IDT grows revenues and profits

IDT had revenue of $147m in calendar Q1 up from $138m in Q1 2010 and revenues for its financial year to the end of March of $625.7m up from the $536m of the previous financial year.

Quarterly net profit was $31m on a GAAP basis and $20.1m on a non-GAAP basis. Quarterly gross profit was $80m on a GAAP basis and $84m on a non-GAAP basis.

For the fiscal year to the end of March, non-GAAP gross profit was $356m up from $270m in the previous fiscal year.

"Our better-than-expected fourth quarter results reflected increasing adoption of our mixed-signal solutions by enterprise computing and wireless infrastructure customers, and highlighted continuing gross margin expansion and solid execution across all of our business units," says DrTed Tewksbury, president and CEO of IDT, "we grew revenue 17% in fiscal 2011 from the prior year despite significant old product rolloffs like advanced memory buffers, network search engines, and PC clocks. New product revenue grew by more than 60%, and our core businesses had an outstanding year as we grew communications clock revenue 40 percent to a record high and our DDR3 memory interface revenue doubled. We also more than doubled our non-GAAP operating income and EPS in fiscal 2011 from the prior year while gross margins reached a 10-year high. "

"As we enter fiscal year 2012, we believe that continued growth in our new and core businesses, driven by cloud computing and the ongoing deployment of 4G/LTE wireless infrastructure, will drive continuing top line improvement," adds Tewksbury.