SAN JOSE, Calif., Oct. 19, 2017 /PRNewswire/ -- Maxim
Integrated Products, Inc. (NASDAQ: MXIM) reported net revenue of
$576 million for its first quarter of
fiscal 2018 ended September 23, 2017,
a 4% decrease from the $602 million
revenue recorded in the prior quarter, and a 3% increase from the
same quarter of last year.
Tunc Doluca, President and Chief
Executive Officer, commented, "We are pleased with our performance
in the September quarter. Revenue growth was led by double-digit
increases in Industrial and Automotive from the same quarter last
year." Mr. Doluca continued, "Looking forward, we expect strong
growth in Automotive, Industrial and Data Center in the December
quarter with continued solid profitability."
Fiscal Year 2018 First Quarter Results
Based on
Generally Accepted Accounting Principles (GAAP), diluted earnings
per share in the September quarter was $0.54. The results were affected by pre-tax
special items which primarily consisted of $13 million in charges related to acquisitions
and $5 million in charges related to
restructuring activities. GAAP earnings per share, excluding
special items was $0.60. 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 the first quarter of
fiscal 2018, total cash, cash equivalents and short term
investments were $2.77 billion, an
increase of $29 million from the
prior quarter.
Notable items included:
- Cash flow from operations: $220
million
- Gross capital expenditures: $14
million
- Dividends paid: $101 million
($0.36 per share)
- Stock repurchases: $75
million
Trailing twelve months free cash flow was $819 million. Free cash flow is a non-GAAP
measure and is defined by net cash flow from operations less gross
capital expenditures.
Business Outlook
The Company's 90-day backlog at the
beginning of the December 2017
quarter was $426 million. Based on
the beginning backlog and expected turns, the final transition to
sell-in revenue accounting for distribution, and a 14-week quarter,
our results for the December 2017
quarter are forecasted to be as follows:
- Revenue: $600 to $640 million
(including $18 to $22 million for
sell-in transition)
- Gross Margin: 64% to 66% GAAP (66% to 68% excluding special
items)
- EPS: $0.57 to $0.63 GAAP
($0.61 to $0.67 excluding special
items)
Maxim Integrated's business outlook does not include the
potential impact of any special items related to restructuring
activity, acquisitions, or other business combinations that may be
completed during the quarter.
A cash dividend of $0.36 per share
will be paid on December 14, 2017, to
stockholders of record on November 30,
2017.
Conference Call
Maxim Integrated has scheduled a
conference call on October 19 at
2:00 p.m. Pacific Time to discuss its
financial results for the first quarter of fiscal 2018 and its
business outlook. This call will be webcast by Shareholder.com and
can be accessed at the Company's website at
investor.maximintegrated.com.
A presentation summarizing financial information to be discussed
on the conference call is posted at
investor.maximintegrated.com.
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|
|
CONSOLIDATED
STATEMENTS OF INCOME
|
|
|
(Unaudited)
|
|
|
|
Three Months
Ended
|
|
|
|
September
23,
|
|
June
24,
|
|
September
24,
|
|
|
|
2017
|
|
2017
|
|
2016
|
|
|
|
(in thousands, except
per share data)
|
|
|
Net
revenues
|
$
575,676
|
|
$
602,005
|
|
$
561,396
|
|
|
Cost of goods sold
(1)
|
201,845
|
|
208,339
|
|
215,664
|
|
|
Gross
margin
|
373,831
|
|
393,666
|
|
345,732
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
Research and
development
|
108,601
|
|
114,011
|
|
112,746
|
|
|
Selling, general and
administrative
|
73,681
|
|
75,129
|
|
70,852
|
|
|
Intangible asset
amortization
|
1,752
|
|
2,050
|
|
2,443
|
|
|
Impairment of
long-lived assets (2)
|
42
|
|
—
|
|
6,134
|
|
|
Severance and
restructuring expenses
|
5,433
|
|
1,175
|
|
9,965
|
|
|
Other operating
expenses (income), net (3)
|
(844)
|
|
1,923
|
|
(28,481)
|
|
|
Total operating
expenses (income), net
|
188,665
|
|
194,288
|
|
173,659
|
|
|
Operating income
(loss)
|
185,166
|
|
199,378
|
|
172,073
|
|
|
Interest and other
income (expense), net
|
(4,214)
|
|
(3,798)
|
|
(6,870)
|
|
|
Income (loss) before
provision for income taxes
|
180,952
|
|
195,580
|
|
165,203
|
|
|
Income tax provision
(benefit)
|
26,419
|
|
32,271
|
|
27,589
|
|
|
Net income
(loss)
|
$
154,533
|
|
$
163,309
|
|
$
137,614
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss) per
share:
|
|
|
|
|
|
|
|
Basic
|
$
0.55
|
|
$
0.58
|
|
$
0.49
|
|
|
Diluted
|
$
0.54
|
|
$
0.57
|
|
$
0.48
|
|
|
|
|
|
|
|
|
|
|
Shares used in the
calculation of earnings (loss) per share:
|
|
|
|
|
|
|
|
Basic
|
282,170
|
|
282,747
|
|
283,633
|
|
|
Diluted
|
286,437
|
|
287,494
|
|
288,574
|
|
|
|
|
|
|
|
|
|
|
Dividends paid per
share
|
$
0.36
|
|
$
0.33
|
|
$
0.33
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SCHEDULE OF
SPECIAL ITEMS
|
|
|
(Unaudited)
|
|
|
|
Three Months
Ended
|
|
|
|
September
23,
|
|
June
24,
|
|
September
24,
|
|
|
|
2017
|
|
2017
|
|
2016
|
|
|
|
(in
thousands)
|
|
|
Cost of goods
sold:
|
|
|
|
|
|
|
|
Intangible asset
amortization
|
$
11,064
|
|
$
11,064
|
|
$
12,602
|
|
|
Accelerated
depreciation (1)
|
—
|
|
—
|
|
1,178
|
|
|
Total
|
$
11,064
|
|
$
11,064
|
|
$
13,780
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
Intangible asset
amortization
|
$
1,752
|
|
$
2,050
|
|
$
2,443
|
|
|
Impairment of
long-lived assets (2)
|
42
|
|
—
|
|
6,134
|
|
|
Severance and
restructuring
|
5,433
|
|
1,175
|
|
9,965
|
|
|
Other operating
expenses (income), net (3)
|
(844)
|
|
1,923
|
|
(28,481)
|
|
|
Total
|
$
6,383
|
|
$
5,148
|
|
$
(9,939)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and other
expense (income), net
|
$
(84)
|
|
$
(90)
|
|
$
(471)
|
|
|
Total
|
$
(84)
|
|
$
(90)
|
|
$
(471)
|
|
|
|
|
|
|
|
|
|
|
(1) Includes building
and equipment accelerated depreciation related to the Dallas
manufacturing facility.
|
|
|
(2) Includes
impairment of investments in privately-held companies and other
equipment impairment charges.
|
|
|
(3) Includes gain on
sale of micro-electromechanical systems (MEMS) business line during
the first quarter of fiscal year 2017.
|
|
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CONSOLIDATED
BALANCE SHEETS
|
|
|
(Unaudited)
|
|
|
|
September
23,
|
|
June
24,
|
|
September
24,
|
|
|
|
2017
|
|
2017
|
|
2016
|
|
|
|
(in
thousands)
|
|
|
ASSETS
|
|
|
Current
assets:
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
$
1,577,160
|
|
$2,246,121
|
|
$
2,092,073
|
|
|
Short-term
investments
|
1,196,827
|
|
498,718
|
|
175,441
|
|
|
Total cash, cash
equivalents and short-term investments
|
2,773,987
|
|
2,744,839
|
|
2,267,514
|
|
|
Accounts receivable,
net
|
233,215
|
|
256,454
|
|
253,518
|
|
|
Inventories
|
245,347
|
|
247,242
|
|
223,484
|
|
|
Other current
assets
|
55,033
|
|
57,059
|
|
89,398
|
|
|
Total current
assets
|
3,307,582
|
|
3,305,594
|
|
2,833,914
|
|
|
Property, plant and
equipment, net
|
595,622
|
|
606,581
|
|
678,447
|
|
|
Intangible assets,
net
|
79,850
|
|
90,867
|
|
131,496
|
|
|
Goodwill
|
491,015
|
|
491,015
|
|
491,015
|
|
|
Other
assets
|
59,246
|
|
72,974
|
|
54,890
|
|
|
Assets held for
sale
|
2,691
|
|
3,202
|
|
2,854
|
|
|
TOTAL
ASSETS
|
$
4,536,006
|
|
$4,570,233
|
|
$
4,192,616
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
Accounts
payable
|
$
66,915
|
|
$
77,373
|
|
$
83,589
|
|
|
Income taxes
payable
|
3,688
|
|
3,688
|
|
3,138
|
|
|
Accrued salary and
related expenses
|
103,194
|
|
145,299
|
|
111,126
|
|
|
Accrued
expenses
|
43,121
|
|
37,663
|
|
48,572
|
|
|
Deferred revenue on
shipments to distributors
|
16,994
|
|
14,974
|
|
35,754
|
|
|
Short-term
debt
|
—
|
|
—
|
|
249,788
|
|
|
Total current
liabilities
|
233,912
|
|
278,997
|
|
531,967
|
|
|
Long-term
debt
|
1,488,406
|
|
1,487,678
|
|
990,685
|
|
|
Income taxes
payable
|
573,831
|
|
557,498
|
|
497,360
|
|
|
Deferred tax
liabilities
|
1,436
|
|
1,514
|
|
756
|
|
|
Other
liabilities
|
40,677
|
|
41,852
|
|
36,612
|
|
|
Total
liabilities
|
2,338,262
|
|
2,367,539
|
|
2,057,380
|
|
|
Stockholders'
equity:
|
|
|
|
|
|
|
|
Common stock and
capital in excess of par value
|
283
|
|
283
|
|
284
|
|
|
Retained
earnings
|
2,207,052
|
|
2,212,301
|
|
2,141,326
|
|
|
Accumulated other
comprehensive loss
|
(9,591)
|
|
(9,890)
|
|
(6,374)
|
|
|
Total stockholders'
equity
|
2,197,744
|
|
2,202,694
|
|
2,135,236
|
|
|
TOTAL
LIABILITIES & STOCKHOLDERS' EQUITY
|
$
4,536,006
|
|
$4,570,233
|
|
$
4,192,616
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATED
STATEMENTS OF CASH FLOWS
|
|
|
(Unaudited)
|
|
|
|
Three Months
Ended
|
|
|
|
September
23,
|
|
June
24,
|
|
September
24,
|
|
|
|
2017
|
|
2017
|
|
2016
|
|
|
|
(in
thousands)
|
|
|
Cash flows from
operating activities:
|
|
|
|
|
|
|
|
Net income
(loss)
|
$
154,533
|
|
$
163,309
|
|
$
137,614
|
|
|
Adjustments to
reconcile net income (loss) to net cash provided by operating
activities:
|
|
|
|
|
|
|
|
Stock-based
compensation
|
17,287
|
|
17,624
|
|
17,120
|
|
|
Depreciation and
amortization
|
36,754
|
|
38,194
|
|
43,485
|
|
|
Deferred
taxes
|
12,115
|
|
1,697
|
|
14,895
|
|
|
Loss (gain) from sale
of property, plant and equipment
|
61
|
|
7,006
|
|
652
|
|
|
Loss (gain) on sale
of business
|
—
|
|
—
|
|
(26,620)
|
|
|
Impairment of
long-lived assets
|
42
|
|
665
|
|
6,134
|
|
|
Changes in assets and
liabilities:
|
|
|
|
|
|
|
|
Accounts
receivable
|
23,239
|
|
1,138
|
|
3,013
|
|
|
Inventories
|
1,835
|
|
(5,715)
|
|
2,517
|
|
|
Other current
assets
|
1,488
|
|
(727)
|
|
(12,099)
|
|
|
Accounts
payable
|
(9,979)
|
|
(5,235)
|
|
(858)
|
|
|
Income taxes
payable
|
16,333
|
|
22,619
|
|
110
|
|
|
Deferred revenue on
shipments to distributors
|
2,020
|
|
(20,751)
|
|
(3,025)
|
|
|
Accrued salary and
related expenses
|
(42,105)
|
|
9,597
|
|
(55,572)
|
|
|
All other accrued
liabilities
|
6,082
|
|
7,507
|
|
(3,964)
|
|
|
Net cash provided by
(used in) operating activities
|
219,705
|
|
236,928
|
|
123,402
|
|
|
Cash flows from
investing activities:
|
|
|
|
|
|
|
|
Purchase of property,
plant and equipment
|
(14,321)
|
|
(13,050)
|
|
(14,310)
|
|
|
Proceeds from sales
of property, plant and equipment
|
1,473
|
|
7,576
|
|
205
|
|
|
Proceeds from sale of
available-for-sale securities
|
18,101
|
|
—
|
|
24,540
|
|
|
Proceeds from
maturity of available-for-sale securities
|
—
|
|
50,000
|
|
25,000
|
|
|
Proceeds from sale of
business
|
—
|
|
—
|
|
42,199
|
|
|
Purchases of
available-for-sale securities
|
(716,304)
|
|
(49,891)
|
|
(75,224)
|
|
|
Purchases of
privately-held companies' securities
|
(606)
|
|
—
|
|
(2,337)
|
|
|
Net cash provided by
(used in) investing activities
|
(711,657)
|
|
(5,365)
|
|
73
|
|
|
Cash flows from
financing activities:
|
|
|
|
|
|
|
|
Issuance of
debt
|
—
|
|
500,000
|
|
—
|
|
|
Debt Issuance
Cost
|
—
|
|
(3,688)
|
|
—
|
|
|
Net issuance of
restricted stock units
|
(5,416)
|
|
(7,471)
|
|
(5,206)
|
|
|
Proceeds from stock
options exercised
|
5,160
|
|
18,434
|
|
19,911
|
|
|
Issuance of common
stock under employee stock purchase program
|
—
|
|
19,805
|
|
—
|
|
|
Repurchase of common
stock
|
(75,291)
|
|
(75,853)
|
|
(57,709)
|
|
|
Dividends
paid
|
(101,462)
|
|
(93,396)
|
|
(93,627)
|
|
|
Net cash provided by
(used in) financing activities
|
(177,009)
|
|
357,831
|
|
(136,631)
|
|
|
Net increase
(decrease) in cash and cash equivalents
|
(668,961)
|
|
589,394
|
|
(13,156)
|
|
|
Cash and cash
equivalents:
|
|
|
|
|
|
|
|
Beginning of
period
|
2,246,121
|
|
1,656,727
|
|
2,105,229
|
|
|
End of
period
|
$
1,577,160
|
|
$
2,246,121
|
|
$
2,092,073
|
|
|
|
|
|
|
|
|
|
|
Total cash, cash
equivalents, and short-term investments
|
$
2,773,987
|
|
$
2,744,839
|
|
$
2,267,514
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ANALYSIS OF GAAP
VERSUS GAAP EXCLUDING SPECIAL ITEMS DISCLOSURES
|
|
|
(Unaudited)
|
|
|
|
|
Three Months
Ended
|
|
|
|
|
September
23,
|
|
June
24,
|
|
September
24,
|
|
|
|
|
2017
|
|
2017
|
|
2016
|
|
|
|
|
(in thousands, except
per share data)
|
|
|
Reconciliation of
GAAP gross profit to GAAP gross profit excluding special
items:
|
|
|
|
|
|
|
|
|
GAAP gross
profit
|
|
$
373,831
|
|
$
393,666
|
|
$
345,732
|
|
|
GAAP gross profit
%
|
|
64.9%
|
|
65.4%
|
|
61.6%
|
|
|
|
|
|
|
|
|
|
|
|
Special
items:
|
|
|
|
|
|
|
|
|
Intangible asset
amortization
|
|
11,064
|
|
11,064
|
|
12,602
|
|
|
Accelerated
depreciation (1)
|
|
—
|
|
—
|
|
1,178
|
|
|
Total special
items
|
|
11,064
|
|
11,064
|
|
13,780
|
|
|
GAAP gross
profit excluding special items
|
|
$
384,895
|
|
$
404,730
|
|
$
359,512
|
|
|
GAAP gross
profit % excluding special items
|
|
66.9%
|
|
67.2%
|
|
64.0%
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
GAAP operating expenses to GAAP operating expenses excluding
special items:
|
|
|
|
|
|
|
|
|
GAAP operating
expenses
|
|
$
188,665
|
|
$
194,288
|
|
$
173,659
|
|
|
|
|
|
|
|
|
|
|
|
Special
items:
|
|
|
|
|
|
|
|
|
Intangible asset
amortization
|
|
1,752
|
|
2,050
|
|
2,443
|
|
|
Impairment of
long-lived assets (2)
|
|
42
|
|
—
|
|
6,134
|
|
|
Severance and
restructuring
|
|
5,433
|
|
1,175
|
|
9,965
|
|
|
Other operating
expenses (income), net (3)
|
|
(844)
|
|
1,923
|
|
(28,481)
|
|
|
Total special
items
|
|
6,383
|
|
5,148
|
|
(9,939)
|
|
|
GAAP operating
expenses excluding special items
|
|
$
182,282
|
|
$
189,140
|
|
$
183,598
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
GAAP net income (loss) to GAAP net income excluding special
items:
|
|
|
|
|
|
|
|
|
GAAP net income
(loss)
|
|
$
154,533
|
|
$
163,309
|
|
$
137,614
|
|
|
|
|
|
|
|
|
|
|
|
Special
items:
|
|
|
|
|
|
|
|
|
Intangible asset
amortization
|
|
12,816
|
|
13,114
|
|
15,045
|
|
|
Accelerated
depreciation (1)
|
|
—
|
|
—
|
|
1,178
|
|
|
Impairment of
long-lived assets (2)
|
|
42
|
|
—
|
|
6,134
|
|
|
Severance and
restructuring
|
|
5,433
|
|
1,175
|
|
9,965
|
|
|
Other operating
expenses (income), net (3)
|
|
(844)
|
|
1,923
|
|
(28,481)
|
|
|
Interest and other
expense (income), net
|
|
(84)
|
|
(90)
|
|
(471)
|
|
|
Pre-tax total
special items
|
|
17,363
|
|
16,122
|
|
3,370
|
|
|
Other income
tax effects and adjustments (4)
|
|
(1,345)
|
|
499
|
|
(2,754)
|
|
|
GAAP net income
excluding special items
|
|
$
170,551
|
|
$
179,930
|
|
$
138,230
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net income
per share excluding special items:
|
|
|
|
|
|
|
|
|
Basic
|
|
$
0.60
|
|
$
0.64
|
|
$
0.49
|
|
|
Diluted
|
|
$
0.60
|
|
$
0.63
|
|
$
0.48
|
|
|
|
|
|
|
|
|
|
|
|
Shares used in the
calculation of earnings per share excluding special
items:
|
|
|
|
|
|
|
|
|
Basic
|
|
282,170
|
|
282,747
|
|
283,633
|
|
|
Diluted
|
|
286,437
|
|
287,494
|
|
288,574
|
|
|
|
|
|
|
|
|
|
|
|
(1) Includes building
and equipment accelerated depreciation related to the Dallas
manufacturing facility.
|
|
|
(2) Includes
impairment of investments in privately-held companies and other
equipment impairment charges.
|
|
|
(3) Includes
gain on sale of micro-electromechanical systems (MEMS) business
line during the first quarter of fiscal year 2017.
|
|
|
(4) Includes tax
effect of pre-tax special items and miscellaneous tax
adjustments.
|
|
|
|
|
Non-GAAP Measures
To supplement the consolidated
financial results prepared under GAAP, Maxim Integrated uses
non-GAAP measures which are adjusted from the most directly
comparable GAAP results to exclude special items related to
intangible asset amortization; accelerated depreciation; impairment
of long-lived assets; severance and restructuring; other operating
expenses (income), net; interest and other expense (income), net;
and other income tax effects and adjustments. We defined free cash
flow as net cash provided from operations less gross capital
expenditures. Management uses these non-GAAP measures internally to
make strategic decisions, forecast future results and evaluate
Maxim Integrated's current performance. Many analysts covering
Maxim Integrated use the non-GAAP measures as well. Given
management's use of these non-GAAP measures, Maxim Integrated
believes these measures are important to investors in understanding
Maxim Integrated's current and future operating results as seen
through the eyes of management. In addition, management believes
these non-GAAP measures are useful to investors in enabling them to
better assess changes in Maxim Integrated's core business across
different time periods. These non-GAAP measures are not in
accordance with or an alternative to GAAP financial data and may be
different from non-GAAP measures used by other companies. Because
non-GAAP financial measures are not standardized it may not be
possible to compare these financial measures with other companies'
non-GAAP financial measures, even if they have similar names. The
non-GAAP measures displayed in the table above include the
following:
GAAP Gross Profit Excluding Special Items
The use of
GAAP gross profit excluding special items allows management to
evaluate the gross margin of the Company's core businesses and
trends across different reporting periods on a consistent basis,
independent of special items including intangible asset
amortization, accelerated depreciation, and other costs of goods
sold. In addition, it is an important component of management's
internal performance measurement and reward process as it is used
to assess the current and historical financial results of the
business, for strategic decision making, preparing budgets and
forecasting future results. Management presents GAAP gross profit
excluding special items to enable investors and analysts to
evaluate our revenue generation performance relative to the direct
costs of revenue of Maxim Integrated's core businesses.
GAAP Operating Expenses Excluding Special Items
The
use of GAAP operating expenses excluding special items allows
management to evaluate the operating expenses of the Company's core
businesses and trends across different reporting periods on a
consistent basis, independent of special items including intangible
asset amortization; impairment of long-lived assets; severance and
restructuring, and other operating expenses (income), net. In
addition, it is an important component of management's internal
performance measurement and reward process as it is used to assess
the current and historical financial results of the business, for
strategic decision making, preparing budgets and forecasting future
results. Management presents GAAP operating expenses excluding
special items to enable investors and analysts to evaluate our core
business and its direct operating expenses.
GAAP Provision for Income Taxes Excluding Special
Items
The use of a GAAP provision for income taxes excluding
special items allows management to evaluate the provision for
income taxes across different reporting periods on a consistent
basis, independent of special items including the tax provision
impact of pre-tax special items. In fiscal year 2016, we began
using a long-term tax rate to compute the GAAP provision for income
taxes excluding special items. This long-term tax rate considers
the income tax impact of pre-tax special items and eliminates the
effects of significant non-recurring and period specific tax items
which vary in size and frequency. In the first quarter of fiscal
year 2018, we used a long-term tax rate of 14%, which was our
forecast of the weighted average of our normalized fiscal year GAAP
tax rate excluding special items over a four-year period, that
includes the past three fiscal years plus the current fiscal year
projection at the beginning of fiscal year 2018. We review the
long-term tax rate on an annual basis and more frequently whenever
events occur that may materially affect the long-term tax rate such
as tax law changes; significant changes in our geographic earnings
mix; or changes in our corporate structure.
GAAP Net Income and GAAP Net Income per Share Excluding
Special Items
The use of GAAP net income and GAAP net income
per share excluding special items allow management to evaluate the
operating results of Maxim Integrated's core businesses and trends
across different reporting periods on a consistent basis,
independent of special items including intangible asset
amortization; accelerated depreciation; impairment of long-lived
assets; severance and restructuring; other operating expenses
(income), net; interest and other expense (income), net; and other
income tax effects and adjustments. In addition, they are important
components of management's internal performance measurement and
reward process as it is used to assess the current and historical
financial results of the business, for strategic decision making,
preparing budgets and forecasting future results. Management
presents GAAP net income and GAAP net income per share excluding
special items to enable investors and analysts to understand the
results of operations of Maxim Integrated's core businesses and to
compare our results of operations on a more consistent basis
against that of other companies in our industry.
"Safe Harbor" Statement
This press release contains
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. These statements
include the Company's business outlook and financial projections
for its second quarter of fiscal 2018 ending in December 2017, which includes revenue, gross
margin and earnings per share, as well as the Company's expectation
of strong growth in Automotive, Industrial and Data Center in the
December quarter. These statements involve risk and uncertainty.
Actual results could differ materially from those forecasted, based
upon, among other things, general market and economic conditions,
market developments that could adversely affect the growth of the
mixed-signal analog market, product mix shifts, the loss of all or
a substantial portion of our sales to one or more of our large
customers, customer cancellations and price competition, as well as
other risks described in the Company's Annual Report on Form 10-K
for the fiscal year ended June 24,
2017 (the "Form 10-K"). The Form 10-K may be found at
https://www.sec.gov/Archives/edgar/data/743316/000074331617000028/maxim10-kfy2017.htm.
All forward-looking statements included in this news release are
made as of the date hereof and based on the information available
to the Company as of the date hereof. The Company assumes no
obligation to update any forward-looking statement except as
required by law.
About Maxim Integrated
Maxim Integrated develops
innovative analog and mixed-signal products and technologies to
make systems smaller and smarter, with enhanced security and
increased energy efficiency. We are empowering design innovation
for our automotive, industrial, healthcare, mobile consumer, and
cloud data center customers to deliver industry-leading solutions
that help change the world. Learn more at
http://www.maximintegrated.com.
Contact
Kathy Ta
Vice President, Investor Relations
(408) 601-5697
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SOURCE Maxim Integrated Investor Relations