Maxim Reports Results for the Third Quarter of Fiscal 2012

 

ANALYSIS OF GAAP VERSUS GAAP EXCLUDING SPECIAL EXPENSE ITEMS DISCLOSURES

(Unaudited)




Three Months Ended



March 31,


December 31,


March 26,



2012


2011


2011



(in thousands, except per share data)

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







GAAP gross profit


$           335,430


$              347,960


$           372,650

GAAP gross profit %


58.7%


58.8%


61.4%








Special expense items:







      Intangible asset amortization (1)


9,787


8,080


7,919

      Acquisition related inventory write up (2)


-


1,801


-

 Total special expense items 


9,787


9,881


7,919

 GAAP gross profit excluding special expense items 


$           345,217


$              357,841


$           380,569

 GAAP gross profit % excluding special expense items 


60.4%


60.5%


62.7%








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







GAAP operating expenses


$           223,544


$              233,450


$           208,655








Special expense (income) items:







      Intangible asset amortization (1)


4,029


4,338


4,092

      Impairment of long-lived assets (3)


7,712


-


-

     Severance and restructuring 


228


6,047


16

     Other operating (income) expenses, net (4) 


(2,511)


155


(25)

 Total special expense items 


9,458


10,540


4,083

 GAAP operating expenses excluding special expense items 


$           214,086


$              222,910


$           204,572








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







GAAP net income


$             54,517


$                88,130


$           136,276








Special expense (income) items:







      Intangible asset amortization (1)


13,816


12,418


12,011

     Acquisition related inventory write up (2)


-


1,801


-

      Impairment of long-lived assets (3)


7,712


-


-

     Severance and restructuring 


228


6,047


16

     Other operating expenses (income), net (4) 


(2,511)


155


(25)

     Interest and other (income), net (5) 


-


(1,776)


-

                     Pre-tax total special expense items 


19,245


18,645


12,002

     Tax effect of special items 


(5,445)


(6,102)


(4,233)

     Reversal of tax reserves (6) 


(2,272)


-


(37,324)

     International restructuring (7) 


65,293


-


15,010

    Discontinued operations, net of tax (8)


(31,809)


-


-

 GAAP net income excluding special expense items 


$             99,529


$              100,673


$           121,731








 GAAP net income per share excluding special expense items: 







    Basic 


$                 0.34


$                    0.34


$                 0.41

    Diluted 


$                 0.33


$                    0.34


$                 0.40








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






    Basic


292,276


291,824


296,511

    Diluted 


300,221


299,290


304,515








(1) Includes intangible asset amortization related to acquisitions.

(2) Includes expense related to fair value write up of inventory acquired as part of acquisitions. 

(3) Includes impairment charges relating to wafer fab and end of line manufacturing equipment.

(4) Other operating (income) expenses, net are primarily for gain on sale of land and buildings, stock option related litigation, certain payroll taxes, interest and penalties and in-process research and development written off.

(5) Includes gain on sale of equity investment.

(6) Reversal of tax reserves related to audit completion and expiration of statute of limitations.

(7) Includes impact due to implementation of international restructuring.

(8) Includes gain on sale, net of tax relating to certain businesses divested.



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