-----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,
WxfLs8UYi1yIZIpLgr5lwWtUJj9fbrMSBeFgrNP9SeODx8SQjonY46ts69h2xIO3
WVVnRAY9cOOG7L4RErWGHw==
UNITED STATES FORM 8-K
CURRENT REPORT
Date of Report:
August 2, 2007
Maxim Integrated Products, Inc.
120 San Gabriel Drive
(408) 737-7600
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
(Date of earliest event reported)
(Exact name of registrant as specified in its charter)
Sunnyvale, California 94086
(Address of principal executive offices including zip code)
(Registrant's telephone number, including area code)
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 2.02. Results of Operations and Financial Condition.
On August 2, 2007, Maxim Integrated Products, Inc. (the "Company") announced via press release the
Company's preliminary financial results for its fourth quarter of fiscal year 2007 and its entire fiscal year ended June 30, 2007. A copy of the
Company's press release is attached hereto as Exhibit 99.1.
The information in this Current Report and attached Exhibit 99.1 are furnished to, but not filed with,
the Securities and Exchange Commission for purposes of Section 18 of the Securities Exchange Act of 1934,
as amended, or otherwise subject to the liability of that section, and such information shall not be deemed to
be incorporated by reference into any of the Company's filings with the Securities and Exchange
Commission, except as shall be expressly set forth by specific reference in any such filing. Item 9.01. Financial Statements and Exhibits. (d) Exhibits.
The exhibit listed below is being furnished with this Form 8-K.
Description Press release, dated August 2, 2007 announcing the Company's preliminary financial results for the fourth quarter of its
fiscal year 2007 and its entire fiscal year ended June 30, 2007.
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.
Maxim Integrated Products, Inc.
By: /s/ Alan Hale
Alan Hale
Vice President and Chief Financial Officer
Date: August 2, 2007
EXHIBIT INDEX
Press Information
FOR IMMEDIATE RELEASE
NASDAQ SYMBOL MXIM
Contact: Paresh Maniar,
Executive Director, Investor Relations
(408) 737-7600
MAXIM REPORTS RECORD REVENUES EXCEEDING
$2 BILLION IN FISCAL YEAR 2007
SUNNYVALE, CA- August 2, 2007-Maxim Integrated Products, Inc., (NASDAQ:MXIM) reported net revenues of $531.1 million for its fiscal fourth quarter ending June 30, 2007, an 11.6% increase from the third quarter of fiscal 2007 and a 4.0% increase from the fourth quarter of fiscal 2006. The fourth quarter of fiscal 2007 was a 14 week quarter for Maxim while the third quarter of fiscal 2007 and the fourth quarter of fiscal 2006 were 13 week quarters.
For the fiscal year ending June 30, 2007, Maxim recorded net revenues of $2.007 billion, an 8.0% increase from the $1.859 billion of net revenues recorded in fiscal 2006. Fiscal 2007 was a 53 week year for the Company while fiscal 2006 was a 52 week year.
Maxim is not providing detailed GAAP and non-GAAP financials for the quarter ending June 30, 2007 due to the previously announced need to restate its historical financial statements, to record additional non-cash, stock-based compensation expense related to past stock-option grants. Consequently, limited financial data is being presented at the present time.
- more -
Tunc Doluca, President and Chief Executive Officer, commented, "Reaching $2 billion in annual revenues is an important milestone. It reflects our long standing goal to win a significant share of the worldwide demand for high performance analog and mixed-signal products. Building on our past successes, we will continue to develop innovative building block products with broad market appeal as well as address growing customer demand for highly integrated, complex products."
Mr. Doluca concluded, "Our recent investments in manufacturing capacity and productivity tools position us to produce superior, long term, profitable growth. In light of this, I am pleased to announce that Maxim's Board of Directors has approved a 20% increase in our quarterly dividend."
A cash dividend for the fourth quarter of fiscal 2007 of $0.1875 per share will be paid on September 7, 2007 to stockholders of record on August 23, 2007.
- more -
MAXIM INTEGRATED PRODUCTS, INC. | |||||
SELECTED UNAUDITED FINANCIAL INFORMATION | |||||
Twelve Months Ended
|
|||||
June 24, 2006
|
June 30, 2007
|
||||
(in thousands) | |||||
Net revenues |
$ 1,858,942
|
$ 2,007,105
|
|||
Additions to property, plant and equipment |
$ 242,069
|
$ 380,710
|
|||
Three Months Ended
|
|||||
June 24, 2006
|
March 24, 2007
|
June 30, 2007
|
|||
(in thousands) | |||||
Net revenues |
$ 510,577
|
$ 475,799
|
$ 531,108
|
||
Additions to property, plant and equipment |
$ 120,772
|
$ 71,526
|
$ 119,637
|
||
June 24, 2006
|
March 24, 2007
|
June 30, 2007
|
|||
(in thousands) | |||||
Cash and cash equivalents | $ 422,333 | $ 383,061 | $ 577,068 | ||
Short-term investments |
920,317
|
941,189
|
722,286
|
||
$ 1,342,650
|
$ 1,324,250
|
$ 1,299,354
|
|||
Accounts receivable, net |
$ 292,592
|
$ 250,703
|
$ 244,009
|
||
Note 1: Due to the pending restatement of the Company's historical financial statements | |||||
(see discussion in the release text), all financial numbers presented in this release should | |||||
be considered estimates and may be subject to significant adjustment. | |||||
Note 2: The fiscal three month period ending June 30, 2007 included 14 weeks while the | |||||
fiscal three month periods ending March 24, 2007 and June 24, 2006 included 13 weeks. | |||||
The fiscal twelve month periods ending June 30, 2007 and June 24, 2006 included 53 | |||||
weeks and 52 weeks, respectively. |
****
Certain statements in this press release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. This includes the Company's expectation to restate its historical financial statements to record additional non-cash, stock-based compensation expense related to past stock-option grants, and building on the Company's past successes, its intention to continue to
develop innovative building block products with broad market appeal as well as address growing customer demand for highly integrated, complex products. These statements involve risk and uncertainty. Actual results could differ materially from those forecasted based upon, among other things, general market conditions and market developments that could adversely affect the growth of the mixed-signal analog market product mix shifts, customer cancellations and price competition, as well as other risks described in the Company's Annual Report on Form 10-K for the fiscal year ended June 25, 2005. In addition, the risks include the possibility that the Company may be unable to timely complete its restatement of financial results, and the uncertainty that the Company can promptly become compliant with all NASDAQ and SEC filing requirements, and the possibility that Maxim's common stock will no longer continue to remain listed on the NASDAQ Global Market; the risk that the matters described in this press release could divert management's attention from operations; and the fact that expenses arising from inquiries made by governmental agencies, the restatement, related private litigation, and other associated activities are expected to be significant.
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.
# # #
Maxim Integrated Products, Incorporated
Company Profile
Maxim Integrated Products, Incorporated was founded in 1983 and has been traded on NASDAQ under the symbol "MXIM" since its initial public
offering in February 1988. 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 signals necessary for computer
and digital signal processing.
U%A]%=Z&'T-'H%G4)GT-<$!L&6
MX$4((T@)BP@J0CVABS!(V$GXB'"&<(TP37A*)!+Y1`$QA)A$+"!6$)N)O<2M
MQ`/$X\1+Q+O$61*)9$7R(D60TDDRDH'41=I"VD?ZC'29-$UZ3J:1' )?]_
MOG$]NDFVZ\^8&,NOKZLIWX3+;HJ3:I!S_O^-G=K2EQT_.'4TP9Y_5_.2&('2
MD0C.K9S?.*]R;N-\ROG$857'.:]Q[<";'AQ&'CNA_C?[%_'5&MS$=87O8Z5=
M/U8/2[*%A72]6,(V"P8D+-F6$ZUD*03$%A<(L0A@RK-,H2;8,/5D&D,(KTG2
M9";39)HP.*]2II2QO+SD&&.GZ4RAJ4K_--.4NC`=^J\I[90RG<:,>^[*#=-I
M?_1?5SK?=^\]WSWG[MG=.[NPG_&]E.]GEFFX_V'?@SQ[H,[D7^L:67 @(8`U'W'_EB/S7(_+!(W)2)BTH"`ZOB90C_IJ)+JTF
M*)\)RM\-RB\$Y=Z@_$Q0?B(HSPOR22M0`.0VCO@C$]\W\5N:/R`_",A_" R(83!YEX>)$6,K1%&`_D]KWOT+^XK];8J(XK/'/G
M^NXNR_4NBR'"QHS->K&-E]@L)2:PC>\2$^*'8J>A0%PI2WD$B8=L"FU4U8ZA
M+2VD:>T&$@@DV*&XB6J[7NYBLCQ:+%4D2I2`*U5M5:E@6JK^J*HZ#ZAH;=QO
M9N\U9AWD.$W_5*OO?'/.F=?.G9ESYB$![2)\%\?KZNL3H`XYRA$Q)^S!_/&Z
M5D/R!90\S#53M,&9`T;UR[A7`5%7MM<1+P%Y=@'E%&(Q,.I?C#L?&+.N#XAU
M94>2?OO[V-\E]?M@?H9Z":A#/GN)E("?`$=L'MW?UGUQUYY_/+G?1W5QE_PE
MI Q=`>A$4C*OL.VR9%.@D/@[4G& ]@F&!-C8QM2#QY@DT0N`4*V8((3/D)3E*P!
M&:.EZTJJ=6*,1>F'$JE_3)F6B99\-';(4I-42=9.:[5_JF[:/ULT=1U_54*+
M-(2TC(^=^YSE8\H_DW;Q[YQS[_GY'O/.N=?'9^Q$O_:C,^DT3N7OC:+4B"N_
MW@?_AZIW(,\([1RR3+=RK886?7-GXCEBZ)'T/QF<_^G!.?/G4WW]^4O.=#Y$
MC&UG.I7?W><:[%^F)JF3R<0R-4%4NG\9OTI-)O>3=?QJ(OV8AGAJ`F@H3A2A
M+2&>T!"/ER3:BQ(-RI1/)@H\7R)]@O<2$I3/)Q+I6&FO:@@!>_40!32J$E5+
M>U53E80&]5#:K/SIS30(ETN;E6N0M)F#D`H>#U#J/(12B'F`4/#$)/?E)V[!
M4_HX:>21XGAP6HJ#\1-.38D#5?"(0Y4!Q___'&/M_P,9+PW?/SJ:'!.20T)R
M##"4GY]^F 7F
M@#E\@&3W9%3EJD(#<&+WCU=.[FYOG=56;N22:9X\>Y\U+6BV&B,XM`W6S]<;
M,A%XJW'QAD^'3Z&;9?_N?EK9DA@GLO`WY24/9'H4LS7M8P/E=;,V0F5UJDZ-
MT8X0[EP4>HVJKIZVLI]2U1E@U-85H$`#&-".KD2/HQUHGW'8>-EXS?#!:`E^
MRVZ5!W++T:-UB'J]8$;#<_3`O*@GHBMFS(@8@``;"."OM0$%U<:0(%+9;40E
M]+IMA?_7V.)V>_A6\?"['KY5/$?,=<5[%:KB5A,3K/ZR<>5*D9E5FM&9INFI
M"N:# E<-J@XZ\`^):_6DU7)DKJFLNHZ,4Q/
M7A_,:#NS>;*47\NS>=3)U2-%K5*)5V>K[$IUM3F72<"$R;0]1)!7B7QA$U12/:JJ7ER"<
M&:%83"=,BH-I%.E2R6$JEA?1.BV%;O$JZL0>P64L'Y/,3N!^O)O.R-RLX=GJ
M3RJ3`O`JY?!N-'BNDUMJ:*K:*!/J>_-+*AAKM1SL((<\PQMPP/.1.HX[ZC0M
M5O^D_MQ'VR@SRB;8UTJV[DN=35('J%IO,0719YT#K`V.4>K>U8ZM+
M]9-Y4HD=,EW&@6FZ=/IJZ9(E42E1C*,N!G$9+$4@R
M]`$@J\'.`5F,Z'X@=`4D?X.G]?XHUB2LN=B]R$+V)PC^N;**W8%SNJT7,#;8
M;T$
U][4.]?75&H3.#7)>Z6_Z0W:
M8^0=S64O31R9NSOW*_KBUMK27((I-*)>^A'FUXDJ\SV],E&VW$NW!0\%3P<_
M#/XB6"0L!ZN\G+/[6D16;TPF6$/@.(6U-Y(0$*DS;!;#=?)%*NQER:.SF)[58HUVW#=:[5'M-IK6VUOM@,#>8)A
M]R](,5R48]A=J7,+RNTY*;Q]5'$$?[LH>Z3
M[[26'?QN[ZV6';=Z5UY]$]1_MX[?F>V;]#L&WQDU20QGVJ\)3K']&H3%HNX0TO33H.5YL0*?7B\HJ"A@0<'/V>H
M3=.1JT79%M6(2(`1Q*A(TG1*0R)JI8Q(R@)99KX%5"EE42U@OD6EQ08+Y-Q-
M%J''DQ8A-5-Y"_E(6#2+7Q(R;*^1F/4-@E*I1)0&_VM&""1O8,YVT*J2MYK;
M6O,\GKAJ7D$ZA_-Z"&O;G!=A^`<6'*L>0_WLE:7K1Z_=F!VUNO5P/+W"(I?_
MJ'__D6_/OJ2O7?CJOB<^.+6A:\O@Q)F>#\;;5XGD.]+B-=]_=K);;U5+U.;O
M*!D]HKV[];DW.(;I^-Z*K<=#][\E'MW6^>I*EQOOI\L__[.;0[-:`Z2]V"-E
M09;,4EEY/W=0.LH=]9_DWO77LA+Z]V@]>BFX+?0*M2?T&K5?*%.G*4\=Y7.1
M\<>HU90[RT)>$Y$)=T^0(@"GB`KU^,G$(;<1HT"%O#;!FV]#`"O4HHEQ[P^]
MI+="9>ULP$.6"0!`,RR_Q0.9[^!)7K!1`WJ*B0C@(G*$C#CM$5FF;^AW=,WL
M*ZV81OO29Z5!9!X'L;X-SO3-3'5,WYY!(P?[R;,.O(F@2-