Maxim Integrated Reports Results For The First Quarter Of Fiscal 2016

 











ANALYSIS OF GAAP VERSUS GAAP EXCLUDING SPECIAL ITEMS DISCLOSURES



(Unaudited)





Three Months Ended





September 26,


June 27, 


September 27,





2015


2015


2014





(in thousands, except per share data)



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









GAAP gross profit


$            286,351


$           303,701


$            338,821



GAAP gross profit %


50.9%


52.1%


58.4%












Special items:









Intangible asset amortization


16,638


18,116


18,750



Accelerated depreciation (1)


43,631


32,765


-



 Total special items 


60,269


50,881


18,750



 GAAP gross profit excluding special items 


$            346,620


$           354,582


$            357,571



 GAAP gross profit % excluding special items 


61.6%


60.9%


61.6%












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









GAAP operating expenses


$            362,116


$           208,753


$            237,863












Special items:









Intangible asset amortization


3,591


3,618


4,327



Impairment of long-lived assets (2)


157,697


549


10,226



Severance and restructuring (3)


7,126


12,798


1,385



Other operating expenses (income), net  (4)


315


(2,296)


1,574



 Total special items 


168,729


14,669


17,512



 GAAP operating expenses excluding special items 


$            193,387


$           194,084


$            220,351












Reconciliation of GAAP net income (loss) to GAAP net income excluding special items:









GAAP net income (loss)


$            (72,143)


$             98,659


$              99,980












Special items:









Intangible asset amortization


20,229


21,734


23,077



Accelerated depreciation (1)


43,631


32,765


-



Impairment of long-lived assets (2)


157,697


549


10,226



Severance and restructuring (3)


7,126


12,798


1,385



Other operating expenses (income), net (4)


315


(2,296)


1,574



Interest and other expense (income), net (5)


(109)


(35,849)


-



 Pre-tax total special items 


228,889


29,701


36,262



Reversal of tax reserves (6)


-


-


(21,747)



Other income tax effects and adjustments (7)


(36,434)


(4,267)


(5,873)



 GAAP net income excluding special items 


$           120,312


$           124,093


$           108,622












 GAAP net income per share excluding special items: 









Basic


$                 0.42


$                0.44


$                0.38



Diluted


$                 0.42


$                0.43


$                0.38












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









Basic


284,588


284,202


284,086



Diluted (8)


288,897


289,346


289,430











(1)

Building and equipment accelerated depreciation related to San Jose and Dallas manufacturing facilities.


(2)

Includes impairment charges related to the San Antonio wafer manufacturing facility, and other impairment of wafer manufacturing equipment, end of line test equipment, and software.


(3)

Includes severance charges associated with several reorganizations, primarily various business units and manufacturing operations.


(4)

Other operating expenses (income), net are primarily for loss (gain) relating to sale of assets, and expected loss on lease abandonment.


(5)

Includes sale of a business and impairment of investments in privately-held companies.


(6)

Includes reversal of tax reserves related to the favorable settlement of a foreign tax issue.


(7)

Includes tax effect of pre-tax special items and miscellaneous tax adjustments.


(8)

Shares used in diluted earnings per share excluding special items differs from GAAP loss per share due to net income on a non-GAAP basis.





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