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Maxim Reports Q3

SUNNYVALE, Calif. — Maxim Integrated Products, Inc. (Nasdaq:MXIM) reported net revenue of $606.8 million for its fiscal 2011 third quarter ended March 26, 2011, a 1% decrease from the $612.9 million revenue recorded in the prior quarter.

Tunc Doluca, President and Chief Executive Officer, commented, “Through all the recent events affecting our industry, we have remained focused on our strategy of innovation, integration and a balanced business model. In fact, the percentage of Maxim revenue from highly integrated products increased yet again, exceeding 31% in the March quarter.”

Mr. Doluca added, “Lead times that we are able to quote to our customers are almost back to historical levels. We are pleased that we worked through our prior supply constraints with little impact to revenue.”

Third Quarter, Fiscal Year 2011 Results
Based on Generally Accepted Accounting Principles (GAAP), diluted earnings per share in the March quarter was $0.45. The results were affected by certain pre-tax and tax related special items which primarily consisted of:

  • $22.3 million net benefit for release of tax reserves offset by tax provision impact due to international restructuring
  • $12.0 million pre-tax expense for acquisition related items GAAP earnings per share excluding special items was $0.40.

    Cash Flow Items
    At the end of our fiscal 2011 third quarter total cash, cash equivalents and short term investments was $918.8 million, an increase of $120.5 million from the prior quarter. Notable items include:

  • Cash flow from operations: $256.7 million (42% of revenue)
  • Dividend paid: $62.3 million ($0.21 per share)
  • Stock repurchase: $46.7 million Business Outlook
    The Company's 90 day backlog at the beginning of the fourth fiscal quarter was $462 million. Based on our beginning backlog and expected turns, results for the June 2011 quarter are expected to be:
  • Revenue: $610 million to $640 million
  • Gross Margin: 59.5% to 62.5% GAAP (61% to 64% excluding special expense items)
  • EPS: $0.37 to $0.41 GAAP ($0.40 to $0.44 excluding special expense items)

    A cash dividend of $0.21 per share will be paid on June 7, 2011, to stockholders of record on May 24, 2011.

    {complink 3297|Maxim Integrated Products Inc.}

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