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Maxim Integrated Reports Results For The Second Quarter Of Fiscal 2014

- Revenue: $620 million

SAN JOSE, Calif., Jan. 23, 2014 /PRNewswire/ -- Maxim Integrated Products, Inc. (NASDAQ:MXIM) reported net revenue of $620 million for its second quarter of fiscal 2014 ended December 28, 2013, a 6% increase from the $585 million revenue recorded in the prior quarter. Reported revenue included $35 million from Volterra. Excluding Volterra, revenue was flat compared to the prior quarter.

(Logo: http://photos.prnewswire.com/prnh/20120912/SF71654LOGO)

Tunc Doluca, President and Chief Executive Officer, commented, "We achieved good revenue performance in a soft quarter for our industry." Mr. Doluca continued, "We are pleased with our diversification efforts, with strength in both communication and industrial businesses, the addition of Volterra and broadening of our mobility business."

Fiscal Year 2014 Second Quarter Results
Based on Generally Accepted Accounting Principles (GAAP), diluted earnings per share in the December quarter was $0.17. The results were negatively affected by the following pre-tax charges:

  • $40 million for Volterra acquisition-related items
  • $13 million for items related to prior acquisitions
  • $5 million for impairment of long-lived assets
  • $18 million for warranty expense

GAAP earnings per share, excluding special items was $0.36, after a $0.05 reduction due to the warranty expense. In addition, the warranty expense caused our GAAP gross margin, excluding special items to be 2.9 percentage points lower for the quarter. An analysis of GAAP versus GAAP excluding special items is provided in the last table of this press release. Warranty expense is not considered a special item and is not included in the analysis.   

Cash Flow Items
At the end of the second quarter of fiscal 2014, total cash, cash equivalents and short term investments was $1.15 billion, an increase of $115 million from the prior quarter. Notable items included:

  • Cash flow from operations: $234 million
  • Net capital expenditures: $46 million
  • Dividends: $73 million ($0.26 per share)
  • Stock repurchases: $59 million
  • Volterra acquisition: $454 million
  • Proceeds from debt issuance: $494 million

Business Outlook
The Company's 90-day backlog at the beginning of the third fiscal quarter of 2014 was $366 million. Based on the beginning backlog and expected turns, results for the March 2014 quarter are expected to be as follows:

  • Revenue: $590 million to $620 million
  • Gross Margin: 56% to 58% GAAP (60% to 62% excluding special items)
  • EPS: $0.28 to $0.32 GAAP ($0.37 to $0.41 excluding special items)

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

Dividend
A cash dividend of $0.26 per share will be paid on March 6, 2014, to stockholders of record on February 20, 2014.

Conference Call
Maxim Integrated has scheduled a conference call on January 23, 2014, at 2:00 p.m. Pacific Time to discuss its financial results for the second quarter of fiscal 2014 and its business outlook. To listen via telephone, dial (866) 802-4305 (toll free) or (703) 639-1317.  This call will be webcast by Shareholder.com and can be accessed at the Company's website at www.maximintegrated.com/company/investor.

 


CONSOLIDATED STATEMENTS OF INCOME



(Unaudited)





Three Months Ended





December 28,


September 28,


December 29,





2013


2013


2012





(in thousands, except per share data)



Net revenues


$   620,274


$    585,241


$   605,306



Cost of goods sold


291,602


238,045


241,931



        Gross margin


328,672


347,196


363,375



Operating expenses:









    Research and development


142,971


129,902


135,742



    Selling, general and administrative


83,471


77,430


80,058



    Intangible asset amortization


4,968


3,436


3,903



    Impairment of long-lived assets (1)


5,197


-


22,222



    Severance and restructuring expenses (2)


10,227


5,547


2,236



    Acquisition-related costs


4,137


2,934


-



    Other operating expenses (income), net (3)


1,306


(662)


1,666



       Total operating expenses 


252,277


218,587


245,827



          Operating income


76,395


128,609


117,548



Interest and other income (expense), net


(5,833)


(3,463)


(2,798)



Income before provision for income taxes


70,562


125,146


114,750



Provision for income taxes 


21,240


22,026


38,128



   Net income


$     49,322


$    103,120


$     76,622












Earnings per share:









    Basic 


$         0.17


$          0.36


$         0.26



    Diluted 


$         0.17


$          0.36


$         0.26












Shares used in the calculation of earnings per share: 









    Basic


282,664


284,654


292,075



    Diluted 


288,565


290,260


298,759












Dividends paid per share 


$         0.26


$          0.26


$         0.24












SCHEDULE OF SPECIAL EXPENSE ITEMS



(Unaudited)





Three Months Ended





December 28,


September 28,


December 29,





2013


2013


2012





(in thousands)



Cost of goods sold:









      Intangible asset amortization


$         19,098


$            8,092


$           8,986



      Acquisition-related inventory write-up


13,066


-


-



 Total 


$         32,164


$            8,092


$           8,986












 Operating expenses: 









    Intangible asset amortization


$           4,968


$            3,436


$           3,903



    Impairment of long-lived assets (1)


5,197


-


22,222



    Severance and restructuring (2)


10,227


5,547


2,236



     Acquisition-related costs


4,137


2,934


-



    Other operating expenses (income), net (3)


1,306


(662)


1,666



 Total 


$         25,835


$          11,255


$         30,027












Provision for income taxes:









     International restructuring implementation  


$                -


$                  -


$         18,726



 Total 


$                -


$                  -


$         18,726












(1) Includes impairment charges relating to fab tools, land and buildings held-for-sale, and end of line manufacturing equipment.



(2) Includes severance & retention charges and lease abandonment charges related to the Volterra acquisition, and severance charges related to the reorganization of various business units and manufacturing operations.



(3) Other operating expenses (income), net are primarily for contingent consideration adjustments related to certain acquisitions and certain payroll taxes.











 


STOCK-BASED COMPENSATION BY TYPE OF AWARD (in thousands)


(Unaudited)












Three Months Ended December 28, 2013

  Stock Options


  Restricted Stock Units


  Employee Stock Purchase Plan


  Total



Cost of goods sold 

$             438


$              2,395


$                533


$  3,366



Research and development expense

2,616


8,728


1,153


12,497



Selling, general and administrative expense

1,476


4,996


534


7,006



       Total

$          4,530


$            16,119


$             2,220


$22,869













Three Months Ended September 28, 2013










Cost of goods sold 

$             349


$              1,918


$                475


$  2,742



Research and development expense

1,836


6,440


1,322


9,598



Selling, general and administrative expense

1,264


4,527


609


6,400



       Total

$          3,449


$            12,885


$             2,406


$18,740













Three Months Ended December 29, 2012










Cost of goods sold 

$             477


$              2,572


$                634


$  3,683



Research and development expense

2,288


8,401


1,451


12,140



Selling, general and administrative expense

1,286


5,152


584


7,022



       Total

$          4,051


$            16,125


$             2,669


$22,845












 










CONSOLIDATED  BALANCE SHEETS



(Unaudited)




December 28,


September 28,


December 29,




2013


2013


2012




(in thousands) 



ASSETS



Current assets:








    Cash and cash equivalents

$1,149,909


$ 1,009,547


$   955,107



    Short-term investments

-


25,036


75,192



        Total cash, cash equivalents and short-term investments

1,149,909


1,034,583


1,030,299



    Accounts receivable, net 

288,285


297,888


264,545



    Inventories

297,234


278,218


257,690



    Deferred tax assets

69,154


54,854


80,991



   Other current assets

84,522


116,225


90,470



        Total current assets

1,889,104


1,781,768


1,723,995



Property, plant and equipment, net

1,372,393


1,374,544


1,359,014



Intangible assets, net

404,652


145,618


182,521



Goodwill

596,898


422,004


422,083



Other assets

42,803


40,063


50,940



              TOTAL ASSETS

$4,305,850


$ 3,763,997


$3,738,553











LIABILITIES AND STOCKHOLDERS' EQUITY



Current liabilities:








    Accounts payable 

$     99,009


$    101,060


$   110,495



    Income taxes payable

21,717


21,799


22,146



    Accrued salary and related expenses

140,738


124,954


152,122



    Accrued expenses 

85,145


55,561


58,900



    Current portion of long-term debt

2,965


4,804


304,794



    Deferred income on shipments to distributors

25,542


27,179


25,362



        Total current liabilities

375,116


335,357


673,819



Long-term debt

1,000,871


500,955


3,997



Income taxes payable

337,053


294,728


260,770



Deferred tax liabilities

202,435


205,221


192,434



Other liabilities

29,343


29,300


26,321



        Total liabilities 

1,944,818


1,365,561


1,157,341











Stockholders' equity:








    Common stock

283


283


7,040



    Retained earnings 

2,373,318


2,412,262


2,589,619



    Accumulated other comprehensive loss

(12,569)


(14,109)


(15,447)



        Total stockholders' equity

2,361,032


2,398,436


2,581,212



              TOTAL LIABILITIES & STOCKHOLDERS' EQUITY 

$4,305,850


$ 3,763,997


$3,738,553










 

 


CONSOLIDATED STATEMENTS OF CASH FLOWS



(Unaudited)




Three Months Ended




December 28,


September 28,


December 29,




2013


2013


2012




(in thousands)



Cash flows from operating activities: 








Net income

$     49,322


$    103,120


$     76,622



Adjustments to reconcile net income to net cash provided by operating activities: 








      Stock-based compensation 

22,869


18,740


22,845



      Depreciation and amortization 

64,404


51,133


51,880



      Deferred taxes 

(11,705)


25,529


(12,979)



      Loss (gain) from sale of property, plant and equipment

265


36


(88)



      Tax benefit (shortfall) related to stock-based compensation 

(726)


(3,488)


5,187



      Impairment of long-lived assets

5,197


-


22,222



      Excess tax benefit from stock-based compensation 

(2,459)


(1,697)


(6,615)



      Changes in assets and liabilities: 








          Accounts receivable 

33,056


(12,450)


51,993



          Inventories 

14,030


(2,301)


570



          Other current assets 

31,362


(18,546)


4,091



          Accounts payable 

(3,252)


(9,162)


(9,536)



          Income taxes payable 

19,002


11,393


37,477



          Deferred revenue on shipments to distributors 

(1,637)


622


(1,663)



          All other accrued liabilities 

14,704


(67,035)


13,091



Net cash provided by (used in) operating activities 

234,432


95,894


255,097











Cash flows from investing activities: 








          Purchase of property, plant and equipment

(46,133)


(36,329)


(62,102)



          Proceeds from sales of property, plant and equipment

-


3,048


4,115



          Payments in connection with business acquisition, net of cash acquired

(453,506)


-


-



          Proceeds from maturity of available-for-sale securities

27,000


-


-



Net cash provided by (used in) investing activities 

(472,639)


(33,281)


(57,987)











Cash flows from financing activities: 








         Excess tax benefit from stock-based compensation

2,459


1,697


6,615



         Contingent consideration paid

(4,601)


-


(7,476)



         Dividends paid

(73,325)


(73,744)


(70,063)



         Repayment of notes payable

(1,839)


-


(74)



         Issuance of debt

497,795


100


-



         Debt issuance cost

(3,431)


-


-



         Repurchase of common stock

(59,101)


(154,386)


(50,435)



         Issuance of ESPP shares under employee stock purchase program 

19,096


-


16,768



         Net issuance of restricted stock units

(7,106)


(6,966)


(6,538)



         Proceeds from stock options exercised

8,622


5,247


19,350



Net cash provided by (used in) financing activities 

378,569


(228,052)


(91,853)











Net increase (decrease) in cash and cash equivalents 

140,362


(165,439)


105,257



Cash and cash equivalents: 








          Beginning of period

1,009,547


1,174,986


849,850



          End of period

$1,149,909


$ 1,009,547


$   955,107











Total cash, cash equivalents, and short-term investments

$1,149,909


$ 1,034,583


$1,030,299










 

 

ANALYSIS OF GAAP VERSUS GAAP EXCLUDING SPECIAL ITEMS DISCLOSURES


(Unaudited)




Three Months Ended




December 28,


September 28,


December 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


$       328,672


$        347,196


$       363,375


GAAP gross profit %


53.0%


59.3%


60.0%










Special items:








      Intangible asset amortization 


19,098


8,092


8,986


      Acquisition-related inventory write-up


13,066


-


-


 Total special items 


32,164


8,092


8,986


 GAAP gross profit excluding special items 


$       360,836


$        355,288


$       372,361


 GAAP gross profit % excluding special items 


58.2%


60.7%


61.5%










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








GAAP operating expenses


$       252,277


$        218,587


$       245,827










Special items:








   Intangible asset amortization 


4,968


3,436


3,903


   Impairment of long-lived assets (1) 


5,197


-


22,222


   Severance and restructuring (2) 


10,227


5,547


2,236


     Acquisition-related costs


4,137


2,934


-


   Other operating expenses (income), net (3) 


1,306


(662)


1,666


 Total special items 


25,835


11,255


30,027


 GAAP operating expenses excluding special items 


$       226,442


$        207,332


$       215,800










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








GAAP net income


$         49,322


$        103,120


$         76,622










Special items:








      Intangible asset amortization


24,066


11,528


12,889


      Acquisition-related inventory write-up


13,066


-


-


      Impairment of long-lived assets (1)


5,197


-


22,222


     Severance and restructuring (2) 


10,227


5,547


2,236


     Acquisition-related costs


4,137


2,934


-


     Other operating expenses (income) , net (3) 


1,306


(662)


1,666


                     Pre-tax total special items 


57,999


19,347


39,013


     Tax effect of special items 


(4,862)


(2,981)


(9,555)


     International restructuring implementation  


-


-


18,726


 GAAP net income excluding special items 


$       102,459


$        119,486


$       124,806










 GAAP net income per share excluding special items: 








    Basic 


$         0.36


$          0.42


$         0.43


    Diluted 


$         0.36


$          0.41


$         0.42










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








    Basic


282,664


284,654


292,075


    Diluted 


288,565


290,260


298,759










(1) Includes impairment charges relating to fab tools, land and buildings held-for-sale, and end of line manufacturing equipment.


(2) Includes severance & retention charges and lease abandonment charges related to the Volterra acquisition, and severance charges related to the reorganization of various business units and manufacturing operations.


(3) Other operating expenses (income), net are primarily for contingent consideration adjustments related to certain acquisitions and certain payroll taxes.




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; acquisition-related inventory write-up; impairment of long-lived assets; severance and restructuring; acquisition-related costs; contingent consideration adjustments relating to certain acquisitions; certain payroll taxes; and the tax provision impacts due to implementation of international restructuring. 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 and acquisition-related inventory write-up.  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; acquisition-related costs; contingent consideration adjustments relating to certain acquisitions; and certain payroll taxes. 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 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; acquisition-related inventory write-up; impairment of long-lived assets; severance and restructuring; acquisition-related costs; contingent consideration adjustments relating to certain acquisitions; certain payroll taxes; and the tax provision impacts due to implementation of international restructuring. 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 third quarter of fiscal 2014 ending in March 2014, which includes revenue, gross margin and earnings per share. These statements involve risk and uncertainty. Actual results could differ materially from those forecasted based upon, among other things, general market and economic conditions and 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 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 29, 2013 (the "10-K") and Quarterly Reports on Form 10-Q filed after the 10-K.

All forward-looking statements included in this news release are made as of the date hereof, based on the information available to the Company as of the date hereof, and the Company assumes no obligation to update any forward-looking statement except as required by law.

About Maxim Integrated
At Maxim Integrated, we put analog together in a way that sets our customers apart. In Fiscal 2013, we reported revenues of $2.4 billion. For more information, go to www.maximintegrated.com.

Contact
Kathy Ta
Managing Director, Investor Relations
(408) 601-5697

SOURCE Maxim Integrated Products, Inc.

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What a difference a year makes. Organizations aren’t just talking about IoT possibilities, it is now baked into their core business strategy. With IoT, billions of devices generating data from different companies on different networks around the globe need to interact. From efficiency to better customer insights to completely new business models, IoT will turn traditional business models upside down. In the new customer-centric age, the key to success is delivering critical services and apps wit...
Join us at Cloud Expo | @ThingsExpo 2016 – June 7-9 at the Javits Center in New York City and November 1-3 at the Santa Clara Convention Center in Santa Clara, CA – and deliver your unique message in a way that is striking and unforgettable by taking advantage of SYS-CON's unmatched high-impact, result-driven event / media packages.
In his keynote at 18th Cloud Expo, Andrew Keys, Co-Founder of ConsenSys Enterprise, will provide an overview of the evolution of the Internet and the Database and the future of their combination – the Blockchain. Andrew Keys is Co-Founder of ConsenSys Enterprise. He comes to ConsenSys Enterprise with capital markets, technology and entrepreneurial experience. Previously, he worked for UBS investment bank in equities analysis. Later, he was responsible for the creation and distribution of life ...
The initial debate is over: Any enterprise with a serious commitment to IT is migrating to the cloud. But things are not so simple. There is a complex mix of on-premises, colocated, and public-cloud deployments. In this power panel at 18th Cloud Expo, moderated by Conference Chair Roger Strukhoff, panelists will look at the present state of cloud from the C-level view, and how great companies and rock star executives can use cloud computing to meet their most ambitious and disruptive business ...
SYS-CON Events announced today that BMC Software has been named "Siver Sponsor" of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2015 at the Javits Center in New York, New York. BMC is a global leader in innovative software solutions that help businesses transform into digital enterprises for the ultimate competitive advantage. BMC Digital Enterprise Management is a set of innovative IT solutions designed to make digital business fast, seamless, and optimized from mainframe to mo...