Maxim Integrated Products, Inc. reported net revenue of $605 million for its second quarter of fiscal 2013 ended December 29, 2012, a 3% decrease from $623 million revenue recorded in the prior quarter.
Tunc Doluca, President and Chief Executive Officer, commented, “We are pleased that the breadth of our businesses allowed us to achieve revenues near the midpoint of our guidance range despite ongoing uncertainty. We have an attractive product portfolio with design wins for new model launches in the mobility market and we are also well positioned to benefit from a recovery in the industrial and communications markets.”
Based on Generally Accepted Accounting Principles (GAAP), diluted earnings per share in the December quarter was $0.26. The results were affected by special items which primarily consisted of; $13 million pre-tax charge for acquisition related items, $22 million pre-tax charge for impairment of long-lived assets, and $19 million tax charge for international restructuring.
At the end of the second quarter of fiscal 2013, total cash, cash equivalents and short term investments was $1.03 billion, an increase of $105 million from the prior quarter. Notable items include: Cash flow from operations: $255 million. Net capital expenditures: $58 million. Dividends: $70 million ($0.24 per share). Stock repurchases: $50 million.
The Company’s 90 day backlog at the beginning of the third fiscal quarter of 2013 was $353 million. Based on our beginning backlog and expected turns, results for the March 2013 quarter are expected to be: Revenue: $580 million to $610 million. Gross Margin: 58% to 61% GAAP (60% to 63% excluding special expense items). EPS: $0.39 to $0.43 GAAP ($0.39 to $0.43 excluding special expense items).