PR Newswire
SAN JOSE, Calif., Oct. 20, 2016
SAN JOSE, Calif., Oct. 20, 2016 /PRNewswire/ -- Maxim Integrated Products, Inc. (NASDAQ: MXIM) reported net revenue of $561 million for its first quarter of fiscal 2017 ended September 24, 2016, a 1% decrease from the $566 million revenue recorded in the prior quarter, and flat from the same quarter of last year.
Tunc Doluca, President and Chief Executive Officer, commented, "In the September quarter, our businesses performed in line with our improved profitability and revenue growth objectives. Despite the Note 7 smartphone cancellation, we are diverse in our revenue across a broad base of customers, end markets and applications, which is helping to lower variability in our revenue."
Fiscal Year 2017 First Quarter Results
Based on Generally Accepted Accounting Principles (GAAP), diluted earnings per share in the September quarter was $0.48. The results were affected by pre-tax special items which primarily consisted of a $27 million gain on the sale of a business, $15 million in charges related to acquisitions, and $12 million in charges related to restructuring activities. GAAP earnings per share, excluding special items was $0.48. 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 2017, total cash, cash equivalents and short term investments were $2.27 billion, an increase of $37 million from the prior quarter.
Notable items included:
Business Outlook
The Company's 90-day backlog at the beginning of the December 2016 quarter was $371 million. Based on the beginning backlog and expected turns, results for the December 2016 quarter are expected to be as follows:
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.
Dividend
A cash dividend of $0.33 per share will be paid on December 15, 2016, to stockholders of record on December 1, 2016.
Conference Call
Maxim Integrated has scheduled a conference call on October 20 at 2:00 p.m. Pacific Time to discuss its financial results for the first quarter of fiscal 2017 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 investor.maximintegrated.com.
A presentation summarizing financial information to be discussed on the conference call is posted at investor.maximintegrated.com.
Contact
Kathy Ta
Managing Director, Investor Relations
(408) 601-5697
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CONSOLIDATED STATEMENTS OF INCOME | |||||||
(Unaudited) | |||||||
| | Three Months Ended | | ||||
| | September 24, | | June 25, | | September 26, | |
| | 2016 | | 2016 | | 2015 | |
| | (in thousands, except per share data) | | ||||
| Net revenues | $ 561,396 | | $ 566,126 | | $ 562,510 | |
| Cost of goods sold (1) | 215,664 | | 219,099 | | 276,159 | |
| Gross margin | 345,732 | | 347,027 | | 286,351 | |
| Operating expenses: | | | | | | |
| Research and development | 112,746 | | 113,491 | | 121,392 | |
| Selling, general and administrative | 70,852 | | 71,483 | | 71,995 | |
| Intangible asset amortization | 2,443 | | 2,538 | | 3,591 | |
| Impairment of long-lived assets (2) | 6,134 | | 429 | | 157,697 | |
| Impairment of goodwill and intangible assets | - | | 27,602 | | - | |
| Severance and restructuring expenses | 9,965 | | 4,149 | | 7,126 | |
| Other operating expenses (income), net (3) | (28,481) | | 4,962 | | 315 | |
| Total operating expenses (income), net | 173,659 | | 224,654 | | 362,116 | |
| Operating income (loss) | 172,073 | | 122,373 | | (75,765) | |
| Interest and other income (expense), net | (6,870) | | (6,427) | | (6,402) | |
| Income (loss) before provision for income taxes | 165,203 | | 115,946 | | (82,167) | |
| Income tax provision (benefit) | 27,589 | | 23,607 | | (10,024) | |
| Net income (loss) | $ 137,614 | | $ 92,339 | | $ (72,143) | |
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| | | | | | | |
| Earnings (loss) per share: | | | | | | |
| Basic | $0.49 | | $0.32 | | ($0.25) | |
| Diluted Werbung Mehr Nachrichten zur Maxim Integrated Products Aktie kostenlos abonnieren
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