Maxim Integrated Reports Results For The First Quarter Of Fiscal 2015

 

 











ANALYSIS OF GAAP VERSUS GAAP EXCLUDING SPECIAL ITEMS DISCLOSURES



(Unaudited)





Three Months Ended





September 27,


June 28,


September 28,





2014


2014


2013





(in thousands, except per share data)



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









GAAP gross profit


$ 338,821


$ 368,960


$ 347,196



GAAP gross profit %


58.4%


57.4%


59.3%












Special items:









      Intangible asset amortization


18,750


18,750


8,092



      Acquisition-related inventory write-up


-

-

371


-



 Total special items 


18,750


19,121


8,092



 GAAP gross profit excluding special items 


$ 357,571


$ 388,081


$ 355,288



 GAAP gross profit % excluding special items 


61.6%


60.4%


60.7%












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









GAAP operating expenses


$ 237,863


$ 252,410


$ 218,587












Special items:









      Intangible asset amortization 


4,327


4,423


3,436



      Impairment of long-lived assets (1)


10,226


6,447


-



     Severance and restructuring (2) 


1,385


5,790


5,547



     Other operating expenses (income), net (3) 


1,574


8,795


2,272



 Total special items 


17,512


25,455


11,255



 GAAP operating expenses excluding special items 


$ 220,351


$ 226,955


$ 207,332












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









GAAP net income


$   99,980


$   84,793


$ 103,120












Special items:









      Intangible asset amortization 


23,077


23,173


11,528



      Acquisition-related inventory write-up 


-


371


-



      Impairment of long-lived assets (1)


10,226


6,447


-



     Severance and restructuring (2) 


1,385


5,790


5,547



     Other operating expenses (income), net (3) 


1,574


8,795


2,272



      Interest and other expense, net (4) 


-


2,432


-



              Pre-tax total special items 


36,262


47,008


19,347



     Tax effect of special items 


(5,873)


(6,850)


(2,981)



     Fixed asset tax basis adjustment (5) 


-


(1,041)


-



   Reversal of tax reserves (6) 


(21,747)


-


-



 GAAP net income excluding special items 


$ 108,622


$ 123,910


$ 119,486












 GAAP net income per share excluding special items: 









    Basic 


$   0.38


$   0.44


$   0.42



    Diluted 


$   0.38


$   0.43


$   0.41












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









    Basic


284,086


283,431


284,654



    Diluted 


289,430


289,487


290,260












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



(2) include severance charges associated with the reorganizaton of various business units and manufacturing operations.



(3) Other operating expenses (income), net are primarily for loss (gain) relating to sale of land and buildings, reserve for uncollectible note related to a divestiture, expected loss on rent expense, and contingent consideration adjustments related to certain acquisitions.



(4) Includes impairment of investment in a privately-held company.



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



(6) Reversal of tax reserves related to the favorable settlement of a foreign tax issue.






« Previous Page 1 | 2 | 3 | 4 | 5  Next Page »



Review Article Be the first to review this article
Aldec

Featured Video
Jobs
Currently No Featured Jobs
Upcoming Events
RFIT 2018 at Rendezvous Hotel Flinders Street Melbourne Australia - Aug 15 - 17, 2018
ICWSNUCA 2018 at Hyderabad India - Aug 24 - 25, 2018
CDNLive India 2018 at Hotel Park Plaza 90-4, Outer Ring Road, Marathahalli Bengaluru India - Sep 6 - 7, 2018
FDL 2018 at TUM Institute for Advanced Study (TUM-IAS) Munich Germany - Sep 10 - 12, 2018
DownStream: Solutions for Post Processing PCB Designs
TrueCircuits: IoTPLL



Internet Business Systems © 2018 Internet Business Systems, Inc.
25 North 14th Steet, Suite 710, San Jose, CA 95112
+1 (408) 882-6554 — Contact Us, or visit our other sites:
AECCafe - Architectural Design and Engineering TechJobsCafe - Technical Jobs and Resumes GISCafe - Geographical Information Services  MCADCafe - Mechanical Design and Engineering ShareCG - Share Computer Graphic (CG) Animation, 3D Art and 3D Models
  Privacy PolicyAdvertise