January 31, 2008 8K DOC

-----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, UxJ9UGZqPixcb1tQQ2WndbpQjviwkVS+sLmbK5sewitoia9iGqba9lHLrZErA+r1 0Ctql0/bngdPaAOe5J+Ofg== 0001136261-08-000014.txt : 20080131 0001136261-08-000014.hdr.sgml : 20080131 20080131163803 ACCESSION NUMBER: 0001136261-08-000014 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 20080131 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20080131 DATE AS OF CHANGE: 20080131 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: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-16538 FILM NUMBER: 08564989 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 8-K 1 body8k.htm 8-K January 31, 2008 8K DOC

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: January 31, 2008
(Date of earliest event reported)

Maxim Integrated Products, Inc.
(Exact name of registrant as specified in its charter)

Delaware 0-16538 94-2896096

(State of other jurisdiction of incorporation) (Commission File Number) (I.R.S. Employer Identification Number)

120 San Gabriel Drive
Sunnyvale, California 94086
(Address of principal executive offices including zip code)

(408) 737-7600
(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 January 31, 2008, Maxim Integrated Products, Inc. (the "Company") announced via press release the Company's preliminary financial results for its second quarter of fiscal year 2008 ended December 29, 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.

Exhibit No.
Description

99.1
Press release dated January 31, 2008 announcing the Company's preliminary financial results for the second quarter of fiscal year 2008.

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/ Bruce E. Kiddoo
Bruce E. Kiddoo
Vice President of Finance

Date: January 31, 2008

EXHIBIT INDEX

Exhibit No.	Description
99.1	Press release dated January 31, 2008 announcing the Company's preliminary financial results for the second quarter of fiscal year 2008. PDF provided as a courtesy

EX-99.1 3 exh99-1.htm PRESS RELEASE January 31, 2008 8K Exhibit 99.1
Press Information

FOR IMMEDIATE RELEASE
PINK SHEETS MXIM

Contact:      Paresh Maniar,
                    Executive Director, Investor Relations
                    (408) 470-5348

MAXIM REPORTS RECORD QUARTERLY REVENUE
ANNOUNCES RESTRUCTURING OF FAB AND R&D OPERATIONS

SUNNYVALE, CA- January 31, 2008-Maxim Integrated Products, Inc., (PINK SHEETS:MXIM) reported net revenues of $540.0 million for its fiscal 2008 second quarter ending December 29, 2007. This is an 8.6% increase from the $497.5 million recorded in the second quarter of fiscal 2007, and a 3.3% sequential increase from the $522.7 million revenue recorded in the previous quarter.

Total cash, cash equivalents and short term investments decreased by $180 million during Q2. Items contributing to this decline were $106 million for two income tax payments in the quarter, $94 million for previously announced goodwill payments related to expired options, $63 million for the acquisition of the storage line from Vitesse, $60 million for dividends and $77 million for property and equipment, partially offset by strong cash flow generated from the P&L.

Maxim is not currently providing detailed GAAP and non-GAAP financials for the quarter ending December 29, 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 -

Fab and R&D Restructuring

Maxim announced the ramp down and eventual closure of its wafer fab in Dallas. This action is the result of recent success in bringing capacity on line at the Company's strategic manufacturing partner, Epson, combined with improving yields and shortening cycle times in Maxim fabs thereby increasing Maxim's effective wafer output. The long-term benefit of this fab consolidation is expected to be approximately $18 million in annual cost savings.

Maxim today announced the restructuring of certain businesses, including a decision to stop funding R&D for the handset RF transceiver product line. The approximate reduction in annual operating expenses from this action is $15 million.

As a result of these restructuring actions, Maxim expects to take a one-time charge of $10 million before asset impairment costs which are as yet undetermined.

Business Outlook

During Q2 Maxim's net realizable bookings were down 9% sequentially primarily due to seasonality and customer concerns about the economic environment. We therefore expect Q3 revenue to be in the range of $475 to $495 million.

Tunc Doluca, President and Chief Executive Officer, commented, "Notwithstanding our Q3 revenue decline due to seasonality and economic concerns, we are pleased that the revenues generated in the just completed December quarter were an all time record for the Company, with sequential growth in all four end markets. Our strong performance in Q2 and our restructuring actions this quarter clearly demonstrate we are executing to our strategy."

Dividend

A cash dividend for the second quarter of fiscal 2008 of $0.1875 per share will be paid on February 28, 2008 to stockholders of record on February 14, 2008.

- more -

MAXIM INTEGRATED PRODUCTS, INC.

SELECTED UNAUDITED FINANCIAL INFORMATION

Three Months Ended

December 29, September 29, December 23,

2007
2007
2006

(in thousands)

Net revenues $ 540,025
$ 522,736
$ 497,453

December 29, September 29, December 23,

2007
2007
2006

(in thousands)

Cash and cash equivalents $ 1,021,584 $ 813,673 $ 370,714

Short-term investments 147,375
535,292
945,023

$ 1,168,959
$ 1,348,965
$ 1,315,737

Accounts receivable, net $ 285,262
$ 273,970
$ 277,065

Additions to property, plant and equipment $ 65,892
$ 68,467
$ 74,480

Note: 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.

****

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, the Company's expectation that revenue for the third quarter of fiscal 2008 will be in the range of $475 to $495 million, the Company's expectation that the long-term annual cost savings as a result of the fab consolidation will be approximately $18 million and the Company's expectation that

- more -

its restructuring of certain businesses, including a decision to stop funding R&D for the handset RF transceiver product line, will result in the reduction of approximately $15 million in annual operating expenses. 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, the timing and success of integration of the acquired storage products, 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 risk that the matters described in this press release could divert management's attention from operations; and the fact that expenses arising from 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.

# # #

Delaware	0-16538	94-2896096
(State of other jurisdiction of incorporation)	(Commission File Number)	(I.R.S. Employer Identification Number)

MAXIM INTEGRATED PRODUCTS, INC.
SELECTED UNAUDITED FINANCIAL INFORMATION


	Three Months Ended
	December 29,	September 29,	December 23,
	2007	2007	2006
	(in thousands)

Net revenues	$ 540,025	$ 522,736	$ 497,453

	December 29,	September 29,	December 23,
	2007	2007	2006
	(in thousands)

Cash and cash equivalents	$ 1,021,584	$ 813,673	$ 370,714
Short-term investments	147,375	535,292	945,023
	$ 1,168,959	$ 1,348,965	$ 1,315,737

Accounts receivable, net	$ 285,262	$ 273,970	$ 277,065

Additions to property, plant and equipment	$ 65,892	$ 68,467	$ 74,480

Note: 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.