Maxim Integrated Reports Results For The Fourth Quarter Of Fiscal 2014; Increases Dividend By 8%

 

 

ANALYSIS OF GAAP VERSUS GAAP EXCLUDING SPECIAL ITEMS DISCLOSURES

(Unaudited)



Three Months Ended


Year Ended



June 28,


March 29,


June 29,


June 28,


June 29,



2014


2014


2013


2014


2013



(in thousands, except per share data)

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











GAAP gross profit


$           368,960


$              339,937


$           371,399


$    1,384,765


$    1,496,567

GAAP gross profit %


57.4%


56.1%


61.1%


56.4%


61.3%












Special items:











      Intangible asset amortization


18,750


18,542


7,777


64,483


33,994

      Acquisition-related inventory write-up


371


5,518


-


18,955


-

 Total special items 


19,121


24,060


7,777


83,438


33,994

 GAAP gross profit excluding special items 


$           388,081


$              363,997


$           379,176


$    1,468,203


$    1,530,561

 GAAP gross profit % excluding special items 


60.4%


60.1%


62.3%


59.8%


62.7%












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











GAAP operating expenses


$           252,410


$              233,199


$           220,309


$       962,474


$       908,248












Special items:











      Intangible asset amortization 


4,423


4,863


3,670


17,690


15,525

      Impairment of long-lived assets (1)


6,447


-


-


11,644


24,929

     Severance and restructuring 


5,790


3,338


442


24,902


2,829

     Acquisition-related costs 


-


(88)


-


6,983


-

     Other operating expenses (income), net (2) 


8,795


2,913


2,105


18,353


5,864

 Total special items 


25,455


11,026


6,217


79,572


49,147

 GAAP operating expenses excluding special items 


$           226,955


$              222,173


$           214,092


$       882,902


$       859,101












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











GAAP net income


$             84,793


$              122,544


$           119,014


$       354,810


$       454,912












Special items:











      Intangible asset amortization 


23,173


23,405


11,447


82,173


49,519

      Acquisition-related inventory write-up 


371


5,518


-


18,955


-

      Impairment of long-lived assets (1)


6,447


-


-


11,644


24,929

     Severance and restructuring 


5,790


3,338


442


24,902


2,829

     Acquisition-related costs 


-


(88)


-


6,983


-

     Other operating expenses (income), net (2) 


8,795


2,913


2,105


18,353


5,864

      Interest and other expense, net (3) 


2,432


3,723


700


6,155


700

              Pre-tax total special items 


47,008


38,809


14,694


169,165


83,841

     Tax effect of special items 


(6,850)


(3,658)


(4,231)


(19,383)


(22,963)

     Fixed asset tax basis adjustment (4) 


(1,041)


(34,562)


-


(35,603)


-

     International restructuring implementation 


-


-


-


-


18,726

     Fiscal year 2012 research & development tax credits 


-


-


-


-


(3,899)

     Income from discontinued operations, net of tax (5)


-


-


-


-


(2,603)

 GAAP net income excluding special items 


$           123,910


$              123,133


$           129,477


$       468,989


$       528,014












 GAAP net income per share excluding special items: 











    Basic 


$             0.44


$                0.44


$             0.45


$         1.66


$         1.81

    Diluted 


$             0.43


$                0.43


$             0.44


$         1.62


$         1.77












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











    Basic


283,431


282,627


290,146


283,344


291,835

    Diluted 


289,487


288,575


296,756


289,108


298,596












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

(2) Other operating expenses (income), net are primarily for legal settlement, legal expenses related to Volterra acquisition, reserve for uncollectible note related to a divestiture, contingent consideration adjustments related to certain acquisitions, in-process research and development abandoned, loss (gain) relating to sale of land and buildings,expected loss on lease abandonment,and certain payroll taxes.

(3) Includes impairment of investment in privately-held companies.

(4) Includes one-time fixed asset tax basis adjustments relating to prior year depreciation expense.

(5) Includes gain on sale, net of tax relating to certain business divested.



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