Maxim Integrated Reports Results For The Fourth Quarter Of Fiscal 2015; Increases Dividend By 7%

 















ANALYSIS OF GAAP VERSUS GAAP EXCLUDING SPECIAL ITEMS DISCLOSURES



(Unaudited)





Three Months Ended


Year Ended





June 27,


March 28,


June 28,


June 27,


June 28,





2015


2015


2014


2015


2014





(in thousands, except per share data)



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













GAAP gross profit


$           303,701


$              315,268


$           368,960


$     1,271,867


$     1,384,765



GAAP gross profit %


52.1%


54.6%


57.4%


55.1%


56.4%
















Special items:













      Intangible asset amortization


18,116


18,750


18,750


74,366


64,483



      Accelerated depreciation (1)


32,765


9,834


-


51,494


-



      Acquisition-related inventory write-up


-


-


371


-


18,955



 Total special items 


50,881


28,584


19,121


125,860


83,438



 GAAP gross profit excluding special items 


$           354,582


$              343,852


$           388,081


$     1,397,727


$     1,468,203



 GAAP gross profit % excluding special items 


60.9%


59.6%


60.4%


60.6%


59.8%
















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













GAAP operating expenses


$           208,753


$              209,818


$           252,410


$     1,034,587


$        962,474
















Special items:













      Intangible asset amortization 


3,618


3,977


4,423


16,077


17,690



      Impairment of long-lived assets (2)


549


5,522


6,447


67,042


11,644



      Impairment of goodwill and intangible assets (3)


-


-


-


93,010


2,580



      Severance and restructuring (4) 


12,798


2,824


5,790


30,642


24,902



      Acquisition-related costs 


-


-


-


-


6,983



      Other operating expenses (income), net (5) 


(2,296)


(2,184)


8,795


(2,021)


15,773



 Total special items 


14,669


10,139


25,455


204,750


79,572



 GAAP operating expenses excluding special items 


$           194,084


$              199,679


$           226,955


$        829,837


$        882,902
















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













GAAP net income


$             98,659


$                79,433


$             84,793


$        206,038


$        354,810
















Special items:













      Intangible asset amortization 


21,734


22,727


23,173


90,443


82,173



      Accelerated depreciation (1)


32,765


9,834


-


51,494


-



      Acquisition-related inventory write-up 


-


-


371


-


18,955



      Impairment of long-lived assets (2)


549


5,522


6,447


67,042


11,644



      Impairment of goodwill and intangible assets (3)


-


-


-


93,010


2,580



      Severance and restructuring (4) 


12,798


2,824


5,790


30,642


24,902



      Acquisition-related costs 


-


-


-


-


6,983



      Other operating expenses (income), net (5) 


(2,296)


(2,184)


8,795


(2,021)


15,773



      Interest and other expense, net (6) 


(35,849)


-


2,432


(36,066)


6,155



              Pre-tax total special items 


29,701


38,723


47,008


294,544


169,165



      Tax effect of special items 


(4,267)


(3,910)


(6,850)


(35,333)


(19,383)



      Fixed asset tax basis adjustment (7) 


-


-


(1,041)


-


(35,603)



      Reversal of tax reserves (8) 


-


-


-


(21,747)


-



      Fiscal year 2014 research & development tax credits 


-


-


-


(2,863)


-



 GAAP net income excluding special items 


$           124,093


$              114,246


$           123,910


$        440,639


$        468,989
















 GAAP net income per share excluding special items: 













    Basic 


$                 0.44


$                    0.40


$                0.44


$             1.55


$             1.66



    Diluted 


$                 0.43


$                    0.40


$                0.43


$             1.52


$             1.62
















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













    Basic


284,202


283,418


283,431


283,675


283,344



    Diluted 


289,346


288,840


289,487


288,949


289,108
















(1) Includes accelerated depreciation related to San Jose wafer manufacturing building and equipment.



(2) Includes impairment charges relating to wafer manufacturing equipment, end of line test equipment, and software.



(3) Impairment of goodwill and write-off of in-process research and development primarily related to MEMS business.



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



(5) Other operating expenses (income), net are primarily for legal settlements, loss (gain) relating to sale of assets, and expected loss on lease abandonment.



(6) Includes sale of a business and impairment of investment in privately-held companies.



(7) Includes one-time fixed asset tax basis adjustments relating to prior year depreciation expense.



(8) Reversal of tax reserves related to the favorable settlement of a foreign tax issue.






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