Maxim Increases Dividend 9% and Reports Results for the Fourth Quarter of Fiscal 2012

-- Revenue: $605 million

-- Gross Margin: 61.5% GAAP (63.0% excluding special expense items)

-- EPS: $0.37 GAAP ($0.45 excluding special items)

-- Cash, cash equivalents, and short term investments: $956 million

-- Fiscal first quarter revenue outlook: $605 million to $635 million

-- Quarterly dividend increased 9% to $0.24 per share

26 Jul, 2012, 16:00 ET from Maxim Integrated Products, Inc.

SAN JOSE, Calif., July 26, 2012 /PRNewswire/ -- Maxim Integrated Products, Inc. (NASDAQ: MXIM) reported net revenue of $605 million for its fiscal 2012 fourth quarter ended June 30, 2012, a 6% increase from $571 million revenue recorded in the prior quarter.

(Logo:  http://photos.prnewswire.com/prnh/20120117/SF36500LOGO)

The Company announced that its Board of Directors approved an increase in its quarterly dividend from $0.22 per share to $0.24 per share.

Tunc Doluca, President and Chief Executive Officer, commented, "During our just completed fiscal year, Maxim's unique approach to innovation and integration enabled us to perform well in an uncertain economic environment. We are confident that our balanced business model is sustainable, and as a result we increased our quarterly dividend by 9%."

Fiscal Year 2012 Fourth Quarter Results

Based on Generally Accepted Accounting Principles (GAAP), diluted earnings per share in the June quarter was $0.37. The results were affected by certain items which primarily consisted of:

  • $13.4 million pre-tax charge for acquisition related items
  • $22.4 million pre-tax charge for impairment of long-lived assets

GAAP earnings per share, excluding special expense items, was $0.45. 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 our fiscal 2012 fourth quarter, total cash, cash equivalents and short term investments was $956 million, an increase of $20 million from the prior quarter. Notable items include:

  • Cash flow from operations: $190 million (31% of revenue)
  • Net capital expenditures: $75 million
  • Dividends: $64 million ($0.22 per share)
  • Stock repurchases: $56 million

Business Outlook

The Company's 90 day backlog at the beginning of the first fiscal quarter was $393 million. Based on our beginning backlog and expected turns, results for the September 2012 quarter are expected to be:

  • Revenue: $605 million to $635 million
  • Gross Margin: 59% to 62% GAAP (61% to 64% excluding special expense items)
  • EPS: $0.38 to $0.42 GAAP ($0.41 to $0.45 excluding special expense items)

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

Dividend

A cash dividend of $0.24 per share will be paid on September 5, 2012, to stockholders of record on August 22, 2012.

Conference Call

Maxim has scheduled a conference call on July 26, 2012, at 2:00 p.m. Pacific Time to discuss its financial results for the fourth quarter of fiscal year 2012 and its business outlook. To listen via telephone, dial (866) 227-1582 (toll free) or (703) 639-1129.  This call will be webcast by Shareholder.com and can be accessed at Maxim's website at www.maxim-ic.com/Investor.

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

Three Months Ended

Year Ended

June 30,

March 31,

June 25,

June 30,

June 25,

2012

2012

2011

2012

2011

(in thousands, except per share data)

Net revenues

$       604,956

$          571,212

$       626,491

$    2,403,529

$    2,472,341

Cost of goods sold (1, 2, 3)

232,967

235,782

235,666

952,677

942,377

        Gross profit

371,989

335,430

390,825

1,450,852

1,529,964

Operating expenses:

    Research and development (1)

134,007

136,075

136,573

552,379

525,308

    Selling, general and administrative (1)

79,980

78,011

74,537

321,273

292,494

    Intangible asset amortization (2)

4,049

4,029

4,200

16,737

18,752

    Impairment of long-lived assets (4)

22,383

7,712

-

30,095

-

    Severance and restructuring

18

228

(423)

6,785

1,247

    Other operating (income) expenses, net (5)

(4,469)

(2,511)

(1,984)

(11,214)

19,124

       Total operating expenses 

235,968

223,544

212,903

916,055

856,925

          Operating income

136,021

111,886

177,922

534,797

673,039

Interest and other (expense) income, net (6)

(108)

(230)

(2,022)

(2,064)

(11,368)

Income before provision for income taxes

135,913

111,656

175,900

532,733

661,671

Provision for income taxes (7,8)

25,279

88,948

50,307

177,815

172,662

    Income from continuing operations

110,634

22,708

125,593

354,918

489,009

    Income from discontinued operations, net of tax (9)

-

31,809

-

31,809

-

      Net income

$       110,634

$            54,517

$       125,593

$       386,727

$       489,009

Earnings per share: basic

    From continuing operations

$             0.38

$                0.08

$             0.42

$             1.21

$             1.65

    From discontinued operations, net of tax (9)

-

0.11

-

0.11

-

    Basic 

$             0.38

$                0.19

$             0.42

$             1.32

$             1.65

Earnings per share: diluted

    From continuing operations

$             0.37

$                0.07

$             0.41

$             1.18

$             1.61

    From discontinued operations, net of tax (9)

-

0.11

-

0.11

-

    Diluted 

$             0.37

$                0.18

$             0.41

$             1.29

$             1.61

Shares used in the calculation of earnings per share: 

    Basic

292,757

292,276

295,751

292,810

296,755

    Diluted 

299,793

300,221

303,944

300,002

303,377

Dividends paid per share 

$             0.22

$                0.22

$             0.21

$             0.88

$             0.84

SCHEDULE OF SPECIAL EXPENSE ITEMS

(Unaudited)

Three Months Ended

Year Ended

June 30,

March 31,

June 25,

June 30,

June 25,

2012

2012

2011

2012

2011

(in thousands)

Cost of goods sold:

      Intangible asset amortization (2)

$               9,392

$                  9,787

$               7,977

$             36,693

$             30,164

      Acquisition related inventory write up (3)

-

-

-

1,801

5,677

 Total 

$               9,392

$                  9,787

$               7,977

$             38,494

$             35,841

 Operating expenses: 

     Intangible asset amortization (2)

$               4,049

$                  4,029

$               4,200

$             16,737

$             18,752

     Impairment of long-lived assets (4)

22,383

7,712

-

30,095

-

     Severance and restructuring 

18

228

(423)

6,785

1,247

     Other operating (income) expenses, net (5)

(4,469)

(2,511)

(1,984)

(11,214)

19,124

 Total 

$             21,981

$                  9,458

$               1,793

$             42,403

$             39,123

     Interest and other expense (income), net (6) 

$                  550

$                       -

$                     -

$             (1,226)

$                     -

 Total 

$                  550

$                       -

$                     -

$             (1,226)

$                     -

Provision for income taxes:

     Reversal of tax reserves (7) 

$                     -

$                (2,272)

$             (1,624)

$             (2,272)

$           (38,947)

     International restructuring (8) 

2,751

65,293

6,791

65,389

21,801

 Total 

$               2,751

$                63,021

$               5,167

$             63,117

$           (17,146)

Discontinued operations:

     Income from discontinued operations, net of tax (9)

$                     -

$              (31,809)

$                     -

$           (31,809)

$                     -

 Total 

$                     -

$              (31,809)

$                     -

$           (31,809)

$                     -

(1) Includes stock-based compensation charges.

(2) Includes intangible asset amortization related to acquisitions.

(3) Includes expense related to fair value write up of inventory acquired as part of acquisitions. 

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

(5) Other operating (income) expenses, net are primarily for loss (gain) on sale of land and buildings, contingent consideration adjustments related to certain acquisitions, stock option related litigation, certain payroll taxes, interest and penalties and in-process research and development written off.

(6) Includes gain on sale and impairment of privately-held companies.

(7) Includes reversal of tax reserves related to audit completion and expiration of statute of limitations.

(8) Includes impact due to implementation of international restructuring.

(9) Includes gain on sale, net of tax relating to certain businesses divested.

 

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

(Unaudited)

Three Months Ended June 30, 2012

  Stock Options

  Restricted Stock Units

  Employee Stock Purchase Plan

  Total

Cost of goods sold 

$                  462

$               2,206

$                  423

$               3,091

Research and development expense

1,607

8,331

1,413

11,351

Selling, general and administrative expense

1,468

4,518

462

6,448

       Total

$               3,537

$             15,055

$               2,298

$             20,890

Three Months Ended March 31, 2012

Cost of goods sold 

$                  470

$               2,217

$                  412

$               3,099

Research and development expense

1,742

8,203

1,602

11,547

Selling, general and administrative expense

1,836

5,072

484

7,392

       Total

$               4,048

$             15,492

$               2,498

$             22,038

Three Months Ended June 25, 2011

Cost of goods sold 

$                  516

$               2,101

$                  405

$               3,022

Research and development expense

2,016

8,472

1,434

11,922

Selling, general and administrative expense

1,485

4,543

436

6,464

       Total

$               4,017

$             15,116

$               2,275

$             21,408

Year Ended June 30, 2012

Cost of goods sold 

$               2,014

$               9,387

$               1,738

$             13,139

Research and development expense

7,844

35,699

5,525

49,068

Selling, general and administrative expense

6,436

19,493

1,731

27,660

       Total

$             16,294

$             64,579

$               8,994

$             89,867

Year Ended June 25, 2011

Cost of goods sold 

$               2,625

$               9,819

$               1,557

$             14,001

Research and development expense

11,325

36,926

5,435

53,686

Selling, general and administrative expense

6,120

18,944

1,546

26,610

       Total

$             20,070

$             65,689

$               8,538

$             94,297

CONSOLIDATED  BALANCE SHEETS

(Unaudited)

June 30,

March 31,

June 25,

2012

2012

2011

(in thousands) 

ASSETS

Current assets:

    Cash and cash equivalents

$           881,060

$           860,551

$           962,541

    Short-term investments

75,326

75,405

50,346

        Total cash, cash equivalents and short-term investments

956,386

935,956

1,012,887

    Accounts receivable, net 

317,461

296,255

297,632

    Inventories

242,162

220,153

237,928

    Deferred tax assets

98,180

105,298

113,427

    Other current assets

85,177

79,584

65,978

        Total current assets

1,699,366

1,637,246

1,727,852

Property, plant and equipment, net

1,353,606

1,361,300

1,308,850

Intangible assets, net

208,913

222,354

204,263

Goodwill

423,073

423,073

265,125

Other assets

52,988

26,264

21,653

              TOTAL ASSETS

$        3,737,946

$        3,670,237

$        3,527,743

LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities:

    Accounts payable 

$           147,086

$           132,906

$           110,153

    Income taxes payable

22,589

21,807

3,912

    Accrued salary and related expenses

191,846

181,943

215,627

    Accrued expenses 

64,092

70,297

47,767

    Current portion of long term debt

303,496

1,945

-

    Deferred income on shipments to distributors

26,280

28,729

36,881

        Total current liabilities

755,389

437,627

414,340

Long term debt

5,592

308,700

300,000

Income taxes payable

212,389

192,842

96,099

Deferred tax liabilities

198,502

205,727

183,715

Other liabilities

27,797

22,143

22,771

        Total liabilities 

1,199,669

1,167,039

1,016,925

Stockholders' equity:

    Common stock

293

9,125

296

    Retained earnings 

2,553,418

2,507,298

2,524,790

    Accumulated other comprehensive loss

(15,434)

(13,225)

(14,268)

        Total stockholders' equity

2,538,277

2,503,198

2,510,818

              TOTAL LIABILITIES & STOCKHOLDERS' EQUITY 

$        3,737,946

$        3,670,237

$        3,527,743

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

Three Months Ended

Year ended

June 30,

March 31,

June 25,

June 30,

June 25,

2012

2012

2011

2012

2011

(in thousands)

Cash flows from operating activities: 

Net income

$     110,634

$        54,517

$      125,593

$      386,727

$      489,009

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

      Stock-based compensation 

20,890

22,038

21,408

89,867

94,297

      Depreciation and amortization 

53,554

53,476

50,016

211,096

205,062

      Deferred taxes 

1,224

(9,942)

20,484

30,759

140,084

      In-process research and development

-

1,600

-

1,600

-

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

(1,412)

(6,487)

(1,797)

(7,648)

12,946

      Gain from discontinued operations

-

(45,372)

-

(45,372)

-

      Gain from sale of investments in privately-held companies

-

-

-

(1,811)

-

      Tax shortfall related to stock-based compensation plans

1,309

2,957

2,811

3,113

30,546

      Impairment of long-lived assets

22,933

7,712

-

30,645

-

      Excess tax benefit related to stock-based compensation 

(5,247)

(5,172)

(4,792)

(17,482)

(12,869)

      Changes in assets and liabilities: 

          Accounts receivable 

(21,206)

(50,026)

6,959

(19,262)

43,256

          Inventories 

(22,090)

12,412

(2,974)

(432)

(29,435)

          Other current assets 

(5,634)

2,332

16,031

(16,757)

53,255

          Accounts payable 

11,802

27,228

(8,621)

25,515

(4,746)

          Income taxes payable 

20,329

98,321

2,538

134,967

(45,318)

          Deferred income on shipments to distributors 

(2,449)

(2,407)

1,310

(10,601)

11,102

          Litigation Settlement

-

-

-

-

(173,000)

          All other accrued liabilities 

5,457

33,312

17,308

(38,202)

47,265

Net cash provided by operating activities 

190,094

196,499

246,274

756,722

861,454

Cash flows from investing activities: 

          Payments for property, plant and equipment

(76,610)

(70,053)

(48,063)

(264,348)

(175,253)

          Proceeds from sales of property, plant and equipment

1,400

13,774

2,295

16,883

27,624

          Acquisitions

(2,257)

-

(7,811)

(168,544)

(80,918)

          Discontinued operations

-

56,607

-

56,607

-

          Purchases of privately-held companies

(1,500)

(1,980)

-

(3,480)

-

          Purchases of available-for-sale securities

-

-

-

(25,108)

(49,787)

          Proceeds from sales of investments of privately-held companies

-

-

-

3,225

-

Net cash used in investing activities 

(78,967)

(1,652)

(53,579)

(384,765)

(278,334)

Cash flows from financing activities: 

         Excess tax benefit related to stock-based compensation 

5,247

5,172

4,792

17,482

12,869

          Mortgage liability

-

-

-

-

(3,237)

         Dividends paid

(64,408)

(64,384)

(62,077)

(257,731)

(249,145)

         Repayment of notes payable

(400)

-

-

(20,806)

(1,422)

         Repurchase of common stock

(56,282)

(28,970)

(59,008)

(246,412)

(231,012)

         Issuance of ESPP

18,807

-

16,281

33,772

28,850

         Net issuance of restricted stock units

(6,929)

(7,669)

(7,781)

(29,649)

(28,839)

         Proceeds from stock options exercised

13,347

20,395

8,716

49,906

24,845

Net cash used in financing activities 

(90,618)

(75,456)

(99,077)

(453,438)

(447,091)

Net increase (decrease) in cash and cash equivalents 

20,509

119,391

93,618

(81,481)

136,029

Cash and cash equivalents: 

          Beginning of period

860,551

741,160

868,923

962,541

826,512

          End of period

$     881,060

$      860,551

$      962,541

$      881,060

$      962,541

Total cash, cash equivalents, and short-term investments

$     956,386

$      935,956

$   1,012,887

$      956,386

$   1,012,887

ANALYSIS OF GAAP VERSUS GAAP EXCLUDING SPECIAL EXPENSE ITEMS DISCLOSURES

(Unaudited)

Three Months Ended

Year Ended

June 30,

March 31,

June 25,

June 30,

June 25,

2012

2012

2011

2012

2011

(in thousands, except per share data)

Reconciliation of GAAP gross profit to GAAP gross profit excluding special expense items:

GAAP gross profit

$           371,989

$              335,430

$           390,825

$        1,450,852

$        1,529,964

GAAP gross profit %

61.5%

58.7%

62.4%

60.4%

61.9%

Special expense items:

      Intangible asset amortization (1)

9,392

9,787

7,977

36,693

30,164

      Acquisition related inventory write up (2)

-

-

-

1,801

5,677

 Total special expense items 

9,392

9,787

7,977

38,494

35,841

 GAAP gross profit excluding special expense items 

$           381,381

$              345,217

$           398,802

$        1,489,346

$        1,565,805

 GAAP gross profit % excluding special expense items 

63.0%

60.4%

63.7%

62.0%

63.3%

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

GAAP operating expenses

$           235,968

$              223,544

$           212,903

$           916,055

$           856,925

Special expense (income) items:

      Intangible asset amortization (1)

4,049

4,029

4,200

16,737

18,752

      Impairment of long-lived assets (3)

22,383

7,712

-

30,095

-

     Severance and restructuring 

18

228

(423)

6,785

1,247

     Other operating (income) expenses, net (4) 

(4,469)

(2,511)

(1,984)

(11,214)

19,124

 Total special expense items 

21,981

9,458

1,793

42,403

39,123

 GAAP operating expenses excluding special expense items 

$           213,987

$              214,086

$           211,110

$           873,652

$           817,802

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

GAAP net income

$           110,634

$                54,517

$           125,593

$           386,727

$           489,009

Special expense (income) items:

      Intangible asset amortization (1)

13,441

13,816

12,177

53,430

48,916

     Acquisition related inventory write up (2)

-

-

-

1,801

5,677

      Impairment of long-lived assets (3)

22,383

7,712

-

30,095

-

     Severance and restructuring 

18

228

(423)

6,785

1,247

     Other operating (income) expenses, net (4) 

(4,469)

(2,511)

(1,984)

(11,214)

19,124

     Interest and other expense (income), net (5) 

550

-

-

(1,226)

-

                     Pre-tax total special expense items 

31,923

19,245

9,770

79,671

74,964

     Tax effect of special items 

(10,613)

(5,445)

(3,315)

(25,579)

(26,481)

     Reversal of tax reserves (6) 

-

(2,272)

(1,624)

(2,272)

(38,947)

     International restructuring (7) 

2,751

65,293

6,791

65,389

21,801

    Discontinued operations, net of tax (8)

-

(31,809)

-

(31,809)

-

 GAAP net income excluding special expense items 

$           134,695

$                99,529

$           137,215

$           472,127

$           520,346

 GAAP net income per share excluding special expense items: 

    Basic 

$             0.46

$                0.34

$             0.46

$             1.61

$             1.75

    Diluted 

$             0.45

$                0.33

$             0.45

$             1.57

$             1.72

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

    Basic

292,757

292,276

295,751

292,810

296,755

    Diluted 

299,793

300,221

303,944

300,002

303,377

(1) Includes intangible asset amortization related to acquisitions.

(2) Includes expense related to fair value write up of inventory acquired as part of acquisitions. 

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

(4) Other operating (income) expenses, net are primarily for loss (gain) on sale of land and buildings, contingent consideration adjustments related to certain acquisitions, stock option related litigation, certain payroll taxes, interest and penalties and in-process research and development written off.

(5) Includes gain on sale and impairment of privately-held companies.

(6) Includes reversal of tax reserves related to audit completion and expiration of statute of limitations.

(7) Includes impact due to implementation of international restructuring.

(8) Includes gain on sale, net of tax relating to certain businesses divested.

Non-GAAP Measures

To supplement the consolidated financial results prepared under GAAP, Maxim uses non-GAAP measures which are adjusted from the most directly comparable GAAP results to exclude special expense items related to intangible asset amortization; acquisition related inventory write up to fair value; impairment charges related to buildings and manufacturing equipment; severance and restructuring; stock option related litigation; certain payroll taxes, interest and penalties; contingent consideration adjustments relating to certain acquisitions; in-process research and development written off; gain on the sale of land and buildings; gain on sale and impairment of investments in privately-held companies; reversal of tax reserves related to audit completion and expiration of statute of limitations; the tax provision impacts due to implementation of international restructuring; and gain on sale, net of tax relating to certain businesses divested. Management uses these non-GAAP measures internally to make strategic decisions, forecast future results and evaluate Maxim's current performance. Many analysts covering Maxim use the non-GAAP measures as well. Given management's use of these non-GAAP measures, Maxim believes these measures are important to investors in understanding Maxim'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'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 expense items

The use of GAAP gross profit excluding special expense 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 expense items including  intangible asset amortization and acquisition related inventory write up to fair value.  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 expense items to enable investors and analysts to evaluate our revenue generation performance relative to the direct costs of revenue of Maxim's core businesses.

GAAP operating expenses excluding special expense items

The use of GAAP operating expenses excluding special expense 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 expense items including intangible asset amortization; impairment charges related to buildings and manufacturing equipment; severance and restructuring; stock option related litigation; certain payroll taxes, interest and penalties; contingent consideration adjustments relating to certain acquisitions; in-process research and development written off; and gain on the sale of land and buildings. 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 expense 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'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 to fair value; impairment charges related to buildings and manufacturing equipment; severance and restructuring; stock option related litigation; certain payroll taxes, interest and penalties; contingent consideration adjustments relating to certain acquisitions; in-process research and development written off; gain on the sale of land and buildings; gain on sale and impairment of investments in privately-held companies; reversal of tax reserves related to audit completion and expiration of statute of limitations; the tax provision impacts due to implementation of international restructuring and gain on sale, net of tax relating to certain businesses divested. 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'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 financial projections for its first quarter of fiscal 2013 ending in September 2012, which includes revenue, gross margin and earnings per share, as well as the Company's belief that its balanced business model is sustainable. 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, 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 25, 2011 (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

Maxim makes highly integrated analog and mixed-signal semiconductors. Maxim reported revenue of approximately $2.4 billion for fiscal 2012. For more information, go to www.Maxim-ic.com.

Contact Venk Nathamuni Managing Director, Investor Relations (408) 601-5293

SOURCE Maxim Integrated Products, Inc.



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