8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934

Date of Report: August 12, 2003
(Date of Earliest Event Reported)

MAXIM INTEGRATED PRODUCTS, INC.

(Exact Name of Registrant as Specified in Its Charter)

DELAWARE
(State or Other Jurisdiction
of Incorporation) 0-16538
(Commission File Number) 94-2896096
(IRS Employer
Identification No.)

120 SAN GABRIEL DRIVE
SUNNYVALE, CALIFORNIA
(Address of Principal Executive Offices)  
94086
(Zip Code)

(408) 737-7600
(Registrant’s Telephone Number, Including Area Code)

TABLE OF CONTENTS

	Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
	Item 12. Results of Operations and Financial Condition.
SIGNATURES
Exhibit Index
EXHIBIT 99.1

Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.

(c) Exhibits.

The exhibit listed below is being furnished with this Form 8-K.

Exhibit
Number	Description
99.1	Text of press release, dated August 12, 2003, titled “Maxim reports revenues and earnings for the fourth quarter and fiscal year 2003 and doubles quarterly dividend from $0.04 per share to $0.08 per share.”

Item 12. Results of Operations and Financial Condition.

     On August 12, 2003, Maxim Integrated Products, Inc. (the “Company”) announced via press release the Company’s preliminary results for its fourth quarter and fiscal year ended June 28, 2003. A copy of the Company’s press release is attached hereto as Exhibit 99.1. This Form 8-K and the attached exhibit are provided under Item 12 of Form 8-K and are furnished to, but not filed with, the Securities and Exchange Commission.

SIGNATURES

     Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

MAXIM INTEGRATED PRODUCTS, INC.
By:	/s/ Carl W. Jasper Carl W. Jasper Vice President and Chief Financial Officer

Date: August 12, 2003

Exhibit Index

Exhibit
Number	Description
99.1	Press Release dated August 12, 2003.

EX-99.1 3 f92399exv99w1.txt EXHIBIT 99.1 Exhibit 99.1 PRESS INFORMATION FOR IMMEDIATE RELEASE NASDAQ SYMBOL MXIM Contact: John F. Gifford, Chairman, President and Chief Executive Officer (408) 737-7600 MAXIM REPORTS REVENUES AND EARNINGS FOR THE FOURTH QUARTER AND FISCAL YEAR 2003 AND DOUBLES QUARTERLY DIVIDEND FROM $0.04 PER SHARE TO $0.08 PER SHARE SUNNYVALE, CA - August 12, 2003 - Maxim Integrated Products, Inc., (MXIM) reported net revenues of $295.0 million for its fiscal fourth quarter ending June 28, 2003, an $8.8 million increase over the $286.2 million reported for the third quarter of fiscal 2003. Diluted earnings per share were $0.24 for the fourth quarter on net income of $81.7 million compared to diluted earnings per share of $0.23 on net income of $77.6 million reported for the third quarter of fiscal 2003. Dallas Semiconductor contributed 18.6% of the Corporation's fourth quarter earnings per share. For the 2003 fiscal year, Maxim reported net revenues of $1.153 billion compared to $1.025 billion for last year, a 12.5% increase. Net income for the 2003 fiscal year was $309.6 million compared to $259.2 million reported for fiscal 2002. Dallas Semiconductor contributed 16.8% of the Company's fiscal 2003 net income. Diluted earnings per share for the Company grew 24.7% from the $0.73 per share reported for fiscal 2002 to $0.91 per share in fiscal 2003. - more - During the fourth quarter of fiscal 2003, the Company repurchased 1.3 million shares of its common stock for $46.7 million and acquired $28.4 million of property and equipment. Year-end cash, cash equivalents, and short-term investments increased $107.3 million during the quarter to $1.2 billion and increased $398.5 million or 52.1% from the end of fiscal 2002. Accounts receivable increased by $2.9 million in the fourth quarter to $126.8 million on increased revenues, and inventories decreased $2.6 million to $121.2 million. Gross margin increased slightly from 69.9% in the third quarter to 70.0% in the fourth quarter after increasing inventory reserves $2.7 million. Operating margin increased from 39.2% in the third quarter to 40.1% in the fourth quarter. Operating margin for Dallas Semiconductor improved from 24.4% in the third quarter to 30.7% in the fourth quarter. Research and development expense increased to $67.2 million or 22.8% of net revenues in the fourth quarter, compared to $66.8 million or 23.3% of net revenues in the third quarter. The increase in research and development spending was the result of hiring additional engineers and increased spending to support new product development efforts. Selling, general and administrative expenses remained relatively unchanged during the quarter. Fourth quarter bookings were approximately $313 million. Turns orders received in the quarter were $161 million (turns orders are customer orders that are for delivery within the same quarter and may result in revenue within the same quarter if the Company has available inventory that matches those orders). Fourth quarter ending backlog shippable within the next 12 months was approximately $227 million, including approximately $199 million requested for shipment in the first quarter of fiscal 2004. The Company's third quarter ending backlog shippable within the next 12 months was approximately $219 million, including approximately $196 million that was requested for shipment in the fourth quarter. - more - Jack Gifford, Chairman, President, and Chief Executive Officer, commented on the fiscal year: "Maxim's net revenues for the 2003 fiscal year increased 12% from fiscal 2002 net revenues, and our diluted earnings per share for the year were up 25% for the same period. Revenues for Dallas Semiconductor grew 4% year over year, and their earnings per share grew 42%. As a comparison, Maxim without Dallas Semiconductor saw revenue growth of 15% year over year and earnings per share growth of 21%. The Company's gross margins and operating margins improved year over year as we controlled costs and improved efficiencies. Unlike many semiconductor companies, Maxim has been highly profitable during the industry downturn, in part because of the success of our proprietary products and in part because of our effective expense management." Mr. Gifford continued: "Maxim remained committed to investing in new product and process development this year, with an annual R&D expense of 23.6% of net revenues. Our continued focus on R&D resulted in the introduction of 1959 engineering man-months of new products this past product announcement year, and we have had important design wins in the next generation of cellular phones, digital cameras, 802.11 wireless LAN, high-speed data networks, flat panel displays, and other new electronics. We believe that Maxim continues to be well positioned to gain market share as corporate and consumer spending levels improve and our customers become more confident." Mr. Gifford concluded: "With consideration for our stockholders and the Company's profitability, strong cash position, and business outlook, the Company's Board of Directors has increased this quarter's dividend from $0.04 per share to $0.08 per share. Payment will be made on September 5, 2003 to stockholders of record on August 22, 2003." *** - more - Certain statements in this press release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements involve risk and uncertainty. They include the Company's positioning to gain market share, increased confidence among the Company's customers, and the Company's profitability and business outlook. Actual results could differ materially from those forecasted based upon, among other things, the Company's incorrectly assessing customer end-user demand, order cancellation levels, inventory levels, consumption levels for the Company's products and general market conditions; market developments that could adversely affect the growth of the mixed-signal analog market, such as declines in customer forecasts or greater than expected cyclical downturns within the mixed-signal analog segment of the semiconductor market; and the Company's being unable to sustain its successes in the markets its products are introduced in, as well as other risks described in the Company's Form 10K for the fiscal year ended June 29, 2002. 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. Maxim Integrated Products is a leading international supplier of quality analog and mixed-signal products for applications that require real world signal processing. # # # Consolidated Balance Sheets

(In thousands) 6/28/03 6/29/02 (audited) ----------- ----------- Assets Current assets: Cash and cash equivalents $ 210,841 $ 173,807 Short-term investments 953,166 591,694 ----------- ----------- Total cash, cash equivalents and short-term investments 1,164,007 765,501 ----------- ----------- Accounts receivable, net 126,760 129,812 Inventories 121,192 139,206 Deferred tax assets and other current assets 152,683 201,145 ----------- ----------- Total current assets 1,564,642 1,235,664 ----------- ----------- Property, plant and equipment, at cost 1,507,546 1,432,184 Less accumulated depreciation (737,661) (686,023) ----------- ----------- Net property, plant and equipment 769,885 746,161 Other assets 33,435 28,987 ----------- ----------- Total assets $ 2,367,962 $ 2,010,812 ----------- ----------- Liabilities and Current liabilities: Stockholders' Accounts payable $ 42,041 $ 45,284 Equity Accrued expenses 141,394 145,927 Deferred income on shipments to distributors 21,582 27,183 Income taxes payable 10,900 10,633 ----------- ----------- Total current liabilities 215,917 229,027 ----------- ----------- Deferred tax liabilities 77,633 36,634 Other liabilities 4,000 4,000 ----------- ----------- Total liabilities 297,550 269,661 ----------- ----------- Stockholders' equity: Common stock 112,497 55,255 Retained earnings 1,956,491 1,686,816 Accumulated other comprehensive income (loss) 1,424 (920) ----------- ----------- Total stockholders' equity 2,070,412 1,741,151 ----------- ----------- Total liabilities and stockholders' equity $ 2,367,962 $ 2,010,812 ----------- -----------

Consolidated Statements of Income

(In thousands Three Months Ending Twelve Months Ending except per share data) 6/28/03 6/29/02 6/28/03 6/29/02 (unaudited) (unaudited) (audited) -------- -------- ---------- ---------- Net revenues $295,029 $280,089 $1,153,219 $1,025,104 Cost of goods sold 88,454 89,428 348,264 312,223 -------- -------- ---------- ---------- Gross margin 206,575 190,661 804,955 712,881 70.0% 68.1% 69.8% 69.5% -------- -------- ---------- ---------- Operating expenses: Research and development 67,210 72,032 272,322 275,547 Selling, general and administrative 20,991 22,083 85,597 91,982 -------- -------- ---------- ---------- Operating income 118,374 96,546 447,036 345,352 40.1% 34.5% 38.8% 33.7% Interest income, net 3,631 5,854 15,055 41,488 -------- -------- ---------- ---------- Income before provision for income taxes 122,005 102,400 462,091 386,840 Provision for income taxes 40,262 33,792 152,490 127,657 -------- -------- ---------- ---------- Net income $ 81,743 $ 68,608 $ 309,601 $ 259,183 -------- -------- ---------- ---------- Basic earnings per share $ 0.25 $ 0.21 $ 0.96 $ 0.80 -------- -------- ---------- ---------- Shares used in the calculation of basic earnings per share 324,821 321,273 322,106 325,527 -------- -------- ---------- ---------- Diluted earnings per share $ 0.24 $ 0.20 $ 0.91 $ 0.73 -------- -------- ---------- ---------- Shares used in the calculation of diluted earnings per share 344,882 349,387 341,253 355,821 -------- -------- ---------- ---------- Dividends declared per share $ 0.04 $ -- $ 0.08 $ -- -------- -------- ---------- ----------

MAXIM INTEGRATED PRODUCTS, INCORPORATED COMPANY PROFILE NASDAQ Symbol: MXIM - Founded 1983 - Public since: February 29, 1988 OPERATIONS Corporate Offices: 120 San Gabriel Drive, Sunnyvale, California 94086 U.S. Sales Offices: Sunnyvale and Costa Mesa, CA; Wheeling, IL; Roswell, GA; Chelmsford, MA; Austin and Dallas, TX; Beaverton, OR; Horsham, PA Foreign Offices: Munich, Germany; Tokyo, Japan; London, UK; Paris, France; Taipei, Taiwan; Seoul, South Korea; Hong Kong; Singapore; Milan, Italy; Beijing, China; Stockholm, Sweden; Zurich, Switzerland; Viborg, Denmark; Helsinki, Finland PRODUCTS Maxim designs, develops, manufactures and markets a broad range of linear and mixed-signal integrated circuits for use in a variety of electronic products. Maxim circuits "connect" the real world and the digital world by detecting, measuring, amplifying, and converting real world and communication signals, such as temperature, pressure, sound, voice, or light into the digital signals necessary for computer and DSP processing. - MAXIM SERVES APPROXIMATELY 35,000 CUSTOMERS WORLDWIDE. - MAXIM HAS DEVELOPED MORE PRODUCTS THAN ANY OTHER ANALOG [GRAPHIC] COMPANY IN THE PAST 18 YEARS. - MAXIM IS RECOGNIZED AS THE LEADER IN CMOS ANALOG AND BIPOLAR HIGH-FREQUENCY TECHNOLOGIES. - 68% INTERNATIONAL SALES FOR Q4 FY03. FINANCIAL HIGHLIGHTS (In thousands, except EPS)

FY1999 FY2000 FY2001 FY2002 FY2003 ------ ------ ------ ------ ------ Net Revenues $ 1,002,849 $ 1,376,085 $ 1,576,613 $ 1,025,104 $ 1,153,219 Net Income $ 265,281 $ 373,083 $ 334,939 $ 259,183 $ 309,601 Shares 344,360 359,548 361,620 355,821 341,253 Diluted EPS $ 0.77 $ 1.04 $ 0.93 $ 0.73 $ 0.91 Cash and Short-Term Investments $ 710,074 $ 896,936 $ 1,220,352 $ 765,501 $ 1,164,007 Total Assets $ 1,603,122 $ 2,087,438 $ 2,430,531 $ 2,010,812 $ 2,367,962 Stockholders' Equity $ 1,369,449 $ 1,719,939 $ 2,101,154 $ 1,741,151 $ 2,070,412 ROE 22.1% 24.2% 17.5% 13.5% 16.2% Market Cap $11,026,352 $25,276,091 $14,535,766 $13,391,992 $11,870,840

RESEARCH COVERAGE A.G. Edwards, Brett Miller (314) 955-2620 Morgan Stanley, Louis Gerhardy (415) 576-2391 CIBC, Richard Schafer, (720) 554-1119 and Pacific Crest Securities, Michael McConnell (503) 790-7788 Daniel Gelbtuch (212) 667-8108 Pacific Growth Equities, Jim Liang (415) 274-6889 Credit Suisse First Boston, Michael Masdea (415) 836-7779 Salomon Smith Barney, Clark Westmont (415) 951-1886 Deutsche Banc Alex Brown, Ross Seymore (212) 469-8463 SoundView Financial Group, Scott Randall (203) 462-7246 Fulcrum Global Partners, Clark Fuhs (415) 248-2549 U.S. Bancorp Piper Jaffray, Tore Svanberg (650) 838-1411 Investec, Bobby Burleson (212) 898-7716 Wedbush Morgan Securities, David Wu (213) 688-4547 JMP Securities, Krishna Shankar (415) 835-8971 William Blair & Company LLC, Jeff Rosenberg (312) 364-8342 Lehman Brothers, Joseph To (415) 274-5242 Merrill Lynch, Joseph Osha (415) 676-3510 Midwest Research, Woody Calleri (216) 592-1902

-----END PRIVACY-ENHANCED MESSAGE-----

EX-99.1

                                                                    Exhibit 99.1

                                                               PRESS INFORMATION



                                                           FOR IMMEDIATE RELEASE
                                                              NASDAQ SYMBOL MXIM

Contact:           John F. Gifford, Chairman,
                   President and Chief Executive Officer
                   (408) 737-7600

                       MAXIM REPORTS REVENUES AND EARNINGS
                   FOR THE FOURTH QUARTER AND FISCAL YEAR 2003
                         AND DOUBLES QUARTERLY DIVIDEND
                     FROM $0.04 PER SHARE TO $0.08 PER SHARE

      SUNNYVALE, CA - August 12, 2003 - Maxim Integrated Products, Inc., (MXIM)
reported net revenues of $295.0 million for its fiscal fourth quarter ending
June 28, 2003, an $8.8 million increase over the $286.2 million reported for the
third quarter of fiscal 2003. Diluted earnings per share were $0.24 for the
fourth quarter on net income of $81.7 million compared to diluted earnings per
share of $0.23 on net income of $77.6 million reported for the third quarter of
fiscal 2003. Dallas Semiconductor contributed 18.6% of the Corporation's fourth
quarter earnings per share.

      For the 2003 fiscal year, Maxim reported net revenues of $1.153 billion
compared to $1.025 billion for last year, a 12.5% increase. Net income for the
2003 fiscal year was $309.6 million compared to $259.2 million reported for
fiscal 2002. Dallas Semiconductor contributed 16.8% of the Company's fiscal 2003
net income. Diluted earnings per share for the Company grew 24.7% from the $0.73
per share reported for fiscal 2002 to $0.91 per share in fiscal 2003.

                                    - more -

      During the fourth quarter of fiscal 2003, the Company repurchased 1.3
million shares of its common stock for $46.7 million and acquired $28.4 million
of property and equipment. Year-end cash, cash equivalents, and short-term
investments increased $107.3 million during the quarter to $1.2 billion and
increased $398.5 million or 52.1% from the end of fiscal 2002. Accounts
receivable increased by $2.9 million in the fourth quarter to $126.8 million on
increased revenues, and inventories decreased $2.6 million to $121.2 million.

      Gross margin increased slightly from 69.9% in the third quarter to 70.0%
in the fourth quarter after increasing inventory reserves $2.7 million.
Operating margin increased from 39.2% in the third quarter to 40.1% in the
fourth quarter. Operating margin for Dallas Semiconductor improved from 24.4% in
the third quarter to 30.7% in the fourth quarter. Research and development
expense increased to $67.2 million or 22.8% of net revenues in the fourth
quarter, compared to $66.8 million or 23.3% of net revenues in the third
quarter. The increase in research and development spending was the result of
hiring additional engineers and increased spending to support new product
development efforts. Selling, general and administrative expenses remained
relatively unchanged during the quarter.

      Fourth quarter bookings were approximately $313 million. Turns orders
received in the quarter were $161 million (turns orders are customer orders that
are for delivery within the same quarter and may result in revenue within the
same quarter if the Company has available inventory that matches those orders).
Fourth quarter ending backlog shippable within the next 12 months was
approximately $227 million, including approximately $199 million requested for
shipment in the first quarter of fiscal 2004. The Company's third quarter ending
backlog shippable within the next 12 months was approximately $219 million,
including approximately $196 million that was requested for shipment in the
fourth quarter.

                                    - more -

      Jack Gifford, Chairman, President, and Chief Executive Officer, commented
on the fiscal year: "Maxim's net revenues for the 2003 fiscal year increased 12%
from fiscal 2002 net revenues, and our diluted earnings per share for the year
were up 25% for the same period. Revenues for Dallas Semiconductor grew 4% year
over year, and their earnings per share grew 42%. As a comparison, Maxim without
Dallas Semiconductor saw revenue growth of 15% year over year and earnings per
share growth of 21%. The Company's gross margins and operating margins improved
year over year as we controlled costs and improved efficiencies. Unlike many
semiconductor companies, Maxim has been highly profitable during the industry
downturn, in part because of the success of our proprietary products and in part
because of our effective expense management."

      Mr. Gifford continued: "Maxim remained committed to investing in new
product and process development this year, with an annual R&D expense of 23.6%
of net revenues. Our continued focus on R&D resulted in the introduction of 1959
engineering man-months of new products this past product announcement year, and
we have had important design wins in the next generation of cellular phones,
digital cameras, 802.11 wireless LAN, high-speed data networks, flat panel
displays, and other new electronics. We believe that Maxim continues to be well
positioned to gain market share as corporate and consumer spending levels
improve and our customers become more confident."

      Mr. Gifford concluded: "With consideration for our stockholders and the
Company's profitability, strong cash position, and business outlook, the
Company's Board of Directors has increased this quarter's dividend from $0.04
per share to $0.08 per share. Payment will be made on September 5, 2003 to
stockholders of record on August 22, 2003."


                                       ***

                                    - more -

      Certain statements in this press release are forward-looking statements
within the meaning of the Private Securities Litigation Reform Act of 1995.
These statements involve risk and uncertainty. They include the Company's
positioning to gain market share, increased confidence among the Company's
customers, and the Company's profitability and business outlook. Actual results
could differ materially from those forecasted based upon, among other things,
the Company's incorrectly assessing customer end-user demand, order cancellation
levels, inventory levels, consumption levels for the Company's products and
general market conditions; market developments that could adversely affect the
growth of the mixed-signal analog market, such as declines in customer forecasts
or greater than expected cyclical downturns within the mixed-signal analog
segment of the semiconductor market; and the Company's being unable to sustain
its successes in the markets its products are introduced in, as well as other
risks described in the Company's Form 10K for the fiscal year ended June 29,
2002.

      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.

      Maxim Integrated Products is a leading international supplier of quality
analog and mixed-signal products for applications that require real world signal
processing.

                                      # # #

Consolidated Balance Sheets



(In thousands)                                                                6/28/03                  6/29/02
                                                                                                      (audited)
                                                                            -----------              -----------
                                                                                               
Assets                  Current assets:
                           Cash and cash equivalents                        $   210,841              $   173,807
                           Short-term investments                               953,166                  591,694
                                                                            -----------              -----------
                           Total cash, cash equivalents
                              and short-term investments                      1,164,007                  765,501
                                                                            -----------              -----------
                           Accounts receivable, net                             126,760                  129,812
                           Inventories                                          121,192                  139,206
                           Deferred tax assets
                              and other current assets                          152,683                  201,145
                                                                            -----------              -----------
                                 Total current assets                         1,564,642                1,235,664
                                                                            -----------              -----------
                           Property, plant and equipment, at cost             1,507,546                1,432,184
                           Less accumulated depreciation                       (737,661)                (686,023)
                                                                            -----------              -----------
                              Net property, plant and equipment                 769,885                  746,161
                        Other assets                                             33,435                   28,987
                                                                            -----------              -----------
                                 Total assets                               $ 2,367,962              $ 2,010,812
                                                                            -----------              -----------
Liabilities and         Current liabilities:
Stockholders'              Accounts payable                                 $    42,041                 $ 45,284
Equity                     Accrued expenses                                     141,394                  145,927
                           Deferred income on
                              shipments to distributors                          21,582                   27,183
                           Income taxes payable                                  10,900                   10,633
                                                                            -----------              -----------
                                 Total current liabilities                      215,917                  229,027
                                                                            -----------              -----------
                        Deferred tax liabilities                                 77,633                   36,634
                        Other liabilities                                         4,000                    4,000
                                                                            -----------              -----------
                                 Total liabilities                              297,550                  269,661
                                                                            -----------              -----------
                        Stockholders' equity:
                           Common stock                                         112,497                   55,255
                           Retained earnings                                  1,956,491                1,686,816
                           Accumulated other
                              comprehensive income (loss)                         1,424                     (920)
                                                                            -----------              -----------
                                 Total stockholders' equity                   2,070,412                1,741,151
                                                                            -----------              -----------
                                 Total liabilities and
                                    stockholders' equity                    $ 2,367,962              $ 2,010,812
                                                                            -----------              -----------


Consolidated Statements of Income



(In thousands                            Three Months Ending               Twelve Months Ending
except per share data)
                                      6/28/03          6/29/02           6/28/03            6/29/02
                                    (unaudited)      (unaudited)                           (audited)
                                     --------         --------         ----------         ----------
                                                                              
Net revenues                         $295,029         $280,089         $1,153,219         $1,025,104
Cost of goods sold                     88,454           89,428            348,264            312,223
                                     --------         --------         ----------         ----------
      Gross margin                    206,575          190,661            804,955            712,881
                                         70.0%            68.1%              69.8%              69.5%
                                     --------         --------         ----------         ----------
Operating expenses:
   Research and
      development                      67,210           72,032            272,322            275,547
   Selling, general and
      administrative                   20,991           22,083             85,597             91,982
                                     --------         --------         ----------         ----------
      Operating income                118,374           96,546            447,036            345,352
                                         40.1%            34.5%              38.8%              33.7%
Interest income, net                    3,631            5,854             15,055             41,488
                                     --------         --------         ----------         ----------
      Income before provision
         for income taxes             122,005          102,400            462,091            386,840
Provision for income taxes             40,262           33,792            152,490            127,657
                                     --------         --------         ----------         ----------
      Net income                     $ 81,743         $ 68,608         $  309,601         $  259,183
                                     --------         --------         ----------         ----------
Basic earnings per share             $   0.25         $   0.21         $     0.96         $     0.80
                                     --------         --------         ----------         ----------
Shares used in the
   calculation of basic
   earnings per share                 324,821          321,273            322,106            325,527
                                     --------         --------         ----------         ----------
Diluted earnings per share           $   0.24         $   0.20         $     0.91         $     0.73
                                     --------         --------         ----------         ----------
Shares used in the
   calculation of diluted
   earnings per share                 344,882          349,387            341,253            355,821
                                     --------         --------         ----------         ----------
Dividends declared per share         $   0.04         $     --         $     0.08         $       --
                                     --------         --------         ----------         ----------


                     MAXIM INTEGRATED PRODUCTS, INCORPORATED
                                 COMPANY PROFILE

NASDAQ Symbol: MXIM    -    Founded 1983    -    Public since: February 29, 1988

OPERATIONS
Corporate Offices:     120 San Gabriel Drive, Sunnyvale, California 94086

U.S. Sales Offices:    Sunnyvale and Costa Mesa, CA; Wheeling, IL; Roswell, GA;
                       Chelmsford, MA; Austin and Dallas, TX; Beaverton, OR;
                       Horsham, PA

Foreign Offices:       Munich, Germany; Tokyo, Japan; London, UK; Paris, France;
                       Taipei, Taiwan; Seoul, South Korea; Hong Kong; Singapore;
                       Milan, Italy; Beijing, China; Stockholm, Sweden; Zurich,
                       Switzerland; Viborg, Denmark; Helsinki, Finland

PRODUCTS

Maxim designs, develops, manufactures and markets a broad range of linear and
mixed-signal integrated circuits for use in a variety of electronic products.
Maxim circuits "connect" the real world and the digital world by detecting,
measuring, amplifying, and converting real world and communication signals, such
as temperature, pressure, sound, voice, or light into the digital signals
necessary for computer and DSP processing.

                                              -   MAXIM SERVES APPROXIMATELY
                                                  35,000 CUSTOMERS WORLDWIDE.

                                              -   MAXIM HAS DEVELOPED MORE
                                                  PRODUCTS THAN ANY OTHER ANALOG
[GRAPHIC]                                         COMPANY IN THE PAST 18 YEARS.

                                              -   MAXIM IS RECOGNIZED AS THE
                                                  LEADER IN CMOS ANALOG AND
                                                  BIPOLAR HIGH-FREQUENCY
                                                  TECHNOLOGIES.

                                              -   68% INTERNATIONAL SALES FOR
                                                  Q4 FY03.

FINANCIAL HIGHLIGHTS (In thousands, except EPS)



                               FY1999              FY2000              FY2001              FY2002              FY2003
                               ------              ------              ------              ------              ------
                                                                                             
Net Revenues                $ 1,002,849         $ 1,376,085         $ 1,576,613         $ 1,025,104         $ 1,153,219
Net Income                  $   265,281         $   373,083         $   334,939         $   259,183         $   309,601
Shares                          344,360             359,548             361,620             355,821             341,253
Diluted EPS                 $      0.77         $      1.04         $      0.93         $      0.73         $      0.91
Cash and Short-Term
Investments                 $   710,074         $   896,936         $ 1,220,352         $   765,501         $ 1,164,007
Total Assets                $ 1,603,122         $ 2,087,438         $ 2,430,531         $ 2,010,812         $ 2,367,962
Stockholders' Equity        $ 1,369,449         $ 1,719,939         $ 2,101,154         $ 1,741,151         $ 2,070,412
ROE                                22.1%               24.2%               17.5%               13.5%               16.2%
Market Cap                  $11,026,352         $25,276,091         $14,535,766         $13,391,992         $11,870,840




RESEARCH COVERAGE
                                                             
A.G. Edwards, Brett Miller (314) 955-2620                       Morgan Stanley, Louis Gerhardy (415) 576-2391
CIBC, Richard Schafer, (720) 554-1119 and                       Pacific Crest Securities, Michael McConnell (503) 790-7788
       Daniel Gelbtuch (212) 667-8108                           Pacific Growth Equities, Jim Liang (415) 274-6889
Credit Suisse First Boston, Michael Masdea (415) 836-7779       Salomon Smith Barney, Clark Westmont (415) 951-1886
Deutsche Banc Alex Brown, Ross Seymore (212) 469-8463           SoundView Financial Group, Scott Randall (203) 462-7246
Fulcrum Global Partners, Clark Fuhs (415) 248-2549              U.S. Bancorp Piper Jaffray, Tore Svanberg (650) 838-1411
Investec, Bobby Burleson (212) 898-7716                         Wedbush Morgan Securities, David Wu (213) 688-4547
JMP Securities, Krishna Shankar (415) 835-8971                  William Blair & Company LLC, Jeff Rosenberg (312) 364-8342
Lehman Brothers, Joseph To (415) 274-5242
Merrill Lynch, Joseph Osha (415) 676-3510
Midwest Research, Woody Calleri (216) 592-1902