Maxim Integrated Products Inc. (MXIM, Financial) filed Quarterly Report for the period ended 2009-12-26.
Maxim Integrated Products Inc. has a market cap of $5.55 billion; its shares were traded at around $18.17 with a P/E ratio of 44.4 and P/S ratio of 3.4. The dividend yield of Maxim Integrated Products Inc. stocks is 4.4%. Maxim Integrated Products Inc. had an annual average earning growth of 7.2% over the past 10 years.MXIM is in the portfolios of Dodge & Cox, First Pacific Advisors of First Pacific Advisors, LLC, HOTCHKIS & WILEY of HOTCHKIS & WILEY Capital Management LLC, Chuck Royce of ROYCE & ASSOCIATES, Manning & Napier Advisors, Inc.
Research and development expenses were $118.4 million and $144.3 million for the three months ended December 26, 2009 and December 27, 2008, respectively, which represented 25.0% and 35.1% of net revenues, respectively. The decrease in research and development expenses was primarily attributable to a reduction in stock-based compensation expenses of $18.8 million as described below and a reduction in salaries and benefits of $5.7 million primarily attributable to the reduction from the transition of our field applications engineers and our business managers from research and development to selling, general and administrative functions.
Selling, general and administrative expenses were $116.3 million and $104.4 million for the six months ended December 26, 2009 and December 27, 2008, respectively, which represented 12.6% and 11.4% of net revenues, respectively. The increase in selling, general and administrative expenses was primarily due to a $19.1 million increase in salaries and benefits primarily due to a $16.5 million increase in salaries and benefits attributable to the transition of our field applications engineers and our business managers from research and development to selling, general and administrative functions. The increase in salaries and benefits was partially offset by a $14.6 million decrease in stock-based compensation expenses as described below.
In the three and six months ended December 26, 2009, the Company recorded an income tax provision of $54.1 million and $104.2 million, respectively, compared to an income tax benefit of $34.7 million and income tax provision of $0.4 million in the three and six months ended December 27, 2008, respectively.
Cash from operations for the six months ended December 26, 2009 decreased by approximately $60.0 million compared with six months ended December 27, 2008, while net income increased by $71.8 million. Non-cash adjustments decreased by approximately $143.0 million for the six months ended December 26, 2009 compared with the six months ended December 27, 2008, while working capital increases of $11.1 million used cash to offset the net income increase. Changes in working capital were adversely impacted primarily by an increase in the change in Accounts receivable of 132.3 millionbetween the six months ended December 26, 2009 and the six months ended December 27, 2008.
Net cash used in financing activities decreased by approximately $243.0 million for the six months ended December 26, 2009 compared with the six months ended December 27, 2008. This decrease was primarily due a decrease in repurchases of common stock of $170.7 million under our repurchase program commenced in October 2008 and reduced payments of $35.6 million associated with completion of the RSU loan program. In addition, payments to settle tendered options and expiring options under the goodwill programs reduced by $11.8 million, during fiscal year 2009. In addition, we received proceeds associated with shares issued under our employee stock purchase plan during the six months ended December 26, 2009 totaling $10.7 million.
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Maxim Integrated Products Inc. has a market cap of $5.55 billion; its shares were traded at around $18.17 with a P/E ratio of 44.4 and P/S ratio of 3.4. The dividend yield of Maxim Integrated Products Inc. stocks is 4.4%. Maxim Integrated Products Inc. had an annual average earning growth of 7.2% over the past 10 years.MXIM is in the portfolios of Dodge & Cox, First Pacific Advisors of First Pacific Advisors, LLC, HOTCHKIS & WILEY of HOTCHKIS & WILEY Capital Management LLC, Chuck Royce of ROYCE & ASSOCIATES, Manning & Napier Advisors, Inc.
Highlight of Business Operations:
Net revenues were $473.5 million and $410.7 million for the three months ended December 26, 2009 and December 27, 2008, respectively, an increase of 15.3%. Net revenues for the six months ended December 26, 2009 and December 27, 2008, were $922.8 million and $911.9 million, respectively, an increase of 1.2%. We classify our net revenue by four major end market categories: Communications, Computing, Consumer, and Industrial. Net shipments from Computing, Consumer and Industrial markets increased during the three months ended December 26, 2009 as compared to December 27, 2008 due to improved demand for our products in those markets. Net shipments increased for the six months ended December 26, 2009 as compared to December 27, 2008 primarily driven by an increase in Consumer shipments.Research and development expenses were $118.4 million and $144.3 million for the three months ended December 26, 2009 and December 27, 2008, respectively, which represented 25.0% and 35.1% of net revenues, respectively. The decrease in research and development expenses was primarily attributable to a reduction in stock-based compensation expenses of $18.8 million as described below and a reduction in salaries and benefits of $5.7 million primarily attributable to the reduction from the transition of our field applications engineers and our business managers from research and development to selling, general and administrative functions.
Selling, general and administrative expenses were $116.3 million and $104.4 million for the six months ended December 26, 2009 and December 27, 2008, respectively, which represented 12.6% and 11.4% of net revenues, respectively. The increase in selling, general and administrative expenses was primarily due to a $19.1 million increase in salaries and benefits primarily due to a $16.5 million increase in salaries and benefits attributable to the transition of our field applications engineers and our business managers from research and development to selling, general and administrative functions. The increase in salaries and benefits was partially offset by a $14.6 million decrease in stock-based compensation expenses as described below.
In the three and six months ended December 26, 2009, the Company recorded an income tax provision of $54.1 million and $104.2 million, respectively, compared to an income tax benefit of $34.7 million and income tax provision of $0.4 million in the three and six months ended December 27, 2008, respectively.
Cash from operations for the six months ended December 26, 2009 decreased by approximately $60.0 million compared with six months ended December 27, 2008, while net income increased by $71.8 million. Non-cash adjustments decreased by approximately $143.0 million for the six months ended December 26, 2009 compared with the six months ended December 27, 2008, while working capital increases of $11.1 million used cash to offset the net income increase. Changes in working capital were adversely impacted primarily by an increase in the change in Accounts receivable of 132.3 millionbetween the six months ended December 26, 2009 and the six months ended December 27, 2008.
Net cash used in financing activities decreased by approximately $243.0 million for the six months ended December 26, 2009 compared with the six months ended December 27, 2008. This decrease was primarily due a decrease in repurchases of common stock of $170.7 million under our repurchase program commenced in October 2008 and reduced payments of $35.6 million associated with completion of the RSU loan program. In addition, payments to settle tendered options and expiring options under the goodwill programs reduced by $11.8 million, during fiscal year 2009. In addition, we received proceeds associated with shares issued under our employee stock purchase plan during the six months ended December 26, 2009 totaling $10.7 million.
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