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

Jul 25, 2013, 16:00 ET from Maxim Integrated Products, Inc.

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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