- Revenue: $557 million
SAN JOSE, Calif., July 30, 2019 — (PRNewswire) — Maxim Integrated Products, Inc. (NASDAQ: MXIM) reported net revenue of $557 million for its fourth quarter of fiscal 2019 ended June 29, 2019, a 3% increase from the $542 million revenue recorded in the prior quarter, and a 12% decrease from the same quarter of last year.
"Our June quarter results met our expectations, while we lowered both internal and distribution channel inventory. Given the soft business environment, we will continue to tightly manage inventory and spending in the September quarter," said Tunc Doluca, President and Chief Executive Officer. "Today, we are announcing a 4% increase in our dividend, reflecting our commitment to return cash to shareholders and confidence in our long-term outlook."
Fiscal Year 2019 Fourth Quarter Results
Based on Generally Accepted Accounting Principles (GAAP), diluted earnings per share in the June quarter was $1.33, which benefitted from a $204 million tax reserve release. GAAP earnings per share, excluding special items was $0.57. An analysis of GAAP versus GAAP excluding special items is provided in this press release.
Cash Flow Items
At the end of the fourth quarter of fiscal 2019, total cash, cash equivalents and short-term investments were $1.9 billion, flat from the prior quarter.
Notable items included:
- Cash flow from operations: $237 million
- Capital expenditures: $31 million
- Dividends paid: $125 million ($0.46 per share)
- Stock repurchases: $102 million
Trailing twelve months free cash flow was $793 million. Free cash flow is a non-GAAP measure and is defined by cash flow from operations less capital expenditures.
Business Outlook
The Company's 90-day backlog at the beginning of the September 2019 quarter was $391 million. Based on the beginning backlog and expected turns, our results for the September 2019 quarter are forecasted to be as follows:
- Revenue: $510 to $550 million
- Gross Margin: 62% to 64% GAAP (63% to 65% excluding special items)
- EPS: $0.45 to $0.51 GAAP ($0.46 to $0.52 excluding special items)
Maxim Integrated's business outlook does not include the potential impact of any special items related to restructuring activity, acquisitions, or other business combinations that may be completed during the quarter.
Dividend
Our Board of Directors approved a 4% increase in the quarterly dividend. A cash dividend of $0.48 per share will be paid on September 13, 2019, to stockholders of record on August 29, 2019.
Conference Call
Maxim Integrated has scheduled a conference call on July 30 at 2:00 p.m. Pacific Time to discuss its financial results for the fourth quarter of fiscal 2019 and its business outlook. This call will be webcast by Shareholder.com and can be accessed at the Company's website at
investor.maximintegrated.com.
A presentation summarizing financial information to be discussed on the conference call is posted at investor.maximintegrated.com.
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| CONSOLIDATED STATEMENTS OF INCOME | ||||||||||
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| (Unaudited) | ||||||||||
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| Three Months Ended |
| Year Ended |
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| June 29, |
| March 30, |
| June 30, |
| June 29, |
| June 30, |
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| 2019 |
| 2019 |
| 2018 |
| 2019 |
| 2018 |
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| (in thousands, except per share data) |
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| Net revenues | $ 556,545 |
| $ 542,383 |
| $ 633,154 |
| $ 2,314,329 |
| $ 2,480,066 |
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| Cost of goods sold | 200,154 |
| 201,552 |
| 214,486 |
| 813,823 |
| 853,945 |
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| Gross margin | 356,391 |
| 340,831 |
| 418,668 |
| 1,500,506 |
| 1,626,121 |
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| Operating expenses: |
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| Research and development | 105,136 |
| 107,075 |
| 112,056 |
| 435,222 |
| 450,943 |
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| Selling, general and administrative | 75,130 |
| 74,116 |
| 82,611 |
| 308,617 |
| 322,918 |
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| Intangible asset amortization | 756 |
| 756 |
| 844 |
| 3,041 |
| 4,467 |
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| Impairment of long-lived assets | - |
| - |
| - |
| 753 |
| 892 |
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| Severance and restructuring expenses | 1,715 |
| 1,744 |
| 833 |
| 5,632 |
| 15,060 |
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| Other operating expenses (income), net | 83 |
| - |
| (71) |
| 143 |
| (1,607) |
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| Total operating expenses (income), net | 182,820 |
| 183,691 |
| 196,273 |
| 753,408 |
| 792,673 |
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| Operating income (loss) | 173,571 |
| 157,140 |
| 222,395 |
| 747,098 |
| 833,448 |
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| Interest and other income (expense), net | 4,079 |
| 3,318 |
| 1,305 |
| 7,323 |
| (8,563) |
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| Income before taxes | 177,650 |
| 160,458 |
| 223,700 |
| 754,421 |
| 824,885 |
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| Provision (benefit) for income taxes (1) (2) | (189,908) |
| 29,845 |
| 29,528 |
| (73,065) |
| 357,567 |
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| Net income | $ 367,558 |
| $ 130,613 |
| $ 194,172 |
| $ 827,486 |
| $ 467,318 |
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| Earnings per share: |
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| Basic | $ 1.35 |
| $ 0.48 |
| $ 0.70 |
| $ 3.01 |
| $ 1.66 |
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| Diluted | $ 1.33 |
| $ 0.47 |
| $ 0.68 |
| $ 2.97 |
| $ 1.64 |
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| Shares used in the calculation of earnings per share: |
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| Basic | 272,382 |
| 273,221 |
| 279,304 |
| 274,966 |
| 280,979 |
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| Diluted | 275,835 |
| 276,610 |
| 283,934 |
| 278,777 |
| 285,674 |
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| Dividends paid per share | $0.46 |
| $0.46 |
| $0.42 |
| $1.84 |
| $1.56 |
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| SCHEDULE OF SPECIAL ITEMS |
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| (Unaudited) | ||||||||||
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| Three Months Ended |
| Year Ended |
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| June 29, |
| March 30, |
| June 30, |
| June 29, |
| June 30, |
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| 2019 |
| 2019 |
| 2018 |
| 2019 |
| 2018 |
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| (in thousands) |
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| Cost of goods sold: |
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| Intangible asset amortization | $ 4,038 |
| $ 5,008 |
| $ 11,759 |
| $ 22,829 |
| $ 46,064 |
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| Total | $ 4,038 |
| $ 5,008 |
| $ 11,759 |
| $ 22,829 |
| $ 46,064 |
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| Operating expenses: |
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| Intangible asset amortization | $ 756 |
| $ 756 |
| $ 844 |
| $ 3,041 |
| $ 4,467 |
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| Impairment of long-lived assets | - |
| - |
| - |
| 753 |
| 892 |
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| Severance and restructuring | 1,715 |
| 1,744 |
| 833 |
| 5,632 |
| 15,060 |
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| Other operating expenses (income), net | 83 |
| - |
| (71) |
| 143 |
| (1,607) |
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| Total | $ 2,554 |
| $ 2,500 |
| $ 1,606 |
| $ 9,569 |
| $ 18,812 |
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| Interest and other expense (income), net | $ (2,980) |
| $ (857) |
| $ (941) |
| $ (4,565) |
| $ (1,243) |
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| Total | $ (2,980) |
| $ (857) |
| $ (941) |
| $ (4,565) |
| $ (1,243) |
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| Provision (benefit) for income taxes |
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| Impact of U.S. tax legislation (1) | $ 47,703 |
| $ (1,056) |
| $ - |
| $ 68,729 |
| $ 243,550 |
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| Impact of income tax audit settlements (2) | (251,599) |
| - |
| - |
| (251,599) |
| - |
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| Total | $ (203,896) |
| $ (1,056) |
| $ - |
| $ (182,870) |
| $ 243,550 |
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| (1) Includes effect of U.S. tax legislation enacted on December 22, 2017. |
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| (2) Includes effect of income tax audit settlements. |
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| CONSOLIDATED BALANCE SHEETS |
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| (Unaudited) |
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| June 29, |
| March 30, |
| June 30, |
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| 2019 |
| 2019 |
| 2018 |
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| (in thousands) |
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| ASSETS |
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| Current assets: |
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| Cash and cash equivalents | $ 1,757,342 |
| $ 1,654,563 |
| $ 1,543,484 |
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| Short-term investments | 140,990 |
| 243,864 |
| 1,082,915 |
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| Total cash, cash equivalents and short-term investments | 1,898,332 |
| 1,898,427 |
| 2,626,399 |
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| Accounts receivable, net | 360,016 |
| 381,152 |
| 280,072 |
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| Inventories | 246,512 |
| 272,832 |
| 282,390 |
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| Other current assets | 34,640 |
| 24,358 |
| 21,548 |
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| Total current assets | 2,539,500 |
| 2,576,769 |
| 3,210,409 |
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| Property, plant and equipment, net | 577,722 |
| 571,955 |
| 579,364 |
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| Intangible assets, net | 56,242 |
| 61,036 |
| 78,246 |
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| Goodwill | 532,251 |
| 532,251 |
| 532,251 |
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| Other assets | 38,267 |
| 61,843 |
| 51,291 |
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| TOTAL ASSETS | $ 3,743,982 |
| $ 3,803,854 |
| $ 4,451,561 |
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| LIABILITIES AND STOCKHOLDERS' EQUITY |
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| Current liabilities: |
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| Accounts payable | $ 84,335 |
| $ 86,798 |
| $ 92,572 |
|
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| Price adjustment and other revenue reserves | 100,490 |
| 106,011 |
| - |
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| Income taxes payable | 33,765 |
| 44,179 |
| 17,961 |
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| Accrued salary and related expenses | 118,704 |
| 128,365 |
| 151,682 |
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| Accrued expenses | 33,873 |
| 33,644 |
| 35,774 |
|
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| Current portion of long-term debt | - |
| - |
| 499,406 |
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| Total current liabilities | 371,167 |
| 398,997 |
| 797,395 |
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| Long-term debt | 992,584 |
| 992,225 |
| 991,147 |
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| Income taxes payable | 469,418 |
| 688,780 |
| 661,336 |
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| Other liabilities | 65,537 |
| 61,105 |
| 70,743 |
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| Total liabilities | 1,898,706 |
| 2,141,107 |
| 2,520,621 |
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| Stockholders' equity: |
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| Common stock and capital in excess of par value | 272 |
| 279 |
| 279 |
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| Retained earnings | 1,856,358 |
| 1,672,938 |
| 1,945,646 |
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| Accumulated other comprehensive loss | (11,354) |
| (10,470) |
| (14,985) |
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| Total stockholders' equity | 1,845,276 |
| 1,662,747 |
| 1,930,940 |
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| TOTAL LIABILITIES & STOCKHOLDERS' EQUITY | $3,743,982 |
| $3,803,854 |
| $4,451,561 |
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| CONSOLIDATED STATEMENTS OF CASH FLOWS |
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| (Unaudited) |
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| Three Months Ended |
| Year Ended |
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| June 29, |
| March 30, |
| June 30, |
| June 29, |
| June 30, |
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| 2019 |
| 2019 |
| 2018 |
| 2019 |
| 2018 |
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| (in thousands) |
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| Cash flows from operating activities: |
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| Net income | $ 367,558 |
| $ 130,613 |
| $ 194,172 |
| $ 827,486 |
| $ 467,318 |
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| Adjustments to reconcile net income to net cash provided by operating activities: |
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| Stock-based compensation | 22,004 |
| 22,820 |
| 19,753 |
| 86,977 |
| 78,685 |
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| Depreciation and amortization | 25,569 |
| 27,182 |
| 36,083 |
| 110,745 |
| 144,974 |
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| Deferred taxes | 26,118 |
| (3,955) |
| 21,458 |
| 13,957 |
| 27,715 |
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| Loss on sale of property, plant and equipment | 643 |
| 428 |
| 423 |
| 3,967 |
| 995 |
|
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| Impairment of long-lived assets | - |
| - |
| - |
| - |
| 42 |
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| Impairment of investment in privately-held companies | (268) |
| (371) |
| - |
| (3) |
| 850 |
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| Changes in assets and liabilities: |
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| Accounts receivable | 15,615 |
| (14,323) |
| 40,480 |
| 21,090 |
| (19,714) |
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| Inventories | 26,383 |
| 6,123 |
| (9,450) |
| 36,003 |
| (32,776) |
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| Other current assets | (11,875) |
| 3,561 |
| (212) |
| (14,901) |
| 32,368 |
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| Accounts payable | 699 |
| (13,372) |
| 6,131 |
| (10,272) |
| 9,560 |
|
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| Income taxes payable | (229,776) |
| 20,401 |
| (163,010) |
| (176,114) |
| 117,654 |
|
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| Deferred margin on shipments to distributors | - |
| - |
| - |
| - |
| (14,974) |
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| All other accrued liabilities | (5,203) |
| 27,831 |
| 831 |
| (23,095) |
| 6,767 |
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| Net cash provided by operating activities | 237,467 |
| 206,938 |
| 146,659 |
| 875,840 |
| 819,464 |
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| Cash flows from investing activities: |
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| Purchases of property, plant and equipment | (30,653) |
| (21,257) |
| (12,118) |
| (82,823) |
| (65,782) |
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| Proceeds from sales of property, plant and equipment | 306 |
| 32 |
| 62 |
| 340 |
| 5,823 |
|
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| Proceeds from sales of available-for-sale securities | - |
| 2,939 |
| 7,287 |
| 30,192 |
| 107,291 |
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| Proceeds from maturity of available-for-sale securities | 103,431 |
| 308,529 |
| 330,749 |
| 1,130,514 |
| 753,249 |
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| Payment in connection with business acquisition, net of cash acquired | - |
| - |
| - |
| (2,949) |
| (57,773) |
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| Purchases of available-for-sale securities | - |
| - |
| (325,063) |
| (214,587) |
| (1,447,354) |
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| Purchases of privately-held companies' securities | (1,500) |
| (770) |
| (2,164) |
| (3,176) |
| (5,520) |
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| Other investing activities | (60) |
| (540) |
| - |
| (600) |
| - |
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| Net cash provided by (used in) investing activities | 71,524 |
| 288,933 |
| (1,247) |
| 856,911 |
| (710,066) |
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| Cash flows from financing activities: |
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| Contingent consideration paid | - |
| (1,052) |
| - |
| (9,052) |
| - |
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| Net issuance of restricted stock units | (6,663) |
| (9,582) |
| (9,148) |
| (29,689) |
| (30,310) |
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| Repayment of notes payable | - |
| - |
| - |
| (500,000) |
| - |
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| Proceeds from stock options exercised | 5,414 |
| 5,143 |
| 1,626 |
| 24,400 |
| 28,009 |
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| Issuance of common stock under employee stock purchase program | 22,486 |
| - |
| 21,346 |
| 40,175 |
| 36,321 |
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| Repurchase of common stock | (102,104) |
| (116,991) |
| (128,024) |
| (539,151) |
| (407,968) |
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| Dividends paid | (125,345) |
| (125,566) |
| (117,321) |
| (505,576) |
| (438,087) |
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| Net cash provided by (used in) financing activities | (206,212) |
| (248,048) |
| (231,521) |
| (1,518,893) |
| (812,035) |
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| Net increase (decrease) in cash and cash equivalents | 102,779 |
| 247,823 |
| (86,109) |
| 213,858 |
| (702,637) |
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| Cash and cash equivalents: |
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| Beginning of period | $ 1,654,563 |
| $ 1,406,740 |
| $ 1,629,593 |
| $ 1,543,484 |
| $ 2,246,121 |
|
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| End of period | $ 1,757,342 |
| $ 1,654,563 |
| $ 1,543,484 |
| $ 1,757,342 |
| $ 1,543,484 |
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| Total cash, cash equivalents, and short-term investments | $ 1,898,332 |
| $ 1,898,427 |
| $ 2,626,399 |
| $ 1,898,332 |
| $ 2,626,399 |
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| ANALYSIS OF GAAP VERSUS GAAP EXCLUDING SPECIAL ITEMS DISCLOSURES |
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| (Unaudited) |
| |||||||||
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| Three Months Ended |
| Year Ended |
| ||||||
|
|
| June 29, |
| March 30, |
| June 30, |
| June 29, |
| June 30, |
|
|
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| 2019 |
| 2019 |
| 2018 |
| 2019 |
| 2018 |
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| (in thousands, except per share data) |
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| Reconciliation of GAAP gross profit to GAAP gross profit excluding special items: |
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| GAAP gross profit | $ 356,391 |
| $ 340,831 |
| $ 418,668 |
| $ 1,500,506 |
| $ 1,626,121 |
|
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| GAAP gross profit % | 64.0% |
| 62.8% |
| 66.1% |
| 64.8% |
| 65.6% |
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| Special items: |
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|
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| Intangible asset amortization | 4,038 |
| 5,008 |
| 11,759 |
| 22,829 |
| 46,064 |
|
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| Total special items | 4,038 |
| 5,008 |
| 11,759 |
| 22,829 |
| 46,064 |
|
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| GAAP gross profit excluding special items | $ 360,429 |
| $ 345,839 |
| $ 430,427 |
| $ 1,523,335 |
| $ 1,672,185 |
|
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| GAAP gross profit % excluding special items | 64.8% |
| 63.8% |
| 68.0% |
| 65.8% |
| 67.4% |
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| Reconciliation of GAAP operating expenses to GAAP operating expenses excluding special items: |
|
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|
|
|
|
|
|
|
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| GAAP operating expenses | $ 182,820 |
| $ 183,691 |
| $ 196,273 |
| $ 753,408 |
| $ 792,674 |
|
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| Special items: |
|
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|
|
|
|
|
|
|
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| Intangible asset amortization | 756 |
| 756 |
| 844 |
| 3,041 |
| 4,467 |
|
|
| Impairment of long-lived assets | - |
| - |
| - |
| 753 |
| 892 |
|
|
| Severance and restructuring | 1,715 |
| 1,744 |
| 833 |
| 5,632 |
| 15,060 |
|
|
| Other operating expenses (income), net | 83 |
| - |
| (71) |
| 143 |
| (1,607) |
|
|
| Total special items | 2,554 |
| 2,500 |
| 1,605 |
| 9,569 |
| 18,812 |
|
|
| GAAP operating expenses excluding special items | $ 180,266 |
| $ 181,191 |
| $ 194,667 |
| $ 743,839 |
| $ 773,862 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Reconciliation of GAAP net income to GAAP net income excluding special items: |
|
|
|
|
|
|
|
|
|
|
|
| GAAP net income | $ 367,558 |
| $ 130,613 |
| $ 194,172 |
| $ 827,486 |
| $ 467,318 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Special items: |
|
|
|
|
|
|
|
|
|
|
|
| Intangible asset amortization | 4,794 |
| 5,764 |
| 12,603 |
| 25,870 |
| 50,531 |
|
|
| Impairment of long-lived assets | - |
| - |
| - |
| 753 |
| 892 |
|
|
| Severance and restructuring | 1,715 |
| 1,744 |
| 833 |
| 5,632 |
| 15,060 |
|
|
| Other operating expenses (income), net | 83 |
| - |
| (71) |
| 143 |
| (1,607) |
|
|
| Interest and other expense (income), net | (2,980) |
| (857) |
| (941) |
| (4,565) |
| (1,243) |
|
|
| Pre-tax total special items | 3,612 |
| 6,651 |
| 12,424 |
| 27,833 |
| 63,633 |
|
|
| Other income tax effects and adjustments (1) | (11,271) |
| 7,506 |
| 1,194 |
| 4,747 |
| (898) |
|
|
| Impact of U.S. tax legislation (2) | 47,703 |
| (1,056) |
| - |
| 68,729 |
| 243,550 |
|
|
| Impact of income tax audit settlements (3) | (251,599) |
| - |
| - |
| (251,599) |
| - |
|
|
| GAAP net income excluding special items | $ 156,003 |
| $ 143,714 |
| $ 207,790 |
| $ 677,196 |
| $ 773,603 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| GAAP net income per share excluding special items: |
|
|
|
|
|
|
|
|
|
|
|
| Basic | $ 0.57 |
| $ 0.53 |
| $ 0.74 |
| $ 2.46 |
| $ 2.75 |
|
|
| Diluted | $ 0.57 |
| $ 0.52 |
| $ 0.73 |
| $ 2.43 |
| $ 2.71 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Shares used in the calculation of earnings per share excluding special items: |
|
|
|
|
|
|
| |||
|
| Basic | 272,382 |
| 273,221 |
| 279,304 |
| 274,966 |
| 280,979 |
|
|
| Diluted | 275,834 |
| 276,610 |
| 283,934 |
| 278,777 |
| 285,674 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (1) Includes tax effect of pre-tax special items and miscellaneous tax adjustments. |
| |||||||||
|
| (2) Includes effect of U.S. tax legislation enacted on December 22, 2017. |
| |||||||||
|
| (3) Includes effect of income tax audit settlements. |
| |||||||||
|
|
|
|
|
|
|
| |||||
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; impairment of long-lived assets; severance and restructuring; other operating expenses (income), net; interest and other expense (income), net; and other income tax effects and adjustments. We defined free cash flow as net cash provided from operations less gross capital expenditures. 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. 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, and other operating expenses (income), net. 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 Provision for Income Taxes Excluding Special Items
The use of a GAAP provision for income taxes excluding special items allows management to evaluate the provision for income taxes across different reporting periods on a consistent basis, independent of special items. Special items include the tax impact of pre-tax special items, significant tax audit settlements, significant prior year tax reserve adjustments, and significant non-recurring and period specific tax items, which vary in size and frequency, including certain tax charges resulting from U.S. tax legislation that was enacted on December 22, 2017. We used a long-term average tax rate to compute the GAAP tax provision excluding special items for the first and second quarters of fiscal year 2018; that long-term average tax rate was the weighted average of our normalized fiscal year GAAP tax rate, excluding special items over a four-year period, that included fiscal year 2018 and the three prior fiscal years. A long-term average tax rate was not used for the third and fourth quarters of fiscal year 2018 or for fiscal year 2019 because, due to the impacts of tax reform, a long-term average tax rate was no longer appropriate.
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; impairment of long-lived assets; severance and restructuring; other operating expenses (income), net; interest and other expense (income), net; and other income tax effects and adjustments. 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 2020 ending September 2019, which includes revenue, gross margin and earnings per share, as well as the Company's plan to continue to tightly manage inventory and spending in the September quarter given the soft business environment. These statements involve risk and uncertainty. Actual results could differ materially from those forecasted, based upon, among other things, general market and economic conditions, 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 or more 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 30, 2018 (the "Form 10-K"). The Form 10-K may be found at
https://www.sec.gov/Archives/edgar/data/743316/000074331618000031/maxim10-kfy2018.htm.
All forward-looking statements included in this news release are made as of the date hereof and based on the information available to the Company as of the date hereof. The Company assumes no obligation to update any forward-looking statement except as required by law.
About Maxim Integrated
Maxim Integrated develops innovative analog and mixed-signal products and technologies to make systems smaller and smarter, with enhanced security and increased energy efficiency. We are empowering design innovation for our automotive, industrial, healthcare, mobile consumer, and cloud data center customers to deliver industry-leading solutions that help change the world. Learn more at
http://www.maximintegrated.com.
Contact
Kathy Ta
Vice President, Investor Relations
(408) 601-5697
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SOURCE Maxim Integrated Investor Relations
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| Company Name: Maxim Integrated Investor Relations
Web: http://www.maximintegrated.com Financial data for Maxim Integrated Investor Relations |
