Maxim Integrated Reports Results For The Second Quarter Of Fiscal 2014

 

 

ANALYSIS OF GAAP VERSUS GAAP EXCLUDING SPECIAL ITEMS DISCLOSURES


(Unaudited)




Three Months Ended




December 28,


September 28,


December 29,




2013


2013


2012




(in thousands, except per share data)


Reconciliation of GAAP gross profit to GAAP gross profit excluding special items:








GAAP gross profit


$       328,672


$        347,196


$       363,375


GAAP gross profit %


53.0%


59.3%


60.0%










Special items:








      Intangible asset amortization 


19,098


8,092


8,986


      Acquisition-related inventory write-up


13,066


-


-


 Total special items 


32,164


8,092


8,986


 GAAP gross profit excluding special items 


$       360,836


$        355,288


$       372,361


 GAAP gross profit % excluding special items 


58.2%


60.7%


61.5%










Reconciliation of GAAP operating expenses to GAAP operating expenses excluding special items:








GAAP operating expenses


$       252,277


$        218,587


$       245,827










Special items:








   Intangible asset amortization 


4,968


3,436


3,903


   Impairment of long-lived assets (1) 


5,197


-


22,222


   Severance and restructuring (2) 


10,227


5,547


2,236


     Acquisition-related costs


4,137


2,934


-


   Other operating expenses (income), net (3) 


1,306


(662)


1,666


 Total special items 


25,835


11,255


30,027


 GAAP operating expenses excluding special items 


$       226,442


$        207,332


$       215,800










Reconciliation of GAAP net income to GAAP net income excluding special items:








GAAP net income


$         49,322


$        103,120


$         76,622










Special items:








      Intangible asset amortization


24,066


11,528


12,889


      Acquisition-related inventory write-up


13,066


-


-


      Impairment of long-lived assets (1)


5,197


-


22,222


     Severance and restructuring (2) 


10,227


5,547


2,236


     Acquisition-related costs


4,137


2,934


-


     Other operating expenses (income) , net (3) 


1,306


(662)


1,666


                     Pre-tax total special items 


57,999


19,347


39,013


     Tax effect of special items 


(4,862)


(2,981)


(9,555)


     International restructuring implementation  


-


-


18,726


 GAAP net income excluding special items 


$       102,459


$        119,486


$       124,806










 GAAP net income per share excluding special items: 








    Basic 


$         0.36


$          0.42


$         0.43


    Diluted 


$         0.36


$          0.41


$         0.42










Shares used in the calculation of earnings per share excluding special items: 








    Basic


282,664


284,654


292,075


    Diluted 


288,565


290,260


298,759










(1) Includes impairment charges relating to fab tools, land and buildings held-for-sale, and end of line manufacturing equipment.


(2) Includes severance & retention charges and lease abandonment charges related to the Volterra acquisition, and severance charges related to the reorganization of various business units and manufacturing operations.


(3) Other operating expenses (income), net are primarily for contingent consideration adjustments related to certain acquisitions and certain payroll taxes.





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