Maxim Integrated Reports Results For The Third Quarter Of Fiscal 2013

-- Revenue: $605 million

(PRNewswire) — Maxim Integrated Products, Inc. (NASDAQ: MXIM) reported net revenue of $605 million for its third quarter of fiscal 2013 ended March 30, 2013, unchanged from the prior quarter.

Tunc Doluca, President and Chief Executive Officer, commented, "While Maxim's Mobility business has driven our revenue growth for several quarters, it is good to see strength in orders for our Industrial business. Our diverse business model has positioned Maxim to participate in growth across multiple end markets."

Fiscal Year 2013 Third Quarter Results
Based on Generally Accepted Accounting Principles (GAAP), diluted earnings per share in the March quarter was $0.44. The results were affected by special items which primarily consisted of:

  • $14 million pre-tax charge for acquisition related items
  • $4 million tax benefit  for  re-instatement of R&D tax credit for fiscal year 2012

GAAP earnings per share, excluding special items, was $0.45. An analysis of GAAP versus GAAP excluding special items is provided in the last table of this press release.

Cash Flow Items
At the end of our third quarter of fiscal 2013, total cash, cash equivalents and short term investments was $1.57 billion, an increase of $543 million from the prior quarter. Notable items include:

  • Cash flow from operations: $212 million
  • Net capital expenditures: $45 million
  • Dividends:  $70 million ($0.24 per share)
  • Stock repurchases: $66 million
  • Cash from issuance of debt: $491 million

Business Outlook
The Company's 90 day backlog at the beginning of the fourth fiscal quarter of 2013 was $386 million. Based on our beginning backlog and expected turns, results for the June 2013 quarter are expected to be:

  • Revenue: $610 million to $640 million
  • Gross Margin: 60% to 63% GAAP (61% to 64% excluding special items)
  • EPS: $0.42 to $0.46 GAAP ($0.45 to $0.49 excluding special items)

Maxim Integrated's business outlook does not include the potential impact of any restructuring activity or mergers, acquisitions, divestitures, or other business combinations that may be completed during the quarter.

Dividend
A cash dividend of $0.24 per share will be paid on June 5, 2013, to stockholders of record on May 22, 2013.

Conference Call
Maxim Integrated has scheduled a conference call on April 25, 2013, at 2:00 p.m. Pacific Time to discuss its financial results for the third quarter of fiscal 2013 and its business outlook. To listen via telephone, dial (866) 804-3545 (toll free) or (703) 639-1326.  This call will be webcast by Shareholder.com and can be accessed at the Company's website at www.maximintegrated.com.

Contact
Venk Nathamuni
Managing Director, Investor Relations
(408) 601-5293

 


CONSOLIDATED STATEMENTS OF INCOME


(Unaudited)




Three Months Ended





March 30,


December 29,


March 31,





2013


2012


2012





(in thousands, except per share data)



Net revenues


$   604,884


$   605,306


$       571,212



Cost of goods sold


228,782


241,931


235,782



        Gross margin


376,102


363,375


335,430



Operating expenses:









    Research and development


134,138


135,742


136,075



    Selling, general and administrative


81,954


80,058


78,011



    Intangible asset amortization


3,903


3,903


4,029



    Impairment of long-lived assets (1)


-


22,222


7,712



    Severance and restructuring expenses


151


2,236


228



    Other operating expenses (income), net (2)


1,678


1,666


(2,511)



       Total operating expenses 


221,824


245,827


223,544



          Operating income


154,278


117,548


111,886



Interest and other income (expense), net 


(2,669)


(2,798)


(230)



Income before provision for income taxes


151,609


114,750


111,656



Provision for income taxes (3)


22,824


38,128


88,948



       Income from continuing operations 


128,785


76,622


22,708



       Income from discontinued operations, net of tax (4)


2,603


-


31,809



      Net income


$   131,388


$     76,622


$         54,517












Earnings per share: basic









    From continuing operations 


$         0.44


$         0.26


$             0.08



    From discontinued operations, net of tax 


0.01


-


0.11



    Basic


$         0.45


$         0.26


$             0.19












Earnings per share: diluted









    From continuing operations 


$         0.43


$         0.26


$             0.07



    From discontinued operations, net of tax


0.01


-


0.11



    Diluted


$         0.44


$         0.26


$             0.18












Shares used in the calculation of earnings per share: 









    Basic


292,888


292,075


292,276



    Diluted 


300,082


298,759


300,221












Dividends paid per share 


$         0.24


$         0.24


$             0.22





















SCHEDULE OF SPECIAL ITEMS


(Unaudited)




Three Months Ended





March 30,


December 29,


March 31,





2013


2012


2012





(in thousands)



Cost of goods sold:









      Intangible asset amortization


$           7,777


$           8,986


$               9,787



 Total 


$           7,777


$           8,986


$               9,787












 Operating expenses: 









     Intangible asset amortization


$           3,903


$           3,903


$               4,029



     Impairment of long-lived assets (1)


-


22,222


7,712



     Severance and restructuring 


151


2,236


228



     Other operating expenses (income) , net (2)


1,678


1,666


(2,511)



 Total 


$           5,732


$         30,027


$               9,458












Provision for income taxes:









     Reversal of tax reserves


$                    -


$                     -


$             (2,272)



     International restructuring implementation (3) 


-


18,726


65,293



     Fiscal year 2012 research & development tax credits 


(3,899)


-


-



 Total 


$         (3,899)


$         18,726


$             63,021












 Discontinued operations: 









     Income from discontinued operations, net of tax (4)


$         (2,603)


$                   -


$           (31,809)



Total


$         (2,603)


$                   -


$           (31,809)












(1) Includes impairment charges relating to wafer fab and end of line manufacturing equipment and land & building held for sale.



(2) Other operating expenses (income), net are primarily for in-process research and development, contingent consideration adjustments related to certain acquisitions, gain relating to sale of land and buildings, and stock option related litigation.


(3) Includes impact due to international restructuring.



(4) Includes gain on sale, net of tax relating to certain businesses divested.



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