Maxim Integrated Products Inc (MXIM) 10-Q Quarterly Report Fri Jan 27 2017

SAN JOSE, CA - January 26, 2017 - Maxim Integrated Products, Inc. (NASDAQ:MXIM) reported net revenue of $551 million for its second quarter of fiscal 2017 ended December 24, 2016, a 2% decrease from the $561 million revenue recorded in the prior quarter, and an 8% increase from the same quarter of last year.

Tunc Doluca, President and Chief Executive Officer, commented, “Our December quarter marked the beginning of our return to revenue growth, as Automotive, Core Industrial and diversification in Consumer all contributed gains from the same quarter last year.” Mr. Doluca continued, “In the March quarter, we expect to build upon our growth momentum in our Automotive and Industrial businesses.”

Fiscal Year 2017 Second Quarter Results

Based on Generally Accepted Accounting Principles (GAAP), diluted earnings per share in the December quarter was $0.45. The results were affected by pre-tax special items which primarily consisted of $14 million in charges related to acquisitions, a $5 million gain on the sale of available-for-sale securities, and $4 million in charges related to restructuring activities. GAAP earnings per share, excluding special items was $0.46. An analysis of GAAP versus GAAP excluding special items is provided in the last table of this press release.

The following information was filed by Maxim Integrated Products Inc (MXIM) on Thursday, January 26, 2017 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Maxim Integrated Products Inc's 10-Q Quarterly Report:

Revenue - Product Highlight
This increase was partially offset by $42.2 million in proceeds from the sale of our micro-electromechanical systems MEMS business, $51.0 million of proceeds from the sale of available-for-sale securities related to the sale of our wafer manufacturing facility in San Antonio, Texas, and $25.0 million of proceeds from the maturity of U.S. treasury securities.

Financial - Dividend Highlight
The increase was due primarily to the repayment of our $250.0 million credit agreement, $56.1 million in additional repurchases of our common stock, $30.4 million less proceeds received from employee stock option exercises, and $16.1 million in additional dividends paid.
Financial - Earnings Highlight
Our gross margin increased by 7.8%, primarily driven by higher accelerated depreciation in fiscal year 2016 relating to the San Jose wafer fabrication facility shutdown 4.0% improvement to margin.
Financial - Earnings Highlight
Our gross margin increased by 4.5%, primarily due to realization of benefits from our manufacturing transformation and increased utilization of our factory network.
Financial - Income Highlight
This net increase in other operating income of $26.5 million was primarily driven by the $26.6 million gain on the sale of micro-electromechanical systems MEMS business line during the first quarter of fiscal 2017.
Other - Other
Cash provided by operating activities...Read more
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Other - Other
Our management, including the CEO...Read more
Legal - Other
Maxim Integrated Products, Inc. ...Read more
Financial - Earnings
This increase was partially offset...Read more
Financial - Earnings
The remaining increase to gross...Read more
Financial - Income
Attached as Exhibit 101 to...Read more
Other - Other
The following table summarizes the...Read more
Other - Other
Our effective tax rate for...Read more
Revenue - Product
On April 13, 2016, we...Read more
Financial - Expense
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Financial - Cash Flow
Financing cash flows consist primarily...Read more

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Material Contracts, Statements, Certifications & more

Maxim Integrated Products Inc provided additional information to their SEC Filing as exhibits

Exhibit 3.1: Articles Of Incorporation

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32.1: Section 1350 Certification

Exhibit 32.2: Section 1350 Certification

Ticker: MXIM
CIK: 743316
Form Type: 10-Q Quarterly Report
Accession Number: 0000743316-17-000005
Submitted to the SEC: Fri Jan 27 2017 4:18:46 PM EST
Accepted by the SEC: Fri Jan 27 2017
Period: Saturday, December 24, 2016
Industry: Semiconductors And Related Devices

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Maxim Integrated Products Inc (MXIM) SEC Filing 10-Q Quarterly report for the period ending Saturday, December 24, 2016

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