
|
·
|
require
that any stockholder seeking to have stockholders take action by written
consent must first request that the Board fix a record date for the
purpose of determining the stockholders entitled to take such action and
if the Board fails to fix a record date within ten days of such request,
then the record date shall be first date on which a valid consent is
delivered to the Company or the close of business on the date of the
Board’s action when such prior action is required by
law;
|
·
|
expand
the required disclosure for stockholders making proposals or nominations
to include, among other things, all ownership interests, hedges, economic
incentives and rights to vote any shares of any security of the Company;
and
|
·
|
expand
disclosures regarding proposed actions to include a reasonably detailed
description of all agreements, arrangements and understandings between
proposing persons and other stockholders of the Company in connection with
the proposed business.
|
|
(a)
|
1. Financial
Statements. See “Index to Consolidated Financial
Statements” under Item 8 of this Annual
Report.
|
Exhibit
Number
|
Exhibit
Description
|
Incorporated by Reference | ||||||||||
From
|
File
Number
|
Exhibit
|
Filing
Date
|
Filed
Herewith
|
||||||||
2.1*
|
Agreement
and Plan of Merger by and among Integrated Device Technology, Inc.,
Integrated Circuit Systems, Inc., and Colonial Merger Sub I,
Inc..
|
8-K
|
00-12695
|
2.1
|
6/20/05
|
|||||||
2.2*
|
Asset
Purchase Agreement, dated as of April 30, 2009 between the Company and
NetLogic Microsystems, Inc.
|
8-K
|
00-12695
|
2.1
|
5/9/09
|
|||||||
3.1*
|
Restated
Certificate of Incorporation.
|
10-Q
|
00-12695
|
3.1
|
11/7/00
|
|||||||
3.2*
|
Certificate
of Amendment of Restated Certificate of Incorporation.
|
8
|
00-12695
|
3(a)
|
3/28/89
|
|||||||
3.3*
|
Certificate
of Amendment of Restated Certificate of Incorporation.
|
S-8
|
33-63133
|
4.3
|
10/2/95
|
|||||||
3.4*
|
Certificate
of Designations specifying the terms of the Series A Junior Participating
Preferred Stock of IDT, as filed with the Secretary of State of
Delaware.
|
8-A
|
00-12695
|
3.6
|
12/23/98
|
|||||||
3.5*
|
Amended
and Restated Bylaws of the Company, as amended and restated effective
October 20, 2006.
|
8-K
|
00-12695
|
3.1
|
10/28/08
|
|||||||
3.6*
|
Certificate
of Amendment of Restated Certificate of Incorporation.
|
10-Q
|
00-12695
|
3.5
|
11/7/07
|
|||||||
4.1*
|
Rights
Agreement dated December 21, 1998 between the Company and BankBoston,
N.A., as Rights Agent.
|
8-A
|
00-12695
|
4.1
|
12/23/98
|
|||||||
10.5*
|
1994
Stock Option Plan, as amended as of September 22,
2000.**
|
10-Q
|
00-12695
|
10.1
|
10/1/00
|
|||||||
10.6*
|
1994
Directors Stock Option Plan and related documents.**
|
10-Q
|
00-12695
|
10.18
|
10/2/94
|
|||||||
10.7*
|
Form
of Indemnification Agreement between the Company and its directors and
officers.**
|
10-K
|
00-12695
|
10.68
|
4/2/89
|
Exhibit
Number
|
Exhibit
Description
|
Incorporated by Reference | ||||||||||
From
|
File
Number
|
Exhibit
|
Filing
Date
|
Filed
Herewith
|
||||||||
10.8*
|
Technology
License Agreement between the Company and MIPS Technologies, Inc.
(Confidential Treatment Granted).
|
10-K
|
00-12695
|
10.8
|
03/28/99
|
|||||||
10.10*
|
Master
Distributor Agreement dated August 26, 1985 between the Company and
Hamilton/Avnet Electronics, Division of Avnet, Inc.
|
S-1
|
33-3189
|
10.54
|
||||||||
10.12*
|
Incentive
Compensation Plan.**
|
10-Q
|
00-12695
|
10.27
|
7/3/05
|
|||||||
10.13*
|
Form
of Change of Control Agreement between the Company and certain of its
officers **
|
|||||||||||
10.14*
|
Lease
dated December 2002 between the Company and LaGuardia Associates relating
to 710 LaGuardia Street, Salinas, California.
|
|||||||||||
10.16*
|
1997
Stock Option Plan **
|
10-Q
|
00-12695
|
10.23
|
06/30/02
|
|||||||
10.17*
|
Purchase
and Sale Agreement and Joint Escrow Instructions between the Company and
Cadence Design Systems, Inc., dated December 1998.
|
S-4
|
00-12695
|
10.27
|
03/24/99
|
|||||||
10.18*
|
Distributor
Agreement dated June 22, 2000 between the Company and Arrow
Electronics, Inc. ***
|
10-K
|
00-12695
|
10.18
|
4/1/01
|
|||||||
10.19*
|
Agreement
For Purchase And Sale Of Real Property Between Baccarat Silicon, Inc. and
Dan Caputo Co. dated August 5, 2003.
|
10-Q
|
00-12695
|
10.19
|
6/23/03
|
|||||||
10.20*
|
Lease
between the Company and S.I. Hahn, LLC dated February 2000 relating to
2901 Coronado Drive, Santa Clara, California.
|
10-K
|
00-12695
|
10.20
|
4/2/00
|
|||||||
10.21*
|
Non-Qualified
Deferred Compensation Plan effective November 1,
2000.**
|
10-K
|
00-12695
|
10.21
|
4/1/01
|
|||||||
10.22*
|
Transition
Agreement, dated March 30, 2006, by and between Integrated Device
Technology, Inc. and Hock E. Tan.**
|
8-K
|
00-12695
|
10.1
|
3/30/06
|
|||||||
10.23*
|
Master
purchase agreement between Cisco Systems, Inc. and Integrated Device
Technology, Inc. dated May 7, 2003. ***
|
10-Q
|
00-12695
|
10.24
|
9/28/03
|
|||||||
10.24*
|
1984
Employee Stock Purchase Plan, as amended and restated effective September
29, 2003.**
|
10-Q
|
00-12695
|
10.25
|
9/28/03
|
|||||||
10.25*
|
2004
Equity Plan **
|
10-Q
|
00-12695
|
10.25
|
9/26/04
|
|||||||
10.26*
|
Agreement
For Purchase And Sale of Real Property Between the Company and
Electroglas, Inc. dated December 16, 2004.
|
10-K
|
00-12695
|
10.26
|
6/14/05
|
|||||||
10.27*
|
Executive
Transition Agreement, dated November 13, 2007, by and between Registrant
and Gregory S. Lang.**
|
8-K
|
00-12695
|
10.1
|
11/16/07
|
Incorporated by Reference | ||||||||||||
Exhibit
Number
|
Exhibit
Description
|
From
|
File
Number
|
Exhibit
|
Filing
Date
|
Filed
Herewith
|
||||||
10.28*
|
Executive
Compensation Agreement, dated February 12, 2008, by and between Registrant
and its President and CEO, Ted Tewksbury
|
8-K
|
00-12695
|
10.1
|
2/20/08
|
|||||||
10.29
|
Offer
Letter between the Company and Richard D. Crowley, Jr., entered into on
September 15, 2008.**
|
8-K
|
00-12695
|
10.1
|
9/23/08
|
|||||||
21.1
|
Subsidiaries
of the Company.
|
X
|
||||||||||
23.1
|
Consent
of PricewaterhouseCoopers LLP.
|
X
|
||||||||||
31.1
|
Certification
of Chief Executive Officer as required by Rule 13a-14(a) of the Securities
Exchange Act of 1934, as amended, dated May 19, 2008.
|
X
|
||||||||||
31.2
|
Certification
of Chief Financial Officer as required by Rule 13a-14(a) of the Securities
Exchange Act of 1934, as amended, dated May 19, 2008.
|
X
|
||||||||||
32.1
|
Certification
of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley
Act of 2002.
|
X
|
||||||||||
32.2
|
Certificate of Chief Financial Officer pursuant to
Section 906 of the Sarbanes-Oxley Act of 2002
|
X
|
INTEGRATED
DEVICE TECHNOLOGY, INC.
Registrant
|
|||
By:
|
/s/
THEODORE L. TEWKSBURY III
|
||
May
20, 2009
|
Theodore
L.Tewksbury III
President
and Chief Executive Officer
|
Signature
|
Title
|
Date
|
||
/s/
THEODORE L. TEWKSBURY III
|
Chief
Executive Officer , President and Director
|
May
20, 2009
|
||
Theodore
L. Tewksbury III
|
(Principal
Executive Officer)
|
|||
/s/ RICHARD
D. CROWLEY, JR.
|
Vice
President, Chief Financial Officer
|
May
20, 2009
|
||
Richard
D. Crowley, JR.
|
(Principal
Financial and Accounting Officer)
|
|||
/s/ JOHN
SCHOFIELD
|
Chairman
of the Board
|
May
20, 2009
|
||
John
Schofield
|
||||
/s/ GORDON
PARNELL
|
Director
|
May
20, 2009
|
||
Gordon
Parnell
|
||||
/s/ LEWIS
EGGEBRECHT
|
Director
|
May
20, 2009
|
||
Lewis
Eggebrecht
|
||||
/s/ RON
SMITH
|
Director
|
May
20, 2009
|
||
Ron
Smith
|
||||
/s/ NAM
SUH
|
Director
|
May
20, 2009
|
||
Nam
Suh
|
||||
/s/ Umesh
Padval
|
Director
|
May
20, 2009
|
||
Umesh
Padval
|
(in
thousands)
|
Balance at
Beginning
of
Period
|
Additions
Charged
(Credited)
to
Revenues,
Costs
and
Expenses
|
Charged
(Credited)
to
Other
Accounts
|
Deductions
and
Write-offs
|
Balance at
End of Period
|
||||||||||||||
Allowance
for returns, pricing credits and doubtful accounts
|
|||||||||||||||||||
Year
ended April 1, 2007
|
$
|
5,109
|
$
|
10,611
|
$
|
--
|
$
|
(7,720
|
)
|
$
|
8,000
|
||||||||
Year
ended March 30, 2008
|
$
|
8,000
|
$
|
16,837
|
$
|
1,416
|
$
|
(17,041
|
)
|
$
|
9,212
|
||||||||
Year
ended March 29, 2009
|
$
|
9,212
|
$
|
14,669
|
$
|
--
|
$
|
(16,530
|
)
|
$
|
7,351
|
||||||||
Tax
valuation allowance
|
|||||||||||||||||||
Year
ended April 1, 2007 (1)
|
$
|
157,775
|
$
|
50,542
|
$
|
(28,883
|
)
|
$
|
(4,763
|
)
|
$
|
174,671
|
|||||||
Year
ended March 30, 2008 (1)
|
$
|
174,671
|
$
|
(73,374
|
)
|
$
|
(2,789
|
)
|
$
|
(8,246
|
)
|
$
|
90,262
|
||||||
Year
ended March 29, 2009 (1)
|
$
|
90,262
|
$
|
27,392
|
$
|
(65
|
)
|
$
|
--
|
$
|
117,589
|