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Maxim Integrated Products Inc. Reports Operating Results (10-Q)

October 26, 2012 | About:
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10qk

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Maxim Integrated Products Inc. (MXIM) filed Quarterly Report for the period ended 2012-09-29.

Maxim Integrated Products Inc. has a market cap of $7.77 billion; its shares were traded at around $27.77 with a P/E ratio of 16.9 and P/S ratio of 3.2. The dividend yield of Maxim Integrated Products Inc. stocks is 3.6%. Maxim Integrated Products Inc. had an annual average earning growth of 7.2% over the past 5 years.
This is the annual revenues and earnings per share of MXIM over the last 10 years. For detailed 10-year financial data and charts, go to 10-Year Financials of MXIM.


Highlight of Business Operations:

Net revenues were $623.1 million and $636.0 million for the three months ended September 29, 2012 and September 24, 2011, respectively, a decrease of 2.0%. We classify our net revenue by four major end market categories: Communications, Computing, Consumer and Industrial. Net shipments decreased during the three months ended September 29, 2012 as compared to the three months ended September 24, 2011 due to reduced demand for our products in the communications, computing and industrial markets.

During the three months ended September 29, 2012 and September 24, 2011, approximately 91% and 88% of net revenues, respectively, were derived from customers outside of the United States. While the majority of these sales are denominated in U.S. dollars, we enter into foreign currency forward contracts to mitigate our risks on firm commitments and net monetary assets and liabilities denominated in foreign currencies. The impact of changes in foreign exchange rates on our revenue and results of operations for the three months ended September 29, 2012 and September 24, 2011 was immaterial.

Research and development expenses were $132.9 million and $140.2 million for the three months ended September 29, 2012 and September 24, 2011, respectively, which represented 21.3% and 22.0% of net revenues, respectively. The $7.3 million decrease was primarily attributable to a decrease in salaries and related expenses of $3.4 million relating to decreased headcount and a decrease in mask expenses by $3.2 million.

Selling, general and administrative expenses were $80.2 million and $82.5 million for the three months ended September 29, 2012 and September 24, 2011, respectively, which represented 12.9% and 13.0% of net revenues, respectively. The $2.3 million decrease was primarily attributable to lower legal expense related to acquisitions.

At September 29, 2012 and June 30, 2012, our current quarter backlog was approximately $400 million and $393 million, respectively. We include in backlog orders with customer request dates within the next three months. As is customary in the semiconductor industry, these orders may be canceled in most cases without penalty to customers. In addition, backlog includes orders from domestic distributors for which revenues are not recognized until the products are sold by the distributors. Accordingly, we believe that our backlog is not a reliable measure of future revenues. All backlog numbers have been adjusted for estimated future U.S. distribution ship and debit pricing adjustments.

Read the The complete Report

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