[ Back ]   [ More News ]   [ Home ]
Maxim Integrated Reports Results For The Fourth Quarter Of Fiscal 2014; Increases Dividend By 8%

- Revenue: $642 million

(PRNewswire) —  Maxim Integrated Products, Inc. (NASDAQ: MXIM) reported net revenue of $642 million for its fourth quarter of fiscal 2014 ended June 28, 2014, a 6% increase from the $606 million revenue recorded in the prior quarter.

Logo for Maxim Integrated Products Inc.

Tunc Doluca, President and Chief Executive Officer, commented, "While we experienced softness in our mobility business, our revenue performance in the quarter reflected the overall strength of Maxim's balanced portfolio, with growth in every one of our other major businesses." Mr. Doluca continued, "Although our near-term outlook for mobility remains cautious, we are executing on our strategy to bring new integrated designs to the Industrial, Automotive, Communications and Data Center markets, and to diversify our customer base in mobility." 

Fiscal Year 2014 Fourth Quarter Results
Based on Generally Accepted Accounting Principles (GAAP), diluted earnings per share in the June quarter was $0.29. The results were affected by special items which primarily consisted of $24 million in pre-tax charges related to acquisitions and $23 million in pre-tax charges related to restructuring and other items.  GAAP earnings per share, excluding special items was $0.43. An analysis of GAAP versus GAAP excluding special items is provided in the last table of this press release.  

Cash Flow Items
At the end of the fourth quarter of fiscal 2014, total cash, cash equivalents and short term investments was $1.37 billion, an increase of $141 million from the prior quarter. Notable items included:

Business Outlook
The Company's 90-day backlog at the beginning of the first fiscal quarter of 2015 was $377 million. Based on :the beginning backlog and expected turns, results for the September 2014 quarter are expected to be as follows:

Maxim Integrated's business outlook does not include the potential impact of any restructuring activity or mergers, acquisitions, or other business combinations that may be completed during the quarter.

Dividend
A cash dividend of $0.28 per share will be paid on September 4, 2014, to stockholders of record on August 21, 2014.   This represents an 8% increase in the dividend compared to the prior quarter.

Conference Call
Maxim Integrated has scheduled a conference call on July 24, 2014, at 2:00 p.m. Pacific Time to discuss its financial results for the fourth quarter of fiscal 2014 and its business outlook. To listen via telephone, dial (866) 804-3547 (toll free) or (703) 639-1328.  This call will be webcast by Shareholder.com and can be accessed at the Company's website at www.maximintegrated.com/company/investor.

 

 

CONSOLIDATED STATEMENTS OF INCOME

(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)

Net revenues

$ 642,467


$ 605,681


$ 608,194


$ 2,453,663


$ 2,441,459

Cost of goods sold 

273,507


265,744


236,795


1,068,898


944,892

        Gross margin

368,960


339,937


371,399


1,384,765


1,496,567

Operating expenses:










    Research and development 

143,802


141,493


132,009


558,168


534,819

    Selling, general and administrative 

83,153


80,680


82,083


324,734


324,282

    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 expenses

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 operating expenses 

252,410


233,199


220,309


962,474


908,248

          Operating income

116,550


106,738


151,090


422,291


588,319

Interest and other income (expense), net (3)

(8,943)


5,174


(6,830)


(13,065)


(18,040)

Income before provision for income taxes

107,607


111,912


144,260


409,226


570,279

Provision (benefit) for income taxes (4)

22,814


(10,632)


25,246


54,416


117,970

       Income from continuing operations 

84,793


122,544


119,014


354,810


452,309

       Income from discontinued operations, net of tax (5)

-


-


-


-


2,603

      Net income

$   84,793


$ 122,544


$ 119,014


$    354,810


$    454,912











Earnings per share: Basic










    From continuing operations 

$       0.30


$       0.43


$       0.41


$          1.25


$          1.55

    From discontinued operations, net of tax 

-


-


-


-


0.01

    Basic

$       0.30


$       0.43


$       0.41


$          1.25


$          1.56











Earnings per share: Diluted










    From continuing operations 

$       0.29


$       0.42


$       0.40


$          1.23


$          1.51

    From discontinued operations, net of tax

-


-


-


-


0.01

    Diluted

$       0.29


$       0.42


$       0.40


$          1.23


$          1.52











Shares used in the calculation of earnings per share: 










    Basic

283,431


282,627


290,146


283,344


291,835

    Diluted 

289,487


288,575


296,756


289,108


298,596











Dividends paid per share 

$       0.26


$       0.26


$       0.24


$          1.04


$          0.96





















SCHEDULE OF SPECIAL ITEMS

(Unaudited)


Three Months Ended


Year Ended


June 28,


March 29,


June 29,


June 28,


June 29,


2014


2014


2013


2014


2013


(in thousands)

Cost of goods sold:










      Intangible asset amortization 

$   18,750


$   18,542


$     7,777


$      64,483


$      33,994

      Acquisition-related inventory write-up 

371


5,518


-


18,955


-

 Total 

$   19,121


$   24,060


$     7,777


$      83,438


$      33,994











 Operating expenses: 










      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 

$   25,455


$   11,026


$     6,217


$      79,572


$      49,147











      Interest and other expense (income), net (3) 

$     2,432


$     3,723


$        700


$        6,155


$           700

 Total 

$     2,432


$     3,723


$        700


$        6,155


$           700











Provision (benefit) for income taxes: 










     Fixed assets tax basis adjustment (4) 

$   (1,041)


$ (34,562)


$           -


$    (35,603)


$              -

     International restructuring implementation 

-


-


-


-


18,726

     Fiscal year 2012 research & development tax credits 

-


-


-


-


(3,899)

 Total 

$   (1,041)


$ (34,562)


$           -


$    (35,603)


$      14,827











 Discontinued operations: 










     Income from discontinued operations, net of tax (5)

$           -


$           -


$           -


$              -


$      (2,603)

Total

$           -


$           -


$           -


$              -


$      (2,603)

(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.


 

STOCK-BASED COMPENSATION BY TYPE OF AWARD (in thousands)

(Unaudited)









Three Months Ended June 28, 2014

  Stock Options


Restricted
Stock Units


  Employee Stock
Purchase Plan


  Total

Cost of goods sold 

$             412


$   2,045


$                530


$   2,987

Research and development expense

2,100


8,463


1,354


11,917

Selling, general and administrative expense

1,355


5,025


504


6,884

       Total

$          3,867


$ 15,533


$             2,388


$ 21,788









Three Months Ended March 29, 2014








Cost of goods sold 

$             451


$   2,108


$                594


$   3,153

Research and development expense

2,124


7,917


1,623


11,664

Selling, general and administrative expense

1,391


5,186


663


7,240

       Total

$          3,966


$ 15,211


$             2,880


$ 22,057









Three Months Ended June 29, 2013








Cost of goods sold 

$             320


$   1,999


$                559


$   2,878

Research and development expense

1,673


6,748


1,226


9,647

Selling, general and administrative expense

1,333


4,488


507


6,328

       Total

$          3,326


$ 13,235


$             2,292


$ 18,853









Year Ended June 28, 2014








Cost of goods sold 

$          1,650


$   8,466


$             2,132


$ 12,248

Research and development expense

8,676


31,548


5,452


45,676

Selling, general and administrative expense

5,486


19,734


2,308


27,528

       Total

$        15,812


$ 59,748


$             9,892


$ 85,452









Year Ended June 29, 2013








Cost of goods sold 

$          1,532


$   8,862


$             2,210


$ 12,604

Research and development expense

7,230


31,475


5,441


44,146

Selling, general and administrative expense

5,331


19,523


2,204


27,058

       Total

$        14,093


$ 59,860


$             9,855


$ 83,808









 

CONSOLIDATED  BALANCE SHEETS

(Unaudited)


June 28,


March 29,


June 29,


2014


2014


2013


(in thousands) 

ASSETS

Current assets:






    Cash and cash equivalents

$1,322,472


$1,231,248


$1,174,986

    Short-term investments

49,953


-


25,060

        Total cash, cash equivalents and short-term investments

1,372,425


1,231,248


1,200,046

    Accounts receivable, net 

295,828


304,128


285,438

    Inventories

289,292


290,518


275,640

    Deferred tax assets

74,597


74,038


82,173

    Other current assets

54,560


79,346


96,609

        Total current assets

2,086,702


1,979,278


1,939,906

Property, plant and equipment, net

1,331,519


1,355,268


1,373,124

Intangible assets, net

360,994


384,167


157,146

Goodwill

596,637


597,676


422,004

Other assets

29,766


38,176


43,730

       TOTAL ASSETS

$4,405,618


$4,354,565


$3,935,910







LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities:






    Accounts payable 

$   102,076


$     94,315


$   105,322

    Income taxes payable

20,065


20,720


22,437

    Accrued salary and related expenses

186,732


168,336


187,970

    Accrued expenses 

63,656


81,232


60,592

    Current portion of long-term debt

372


2,526


2,015

    Deferred income on shipments to distributors

25,734


24,259


26,557

        Total current liabilities

398,635


391,388


404,893

Long-term debt

1,001,026


1,000,871


503,573

Income taxes payable

362,802


352,294


282,697

Deferred tax liabilities

159,879


171,431


206,855

Other liabilities

53,365


37,977


29,894

        Total liabilities 

1,975,707


1,953,961


1,427,912







Stockholders' equity:






    Common stock par value

285


283


288

   Additional paid-in capital 

23,005


-


-

    Retained earnings 

2,423,794


2,412,627


2,523,457

    Accumulated other comprehensive loss

(17,173)


(12,306)


(15,747)

        Total stockholders' equity

2,429,911


2,400,604


2,507,998

        TOTAL LIABILITIES & STOCKHOLDERS' EQUITY 

$4,405,618


$4,354,565


$3,935,910







 

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)


Three Months Ended


Year Ended


June 28,


March 29,


June 29,


June 28,


June 29,


2014


2014


2013


2014


2013


(in thousands)

Cash flows from operating activities: 










Net income

$     84,793


$   122,544


$   119,014


$   354,810


$   454,912

Adjustments to reconcile net income to net cash provided by operating activities: 










      Stock-based compensation 

21,786


22,057


18,853


85,452


83,808

      Depreciation and amortization 

64,391


64,665


51,191


244,593


207,136

      Deferred taxes 

(9,501)


(36,482)


(2,813)


(32,159)


25,372

      Loss (gain) from sale of property, plant and equipment

1,068


818


1,380


2,187


(1,156)

      Tax benefit (shortfall) related to stock-based compensation 

942


3,204


358


(68)


8,197

      Impairment of long-lived assets

6,447


-


-


11,644


24,929

      Impairment of investments in privately-held companies

6,537


3,723


700


10,260


700

      In-process research and development written-off

-


2,580


-


2,580


2,800

      Loss (gain) on sale of discontinued operations

-


-


-


-


(3,285)

      Excess tax benefit from stock-based compensation

(4,897)


(5,139)


(2,792)


(14,192)


(18,923)

      Changes in assets and liabilities: 










          Accounts receivable 

8,300


(15,566)


14,608


13,340


32,023

          Inventories 

1,226


7,717


(7,657)


20,672


(35,245)

          Other current assets 

26,579


7,194


(2,832)


45,557


(21,233)

          Accounts payable 

5,203


(4,044)


(6,961)


(11,255)


(32,510)

          Income taxes payable 

9,853


14,244


13,118


54,492


70,156

          Deferred revenue on shipments to distributors 

1,475


(1,283)


706


(823)


277

          All other accrued liabilities 

9,882


25,466


17,527


(10,983)


19,977

Net cash provided by (used in) operating activities 

234,084


211,698


214,400


776,107


817,935











Cash flows from investing activities: 










          Purchase of property, plant and equipment

(23,654)


(26,407)


(48,922)


(132,523)


(216,672)

          Proceeds from sales of property, plant and equipment

1,627


618


4,538


5,293


19,196

          Proceeds from sales of property, plant and equipment through note receivable

-


-


10,786


-


10,786

          Proceeds from maturity of available-for-sale securities

-


-


-


27,000


50,000

          Purchases of available-for-sale securities

(49,953)


-


-


(49,953)


-

          Purchases of privately-held companies securities

-


-


(500)


-


(500)

          Payments in connection to acquisitions

-


(5,750)


(2,767)


(459,256)


(2,767)

          Proceeds from sale of investments in privately-held companies

-


-


585


-


585

Net cash provided by (used in) investing activities 

(71,980)


(31,539)


(36,280)


(609,439)


(139,372)











Cash flows from financing activities: 










         Excess tax benefit from stock-based compensation

4,897


5,139


2,792


14,192


18,923

         Contingent consideration paid

-


(104)


(6,305)


(4,705)


(13,781)

         Dividends paid

(73,626)


(73,481)


(69,532)


(294,175)


(280,215)

         Repayment of notes payable

(2,430)


(439)


(302,299)


(4,708)


(303,500)

         Issuance of debt

-


-


-


497,895


494,395

         Debt issuance cost

-


-


(671)


(3,431)


(3,921)

         Repurchase of common stock

(40,744)


(51,083)


(193,221)


(305,314)


(375,135)

         Issuance of ESPP shares under employee stock purchase program

23,713


-


19,529


42,809


36,297

         Net issuance of restricted stock units

(8,922)


(8,390)


(7,456)


(31,384)


(29,042)

         Proceeds from stock options exercised

26,232


29,538


6,049


69,639


71,342

Net cash provided by (used in) financing activities 

(70,880)


(98,820)


(551,114)


(19,182)


(384,637)











Net increase (decrease) in cash and cash equivalents 

91,224


81,339


(372,994)


147,486


293,926

Cash and cash equivalents: 










          Beginning of period

1,231,248


1,149,909


1,547,980


1,174,986


881,060

          End of period

$1,322,472


$1,231,248


$1,174,986


$1,322,472


$1,174,986











Total cash, cash equivalents and short-term investments

$1,372,425


$1,231,248


$1,200,046


$1,372,425


$1,200,046











 

 

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.


Non-GAAP Measures 
To supplement the consolidated financial results prepared under GAAP, Maxim Integrated uses non-GAAP measures which are adjusted from the most directly comparable GAAP results to exclude special items related to intangible asset amortization; acquisition-related inventory write-up; impairment of long-lived assets; severance and restructuring; acquisition-related costs; contingent consideration adjustments relating to certain acquisitions; legal settlement; in-process research and development abandoned; reserve for uncollectible note related to a divestiture; legal expenses related to Volterra; impairment of investments in privately-held companies; tax provision impacts due to fixed asset tax basis adjustments; research and development tax credits; international restructuring implementation and discontinued operations, net of tax. Management uses these non-GAAP measures internally to make strategic decisions, forecast future results and evaluate Maxim Integrated's current performance. Many analysts covering Maxim Integrated use the non-GAAP measures as well. Given management's use of these non-GAAP measures, Maxim Integrated believes these measures are important to investors in understanding Maxim Integrated's current and future operating results as seen through the eyes of management. In addition, management believes these non-GAAP measures are useful to investors in enabling them to better assess changes in Maxim Integrated's core business across different time periods. These non-GAAP measures are not in accordance with or an alternative to GAAP financial data and may be different from non-GAAP measures used by other companies. Because non-GAAP financial measures are not standardized it may not be possible to compare these financial measures with other companies' non-GAAP financial measures, even if they have similar names. The non-GAAP measures displayed in the table above include the following:

GAAP Gross Profit Excluding Special Items
The use of GAAP gross profit excluding special items allows management to evaluate the gross margin of the Company's core businesses and trends across different reporting periods on a consistent basis, independent of special items including intangible asset amortization and acquisition-related inventory write-up. In addition, it is an important component of management's internal performance measurement and reward process as it is used to assess the current and historical financial results of the business, for strategic decision making, preparing budgets and forecasting future results. Management presents GAAP gross profit excluding special items to enable investors and analysts to evaluate our revenue generation performance relative to the direct costs of revenue of Maxim Integrated's core businesses.

GAAP Operating Expenses Excluding Special Items
The use of GAAP operating expenses excluding special items allows management to evaluate the operating expenses of the Company's core businesses and trends across different reporting periods on a consistent basis, independent of special items including intangible asset amortization; impairment of long-lived assets; severance and restructuring; acquisition-related costs; contingent consideration adjustments relating to certain acquisitions; in-process research and development abandoned; reserve for uncollectible note related to a divestiture; legal settlement; and legal expenses related to Volterra. In addition, it is an important component of management's internal performance measurement and reward process as it is used to assess the current and historical financial results of the business, for strategic decision making, preparing budgets and forecasting future results. Management presents GAAP operating expenses excluding special items to enable investors and analysts to evaluate our core business and its direct operating expenses.  

GAAP Net Income and GAAP Net Income per Share Excluding Special Items
The use of GAAP net income and GAAP net income per share excluding special items allow management to evaluate the operating results of Maxim Integrated's core businesses and trends across different reporting periods on a consistent basis, independent of special items including intangible asset amortization; acquisition-related inventory write-up; impairment of long-lived assets; severance and restructuring; acquisition-related costs; contingent consideration adjustments relating to certain acquisitions; legal settlement; in-process research and development abandoned; reserve for uncollectible note related to a divestiture; legal expenses related to Volterra; impairment of investments in privately-held companies; research and development tax credits; discontinued operations, net of tax; and the tax provision impacts due to fixed asset tax basis adjustments; international restructuring implementation and discontinued operations, net of tax. In addition, they are important components of management's internal performance measurement and reward process as it is used to assess the current and historical financial results of the business, for strategic decision making, preparing budgets and forecasting future results. Management presents GAAP net income and GAAP net income per share excluding special items to enable investors and analysts to understand the results of operations of Maxim Integrated's core businesses and to compare our results of operations on a more consistent basis against that of other companies in our industry.

"Safe Harbor" Statement
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements include the Company's business outlook and financial projections for its first quarter of fiscal 2015 ending in September 2014, which includes revenue, gross margin and earnings per share, as well as looking forward, the Company, although its near-term outlook for mobility remains cautious, plans to continue to execute on a strategy to bring new integrated designs to the Industrial, Automotive, Communications and Data Center markets, and to diversify its customer base in mobility. These statements involve risk and uncertainty. Actual results could differ materially from those forecasted based upon, among other things, general market and economic conditions and market developments that could adversely affect the growth of the mixed-signal analog market, product mix shifts, the loss of all or a substantial portion of our sales to one of our large customers, customer cancellations and price competition, as well as other risks described in the Company's Annual Report on Form 10-K for the fiscal year ended June 29, 2013 (the "10-K") and Quarterly Reports on Form 10-Q filed after the 10-K.

All forward-looking statements included in this news release are made as of the date hereof, based on the information available to the Company as of the date hereof, and the Company assumes no obligation to update any forward-looking statement except as required by law.

About Maxim Integrated
Maxim is the leader in analog integration. From mobile to industrial solutions, we're making analog smaller, smarter, and more energy efficient. Learn more at www.maximintegrated.com.

Contact
Kathy Ta
Managing Director, Investor Relations
(408) 601-5697

Logo - http://photos.prnewswire.com/prnh/20120912/SF71654LOGO

SOURCE Maxim Integrated Products, Inc.

Contact:
Maxim Integrated Products, Inc.
Web: http://www.maxim-ic.com