-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Pc+deY22ulMavGui+pSj6ukL44QvZ0SUzprsw6DqaKS4gpHNrRtxNYp13NtCVKFc WbKpAPz8FIVYx8FDGNdobQ== 0000891618-99-002115.txt : 19990512 0000891618-99-002115.hdr.sgml : 19990512 ACCESSION NUMBER: 0000891618-99-002115 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19990327 FILED AS OF DATE: 19990511 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MAXIM INTEGRATED PRODUCTS INC CENTRAL INDEX KEY: 0000743316 STANDARD INDUSTRIAL CLASSIFICATION: SEMICONDUCTORS & RELATED DEVICES [3674] IRS NUMBER: 942896096 STATE OF INCORPORATION: DE FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 000-16538 FILM NUMBER: 99617251 BUSINESS ADDRESS: STREET 1: 120 SAN GABRIEL DR CITY: SUNNYVALE STATE: CA ZIP: 94086 BUSINESS PHONE: 4087377600 MAIL ADDRESS: STREET 1: 120 SAN GABRIEL DR CITY: SUNNYVALE STATE: CA ZIP: 94086 10-Q 1 FORM 10-Q DATED 3/27/99 1 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (MARK ONE) [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED MARCH 27, 1999 OR [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM _________ TO _________ COMMISSION FILE NO. 0-16538 MAXIM INTEGRATED PRODUCTS, INC. (Exact name of registrant as specified in its charter) DELAWARE 94-2896096 (State or Other Jurisdiction of (I.R.S. Employer I.D. No.) Incorporation or Organization) 120 SAN GABRIEL DRIVE, SUNNYVALE, CA 94086 (Address of Principal Executives Offices) (Zip Code) Registrant's Telephone Number, Including Area Code: (408) 737-7600 Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months, and (2) has been subject to such filing requirements for the past 90 days: YES [X] NO[ ] CLASS: COMMON STOCK, OUTSTANDING AT APRIL 26, 1999 $.001 PAR VALUE 134,899,848 SHARES 2 MAXIM INTEGRATED PRODUCTS, INC. INDEX
PART I. FINANCIAL INFORMATION PAGE ---- ITEM 1. Financial Statements Consolidated Balance Sheets as of March 27, 1999 and June 27, 1998 3 Consolidated Statements of Income for the three months and nine months ended March 27, 1999 and March 28, 1998 4 Consolidated Statements of Cash Flows for the nine months ended March 27, 1999 and March 28, 1998 5 Notes to Consolidated Financial Statements 6 ITEM 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 9 ITEM 3. Quantitative and Qualitative Disclosures About Market Risk 13 PART II. OTHER INFORMATION ITEM 6. Exhibits and Reports on Form 8-K 13 SIGNATURES 14
2 3 CONSOLIDATED BALANCE SHEETS MAXIM INTEGRATED PRODUCTS, INC.
- ------------------------------------------------------------------------------- March 27, June 27, 1999 1998 (unaudited) (Amounts in thousands) =============================================================================== ASSETS Current assets: Cash and cash equivalents $ 45,190 $ 16,739 Short-term investments 419,615 306,209 - ------------------------------------------------------------------------------- Total cash, cash equivalents and short-term investments 464,805 322,948 - ------------------------------------------------------------------------------- Accounts receivable, net 84,744 101,921 Inventories 43,057 44,707 Deferred income taxes and other current assets 48,319 38,439 - ------------------------------------------------------------------------------- Total current assets 640,925 508,015 - ------------------------------------------------------------------------------- Property, plant and equipment, at cost, less accumulated depreciation 272,887 255,453 Other assets 6,622 6,024 - ------------------------------------------------------------------------------- TOTAL ASSETS $ 920,434 $ 769,492 =============================================================================== LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 23,970 $ 35,169 Income taxes payable 20 27,412 Accrued salaries 27,187 21,421 Accrued expenses 33,929 22,604 Deferred income on shipments to distributors 24,238 23,686 - ------------------------------------------------------------------------------- Total current liabilities 109,344 130,292 - ------------------------------------------------------------------------------- Other liabilities 4,000 4,000 Deferred income taxes 4,200 4,200 - ------------------------------------------------------------------------------- Stockholders' equity: Common stock 134 131 Additional paid-in capital 108,755 81,118 Retained earnings 695,470 551,914 Translation adjustment (1,469) (2,163) - ------------------------------------------------------------------------------- Total stockholders' equity 802,890 631,000 - ------------------------------------------------------------------------------- TOTAL LIABILITIES & STOCKHOLDERS' EQUITY $ 920,434 $ 769,492 ===============================================================================
See accompanying Notes to Consolidated Financial Statements. 3 4 CONSOLIDATED STATEMENTS OF INCOME MAXIM INTEGRATED PRODUCTS, INC.
(Amounts in thousands, except per share data) Three months ended Nine months ended - --------------------------------------------------------------------------------------- March 27, March 28, March 27, March 28, (Unaudited) 1999 1998 1999 1998 ======================================================================================= Net revenues $147,188 $145,039 $447,481 $405,039 Cost of goods sold 45,538 47,250 141,400 133,300 - --------------------------------------------------------------------------------------- Gross margin 101,650 97,789 306,081 271,739 - --------------------------------------------------------------------------------------- Operating expenses: Research and development 21,848 18,710 64,284 51,203 Selling, general and administrative 12,798 12,837 38,928 35,582 - --------------------------------------------------------------------------------------- Total operating expenses 34,646 31,547 103,212 86,785 - --------------------------------------------------------------------------------------- Operating income 67,004 66,242 202,869 184,954 Interest income, net 5,222 3,682 14,640 10,414 - --------------------------------------------------------------------------------------- Income before provision for income taxes 72,226 69,924 217,509 195,368 Provision for income taxes 24,557 23,774 73,953 66,425 - --------------------------------------------------------------------------------------- Net income $ 47,669 $ 46,150 $143,556 $128,943 ======================================================================================= Earnings per share: Basic $ 0.36 $ 0.35 $ 1.09 $ 1.00 Diluted $ 0.31 $ 0.31 $ 0.95 $ 0.86 ======================================================================================= Shares used in the calculation of earnings per share: Basic 133,762 130,510 131,884 129,269 Diluted 153,981 151,223 150,871 150,594 =======================================================================================
See accompanying Notes to Consolidated Financial Statements. 4 5 CONSOLIDATED STATEMENTS OF CASH FLOWS MAXIM INTEGRATED PRODUCTS, INC.
========================================================================================= For the nine months ended (Amounts in thousands)(Unaudited) March 27, March 28, Increase (decrease) in cash and cash equivalents 1999 1998 ========================================================================================= Cash flows from operating activities: Net income $ 143,556 $ 128,943 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation, amortization and translation adjustment 13,323 11,158 Reduction of equipment value -- 10,842 Changes in assets and liabilities: Accounts receivable 17,177 (15,486) Inventories 1,650 (4,115) Deferred income taxes and other current assets (9,880) (5,372) Accounts payable (11,199) 8,448 Income taxes payable 36,881 55,747 Deferred income on shipments to distributors 552 4,868 All other accrued liabilities 17,091 6,018 - ----------------------------------------------------------------------------------------- Net cash provided by operating activities 209,151 201,051 - ----------------------------------------------------------------------------------------- Cash flows from investing activities: Additions to property, plant and equipment (30,063) (88,335) Other assets (598) (1,810) Purchases of available-for-sale securities (369,367) (276,433) Proceeds from maturities of held-to-maturity securities -- 5,800 Proceeds from sales/maturities of available-for-sale securities 255,961 226,857 - ----------------------------------------------------------------------------------------- Net cash provided by (used in) investing activities (144,067) (133,921) - ----------------------------------------------------------------------------------------- Cash flows from financing activities: Issuance of common stock 33,947 30,860 Repurchase of common stock (70,580) (81,519) - ----------------------------------------------------------------------------------------- Net cash provided by (used in) financing activities (36,633) (50,659) - ----------------------------------------------------------------------------------------- Net increase (decrease) in cash and cash equivalents 28,451 16,471 Cash and cash equivalents: Beginning of year 16,739 18,562 - ----------------------------------------------------------------------------------------- End of period $ 45,190 $ 35,033 =========================================================================================
See accompanying Notes to Consolidated Financial Statements. 5 6 MAXIM INTEGRATED PRODUCTS, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS NOTE 1: BASIS OF PRESENTATION The unaudited consolidated financial statements included herein have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations. In the opinion of management, all adjustments (consisting of normal recurring items) considered necessary for a fair presentation have been included. The results of operations for the three and nine months ended March 27, 1999 are not necessarily indicative of the results to be expected for the entire year. These consolidated financial statements should be read in conjunction with the consolidated financial statements and the notes thereto included in the Annual Report on Form 10-K for the year ended June 27, 1998. Effective July 1, 1997, the Company adopted a 52-53 week fiscal year that will end on the last Saturday in June, and in which each accounting quarter will end on the last Saturday of the last month of the quarter. NOTE 2: INVENTORIES Inventories consist of (in thousands):
March 27, June 27, 1999 1998 --------- -------- (unaudited) Raw materials $ 3,528 $ 4,826 Work-in-process 22,047 29,575 Finished goods 17,482 10,306 ------- ------- $43,057 $44,707 ======= =======
6 7 MAXIM INTEGRATED PRODUCTS, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONT'D) NOTE 3: EARNINGS PER SHARE Basic earnings per share is calculated based only on weighted average common shares outstanding. Diluted earnings per share is calculated based on the weighted average number of common and dilutive common equivalent shares outstanding during each respective period. The number of dilutive common equivalent shares which became issuable pursuant to the grant of stock options has been calculated using the treasury stock method.
- ------------------------------------------------------------------------------------------ (Amounts in thousands, except per share data) Three months ended Nine months ended - ------------------------------------------------------------------------------------------ March 27, March 28, March 27, March 28, (Unaudited) 1999 1998 1999 1998 ========================================================================================== Numerator for basic earnings per share and diluted earnings per share Net income $ 47,669 $ 46,150 $143,556 $128,943 ========================================================================================== Denominator for basic earnings per 133,762 130,510 131,884 129,269 share Effect of dilutive securities: Stock options and warrants 20,219 20,713 18,987 21,325 - ------------------------------------------------------------------------------------------ Denominator for diluted earnings 153,981 151,223 150,871 150,594 per share ========================================================================================== Earnings per share: Basic $ 0.36 $ 0.35 $ 1.09 $ 1.00 Diluted $ 0.31 $ 0.31 $ 0.95 $ 0.86 ==========================================================================================
7 8 MAXIM INTEGRATED PRODUCTS, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONT'D) NOTE 4: SHORT-TERM INVESTMENTS All short-term investments at March 27, 1999 are classified as available-for-sale and consist of U.S. Treasury and Federal Agency debt securities maturing within one year. Unrealized gains and losses, net of tax, on securities in this category are reportable as a separate component of stockholders' equity. Because of the short term to maturity and relative price insensitivity to changes in market interest rates, amortized cost approximates fair market value and no unrealized gains or losses have been recorded at March 27, 1999. The cost of securities sold is based on the specific identification method. Interest earned on securities is included in interest income, net in the consolidated statements of income. NOTE 5: COMPREHENSIVE INCOME The Company has adopted Statement of Financial Accounting Standards No. 130 (SFAS 130) Reporting Comprehensive Income, as of the first quarter of fiscal 1999. SFAS 130 establishes standards for the reporting and disclosure of comprehensive income and its components, however it has no impact on the Company's consolidated results of operations, financial position or cash flows. The difference between net income and comprehensive income is from foreign currency translation adjustments. The components of comprehensive income for the three and nine months ended March 27, 1999 and March 28, 1998 are as follows (in thousands):
Three months ended Nine months ended - ------------------------------------------------------------------------------------------------ March 27, March 28, March 27, March 28, 1999 1998 1999 1998 ================================================================================================ Net income $ 47,669 $ 46,150 $ 143,556 $ 128,943 Cumulative Translation adjustment -- (166) 694 (1,108) - ------------------------------------------------------------------------------------------------ Comprehensive Income $ 47,669 $ 45,984 $ 144,250 $ 127,835 ================================================================================================
NOTE 6: RECENT PRONOUNCEMENT Statement of Financial Accounting Standards No. 133 (SFAS 133) Accounting for Derivative Instruments and Hedging Activities was issued by the Financial Accounting Standards Board in June 1998. The Standard will require the Company to recognize all derivatives on the balance sheet at fair value. Derivatives that are not hedges must be adjusted to fair value through income. If the derivative is a hedge, depending on the nature of the hedge, changes in the fair value of derivatives will either offset against the change in fair value of the hedged assets, liabilities, or firm commitments through earnings, or recognized in other comprehensive income until the hedged item is recognized in earnings. The change in a derivative's fair value related to the ineffective portion of a hedge, if any, will be immediately recognized in earnings. The Company expects to adopt this Standard as of the beginning of its fiscal year 2000. The effect of adopting the Standard is currently being evaluated, but is not expected to have a material effect on the Company's financial position or results of operations. 8 9 ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS RESULTS OF OPERATIONS Net revenues increased by 1.5% and 10.5% for the three and nine months ended March 27, 1999 compared to the three and nine months ended March 28, 1998. The increases were primarily attributable to higher unit shipments resulting from continued introduction of new proprietary products and increased market acceptance of the Company's proprietary and second-source products. Net revenues derived from customers outside of the United States were 61% and 59% for the three and nine months ended March 27, 1999, respectively. While the majority of these sales are denominated in US dollars, the Company enters into foreign currency forward contracts to mitigate its risks on firm commitments and net monetary assets denominated in foreign currencies; as a result, the impact of changes in foreign exchange rates on revenue and the Company's results of operations for the quarter was minimal. Gross margins were 69.1% and 68.4% for the three and nine months ended March 27, 1999, compared to 67.4% and 67.1% for the three and nine months ended March 28, 1998. The increases in gross margin for the three and nine months ended March 27, 1999 were primarily due to production efficiencies obtained through economies of scale. These efficiencies were partially offset in the three months ended March 27, 1999 by an increase in inventory reserves of $0.8 million ($5.5 million for the nine months ended March 27, 1999), reserves booked for the closure of a 4-inch wafer fabrication facility of $1.3 million ($3.6 million for the nine months ended March 27, 1999) and the write-off of unfavorable manufacturing variances of $1.6 million ($7.2 million for the nine months ended March 27, 1999). Research and development expenses were 14.8% and 14.4% of net revenues in the three and nine months ended March 27, 1999, compared to 12.9% and 12.6% in the three and nine months ended March 28, 1998. The increases were attributable primarily to increased investments in product development efforts. For the three months ended March 27, 1999, selling, general and administrative expenses were 8.7% of net revenues compared to 8.9% of net revenues for the three months ended March 28, 1998. While selling, general and administrative expenses are approximately the same for both periods, such expenses for the three months ended March 27, 1999 include a $1.5 million charge recorded for technology licensing matters offset by lower employee related expenses. For the nine months ended March 27, 1999, selling, general and administrative expenses were 8.7% of net revenues compared to 8.8% of net revenues for the nine months ended March 28, 1998. In absolute dollars, selling, general and administrative expenses increased due to higher employee related expenses to support the Company's higher revenues and the $1.5 million charge for technology licensing matters noted above. The Company's operating income decreased slightly to 45.5% and 45.3% of net revenues for the three and nine months ended March 27, 1999 as a result of the items described above compared to 45.7% for both the three and nine months ended March 28, 1998. Net interest income increased to $5.2 million in the three months and $14.6 million in the nine months ended March 27, 1999, compared to $3.7 million and $10.4 million for the three and nine months ended March 28, 1998, primarily as a result of higher levels of invested cash, cash equivalents and short-term investments partially offset by lower interest rates. 9 10 The effective income tax rate for both the three and nine months ended March 27, 1999 and March 28, 1998 was 34%. This rate differs from the federal statutory rate primarily due to state income taxes, federal research and development tax credit and tax exempt earnings of the Company's Foreign Sales Corporation. ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (CONT'D) OUTLOOK Bookings on the Company were $171 million in the third quarter of fiscal 1999, a 21% increase over the second quarter of fiscal 1999 of $141 million. During the quarter, customers continued their trend of ordering for near-term delivery. Turns orders received during the quarter were $69.2 million, a 33% increase over the second quarter of fiscal 1999 (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). Order cancellations during the quarter were approximately $10 million, the lowest level since the fourth quarter of fiscal 1996. Third quarter ending backlog shippable within the next 12 months was approximately $148 million, including $120 million requested for shipment by the end of the fourth quarter of fiscal 1999. During the third quarter of fiscal 1999, bookings grew in the Pacific Rim, United States, and Japan. Growth was strongest in the Pacific Rim, primarily related to Korean OEM customers. In the United States, there was double-digit bookings growth across a broad cross section of OEM and distribution customers, product lines, and end markets. While market conditions in Japan improved slightly during the quarter, bookings in that region are still not reaching prior business levels. Bookings in Europe during the third quarter of fiscal 1999 were down slightly from a strong bookings quarter in the second quarter of fiscal 1999. Bookings continued to improve in the communications-related end markets during the third quarter of fiscal 1999. In addition, bookings for the Company's computer-related (primarily notebook-related) product lines and those products that traditionally sell into the industrial markets increased from the second quarter of fiscal 1999. Although turns and bookings grew substantially in the third quarter from the second quarter of fiscal 1999, the Company believes that the third quarter bookings level approximates the Company's estimates of the current quarter's consumption of products by its customers. Accordingly, the Company is not planning on continued turns and bookings growth at rates as high as in the third quarter of fiscal 1999. LIQUIDITY AND CAPITAL RESOURCES The Company's primary sources of funds for the first nine months of fiscal 1999 have been from net cash generated from operating activities of $209.2 million, and the issuance of common stock of $33.9 million associated with the Company's stock option programs. The principal uses of funds have been the repurchase of $70.6 million of common stock, the purchase of $30.1 million in property, plant and equipment and $113.4 million of net investment activities. The Company anticipates that it will spend approximately $60 million for capital equipment in fiscal 1999 and believes that it possesses sufficient liquidity and capital resources to fund these purchases and its operations for the foreseeable future. In addition, the Company intends to continue to repurchase its common stock from time to time consistent with its policy and practice of using the proceeds or anticipated proceeds from the exercise of stock options and the resulting tax benefit to repurchase its common stock. 10 11 ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (CONT'D) YEAR 2000 ISSUE As a result of certain computer programs being written using two digits rather than four to define the applicable year, any of the Company's computer programs that have date-sensitive software may recognize a date using "00" as the year 1900 rather than the year 2000 (the "Year 2000 Issue"). This could result in a system failure or miscalculations causing disruptions of operations, including, among other things, a temporary inability to process transactions, send invoices, or engage in normal business activities. The Company has evaluated and is continuing to evaluate the modifications required to both new and existing software and hardware systems required to mitigate the Year 2000 issue. Evaluations have been substantially completed on systems determined by the Company to be critical to the Company's operations, and remediation has begun on those systems. The Company estimates that it is more than 80% complete in such remediation. The Company has also initiated formal communications with its significant suppliers and large customers to determine the extent to which the Company is vulnerable to those third parties' failure to minimize their own Year 2000 Issue. The Company expects to have any required modifications completed prior to December 31, 1999. However, if such modifications are not made, or are not completed in a timely fashion, the Year 2000 Issue could have a material impact on the operations of the Company. In addition, there can be no assurance that the systems of other companies on which the Company's systems rely will be timely converted, or that a failure to convert by another company, or a conversion that is incompatible with the Company's systems, would not have a material adverse effect on the Company. The Company currently has no contingency plan in the event it or third parties are unable to complete system modifications to address the Year 2000 Issue. Costs incurred to date have been minimal. While the Company has not fully completed the evaluation of its Year 2000 Issue, it does not anticipate that the future cost of these efforts will be material. The date on which the Company plans to complete any necessary Year 2000 modifications and costs related to completing such modifications are based on management's best estimates, which were derived utilizing numerous assumptions of future events, including the continued availability of certain resources, third party modification plans, and other factors. However, there can be no assurance that these estimates will be achieved, and actual completion dates and costs could differ significantly from those estimates. Specific factors that might cause such significant differences include, but are not limited to, the availability and cost of personnel trained in this area, the ability to locate and correct all relevant computer codes, and similar uncertainties. 11 12 FORWARD-LOOKING INFORMATION This Report on Form 10-Q contains forward-looking statements, including statements regarding or implicating the Company's expectations, intentions, plans, goals and hopes regarding the future. Such statements include, among others, statements regarding bookings, shipments, turns orders, capital spending, the sufficiency of capital resources and liquidity, the Company's stock repurchase policy, completion and success of Year 2000 related modifications and costs of Year 2000 remediation efforts. Forward-looking statements in this report, including this Management's Discussion and Analysis section, involve risk and uncertainty. There are numerous factors that could cause the Company's actual results to differ materially from results predicted or implied in this report. Important factors affecting the Company's ability to achieve future revenue growth include whether, and the extent to which, demand for the Company's products increases and reflects real end-user demand; whether customer cancellations and delays of outstanding orders increase; and whether the Company is able to manufacture in a correct mix to respond to orders on hand and new orders received in the future; whether the Company is able to achieve its new product development and introduction goals, including, without limitation, goals for recruiting, retaining, training, and motivating engineers, particularly design engineers, and goals for conceiving and introducing timely new products that are well received in the marketplace; and whether the Company is able to successfully commercialize its new technologies, such as its new second-generation high frequency technologies, that it has been investing in by designing and introducing new products based on the new technologies. Other important factors that could cause actual results to differ materially from those predicted include overall economic conditions, such as the currency and other economic issues affecting Asian and other countries; demand for electronic products and semiconductors generally; demand for the end-user products for which the Company's semiconductors are suited; timely availability of raw materials, equipment, supplies and services; unanticipated manufacturing problems; technological and product development risks; competitors' actions; and other risk factors described above under the heading Year 2000 Issue and in the Company's filings with the Securities and Exchange Commission and in particular its report on Form 10-K for the year ended June 27, 1998. All forward-looking statements included in this document 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. 12 13 ITEM 3: QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK The Company's market risk disclosures set forth in Item 7A of its Annual Report on Form 10-K for the year ended June 27, 1998 have not changed significantly. PART II. OTHER INFORMATION ITEM 6: EXHIBITS AND REPORTS ON FORM 8-K (a) Exhibits Financial Data Schedule (b) No Reports on Form 8-K were filed during the quarter ended March 27, 1999. ITEMS 1, 2, 3, 4 AND 5 HAVE BEEN OMITTED AS THEY ARE NOT APPLICABLE. 13 14 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 thereunto duly authorized. MAY 11, 1999 MAXIM INTEGRATED PRODUCTS, INC. - ------------ ------------------------------- (Date) (Registrant) /s/ Carl W. Jasper ------------------ CARL W. JASPER Vice President and Chief Financial Officer (For the Registrant and as Principal Financial Officer) 14 15 EXHIBIT INDEX Exhibit 27 Financial Data Schedule EX-27 2 FINANCIAL DATA SCHEDULE
5 1,000 9-MOS JUN-26-1999 JUN-28-1998 MAR-27-1999 464,805 0 86,702 (1,958) 43,057 640,925 366,220 (93,333) 920,434 109,344 0 0 0 134 802,756 920,434 447,481 447,481 141,400 141,400 103,212 0 (14,640) 217,509 73,953 143,556 0 0 0 143,556 1.09 0.95
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