- Revenue: $545 million
SAN JOSE, Calif., July 28, 2020 — (PRNewswire) — Maxim Integrated Products, Inc. (NASDAQ: MXIM) reported net revenue of $545 million for its fourth quarter of fiscal 2020 ended June 27, 2020, a 3% decrease from the $562 million revenue recorded in the prior quarter, and a 2% decrease from the same quarter of last year.
"Strong performance by our manufacturing operations, including our test facilities in the Philippines, resulted in better-than-expected June quarter revenue and earnings per share. I'm very proud of the resilience of our company, as shown by our ability to navigate these unprecedented times. We remain highly profitable due to our diversified business model and outstanding product portfolio," said Tunc Doluca, President and Chief Executive Officer.
Fiscal Year 2020 Fourth Quarter Results
Based on Generally Accepted Accounting Principles (GAAP), diluted earnings per share in the June quarter was $0.77, which benefitted from a net tax reserve release of $45 million. The results were affected by $9 million in pre-tax special items which primarily consisted of charges related to acquisitions and expenses related to COVID-19 response programs. GAAP earnings per share, excluding special items was $0.58. 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 2020, total cash, cash equivalents and short-term investments were $1.6 billion, down $72 million from the prior quarter.
Notable items included:
- Cash flow from operations: $212 million
- Capital expenditures: $16 million
- Dividends paid: $128 million ($0.48 per share)
- Stock repurchases: $82 million
Trailing twelve months free cash flow was $734 million. Free cash flow is a non-GAAP measure and is defined by cash flow from operations less capital expenditures.
Dividend and Stock Repurchase
A cash dividend of $0.48 per share will be paid on September 11, 2020, to stockholders of record on August 27, 2020. We will not declare or pay a dividend in any of the next succeeding four fiscal quarters and have suspended our open market stock repurchase program as the Merger Agreement between the Company and Analog Devices restricts our ability to declare dividends and repurchase shares of our common stock.
Due to the pending transaction with Analog Devices, Maxim Integrated will not be hosting a quarterly earnings conference call and has suspended the practice of providing forward-looking guidance. Investors are requested to review our Investor Relations website for the quarterly financial highlights and SEC filings for the latest updates on the pending transaction.
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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 27, 2020 |
| March 28, 2020 |
| June 29, 2019 |
| June 27, 2020 |
| June 29, 2019 |
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| (in thousands, except per share data) |
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| Net revenues | $ 545,369 |
| $ 561,916 |
| $ 556,545 |
| $ 2,191,395 |
| $ 2,314,329 |
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| Cost of goods sold | 183,001 |
| 195,479 |
| 200,154 |
| 758,743 |
| 813,823 |
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| Gross margin | 362,368 |
| 366,437 |
| 356,391 |
| 1,432,652 |
| 1,500,506 |
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| Operating expenses: |
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| Research and development | 110,173 |
| 109,091 |
| 105,136 |
| 440,166 |
| 435,222 |
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| Selling, general and administrative | 72,893 |
| 71,643 |
| 75,130 |
| 296,722 |
| 308,617 |
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| Intangible asset amortization | 810 |
| 756 |
| 756 |
| 3,078 |
| 3,041 |
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| Impairment of long-lived assets | - |
| - |
| - |
| - |
| 753 |
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| Severance and restructuring expenses | 678 |
| 523 |
| 1,715 |
| 5,363 |
| 5,632 |
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| Other operating expenses (income), net | (173) |
| 1,077 |
| 83 |
| 929 |
| 143 |
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| Total operating expenses | 184,381 |
| 183,090 |
| 182,820 |
| 746,258 |
| 753,408 |
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| Operating income | 177,987 |
| 183,347 |
| 173,571 |
| 686,394 |
| 747,098 |
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| Interest and other income (expense), net | (8,488) |
| (1,622) |
| 4,079 |
| (8,298) |
| 7,323 |
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| Income before taxes | 169,499 |
| 181,725 |
| 177,650 |
| 678,096 |
| 754,421 |
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| Provision for (benefit from) income taxes (1)(2) | (37,799) |
| 20,535 |
| (189,908) |
| 23,402 |
| (73,065) |
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| Net income | $ 207,298 |
| $ 161,190 |
| $ 367,558 |
| $ 654,694 |
| $ 827,486 |
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| Earnings per share: |
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| Basic | $ 0.78 |
| $ 0.60 |
| $ 1.35 |
| $ 2.43 |
| $ 3.01 |
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| Diluted | $ 0.77 |
| $ 0.59 |
| $ 1.33 |
| $ 2.41 |
| $ 2.97 |
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| Shares used in the calculation of earnings per share: |
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| Basic | 266,639 |
| 269,003 |
| 272,382 |
| 269,341 |
| 274,966 |
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| Diluted | 268,777 |
| 271,579 |
| 275,834 |
| 272,028 |
| 278,777 |
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| Dividends paid per share | $ 0.48 |
| $ 0.48 |
| $ 0.46 |
| $ 1.92 |
| $ 1.84 |
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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 27, 2020 |
| March 28, 2020 |
| June 29, 2019 |
| June 27, 2020 |
| June 29, 2019 |
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| (in thousands) |
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| Cost of goods sold: |
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| Intangible asset amortization | $ 3,528 |
| $ 3,111 |
| $ 4,038 |
| $ 12,860 |
| $ 22,829 |
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| Cost of COVID-19 response programs | 1,591 |
| 2,025 |
| - |
| 3,616 |
| - |
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| Total | $ 5,119 |
| $ 5,136 |
| $ 11,759 |
| $ 16,476 |
| $ 22,829 |
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| Operating expenses: |
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| Intangible asset amortization | $ 810 |
| $ 756 |
| $ 756 |
| $ 3,078 |
| $ 3,041 |
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| Impairment of long-lived assets | - |
| - |
| - |
| - |
| 753 |
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| Severance and restructuring | 678 |
| 523 |
| 1,715 |
| 5,363 |
| 5,632 |
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| Other operating expenses (income), net | (173) |
| 1,077 | (3) | 83 |
| 928 |
| 143 |
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| Total | $ 1,315 |
| $ 2,356 |
| $ 2,554 |
| $ 9,369 |
| $ 9,569 |
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| Interest and other expense (income), net | $ 1,484 |
| $ (587) |
| $ (2,980) |
| $ (541) |
| $ (4,565) |
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| Total | $ 1,484 |
| $ (587) |
| $ (2,980) |
| $ (541) |
| $ (4,565) |
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| Provision for (benefit from) for income taxes: |
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| Impact of U.S. tax legislation (1) | $ 6,486 |
| $ - |
| $ 47,703 |
| $ 6,486 |
| $ 68,729 |
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| Impact of income tax audit settlements (2) | (51,197) |
| - |
| (251,599) |
| (51,197) |
| (251,599) |
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| Total | $ (44,711) |
| $ - |
| $ (203,896) |
| $ (44,711) |
| $ (182,870) |
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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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| (3) Includes approximately $0.5 million of acquisition-related costs and $0.5 million of cost related to COVID-19 response programs. |
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| CONSOLIDATED BALANCE SHEETS |
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| (Unaudited) |
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| June 27, 2020 |
| March 28, 2020 |
| June 29, 2019 |
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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 | $ 1,578,670 |
| $ 1,638,667 |
| $ 1,757,342 |
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| Short-term investments | 35,536 |
| 47,109 |
| 140,990 |
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| Total cash, cash equivalents and short-term investments | 1,614,206 |
| 1,685,776 |
| 1,898,332 |
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| Accounts receivable, net | 404,778 |
| 378,273 |
| 360,016 |
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| Inventories | 259,626 |
| 220,686 |
| 246,512 |
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| Other current assets | 39,219 |
| 25,288 |
| 34,640 |
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| Total current assets | 2,317,829 |
| 2,310,023 |
| 2,539,500 |
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| Property, plant and equipment, net | 550,406 |
| 564,636 |
| 577,722 |
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| Intangible assets, net | 87,959 |
| 44,642 |
| 56,242 |
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| Goodwill | 562,540 |
| 532,251 |
| 532,251 |
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| Other assets | 110,569 |
| 97,383 |
| 38,267 |
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| TOTAL ASSETS | $ 3,629,303 |
| $ 3,548,935 |
| $ 3,743,982 |
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| LIABILITIES AND STOCKHOLDERS' EQUITY |
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| Current liabilities: |
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| Accounts payable | $ 91,982 |
| $ 83,519 |
| $ 84,335 |
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| Price adjustment and other revenue reserves | 148,916 |
| 111,235 |
| 100,490 |
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| Income taxes payable | 43,457 |
| 39,809 |
| 33,765 |
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| Accrued salary and related expenses | 126,751 |
| 122,220 |
| 118,704 |
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| Accrued expenses | 42,228 |
| 31,143 |
| 33,873 |
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| Total current liabilities | 453,334 |
| 387,926 |
| 371,167 |
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| Long-term debt | 994,022 |
| 993,663 |
| 992,584 |
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| Income taxes payable | 385,072 |
| 434,415 |
| 469,418 |
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| Other liabilities | 139,418 |
| 112,988 |
| 65,537 |
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| Total liabilities | 1,971,846 |
| 1,928,992 |
| 1,898,706 |
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| Stockholders' equity: |
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| Common stock and capital in excess of par value | 266 |
| 267 |
| 272 |
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| Retained earnings | 1,671,786 |
| 1,632,325 |
| 1,856,358 |
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| Accumulated other comprehensive loss | (14,595) |
| (12,649) |
| (11,354) |
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| Total stockholders' equity | 1,657,457 |
| 1,619,943 |
| 1,845,276 |
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| TOTAL LIABILITIES & STOCKHOLDERS' EQUITY | $ 3,629,303 |
| $ 3,548,935 |
| $ 3,743,982 |
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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 27, 2020 |
| March 28, 2020 |
| June 29, 2019 |
| June 27, 2020 |
| June 29, 2019 |
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| (in thousands, except per share data) |
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| Cash flows from operating activities: |
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| Net income | $ 207,298 |
| $ 161,190 |
| $ 367,558 |
| $ 654,694 |
| $ 827,486 |
|
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| Adjustments to reconcile net income to net cash provided by operating
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| Stock-based compensation | 23,290 |
| 23,403 |
| 22,004 |
| 95,431 |
| 86,977 |
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| Depreciation and amortization | 36,384 |
| 24,141 |
| 25,569 |
| 108,533 |
| 110,745 |
|
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| Deferred taxes | 14,386 |
| (3,161) |
| 26,118 |
| 8,994 |
| 13,957 |
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| Loss from sale or disposal of property, plant and equipment | 557 |
| 145 |
| 643 |
| 1,191 |
| 3,967 |
|
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| Other adjustments | 2,127 |
| 3,265 |
| (268) |
| 11,353 |
| (3) |
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| Changes in assets and liabilities: |
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| Accounts receivable, price adjustment and other revenue reserves | 13,603 |
| (23,933) |
| 15,615 |
| 6,091 |
| 21,090 |
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| Inventories | (34,562) |
| 3,308 |
| 26,383 |
| (8,671) |
| 36,003 |
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| Other assets | (25,769) |
| (4,710) |
| (11,875) |
| (86,299) |
| (14,901) |
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| Accounts payable | 5,405 |
| (2,655) |
| 699 |
| 7,594 |
| (10,272) |
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| Income taxes payable | (45,855) |
| 2,174 |
| (229,776) |
| (74,814) |
| (176,114) |
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| All other accrued liabilities | 15,465 |
| 26,624 |
| (5,203) |
| 76,758 |
| (23,095) |
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| Net cash provided by operating activities | 212,329 |
| 209,791 |
| 237,467 |
| 800,855 |
| 875,840 |
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| Cash flows from investing activities: |
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| Purchases of property, plant and equipment | (15,680) |
| (17,068) |
| (30,653) |
| (67,049) |
| (82,823) |
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| Proceeds from sales of property, plant and equipment | 124 |
| 97 |
| 306 |
| 392 |
| 340 |
|
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| Proceeds from sales of available-for-sale securities | 1,290 |
| - |
| - |
| 1,290 |
| 30,192 |
|
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| Proceeds from maturity of available-for-sale securities | 10,734 |
| 15,485 |
| 103,431 |
| 104,286 |
| 1,130,514 |
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| Payment in connection with business acquisition, net of cash acquired | (69,270) |
| - |
| - |
| (69,270) |
| (2,949) |
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| Purchases of available-for-sale securities | - |
| - |
| - |
| - |
| (214,587) |
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| Purchases of investments in privately-held companies | (1,840) |
| (120) |
| (1,500) |
| (1,960) |
| (3,176) |
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| Proceeds from sale of investments in privately-held companies | 205 |
| 173 |
| - |
| 378 |
| - |
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| Other investing activities | 2 |
| (50) |
| (60) |
| (116) |
| (600) |
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| Net cash provided by (used in) investing activities | (74,435) |
| (1,483) |
| 71,524 |
| (32,049) |
| 856,911 |
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| Cash flows from financing activities: |
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| Contingent consideration paid | - |
| - |
| - |
| (8,000) |
| (9,052) |
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| Net issuance of restricted stock units | (6,741) |
| (11,570) |
| (6,663) |
| (35,877) |
| (29,689) |
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| Repayment of notes payable | - |
| - |
| - |
| - |
| (500,000) |
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| Proceeds from stock options exercised | 2,240 |
| 7,810 |
| 5,414 |
| 18,870 |
| 24,400 |
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| Issuance of common stock under employee stock purchase program | 23,725 |
| - |
| 22,486 |
| 42,260 |
| 40,175 |
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| Repurchase of common stock | (82,299) |
| (157,003) |
| (102,104) |
| (440,811) |
| (539,151) |
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| Dividends paid | (128,058) |
| (129,072) |
| (125,345) |
| (517,162) |
| (505,576) |
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| Net cash used in financing activities | (191,133) |
| (289,835) |
| (206,212) |
| (940,720) |
| (1,518,893) |
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| Net increase (decrease) in cash, cash equivalents and restricted cash | (53,239) |
| (81,527) |
| 102,779 |
| (171,914) |
| 213,858 |
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| Cash, cash equivalents and restricted cash |
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| Beginning of period | $ 1,638,667 |
| $ 1,720,194 |
| $ 1,654,563 |
| $ 1,757,342 |
| $ 1,543,484 |
|
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| End of period | $ 1,585,428 |
| $ 1,638,667 |
| $ 1,757,342 |
| $ 1,585,428 |
| $ 1,757,342 |
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| Total cash, cash equivalents, and short-term investments | $ 1,614,206 |
| $ 1,685,776 |
| $ 1,898,332 |
| $ 1,614,206 |
| $ 1,898,332 |
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| Cash, cash equivalents and restricted cash: |
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| Cash and cash equivalents | $ 1,578,670 |
| $ 1,638,667 |
| $ 1,757,342 |
| $ 1,578,670 |
| $ 1,757,342 |
|
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| Restricted cash in Other assets | 6,758 |
| - |
| - |
| 6,758 |
| - |
|
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| Total cash, cash equivalents and restricted cash | $ 1,585,428 |
| $ 1,638,667 |
| $ 1,757,342 |
| $ 1,585,428 |
| $ 1,757,342 |
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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 |
| ||||||
|
|
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| June 27, 2020 |
| March 28, 2020 |
| June 29, 2019 |
| June 27, 2020 |
| June 29, 2019 |
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| (in thousands, except per share data) |
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| Reconciliation of GAAP gross profit to GAAP gross
|
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| GAAP gross profit |
| $ 362,368 |
| $ 366,437 |
| $ 356,391 |
| $ 1,432,652 |
| $ 1,500,506 |
|
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| GAAP gross profit % |
| 66.4% |
| 65.2% |
| 64.0% |
| 65.4% |
| 64.8% |
|
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| Special items: |
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|
|
|
|
|
|
|
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| Intangible asset amortization |
| 3,528 |
| 3,111 |
| 4,038 |
| 12,860 |
| 22,829 |
|
|
| Cost of COVID-19 response programs |
| 1,591 |
| 2,025 |
| - |
| 3,616 |
| - |
|
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| Total special items |
| 5,119 |
| 5,136 |
| 4,038 |
| 16,476 |
| 22,829 |
|
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| GAAP gross profit excluding special items |
| $ 367,487 |
| $ 371,573 |
| $ 360,429 |
| $ 1,449,128 |
| $ 1,523,335 |
|
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| GAAP gross profit % excluding special items |
| 67.4% |
| 66.1% |
| 64.8% |
| 66.1% |
| 65.8% |
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|
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|
|
|
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|
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| Reconciliation of GAAP operating expenses to GAAP
|
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|
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|
|
|
|
|
|
|
|
| GAAP operating expenses |
| $ 184,381 |
| $ 183,090 |
| $ 182,820 |
| $ 746,258 |
| $ 753,408 |
|
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| Special items: |
|
|
|
|
|
|
|
|
|
|
|
|
| Intangible asset amortization |
| 810 |
| 756 |
| 756 |
| 3,078 |
| 3,041 |
|
|
| Impairment of long-lived assets |
| - |
| - |
| - |
| - |
| 753 |
|
|
| Severance and restructuring |
| 678 |
| 523 |
| 1,715 |
| 5,363 |
| 5,632 |
|
|
| Other operating expenses (income), net |
| (173) |
| 1,077 | (1) | 83 |
| 928 |
| 143 |
|
|
| Total special items |
| 1,315 |
| 2,356 |
| 2,554 |
| 9,369 |
| 9,569 |
|
|
| GAAP operating expenses excluding special items |
| $ 183,066 |
| $ 180,734 |
| $ 180,266 |
| $ 736,889 |
| $ 743,839 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Reconciliation of GAAP net income to GAAP net income
|
|
|
|
|
|
|
|
|
|
|
|
|
| GAAP net income |
| $ 207,298 |
| $ 161,190 |
| $ 367,558 |
| $ 654,694 |
| $ 827,486 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Special items: |
|
|
|
|
|
|
|
|
|
|
|
|
| Intangible asset amortization |
| 4,338 |
| 3,867 |
| 4,794 |
| 15,938 |
| 25,870 |
|
|
| Cost of COVID-19 response programs |
| 1,591 |
| 2,025 |
| - |
| 3,616 |
| - |
|
|
| Impairment of long-lived assets |
| - |
| - |
| - |
| - |
| 753 |
|
|
| Severance and restructuring |
| 678 |
| 523 |
| 1,715 |
| 5,363 |
| 5,632 |
|
|
| Other operating expenses (income), net |
| (173) |
| 1,077 | (1) | 83 |
| 928 |
| 143 |
|
|
| Interest and other expense (income), net |
| 1,484 |
| (587) |
| (2,980) |
| (541) |
| (4,565) |
|
|
| Pre-tax total special items |
| 7,918 |
| 6,905 |
| 3,612 |
| 25,304 |
| 27,833 |
|
|
| Other income tax effects and adjustments (2) |
| (14,378) |
| (2,101) |
| (11,271) |
| (19,668) |
| 4,747 |
|
|
| Impact of U.S. tax legislation (3) |
| 6,486 |
| - |
| 47,703 |
| 6,486 |
| 68,729 |
|
|
| Impact of income tax audit settlements (4) |
| (51,197) |
| - |
| (251,599) |
| (51,197) |
| (251,599) |
|
|
| GAAP net income excluding special items |
| $ 156,127 |
| $ 165,994 |
| $ 156,003 |
| $ 615,619 |
| $ 677,196 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| GAAP net income per share excluding special items: |
|
|
|
|
|
|
|
|
|
|
|
|
| Basic |
| $ 0.59 |
| $ 0.62 |
| $ 0.57 |
| $ 2.29 |
| $ 2.46 |
|
|
| Diluted |
| $ 0.58 |
| $ 0.61 |
| $ 0.57 |
| $ 2.26 |
| $ 2.43 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Shares used in the calculation of earnings per share
|
|
|
|
|
|
|
|
|
|
|
|
|
| Basic |
| 266,639 |
| 269,003 |
| 272,382 |
| 269,341 |
| 274,966 |
|
|
| Diluted |
| 268,777 |
| 271,579 |
| 275,834 |
| 272,028 |
| 278,777 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (1) Includes approximately $0.5 million of acquisition-related costs and $0.5 million of cost related to COVID-19 response programs. |
| ||||||||||
|
| (2) Includes tax effect of pre-tax special items and miscellaneous tax adjustments. |
| ||||||||||
|
| (3) Includes effect of U.S. tax legislation enacted on December 22, 2017. |
| ||||||||||
|
| (4) 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 the cost of COVID-19 response programs; intangible asset amortization; 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 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 cost of COVID-19 response programs. 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; 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, significant tax legislation, and significant non-recurring and period specific tax items, which vary in size and frequency.
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; cost of COVID-19 response programs; 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
Except for historical information, this press release may contain 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 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 29, 2019 (the "Form 10-K"). The Form 10-K may be found at https://www.sec.gov/Archives/edgar/data/743316/000074331619000024/0000743316-19-000024-index.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
| Contact: |
| Company Name: Maxim Integrated Investor Relations
Web: https://www.maximintegrated.com Financial data for Maxim Integrated Investor Relations |
