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Maxim Integrated Products Inc. Reports Operating Results (10-K)
Posted by: gurufocus (IP Logged)
Date: August 17, 2012 04:22PM
Maxim Integrated Products Inc. (MXIM) filed Annual Report for the period ended 2012-06-30. Maxim Integrated Products Inc. has a market cap of $8.33 billion; its shares were traded at around $28.79 with a P/E ratio of 18 and P/S ratio of 3.5. The dividend yield of Maxim Integrated Products Inc. stocks is 3.1%. Maxim Integrated Products Inc. had an annual average earning growth of 8% over the past 5 years.
Highlight of Business Operations:We derived approximately 29% of our fiscal year 2012 revenue from sales made through distributors. Our primary distributor is Avnet Electronics which accounted for 13%, 14% and 12% of our revenues in fiscal years 2012, 2011 and 2010, respectively. Avnet, like our other distributors, is not an end customer, but rather serves as a channel of sale to many end users of the Company's products. Samsung, our largest single customer, accounted for approximately 20%, 12% and 12% of net revenues in fiscal years 2012, 2011 and 2010, respectively. No single product accounted for more than 10% of net revenues in fiscal years 2012, 2011 and 2010. Based on customers' ship-to locations, international sales accounted for approximately 88%, 85% and 85% of net revenues in fiscal years 2012, 2011 and 2010, respectively. See Note 12, "Segment Information" in the Notes to Consolidated
We reported net revenues of $2,403.5 million, $2,472.3 million and $1,997.6 million in fiscal years 2012, 2011 and 2010, respectively. Our net revenues in fiscal year 2012 decreased by 3% compared to our net revenues in fiscal year 2011. This decrease occurred primarily due to decreased demand for our products in three of our end markets. Revenue from communications products, computing products and industrial products were down 21%, 19% and 10%, respectively. These decreases were offset by increases in consumer products revenues of 21%, primarily from cell phones and smart phones.
Other operating (income) expenses, net were $(11.2) million and $19.1 million in fiscal years 2012 and 2011, respectively, which represented (0.5)% and 0.8% of net revenues, respectively. The decrease in other operating (income) expenses, net was attributable to the gain of $6.5 million from sale of one of our facilities in the third quarter of fiscal year 2012, the loss of $14.3 million incurred in the second quarter of fiscal year 2011 on the sale of the Sunnyvale headquarters and a decrease in payroll tax and related adjustments of $11.0 million.
Interest (expense) income and other, net were $(2.1) million in fiscal year 2012 and $(11.4) million in fiscal year 2011, which represented (0.1)% and (0.5)% of net revenues, respectively. The lower expense was attributable to more gain on derivatives, disposal of fixed assets and foreign currency translation of $3.5 million, $2.7 million and $1.7 million, respectively.
Interest (expense) income and other, net were $(11.4) million in fiscal year 2011 and $8.0 million in fiscal year 2010, which represented (0.5)% and 0.4% of net revenues, respectively. The change was partially attributable to an increase of interest expense of $10.7 million related to our $300 million long-term debt issued in June 2010, a $4.6 million increase in foreign exchange losses in 2011 as compared to foreign exchange gains in 2010, and a reduction in interest income of $2.9 million resulting from lower average interest rates and reduced average cash and short term investment balances.
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