Integrated Device Technology (IDTI) has reported 62.98 percent plunge in profit for the quarter ended Apr. 02, 2017. The company has earned $30.21 million, or $0.22 a share in the quarter, compared with $81.61 million, or $0.59 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $48.12 million, or $0.35 a share compared with $51.54 million or $0.36 a share, a year ago. 

Revenue during the quarter dropped 7.22 percent to $175.70 million from $189.36 million in the previous year period. Gross margin for the quarter expanded 85 basis points over the previous year period to 57.87 percent. Total expenses were 82.97 percent of quarterly revenues, down from 85.92 percent for the same period last year. This has led to an improvement of 295 basis points in operating margin to 17.03 percent.

Operating income for the quarter was $29.91 million, compared with $26.65 million in the previous year period.

"Fourth quarter fiscal 2017 revenue totaled $175.7 million, highlighted by strength in sales of our wireless power, memory interface, and automotive sensor products," said Greg Waters, president and chief executive officer. Total fiscal 2017 revenue grew to $728.2M, up from $697.4M in fiscal 2016.

Debt moves up marginally
Integrated Device Technology has witnessed an increase in total debt over the last one year. It stood at $285.54 million as on Apr. 02, 2017, up 4.89 percent or $13.32 million from $272.22 million on Apr. 03, 2016. Integrated Device Technology has witnessed an increase in long-term debt over the last one year. It stood at $285.54 million as on Apr. 02, 2017, up 4.89 percent or $13.32 million from $272.22 million on Apr. 03, 2016. Total debt was 24.12 percent of total assets as on Apr. 02, 2017, compared with 24.77 percent on Apr. 03, 2016. Debt to equity ratio was at 0.37 as on Apr. 02, 2017, down from 0.40 as on Apr. 03, 2016.