Maxim Integrated Products Inc. (MXIM, Financial) filed Quarterly Report for the period ended 2010-09-25.
Maxim Integrated Products Inc. has a market cap of $6.43 billion; its shares were traded at around $21.63 with a P/E ratio of 21.6 and P/S ratio of 3.2. The dividend yield of Maxim Integrated Products Inc. stocks is 3.9%.MXIM is in the portfolios of Dodge & Cox, First Pacific Advisors of First Pacific Advisors, LLC, Louis Moore Bacon of Moore Capital Management, LP, Paul Tudor Jones of The Tudor Group, HOTCHKIS & WILEY of HOTCHKIS & WILEY Capital Management LLC, Steven Cohen of SAC Capital Advisors, George Soros of Soros Fund Management LLC, Chuck Royce of Royce& Associates.
Research and development expenses were $127.8 million and $116.3 million for the three months ended September 25, 2010 and September 26, 2009, respectively, which represented 20.4% and 25.9% of net revenues, respectively. The $11.5 million increase in research and development expenses was primarily attributable to an increase in salaries, bonuses, and benefits of $9.1 million, most of which is related to higher bonus levels in connection with increased profitability for first quarter of fiscal year 2011.
Selling, general and administrative expenses were $72.1 million and $53.5 million for the three months ended September 25, 2010 and September 26, 2009, respectively, which represented 11.5% and 11.9% of net revenues, respectively. The $18.6 million increase in selling, general and administrative expenses was primarily attributable to an increase in salaries, bonuses, and benefits of $11.8 million.
Intangible asset amortization expenses were $6.0 million and $1.8 million for the three months ended September 25, 2010 and September 26, 2009, respectively. The $4.2 million increase in intangible asset amortization expenses is primarily attributable to the acquisition of Phyworks in the first quarter of fiscal year 2011 and the acquisition of Teridian in the fourth quarter of fiscal year 2010.
Cash from operations for the three months ended September 25, 2010 increased by approximately $20.0 million compared with three months ended September 26, 2009. This is due to increases in net income of $75.6 million, increases in non-cash adjustments of $83.6 million, primarily related to a decrease in deferred tax assets, which were offset by a decrease in other working capital changes of $139.2 million, which was negatively impacted by the payment of $173.0 million related to the litigation settlement. (See Note 11: Commitments and Contingencies)
Cash provided by investing activities decreased $182.2 million for the three months ended September 25, 2010 compared with the three months ended September 26, 2009. The decrease in cash provided by investing activities is primarily due to maturity of short-term investments of $100.2 million during the three months ended September 26, 2009, as the Company shifted its investment portfolio to money market funds, and cash used for acquisitions, which increased to $73.1 million during the three months ended September 25, 2010 as compared with $4.0 million during the three months ended September 26, 2009. Additionally, cash used in investing activities for the three months ended September 25, 2010 and the three months ended September 26, 2009 included capital expenditures of $38.5 million and $26.5 million, respectively.
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Maxim Integrated Products Inc. has a market cap of $6.43 billion; its shares were traded at around $21.63 with a P/E ratio of 21.6 and P/S ratio of 3.2. The dividend yield of Maxim Integrated Products Inc. stocks is 3.9%.MXIM is in the portfolios of Dodge & Cox, First Pacific Advisors of First Pacific Advisors, LLC, Louis Moore Bacon of Moore Capital Management, LP, Paul Tudor Jones of The Tudor Group, HOTCHKIS & WILEY of HOTCHKIS & WILEY Capital Management LLC, Steven Cohen of SAC Capital Advisors, George Soros of Soros Fund Management LLC, Chuck Royce of Royce& Associates.
Highlight of Business Operations:
Our gross margin percentage was 61.7% and 56.0% for the three months ended September 25, 2010 and September 26, 2009, respectively. The gross margin percentage for the three months ended September 25, 2010, as compared to the three months ended September 26, 2009, increased primarily due to improved factory utilization and decreased inventory write-downs of $3.7 million. These improvements were offset by a $4.0 million increase in intangible asset amortization and $4.4 million of expense related to the write-up of acquired inventory due to acquisitions.Research and development expenses were $127.8 million and $116.3 million for the three months ended September 25, 2010 and September 26, 2009, respectively, which represented 20.4% and 25.9% of net revenues, respectively. The $11.5 million increase in research and development expenses was primarily attributable to an increase in salaries, bonuses, and benefits of $9.1 million, most of which is related to higher bonus levels in connection with increased profitability for first quarter of fiscal year 2011.
Selling, general and administrative expenses were $72.1 million and $53.5 million for the three months ended September 25, 2010 and September 26, 2009, respectively, which represented 11.5% and 11.9% of net revenues, respectively. The $18.6 million increase in selling, general and administrative expenses was primarily attributable to an increase in salaries, bonuses, and benefits of $11.8 million.
Intangible asset amortization expenses were $6.0 million and $1.8 million for the three months ended September 25, 2010 and September 26, 2009, respectively. The $4.2 million increase in intangible asset amortization expenses is primarily attributable to the acquisition of Phyworks in the first quarter of fiscal year 2011 and the acquisition of Teridian in the fourth quarter of fiscal year 2010.
Cash from operations for the three months ended September 25, 2010 increased by approximately $20.0 million compared with three months ended September 26, 2009. This is due to increases in net income of $75.6 million, increases in non-cash adjustments of $83.6 million, primarily related to a decrease in deferred tax assets, which were offset by a decrease in other working capital changes of $139.2 million, which was negatively impacted by the payment of $173.0 million related to the litigation settlement. (See Note 11: Commitments and Contingencies)
Cash provided by investing activities decreased $182.2 million for the three months ended September 25, 2010 compared with the three months ended September 26, 2009. The decrease in cash provided by investing activities is primarily due to maturity of short-term investments of $100.2 million during the three months ended September 26, 2009, as the Company shifted its investment portfolio to money market funds, and cash used for acquisitions, which increased to $73.1 million during the three months ended September 25, 2010 as compared with $4.0 million during the three months ended September 26, 2009. Additionally, cash used in investing activities for the three months ended September 25, 2010 and the three months ended September 26, 2009 included capital expenditures of $38.5 million and $26.5 million, respectively.
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