Maxim Integrated Reports Results For The First Quarter Of Fiscal 2014

 

 


ANALYSIS OF GAAP VERSUS GAAP EXCLUDING SPECIAL EXPENSE ITEMS DISCLOSURES



(Unaudited)





Three Months Ended





September 28,


June 29,


September 29,





2013


2013


2012





(in thousands, except per share data)



Reconciliation of GAAP gross profit to GAAP gross profit excluding special items:









GAAP gross profit


$        347,196


$ 371,399


$        385,691



GAAP gross profit %


59.3%


61.1%


61.9%












Special expense items:









      Intangible asset amortization


8,092


7,777


9,454



                     Total special expense items


8,092


7,777


9,454



 GAAP gross profit excluding special expense items 


$        355,288


$ 379,176


$        395,145



 GAAP gross profit % excluding special expense items 


60.7%


62.3%


63.4%












Reconciliation of GAAP operating expenses to GAAP operating expenses excluding special items:









GAAP operating expenses


$        218,587


$ 220,309


$        220,288












Special expense (income) items:









      Intangible asset amortization


3,436


3,670


4,049



      Impairment of long-lived assets 


-


-


2,707



     Severance and restructuring (1) 


5,547


442


-



     Other operating expenses (income), net (2) 


2,272


2,105


415



                     Total special expense items


11,255


6,217


7,171



 GAAP operating expenses excluding special expense items 


$        207,332


$ 214,092


$        213,117












Reconciliation of GAAP net income to GAAP net income excluding special items:









GAAP net income


$        103,120


$ 119,014


$        127,888












Special expense (income) items:









      Intangible asset amortization


11,528


11,447


13,503



      Impairment of long-lived assets 


-


-


2,707



     Severance and restructuring (1) 


5,547


442


-



     Other operating expenses (income) , net (2) 


2,272


2,105


415



     Interest and other expense, net (3) 


-


700


-



                     Pre-tax total special expense items 


19,347


14,694


16,625



     Tax effect of special items 


(2,981)


(4,231)


(5,371)



 GAAP net income excluding special expense items 


$        119,486


$ 129,477


$        139,142












 GAAP net income per share excluding special expense items: 









    Basic 


$          0.42


$   0.45


$          0.48



    Diluted 


$          0.41


$   0.44


$          0.47












Shares used in the calculation of earnings per share excluding special expense items: 







    Basic


284,654


290,146


292,213



    Diluted 


290,260


296,756


298,782












(1) Includes severance charges associated with the reorganization of various business units and manufacturing operations.


(2) Other operating expenses (income), net are primarily for  certain payroll taxes, contingent consideration adjustments related to certain acquisitions, loss (gain) relating to sale of land and buildings, acquisition related expenses and  loss on lease abandonment.


(3) Includes impairment of investment in a privately held company.





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