Analog Devices Reports Second Quarter Fiscal Year 2015 Results

Investors should consider our non-GAAP financial measures in conjunction with the corresponding GAAP measures.

About Analog Devices

Analog Devices designs and manufactures semiconductor products and solutions. We enable our customers to interpret the world around us by intelligently bridging the physical and digital with unmatched technologies that sense, measure and connect. Visit http://www.analog.com

This release may be deemed to contain forward-looking statements intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, among other things, our statements regarding expected revenue, earnings per share, gross margin, operating expenses, interest and other expense, tax rate, and other financial results, expected operating leverage, production and inventory levels, expected market trends, and expected customer demand and order rates for our products, that are based on our current expectations, beliefs, assumptions, estimates, forecasts, and projections about our business and the industry and markets in which Analog Devices operates. The statements contained in this release are not guarantees of future performance, are inherently uncertain, involve certain risks, uncertainties, and assumptions that are difficult to predict, and do not give effect to the potential impact of any mergers, acquisitions, divestitures, or business combinations that may be announced or closed after the date hereof. Therefore, actual outcomes and results may differ materially from what is expressed in such forward-looking statements, and such statements should not be relied upon as representing Analog Devices’ expectations or beliefs as of any date subsequent to the date of this press release. We do not undertake any obligation to update forward-looking statements made by us. Important factors that may affect future operating results include: any faltering in global economic conditions or the stability of credit and financial markets, erosion of consumer confidence and declines in customer spending, unavailability of raw materials, services, supplies or manufacturing capacity, changes in geographic, product or customer mix, our ability to successfully integrate acquired businesses and technologies, adverse results in litigation matters, and other risk factors described in our most recent filings with the Securities and Exchange Commission. Our results of operations for the periods presented in this release are not necessarily indicative of our operating results for any future periods. Any projections in this release are based on limited information currently available to Analog Devices, which is subject to change. Although any such projections and the factors influencing them will likely change, we will not necessarily update the information, as we will only provide guidance at certain points during the year. Such information speaks only as of the original issuance date of this release.

Analog Devices and the Analog Devices logo are registered trademarks or trademarks of Analog Devices, Inc. All other trademarks mentioned in this document are the property of their respective owners.

 
 
Analog Devices, Second Quarter, Fiscal 2015
 

Schedule A

Revenue and Earnings Summary (Unaudited)
(In thousands, except per-share amounts)
             
             
Three Months Ended
2Q 15 1Q 15 2Q 14
 
        May 2,

2015

    Jan. 31,

2015

    May 3,

2014

Revenue $ 821,019 $ 771,986 $ 694,536
Year-to-year change 18% 23% 5%
Quarter-to-quarter change 6% -5% 11%
Cost of sales (1)         276,197       268,379       235,793
Gross margin 544,822 503,607 458,743
Gross margin percentage 66.4% 65.2% 66.1%
Year-to-year change (basis points) 30 10 210
Quarter-to-quarter change (basis points)         120       550       100
Operating expenses:
R&D (1) 154,233 151,706 136,203
Selling, marketing and G&A (1) 117,371 120,171 102,085
Amortization of intangibles         24,210       23,796       55
Total operating expenses 295,814 295,673 238,343
Total operating expenses percentage 36.0% 38.3% 34.3%
Year-to-year change (basis points) 170 180 -70
Quarter-to-quarter change (basis points)         -230       -300       -220
Operating income 249,008 207,934 220,400
Operating income percentage 30.3% 26.9% 31.7%
Year-to-year change (basis points) -140 -170 270
Quarter-to-quarter change (basis points)         340       850       310
Other expense         3,819       7,164       3,032
Income before income tax 245,189 200,770 217,368
Provision for income taxes 39,851 22,013 29,935
Tax rate percentage         16.3%       11.0%       13.8%
Net income       $ 205,338     $ 178,757     $ 187,433
 
Shares used for EPS - basic 312,660 311,274 313,488
Shares used for EPS - diluted 317,047 315,684 318,347
 
Earnings per share - basic $ 0.66 $ 0.57 $ 0.60
Earnings per share - diluted $ 0.65 $ 0.57 $ 0.59
 
Dividends paid per share       $ 0.40     $ 0.37     $ 0.37
 
(1) Includes stock-based compensation expense as follows:
Cost of sales $ 2,207 $ 2,392 $ 1,417
R&D $ 6,416 $ 6,874 $ 4,278
Selling, marketing and G&A $ 7,478 $ 11,105 $ 4,847
 
 

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