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Maxim Reports Q2

SUNNYVALE, Calif. — Maxim Integrated Products, Inc. (Nasdaq:MXIM) reported net revenue of $612.9 million for its fiscal 2011 second quarter ended December 25, 2010, a 2% decrease from the $626.1 million revenue recorded in the prior quarter.

Tunc Doluca, President and Chief Executive Officer, commented, “Calendar 2010 proved to be a strong growth year for Maxim. We believe our integration strategy, recent design wins, robust product pipeline and enhanced manufacturing capacity position us very well for calendar 2011 and beyond.”

“In addition to being a high performance component supplier, Maxim is increasingly becoming a mixed-signal solutions provider. For the first time in Maxim's history, the contribution of highly integrated products to company revenue exceeded 30% during the December quarter.”

Second Quarter, Fiscal Year 2011 Results
Based on Generally Accepted Accounting Principles (GAAP), diluted earnings per share in the December quarter was $0.36. The results were reduced by certain pre-tax special expense items which primarily consisted of:

• $14.3 million pre-tax expense for loss on disposition of land and buildings
• $13.7 million pre-tax expense for acquisition related items
• $6.8 million pre-tax expense for stock option litigation GAAP earnings per share excluding special expense items was $0.44.

Cash Flow Items
At the end of our fiscal 2011 second quarter total cash, cash equivalents and short term investments was $798.3 million, an increase of $80.1 million from the prior quarter. Notable items include:

• Cash flow from operations: $200 million (32.6% of revenue)
• Dividend paid: $62.3 million ($0.21 per share)
• Stock repurchase: $40.8 million

{complink 3297|Maxim Integrated Products Inc.}

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