Maxim Integrated Reports Results For The Fourth Quarter Of Fiscal 2013; Increases Dividend By 8%, Authorizes New $1.0 Billion Share Repurchase Program -- Revenue: $608 million

-- Gross Margin: 61.1% GAAP (62.3% excluding special items)

-- EPS: $0.40 GAAP ($0.44 excluding special items)

-- Cash, cash equivalents, and short term investments: $1.20 billion

-- Fiscal first quarter revenue outlook: $570 million to $600 million

-- Quarterly dividend increased 8% to $0.26 per share

-- New $1.0 billion share repurchase program authorized

SAN JOSE, Calif., July 25, 2013 /PRNewswire/ -- Maxim Integrated Products, Inc. (NASDAQ: MXIM) reported net revenue of $608 million for its fourth quarter of fiscal 2013 ended June 29, 2013, an increase from the $605 million revenue recorded in the prior quarter.

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

Tunc Doluca, President and Chief Executive Officer, commented, "We are disappointed by the weakness in end market demand for our smartphone products which resulted in revenue and earnings below expectations. This was partially offset by revenue growth in 22 of the 24 market segments that we address.  We continue to generate strong profits and cash flow, and we are confident in our strategy and long-term business model as demonstrated by the increase in our dividend and share repurchases."

Fiscal Year 2013 Fourth Quarter Results

Based on Generally Accepted Accounting Principles (GAAP), diluted earnings per share in the June quarter was $0.40. The results were primarily affected by an $11 million pre-tax charge for acquisition related items.

GAAP earnings per share, excluding special items, was $0.44. 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 fourth quarter of fiscal 2013, total cash, cash equivalents and short term investments was $1.20 billion, a decrease of $373 million from the prior quarter. Notable items include:

  • Debt repayment: $300 million
  • Cash flow from operations: $214 million
  • Net capital expenditures: $34 million
  • Dividends:  $70 million ($0.24 per share)
  • Stock repurchases: $193 million

Business Outlook

The Company's 90 day backlog at the beginning of the first fiscal quarter of 2014 was $357 million. Due to weakness in our smartphone business, results for the September 2013 quarter are expected to be:

  • Revenue: $570 million to $600 million
  • Gross Margin: 59% to 62% GAAP (60% to 63% excluding special items)
  • EPS: $0.34 to $0.38 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, divestitures, or other business combinations that may be completed during the quarter.

Dividend

A cash dividend of $0.26 per share will be paid on September 5, 2013, to stockholders of record on August 22, 2013. This is an 8% increase in the dividend compared to the prior quarter.

Share Repurchase Program

Maxim Integrated's Board of Directors has authorized the repurchase of up to $1.0 billion of the Company's Common Stock. All repurchases will be subject to market and economic conditions. The stock repurchase authorization does not have an expiration date and the pace of repurchase activity will depend on factors such as current stock price, levels of cash generation from operations, cash requirements and other factors. Under the Company's prior repurchase authorization from August 2011, which is now cancelled and superseded by this new authorization, the Company repurchased 23 million shares for $641 million.

Conference Call

Maxim Integrated has scheduled a conference call on July 25, 2013, at 2:00 p.m. Pacific Time to discuss its financial results for the fourth quarter of fiscal 2013 and its business outlook. To listen via telephone, dial (866) 804-3545 (toll free) or (703) 639-1326.  This call will be webcast by Shareholder.com and can be accessed at the Company's website at www.maximintegrated.com/company/investor.

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



CONSOLIDATED STATEMENTS OF INCOME



(Unaudited)





Three Months Ended


Year Ended





June 29,


March 30,


June 30,


June 29,


June 30,





2013


2013


2012


2013


2012





(in thousands, except per share data)



Net revenues


$608,194


$604,884


$604,956


$2,441,459


$2,403,529



Cost of goods sold 


236,795


228,782


232,967


944,892


952,677



        Gross margin


371,399


376,102


371,989


1,496,567


1,450,852



Operating expenses:













    Research and development 


132,009


134,138


134,007


534,819


552,379



    Selling, general and administrative 


82,083


81,954


79,980


324,282


321,273



    Intangible asset amortization 


3,670


3,903


4,049


15,525


16,737



    Impairment of long-lived assets (1)


-


-


22,383


24,929


30,095



    Severance and restructuring expenses


442


151


18


2,829


6,785



    Other operating expenses (income), net (2)


2,105


1,678


(4,469)


5,864


(11,214)



       Total operating expenses 


220,309


221,824


235,968


908,248


916,055



          Operating income


151,090


154,278


136,021


588,319


534,797



Interest and other income (expense), net (3)


(6,830)


(2,669)


(108)


(18,040)


(2,064)



Income before provision for income taxes


144,260


151,609


135,913


570,279


532,733



Provision for income taxes (4)


25,246


22,824


25,279


117,970


177,815



       Income from continuing operations 


119,014


128,785


110,634


452,309


354,918



       Income from discontinued operations, net of tax (5)


-


2,603


-


2,603


31,809



      Net income


$119,014


$131,388


$110,634


$   454,912


$   386,727
















Earnings per share: basic













    From continuing operations 


$      0.41


$      0.44


$      0.38


$         1.55


$         1.21



    From discontinued operations, net of tax (5)


-


0.01


-


0.01


0.11



    Basic


$      0.41


$      0.45


$      0.38


$         1.56


$         1.32
















Earnings per share: diluted













    From continuing operations 


$      0.40


$      0.43


$      0.37


$         1.51


$         1.18



    From discontinued operations, net of tax (5)


-


0.01


-


0.01


0.11



    Diluted


$      0.40


$      0.44


$      0.37


$         1.52


$         1.29
















Shares used in the calculation of earnings per share: 













    Basic


290,146


292,888


292,757


291,835


292,810



    Diluted 


296,756


300,082


299,793


298,596


300,002
















Dividends paid per share 


$      0.24


$      0.24


$      0.22


$         0.96


$         0.88





























SCHEDULE OF SPECIAL ITEMS



(Unaudited)





Three Months Ended


Year Ended





June 29,


March 30,


June 30,


June 29,


June 30,





2013


2013


2012


2013


2012





(in thousands)



Cost of goods sold:













      Intangible asset amortization 


$        7,777


$        7,777


$        9,392


$         33,994


$         36,693



      Acquisition related inventory write up 


-


-


-


-


1,801



 Total 


$        7,777


$        7,777


$        9,392


$         33,994


$         38,494
















 Operating expenses: 













     Intangible asset amortization


$        3,670


$        3,903


$        4,049


$         15,525


$         16,737



     Impairment of long-lived assets (1)


-


-


22,383


24,929


30,095



     Severance and restructuring 


442


151


18


2,829


6,785



     Other operating expenses (income) , net (2)


2,105


1,678


(4,469)


5,864


(11,214)



 Total 


$        6,217


$        5,732


$      21,981


$         49,147


$         42,403
















      Interest and other expense (income), net (3) 


$           700


$              -


$           550


$              700


$          (1,226)



 Total 


$           700


$              -


$           550


$              700


$          (1,226)
















Provision for income taxes:













     Reversal of tax reserves


$              -


$              -


$              -


$                 -


$          (2,272)



     International restructuring implementation (4) 


-


-


2,751


18,726


65,389



     Fiscal year 2012 research & development tax credits 


-


(3,899)


-


(3,899)


-



 Total 


$              -


$       (3,899)


$        2,751


$         14,827


$         63,117
















 Discontinued operations: 













     Income from discontinued operations, net of tax (5)


$              -


$       (2,603)


$              -


$          (2,603)


$        (31,809)



Total


$              -


$       (2,603)


$              -


$          (2,603)


$        (31,809)
















(1) Includes impairment charges relating to wafer fab and end of line manufacturing equipment and land & building held for sale.



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



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



(4) Includes impact due to international restructuring.



(5) 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 29, 2013

  Stock Options


  Restricted Stock Units


  Employee Stock Purchase Plan


  Total




Cost of goods sold 

$             320


$              1,999


$                559


$  2,878




Research and development expense

1,673


6,748


1,226


9,647




Selling, general and administrative expense

1,333


4,488


507


6,328




       Total

$          3,326


$            13,235


$             2,292


$18,853















Three Months Ended March 30, 2013











Cost of goods sold 

$             337


$              2,120


$                598


$  3,055




Research and development expense

1,440


7,116


1,480


10,036




Selling, general and administrative expense

1,157


4,764


601


6,522




       Total

$          2,934


$            14,000


$             2,679


$19,613















Three Months Ended June 30, 2012











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















Year Ended June 29, 2013











Cost of goods sold 

$          1,532


$              8,862


$             2,210


$12,604




Research and development expense

7,230


31,475


5,441


44,146




Selling, general and administrative expense

5,331


19,523


2,204


27,058




       Total

$        14,093


$            59,860


$             9,855


$83,808















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










































CONSOLIDATED  BALANCE SHEETS




(Unaudited)





June 29,


March 30,


June 30,





2013


2013


2012





(in thousands) 




ASSETS




Current assets:









    Cash and cash equivalents

$1,174,986


$1,547,980


$   881,060




    Short-term investments

25,060


25,095


75,326




        Total cash, cash equivalents and short-term investments

1,200,046


1,573,075


956,386




    Accounts receivable, net 

285,438


300,046


317,461




    Inventories

275,640


268,018


242,162




    Deferred tax assets

82,173


81,809


98,180




    Other current assets

96,609


113,010


85,177




        Total current assets

1,939,906


2,335,958


1,699,366




Property, plant and equipment, net

1,373,124


1,368,905


1,353,606




Intangible assets, net

157,146


165,591


208,913




Goodwill

422,004


422,004


423,073




Other assets

43,730


41,660


52,988




              TOTAL ASSETS

$3,935,910


$4,334,118


$3,737,946













LIABILITIES AND STOCKHOLDERS' EQUITY




Current liabilities:









    Accounts payable 

$   105,322


$   114,629


$   147,086




    Income taxes payable

22,437


20,200


22,589




    Accrued salary and related expenses

187,970


182,894


191,846




    Accrued expenses 

60,592


59,075


64,092




    Current portion of long term debt

2,015


304,314


303,496




    Deferred income on shipments to distributors

26,557


25,851


26,280




        Total current liabilities

404,893


706,963


755,389




Long term debt

503,573


503,573


5,592




Income taxes payable

282,697


271,815


212,389




Deferred tax liabilities

206,855


213,138


198,502




Other liabilities

29,894


26,063


27,797




        Total liabilities 

1,427,912


1,721,552


1,199,669













Stockholders' equity:









    Common stock

288


292


293




    Retained earnings 

2,523,457


2,629,895


2,553,418




    Accumulated other comprehensive loss

(15,747)


(17,621)


(15,434)




        Total stockholders' equity

2,507,998


2,612,566


2,538,277




              TOTAL LIABILITIES & STOCKHOLDERS' EQUITY 

$3,935,910


$4,334,118


$3,737,946



















CONSOLIDATED STATEMENTS OF CASH FLOWS



(Unaudited)




Three Months Ended


Year Ended




June 29,


March 30,


June 30,


June 29,


June 30,




2013


2013


2012


2013


2012




(in thousands)



Cash flows from operating activities: 












Net income

$   119,014


$   131,388


$110,634


$   454,912


$386,727



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












      Stock-based compensation 

18,853


19,613


20,890


83,808


89,867



      Depreciation and amortization 

51,191


50,391


53,554


207,136


211,096



      Deferred taxes 

(2,813)


18,392


1,224


25,372


30,759



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

1,380


(2,397)


(1,412)


(1,156)


(7,648)



      Tax benefit (shortfall) related to stock-based compensation 

358


1,317


1,309


8,197


3,113



      Impairment of long-lived assets

-


-


22,933


24,929


30,645



      Excess tax benefit from stock-based compensation

(2,792)


(4,297)


(5,247)


(18,923)


(17,482)



      In-process research and development written-off

-


2,800


-


2,800


1,600



      Loss (gain) on sale of discontinued operations

-


(3,285)


-


(3,285)


(45,372)



      Gain from sale of investments in privately-held companies

-


-


-


-


(1,811)



      Changes in assets and liabilities: 












          Accounts receivable 

14,608


(35,501)


(21,206)


32,023


(19,262)



          Inventories 

(7,657)


(12,143)


(22,090)


(35,245)


(432)



          Other current assets 

(2,132)


(14,653)


(5,634)


(20,533)


(16,757)



          Accounts payable 

(6,961)


10,453


11,802


(32,510)


25,515



          Income taxes payable 

13,118


9,100


20,329


70,156


134,967



          Deferred revenue on shipments to distributors 

706


489


(2,449)


277


(10,601)



          All other accrued liabilities 

17,527


40,026


5,457


19,977


(38,202)



Net cash provided by (used in) operating activities 

214,400


211,693


190,094


817,935


756,722















Cash flows from investing activities: 












          Payments for property, plant and equipment

(48,922)


(54,945)


(76,610)


(216,672)


(264,348)



          Proceeds from sales of property, plant and equipment

4,538


10,199


1,400


19,196


16,883



          Proceeds from sales of property, plant and equipment through note receivable

10,786


-


-


10,786


-



          Proceeds from sale of discontinued operations

-


-


-


-


56,607



          Proceeds from maturity of available-for-sale securities

-


50,000


-


50,000


-



          Purchases of available-for-sale securities

-


-


-


-


(25,108)



          Purchases of privately-held companies securities

(500)


-


(1,500)


(500)


(3,480)



          Acquisitions

(2,767)


-


(2,257)


(2,767)


(168,544)



          Proceeds from sales of investments of privately-held companies

585


-


-


585


3,225



Net cash provided by (used in) investing activities 

(36,280)


5,254


(78,967)


(139,372)


(384,765)















Cash flows from financing activities: 












         Excess tax benefit from stock-based compensation

2,792


4,297


5,247


18,923


17,482



         Contingent consideration paid

(6,305)


-


-


(13,781)


-



         Dividends paid

(69,532)


(70,421)


(64,408)


(280,215)


(257,731)



         Repayment of notes payable

(302,299)


(903)


(400)


(303,500)


(20,806)



         Issuance of debt

-


494,395


-


494,395


-



         Debt issuance cost

(671)


(3,250)


-


(3,921)


-



         Repurchase of common stock

(193,221)


(66,330)


(56,282)


(375,135)


(246,412)



         Issuance of ESPP

19,529


-


18,807


36,297


33,772



         Net issuance of restricted stock units

(7,456)


(7,941)


(6,929)


(29,042)


(29,649)



         Proceeds from stock options exercised

6,049


26,079


13,347


71,342


49,906



Net cash provided by (used in) financing activities 

(551,114)


375,926


(90,618)


(384,637)


(453,438)















Net increase (decrease) in cash and cash equivalents 

(372,994)


592,873


20,509


293,926


(81,481)



Cash and cash equivalents: 












          Beginning of period

1,547,980


955,107


860,551


881,060


962,541



          End of period

$1,174,986


$1,547,980


$881,060


$1,174,986


$881,060















Total cash, cash equivalents, and short-term investments

$1,200,046


$1,573,075


$956,386


$1,200,046


$956,386





















ANALYSIS OF GAAP VERSUS GAAP EXCLUDING SPECIAL ITEMS DISCLOSURES



(Unaudited)





Three Months Ended


Year Ended





June 29,


March 30,


June 30,


June 29,


June 30,





2013


2013


2012


2013


2012





(in thousands, except per share data)



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













GAAP gross profit


$ 371,399


$ 376,102


$ 371,989


$ 1,496,567


$ 1,450,852



GAAP gross profit %


61.1%


62.2%


61.5%


61.3%


60.4%
















Special expense items:













      Intangible asset amortization


7,777


7,777


9,392


33,994


36,693



      Acquisition related inventory write up


-


-


-


-


1,801



                  Total special expense items 


7,777


7,777


9,392


33,994


38,494



 GAAP gross profit excluding special expense items 


$ 379,176


$ 383,879


$ 381,381


$ 1,530,561


$ 1,489,346



 GAAP gross profit % excluding special expense items 


62.3%


63.5%


63.0%


62.7%


62.0%
















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













GAAP operating expenses


$ 220,309


$ 221,824


$ 235,968


$    908,248


$    916,055
















Special expense (income) items:













      Intangible asset amortization 


3,670


3,903


4,049


15,525


16,737



      Impairment of long-lived assets (1)


-


-


22,383


24,929


30,095



     Severance and restructuring 


442


151


18


2,829


6,785



     Other operating expenses (income), net (2) 


2,105


1,678


(4,469)


5,864


(11,214)



                    Total special expense items 


6,217


5,732


21,981


49,147


42,403



 GAAP operating expenses excluding special expense items 


$ 214,092


$ 216,092


$ 213,987


$    859,101


$    873,652
















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













GAAP net income


$ 119,014


$ 131,388


$ 110,634


$    454,912


$    386,727
















Special expense (income) items:













      Intangible asset amortization 


11,447


11,680


13,441


49,519


53,430



      Acquisition related inventory write up 


-


-


-


-


1,801



      Impairment of long-lived assets (1)


-


-


22,383


24,929


30,095



     Severance and restructuring 


442


151


18


2,829


6,785



     Other operating expenses (income) , net (2) 


2,105


1,678


(4,469)


5,864


(11,214)



      Interest and other expense (income), net (3) 


700


-


550


700


(1,226)



                     Pre-tax total special expense items 


14,694


13,509


31,923


83,841


79,671



     Tax effect of special items 


(4,231)


(3,806)


(10,613)


(22,963)


(25,579)



     Reversal of tax reserves  


-


-


-


-


(2,272)



     International restructuring implementation (4) 


-


-


2,751


18,726


65,389



     Fiscal year 2012 research & development tax credits 


-


(3,899)


-


(3,899)


-



     Discontinued operations, net of tax (5) 


-


(2,603)


-


(2,603)


(31,809)



 GAAP net income excluding special expense items 


$ 129,477


$ 134,589


$ 134,695


$    528,014


$    472,127
















 GAAP net income per share excluding special expense items: 













    Basic 


$   0.45


$   0.46


$   0.46


$      1.81


$      1.61



    Diluted 


$   0.44


$   0.45


$   0.45


$      1.77


$      1.57
















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












    Basic


290,146


292,888


292,757


291,835


292,810



    Diluted 


296,756


300,082


299,793


298,596


300,002
















(1) Includes impairment charges relating to wafer fab and end of line manufacturing equipment and land & building held for sale.



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



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



(4) Includes impact due to international restructuring.



(5) 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 Integrated uses non-GAAP measures which are adjusted from the most directly comparable GAAP results to exclude special items related to intangible asset amortization; impairment of long-lived assets; severance and restructuring; in-process research and development; contingent consideration adjustments relating to certain acquisitions; loss (gain) relating to sale of land and buildings; stock option related litigation; certain payroll taxes;  the tax provision impacts due to international restructuring implementation; reversal of tax reserves; fiscal year 2012 research and development tax credits; loss on lease abandonment; and gain on sale, net of tax relating to certain business divested. 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.  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; in-process research and development; contingent consideration adjustments relating to certain acquisitions; loss on lease abandonment; loss (gain) relating to sale of land and buildings; certain payroll taxes; and stock option related litigation.  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; impairment of long-lived assets; severance and restructuring; in-process research and development; contingent consideration adjustments relating to certain acquisitions; loss on lease abandonment; loss (gain) relating to sale of land and buildings; stock option related litigation; certain payroll taxes; the tax provision impacts due to international restructuring implementation; reversal of tax reserves; fiscal year 2012 research and development tax credits; and gain on sale, net of tax relating to certain business 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 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 first quarter of fiscal 2014 ending in September 2013, which includes revenue, gross margin and earnings per share, as well as the Company's confidence in its strategy and long-term business model as demonstrated by the increase in its dividend and share repurchases . 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 30, 2012 (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.

SOURCE Maxim Integrated Products, Inc.



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