Maxim Integrated Reports Results For The Fourth Quarter Of Fiscal 2016, Increases Dividend By 10%

 















ANALYSIS OF GAAP VERSUS GAAP EXCLUDING SPECIAL ITEMS DISCLOSURES



(Unaudited)





Three Months Ended


Year Ended





June 25,


March 26,


June 27,


June 25,


June 27,





2016


2016


2015


2016


2015





(in thousands, except per share data)



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













GAAP gross profit


$           347,027


$              318,841


$           303,701


$     1,244,388


$     1,271,867



GAAP gross profit %


61.3%


57.4%


52.1%


56.7%


55.1%
















Special items:













Intangible asset amortization


11,829


11,829


18,116


55,030


74,366



Accelerated depreciation (1)


4,098


4,066


32,765


53,827


51,494



Other cost of goods sold (2)


-


6,123


-


6,123


-



 Total special items 


15,927


22,018


50,881


114,980


125,860



 GAAP gross profit excluding special items 


$           362,954


$              340,859


$           354,582


$     1,359,368


$     1,397,727



 GAAP gross profit % excluding special items 


64.1%


61.4%


60.9%


61.9%


60.6%
















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













GAAP operating expenses


$           224,654


$              141,133


$           208,753


$        930,539


$     1,034,587
















Special items:













Intangible asset amortization 


2,538


2,538


3,618


12,205


16,077



Impairment of long-lived assets (3)


429


506


549


160,582


67,042



Impairment of goodwill and intangible assets 


27,602


-


-


27,602


93,010



 Severance and restructuring  


4,149


2,552


12,798


24,479


30,642



 Other operating expenses (income), net (4) 


4,962


(55,419)


(2,296)


(50,389)


(2,021)



 Total special items 


39,680


(49,823)


14,669


174,479


204,750



 GAAP operating expenses excluding special items 


$           184,974


$              190,956


$           194,084


$        756,060


$        829,837
















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













GAAP net income (loss)


$             92,339


$              139,810


$             98,659


$        227,475


$        206,038
















Special items:













Intangible asset amortization 


14,367


14,367


21,734


67,235


90,443



Accelerated depreciation (1)


4,098


4,066


32,765


53,827


51,494



Other cost of goods sold (2)


-


6,123


-


6,123


-



Impairment of long-lived assets (3)


429


506


549


160,582


67,042



Impairment of goodwill and intangible assets 


27,602


-


-


27,602


93,010



Severance and restructuring


4,149


2,552


12,798


24,479


30,642



Other operating expenses (income), net (4)


4,962


(55,419)


(2,296)


(50,389)


(2,021)



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


(247)


(45)


(35,849)


194


(36,066)



 Pre-tax total special items 


55,360


(27,850)


29,701


289,653


294,544



 Reversal of tax reserves (6) 


-


-


-


-


(21,747)



 Fiscal year 2015 & 2014 research & development tax credits 


-


-


-


(2,475)


(2,863)



 Other income tax effects and adjustments (7) 


(7,228)


5,698


(4,267)


(43,392)


(35,333)



 GAAP net income excluding special items 


$           140,471


$              117,658


$           124,093


$        471,261


$        440,639
















 GAAP net income per share excluding special items: 













Basic 


$             0.49


$                0.41


$             0.44


$          1.65


$          1.55



Diluted 


$             0.49


$                0.41


$             0.43


$          1.63


$          1.52
















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













Basic


284,354


285,854


284,202


285,081


283,675



Diluted 


288,544


289,783


289,346


289,479


288,949
















(1) Includes building and equipment accelerated depreciation related to San Jose and Dallas manufacturing facilities.



(2) Includes expense related to patent license settlement.



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



(4) Includes gain on sale of energy metering business during the third quarter of fiscal year 2016, loss (gain) relating to sale of assets, and expected loss on lease abandonment.



(5) Includes sale of a business and impairment of investment in privately-held companies.



(6) 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.






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