Oct. 29, 2009 (GlobeNewswire) --
* Revenue: $449.2 million
* Gross Margin: 56.0%
* GAAP earnings per share: $0.13 (after $0.03 special expense
items)
* Cash flow from operations: $138.5 million
* Cash, cash equivalents, and short term investments: $937.6
million
* Inventory: $192.3 million, representing 89 days of inventory
* Dividend per share: $0.20
SUNNYVALE, Calif., Oct. 29, 2009 (GLOBE NEWSWIRE) -- Maxim Integrated Products, Inc. (Nasdaq:MXIM) reported net revenue of $449.2 million for its fiscal 2010 first quarter ended September 26, 2009, a 14% increase over the $394.5 million revenue recorded in the previous quarter.
Based on Generally Accepted Accounting Principles (GAAP), diluted earnings per share was $0.13. The results include certain pre-tax and tax related special items which primarily consist of:
* $16.9 million pre-tax net benefit primarily for stock option
related settlement & litigation and certain payroll taxes,
interest and penalties
* $8.3 million pre-tax expense for the write down to fair value of
assets to be sold
* $16.8 million additional tax provision due to international
restructuring
Special expense items reduced earnings per share by $0.03. In the prior quarter special expense items reduced earnings per share by $0.08.
Cash Flow Items
Total cash, cash equivalents and short term investments was $937.6 million as of September 26, 2009, an increase of $24.2 million during the first quarter. Key items include:
* $138.5 million cash flow from operations, 30.8% of revenue
* $26.5 million in net payments for property and equipment
* $61.4 million for cash dividends
* $17.6 million for share repurchase
Business Outlook
Maxim's fiscal first quarter bookings increased by 10% compared to the fourth quarter of fiscal 2009 and the Company's 90 day backlog increased by 4% to $288 million. Results for the December quarter are expected to be:
* Revenue: $450 million - $465 million
* Gross Margin: 57% - 59%
* Operating expenses: $175 - $178 million
Tunc Doluca, President and Chief Executive Officer, commented, "Maxim had a strong September quarter. Revenue grew double digits for the second consecutive quarter and has held up relatively well year over year during which our industry experienced a severe downturn. Quarter over quarter, we achieved operating leverage with significant improvements in gross and operating margins."
Dividend
A cash dividend for the first quarter of fiscal 2010 of $0.20 per share will be paid on December 4, 2009, to stockholders of record on November 20, 2009.
Conference Call
Maxim has scheduled a conference call on October 29, 2009, at 2:00 p.m. Pacific Time to discuss its financial results for the first quarter of fiscal year 2010 and its business outlook. To listen via telephone, dial (866) 802-4321 (toll free) or (703) 639-1318. This call will be webcast by Shareholder.com and can be accessed at Maxim's website at www.maxim-ic.com/Investor.
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CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Ended
-------------------------------
Sept. 26, June 27, Sept. 27,
2009 2009 2008
--------- --------- ---------
(in thousands, except per
share data)
Net revenues $ 449,246 $ 394,471 $ 501,204
Cost of goods sold (1,2) 197,619 203,934 209,654
--------- --------- ---------
Gross profit 251,627 190,537 291,550
Operating expenses:
Research and development (1) 116,693 117,456 138,915
Selling, general and
administrative (1) 54,990 50,643 40,243
Impairment of long-lived
assets (3) 8,291 -- 7,343
Severance and restructuring (4) (1,561) (535) 4,106
Other operating (income)
expenses, net (5) (16,885) 1,386 7,358
--------- --------- ---------
Total operating expenses 161,528 168,950 197,965
--------- --------- ---------
Operating income 90,099 21,587 93,585
Interest income and other income,
net 1,901 983 9,101
--------- --------- ---------
Income before provision for
income taxes 92,000 22,570 102,686
Provision for income taxes 50,048 14,472 35,119
--------- --------- ---------
Net income $ 41,952 $ 8,098 $ 67,567
========= ========= =========
Earnings per share:
Basic $ 0.14 $ 0.03 $ 0.21
========= ========= =========
Diluted $ 0.13 $ 0.03 $ 0.21
========= ========= =========
Shares used in the calculation of
earnings per share:
Basic 306,276 305,347 320,553
========= ========= =========
Diluted 312,162 308,442 323,815
========= ========= =========
Dividends declared per share $ 0.200 $ 0.200 $ 0.200
========= ========= =========
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SCHEDULE OF STOCK BASED COMPENSATION EXPENSES
(Unaudited)
Three Months Ended
-------------------------------
Sept. 26, June 27, Sept.