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UNITED STATES FORM 8-K
CURRENT REPORT
Date of Report:
April 30, 2009
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 April 30, 2009, Maxim Integrated Products, Inc. (the "Company") announced via press release
the Company's preliminary financial results for the third quarter of fiscal year 2009. 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 April 30, 2009 announcing the Company's preliminary financial results for the third quarter of
fiscal year 2009.
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,
Chief Financial Officer and
Principal Accounting Officer
Date: April 30, 2009
EXHIBIT INDEX
|
Description |
|
Press release, dated April 30, 2009 announcing the Company's preliminary financial results for the third quarter of fiscal year 2009. Also provided in PDF format as a courtesy. |
Press Release
Contact
MAXIM REPORTS $339.7 MILLION REVENUE FOR THE THIRD
QUARTER OF FISCAL 2009
SUNNYVALE, CA - April 30, 2009 - Maxim Integrated Products, Inc. (NASDAQ:MXIM) reported net revenue of $339.7 million for its fiscal 2009 third quarter ended March 28, 2009, a 17% decline from the $410.7 million revenue recorded in the previous quarter.
Based on Generally Accepted Accounting Principles (GAAP), diluted loss per share was $0.09. The results include certain special expense items which primarily consist of the following pre-tax and tax related expenses:
Balance Sheet Items
Total cash, cash equivalents and short term investments was $898.3 million as of March 28, 2009, a decrease of $27.2 million during the third quarter. Cash flow from operations of $106.0 million was offset primarily by:
Business Outlook
Maxim's fiscal third quarter net realizable bookings increased by 13% compared to the second quarter of fiscal 2009 and the Company's 90 day backlog increased by 15% to $238 million. Results for the June quarter are expected to be:
Tunc Doluca, President and Chief Executive Officer, commented, "We are pleased to have exceeded our Q3 revenue expectation. A key driver to this upside was our recent design wins in cell phones that began to ship in volume. Inventory restocking by some of our larger customers also contributed to sales exceeding expectations.
However, visibility continues to be limited and the economic environment remains highly uncertain. Consequently, we continue to manage costs closely."
Dividend
A cash dividend for the third quarter of fiscal 2009 of $0.20 per share will be paid on June 5, 2009, to stockholders of record on May 22, 2009.
Conference Call
Maxim has scheduled a conference call on April 30, 2009, at 2:00 p.m. Pacific Time to discuss its financial results for the third quarter of fiscal year 2009 and its business outlook. To listen via telephone, dial (866) 802-4321 (toll free) or (703) 639-1318. This call will be webcast by Shareholder.com and can be accessed at Maxim's website at
www.maxim-ic.com/Investor.
- more -
CONSOLIDATED STATEMENTS OF OPERATIONS | |||||
Three Months Ended
|
|||||
March 28, | December 27, | March 29, | |||
2009
|
2008
|
2008
|
|||
(in thousands, except per share data) | |||||
Net revenues | $ 339,665 | $ 410,675 | $ 487,410 | ||
Cost of goods sold (1) |
171,960
|
211,590
|
198,024
|
||
Gross profit | 167,705 | 199,085 | 289,386 | ||
Operating expenses: | |||||
Research and development (1) | 120,974 | 144,283 | 138,736 | ||
Selling, general and administrative (1) | 48,760 | 64,124 | 39,084 | ||
In-process research and development | - | 3,900 | - | ||
Impairment of long-lived assets | - | 43,769 | - | ||
Severance and restructuring | 10,956 | 13,597 | 8,145 | ||
Other operating expenses, net |
3,969
|
10,252
|
22,363
|
||
Total operating expenses |
184,659
|
279,925
|
208,328
|
||
Operating (loss) income | (16,954) | (80,840) | 81,058 | ||
Interest income and other (expense) income, net |
(228)
|
7,385
|
11,615
|
||
(Loss) income before (benefit) provision for income taxes | (17,182) | (73,455) | 92,673 | ||
Provision (benefit) for income taxes |
9,244
|
(34,671)
|
31,641
|
||
Net (loss) income |
$ (26,426)
|
$ (38,784)
|
$ 61,032
|
||
(Loss) earnings per share: | |||||
Basic |
$ (0.09)
|
$ (0.12)
|
$ 0.19
|
||
Diluted |
$ (0.09)
|
$ (0.12)
|
$ 0.19
|
||
Shares used in the calculation of (loss) earnings per share: | |||||
Basic |
304,415
|
312,718
|
320,553
|
||
Diluted |
304,415
|
312,718
|
322,480
|
||
Dividends declared per share |
$ 0.200
|
$ 0.200
|
$ 0.188
|
||
(1) Includes stock-based compensation charges as follows: | |||||
Three Months Ended
|
|||||
March 28, | December 27, | March 29, | |||
2009
|
2008
|
2008
|
|||
(in thousands) | |||||
Cost of goods sold | $ 7,574 | $ 30,834 | $ 10,535 | ||
Research and development | 25,194 | 33,431 | 19,170 | ||
Selling, general and administrative |
6,845
|
19,672
|
5,984
|
||
Total |
$ 39,613
|
$ 83,937
|
$ 35,689
|
||
Total excluding settlement of expiring options and tender offer (2) |
$ 39,613
|
$ 41,622
|
$ 35,689
|
||
SCHEDULE OF SPECIAL EXPENSE ITEMS | |||||
Three Months Ended
|
|||||
March 28, | December 27, | March 29, | |||
2009
|
2008
|
2008
|
|||
(in thousands) | |||||
Cost of Goods Sold: | |||||
Accelerated depreciation (3) | $ 12,372 | $ 12,024 | $ 11,281 | ||
Stock-based compensation (2) |
-
|
15,433
|
-
|
||
Total |
$ 12,372
|
$ 27,457
|
$ 11,281
|
||
Operating Expenses: | |||||
In process research and development (4) | $ - | $ 3,900 | $ - | ||
Impairment of long-lived assets (5) | - | 43,769 | - | ||
Severance and restructuring (6) | 10,956 | 13,597 | 8,145 | ||
Other operating expenses, net (7) | 3,969 | 10,252 | 22,363 | ||
Stock-based compensation (2) |
-
|
26,882
|
-
|
||
Total |
$ 14,925
|
$ 98,400
|
$ 30,508
|
||
Income Taxes (8) |
$ 9,200
|
$ -
|
$ -
|
||
(2) Stock-based compensation related to cash settlement of options expiring in October 2008 and tender offer. | |||||
(3) Accelerated depreciation primarily related to long-lived assets resulting from the anticipated closure of the Dallas fab facility. | |||||
(4) In-process research and development related to acquisition of Mobilygen Corp. | |||||
(5) Impairment of long-lived assets related to end of line test equipment recorded in connection with reduced demand. | |||||
(6) Severance and benefit expenses primarily related to Business Unit; Selling, General & Administrative; and Manufacturing organizations. | |||||
(7) Expenses, net, primarily for stock option related litigation and certain payroll taxes, interest and penalties. | |||||
(8) Tax provision impact due to international restructuring. |
CONSOLIDATED BALANCE SHEETS | |||
March 28, | June 28, | ||
2009
|
2008
|
||
(in thousands) | |||
ASSETS | |||
Current assets: | |||
Cash and cash equivalents | $ 692,825 | $ 1,013,119 | |
Short-term investments |
205,474
|
205,079
|
|
Total cash, cash equivalents and short-term investments |
898,299
|
1,218,198
|
|
Accounts receivable, net | 196,344 | 272,029 | |
Inventories | 239,900 | 272,421 | |
Income tax refund receivable | 33,778 | 14,411 | |
Deferred tax assets | 217,088 | 253,490 | |
Other current assets |
22,590
|
16,012
|
|
Total current assets | 1,607,999 | 2,046,561 | |
Property, plant and equipment, net | 1,381,474 | 1,485,200 | |
Other assets |
140,455
|
176,629
|
|
TOTAL ASSETS |
$ 3,129,928
|
$ 3,708,390
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY | |||
Current liabilities: | |||
Accounts payable | $ 63,395 | $ 79,673 | |
Income taxes payable | 820 | 825 | |
Accrued salary and related expenses | 155,257 | 249,079 | |
Accrued expenses | 39,089 | 68,131 | |
Deferred income on shipments to distributors |
18,010
|
21,447
|
|
Total current liabilities | 276,571 | 419,155 | |
Other liabilities | 27,148 | 30,791 | |
Income taxes payable | 114,311 | 110,633 | |
Deferred tax liabilities |
79,971
|
-
|
|
Total liabilities |
498,001
|
560,579
|
|
Stockholders' equity: | |||
Common stock | 304 | 251,799 | |
Retained earnings | 2,633,638 | 2,901,139 | |
Accumulated other comprehensive loss |
(2,015)
|
(5,127)
|
|
Total stockholders' equity |
2,631,927
|
3,147,811
|
|
TOTAL LIABILITIES & STOCKHOLDERS' EQUITY |
$ 3,129,928
|
$ 3,708,390
|
- more -
CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||
Three Months Ended
|
|||||
March 28, | December 27, | March 29, | |||
2009
|
2008
|
2008
|
|||
(in thousands) | |||||
Cash flows from operating activities: | |||||
Net (loss) income | $ (26,426) | $ (38,784) | $ 61,032 | ||
Adjustments to reconcile net (loss) income to net cash provided by operating activities: |
|||||
Stock-based compensation | 39,613 | 83,937 | 35,689 | ||
Depreciation and amortization | 51,236 | 49,992 | 46,352 | ||
Deferred taxes | 41,055 | 169,498 | (11,935) | ||
Tax benefit related to stock-based compensation | (55,260) | (150,144) | (1,326) | ||
Excess tax benefit related to stock-based compensation | (79) | (409) | (13) | ||
In-process research and development | - | 3,900 | - | ||
Impairment of long-lived assets | - | 43,769 | - | ||
Loss (gain) from sale of property, plant and equipment | 484 | 1,187 | (269) | ||
Gain from sale of equity investments | - | (529) | - | ||
Changes in assets and liabilities: | |||||
Accounts receivable | 17,815 | 55,476 | 17,383 | ||
Inventories | 13,291 | 7,780 | (11,132) | ||
Other current assets | 35,224 | (71,872) | 6,556 | ||
Accounts payable | (7,906) | (15,595) | (8,724) | ||
Income taxes payable | 1,192 | (19,022) | - | ||
Deferred income on shipments to distributors | (2,587) | (712) | (2,459) | ||
Accrued liabilities - goodwill and tender offer payments above fair value | (1,294) | (28,093) | (3,332) | ||
All other accrued liabilities |
(393)
|
(18,865)
|
28,321
|
||
Net cash provided by operating activities |
105,965
|
71,514
|
156,143
|
||
Cash flows from investing activities: | |||||
Payments for property, plant and equipment | (35,997) | (28,639) | (45,940) | ||
Proceeds from sale of property, plant, and equipment | - | 625 | 1,476 | ||
Restricted cash | - | - | (151) | ||
Other non-current assets | 2,119 | 1,960 | (8,210) | ||
Acquisition | (30,700) | (30,310) | - | ||
Purchases of available-for-sale securities | (1,392) | (1,370) | (837) | ||
Proceeds from sales/maturities of available-for-sale securities |
2,438
|
2,237
|
148,112
|
||
Net cash (used in) provided by investing activities |
(63,532)
|
(55,497)
|
94,450
|
||
Cash flows from financing activities: | |||||
Excess tax benefit related to stock-based compensation | 79 | 409 | 13 | ||
Mortgage liability | (10) | (10) | (10) | ||
Goodwill payments on expiring options and tender offer payments | (985) | (6,753) | (2,241) | ||
Cash settlement of vested restricted stock units | - | - | (801) | ||
Payouts under the RSU loan program | - | (27,376) | (5,825) | ||
Dividends paid | (60,961) | (62,303) | (60,104) | ||
Repayment of notes payable | (1,154) | (2,673) | - | ||
Issuance of common stock | (4,777) | (15,174) | - | ||
Common stock repurchases |
-
|
(235,131)
|
-
|
||
Net cash used in financing activities |
(67,808)
|
(349,011)
|
(68,968)
|
||
Net (decrease) increase in cash and cash equivalents | (25,375) | (332,994) | 181,625 | ||
Cash and cash equivalents: | |||||
Beginning of period |
718,200
|
1,051,194
|
1,007,426
|
||
End of period |
$ 692,825
|
$ 718,200
|
$ 1,189,051
|
||
Total cash, cash equivalents, and short-term investments |
$ 898,299
|
$ 925,459
|
$ 1,189,051
|
"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 financial projections for its fourth quarter of fiscal 2009 ending in June, which includes revenue, gross margin, operating expense and tax provision projections.. 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, 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 28, 2008.
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.
About Maxim
Maxim Integrated Products is a publicly traded company that designs, manufactures, and sells high-performance semiconductor products. The Company reported revenue in excess of $2 billion for fiscal 2008. Maxim was founded over 25 years ago with the mission to deliver innovative analog and mixed-signal engineering solutions that add value to its customers' products. To date, it has developed over 5900 products serving the industrial, communications, consumer, and computing markets. For more information, go to
www.maxim-ic.com.# # #
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