Maxim Integrated Reports Results For The Third Quarter Of Fiscal 2019
PRNewswire 30-Apr-2019 4:05 PM
SAN JOSE, Calif., April 30, 2019 /PRNewswire/ -- Maxim Integrated Products, Inc. (NASDAQ:MXIM) reported net revenue of $542 million for its third quarter of fiscal 2019 ended March 30, 2019, a 6% decrease from the $577 million revenue recorded in the prior quarter, and a 16% decrease from the same quarter of last year.
Tunc Doluca, President and Chief Executive Officer, commented, "Our March quarter results met our expectations and end market demand appears to have stabilized. Looking ahead to the June quarter, we expect a return to seasonality in Industrial and Automotive, with both end markets trending up sequentially from the soft March quarter. Our profitability remains at industry-leading levels in this cycle due to our flexible manufacturing structure and overall business model."
Fiscal Year 2019 Third Quarter Results
Based on Generally Accepted Accounting Principles (GAAP), diluted earnings per share in the March quarter was $0.47. The results were affected by $7 million in pre-tax special items which primarily consisted of charges related to acquisitions. GAAP earnings per share, excluding special items was $0.52. An analysis of GAAP versus GAAP excluding special items is provided in this press release.
Cash Flow Items
At the end of the third quarter of fiscal 2019, total cash, cash equivalents and short-term investments were $1.90 billion, a decrease of $62 million from the prior quarter.
Notable items included:
- Cash flow from operations: $207 million
- Capital expenditures: $21 million
- Dividends paid: $126 million ($0.46 per share)
- Stock repurchases: $117 million
Adjusted trailing twelve months free cash flow was $899 million, which excludes a one-time tax payment of $178 million in the fourth quarter of fiscal 2018. 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 June 2019 quarter was $399 million. Based on the beginning backlog and expected turns, our results for the June 2019 quarter are forecasted to be as follows:
- Revenue: $540 to $580 million
- Gross Margin: 63% to 66% GAAP (64% to 67% excluding special items)
- EPS: $0.53 to $0.59 GAAP ($0.54 to $0.60 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
A cash dividend of $0.46 per share will be paid on June 14, 2019, to stockholders of record on May 30, 2019.
Conference Call
Maxim Integrated has scheduled a conference call on April 30 at 2:00 p.m. Pacific Time to discuss its financial results for the third 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.
|
CONSOLIDATED STATEMENTS OF INCOME
|
|
(Unaudited)
|
|
|
Three Months Ended
|
|
|
|
March 30,
2019
|
|
December 29,
2018
|
|
March 31,
2018
|
|
|
|
(in thousands, except per share data)
|
|
|
Net revenues
|
$
|
542,383
|
|
|
$
|
576,906
|
|
|
$
|
648,599
|
|
|
|
Cost of goods sold
|
201,552
|
|
|
203,858
|
|
|
224,653
|
|
|
|
Gross margin
|
340,831
|
|
|
373,048
|
|
|
423,946
|
|
|
|
Operating expenses:
|
|
|
|
|
|
|
|
Research and development
|
107,075
|
|
|
110,303
|
|
|
114,390
|
|
|
|
Selling, general and administrative
|
74,116
|
|
|
77,853
|
|
|
81,304
|
|
|
|
Intangible asset amortization
|
756
|
|
|
756
|
|
|
876
|
|
|
|
Impairment of long-lived assets
|
—
|
|
|
753
|
|
|
—
|
|
|
|
Severance and restructuring expenses
|
1,744
|
|
|
1,179
|
|
|
2,272
|
|
|
|
Other operating expenses (income), net
|
—
|
|
|
—
|
|
|
266
|
|
|
|
Total operating expenses (income), net
|
183,691
|
|
|
190,844
|
|
|
199,108
|
|
|
|
Operating income (loss)
|
157,140
|
|
|
182,204
|
|
|
224,838
|
|
|
|
Interest and other income (expense), net
|
3,318
|
|
|
472
|
|
|
(2,534)
|
|
|
|
Income (loss) before provision for income taxes
|
160,458
|
|
|
182,676
|
|
|
222,304
|
|
|
|
Income tax provision (benefit)
|
29,845
|
|
|
50,784
|
|
|
28,677
|
|
|
|
Net income (loss)
|
$
|
130,613
|
|
|
$
|
131,892
|
|
|
$
|
193,627
|
|
|
|
Earnings (loss) per share:
|
|
|
|
|
|
|
|
Basic
|
$
|
0.48
|
|
|
$
|
0.48
|
|
|
$
|
0.69
|
|
|
|
Diluted
|
$
|
0.47
|
|
|
$
|
0.47
|
|
|
$
|
0.68
|
|
|
|
Shares used in the calculation of earnings (loss) per share:
|
|
|
|
|
|
|
|
Basic
|
273,221
|
|
|
276,252
|
|
|
280,850
|
|
|
|
Diluted
|
276,610
|
|
|
280,008
|
|
|
285,881
|
|
|
|
Dividends paid per share
|
$
|
0.46
|
|
|
$
|
0.46
|
|
|
$
|
0.42
|
|
|
|
|
|
|
|
|
|
|
|
SCHEDULE OF SPECIAL ITEMS
|
|
|
(Unaudited)
|
|
|
|
Three Months Ended
|
|
|
|
March 30,
2019
|
|
December 29,
2018
|
|
March 31,
2018
|
|
|
|
(in thousands)
|
|
|
Cost of goods sold:
|
|
|
|
|
|
|
|
Intangible asset amortization
|
$
|
5,008
|
|
|
$
|
6,868
|
|
|
$
|
12,101
|
|
|
|
Total
|
$
|
5,008
|
|
|
$
|
6,868
|
|
|
$
|
12,101
|
|
|
|
Operating expenses:
|
|
|
|
|
|
|
|
Intangible asset amortization
|
756
|
|
|
$
|
756
|
|
|
$
|
876
|
|
|
|
Impairment of long-lived assets (1)
|
—
|
|
|
753
|
|
|
—
|
|
|
|
Severance and restructuring
|
1,744
|
|
|
1,179
|
|
|
2,272
|
|
|
|
Other operating expenses (income), net
|
—
|
|
|
—
|
|
|
266
|
|
|
|
Total
|
$
|
2,500
|
|
|
$
|
2,688
|
|
|
$
|
3,414
|
|
|
|
Interest and other expense (income), net
|
$
|
(857)
|
|
|
$
|
(351)
|
|
|
$
|
(97)
|
|
|
|
Total
|
$
|
(857)
|
|
|
$
|
(351)
|
|
|
$
|
(97)
|
|
|
|
Income tax provision (benefit):
|
|
|
|
|
|
|
|
Impact of U.S. tax legislation (2)
|
$
|
(1,056)
|
|
|
$
|
22,082
|
|
|
$
|
—
|
|
|
|
Total
|
$
|
(1,056)
|
|
|
$
|
22,082
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
|
(1) Includes impairment of investments in privately-held companies and other equipment charges.
|
|
|
(2) Includes effect of U.S. tax legislation enacted on December 22, 2017.
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATED BALANCE SHEETS
|
|
|
(Unaudited)
|
|
|
|
March 30,
2019
|
|
December 29,
2018
|
|
March 31,
2018
|
|
|
|
(in thousands)
|
|
|
ASSETS
|
|
|
Current assets:
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
$
|
1,654,563
|
|
|
$
|
1,406,740
|
|
|
$
|
1,629,593
|
|
|
|
Short-term investments
|
243,864
|
|
|
553,901
|
|
|
1,094,801
|
|
|
|
Total cash, cash equivalents and short-term investments
|
1,898,427
|
|
|
1,960,641
|
|
|
2,724,394
|
|
|
|
Accounts receivable, net
|
381,152
|
|
|
391,419
|
|
|
320,553
|
|
|
|
Inventories
|
272,832
|
|
|
278,925
|
|
|
273,616
|
|
|
|
Other current assets
|
24,358
|
|
|
26,933
|
|
|
22,275
|
|
|
|
Total current assets
|
2,576,769
|
|
|
2,657,918
|
|
|
3,340,838
|
|
|
|
Property, plant and equipment, net
|
571,955
|
|
|
571,983
|
|
|
589,177
|
|
|
|
Intangible assets, net
|
61,036
|
|
|
67,161
|
|
|
90,848
|
|
|
|
Goodwill
|
532,251
|
|
|
532,251
|
|
|
532,904
|
|
|
|
Other assets
|
61,843
|
|
|
59,614
|
|
|
69,428
|
|
|
|
TOTAL ASSETS
|
$
|
3,803,854
|
|
|
$
|
3,888,927
|
|
|
$
|
4,623,195
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
|
Current liabilities:
|
|
|
|
|
|
|
|
Accounts payable
|
$
|
86,798
|
|
|
$
|
99,577
|
|
|
$
|
84,407
|
|
|
|
Price adjustment and other revenue reserves
|
106,011
|
|
|
130,601
|
|
|
24,339
|
|
|
|
Income taxes payable
|
44,179
|
|
|
39,507
|
|
|
147,771
|
|
|
|
Accrued salary and related expenses
|
128,365
|
|
|
102,427
|
|
|
48,384
|
|
|
|
Accrued expenses
|
33,644
|
|
|
34,368
|
|
|
—
|
|
|
|
Current portion of debt
|
—
|
|
|
—
|
|
|
499,050
|
|
|
|
Total current liabilities
|
398,997
|
|
|
406,480
|
|
|
803,951
|
|
|
|
Long-term debt
|
992,225
|
|
|
991,866
|
|
|
990,787
|
|
|
|
Income taxes payable
|
688,780
|
|
|
673,051
|
|
|
817,969
|
|
|
|
Other liabilities
|
61,105
|
|
|
62,116
|
|
|
59,497
|
|
|
|
Total liabilities
|
2,141,107
|
|
|
2,133,513
|
|
|
2,672,204
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' equity:
|
|
|
|
|
|
|
|
Common stock and capital in excess of par value
|
279
|
|
|
279
|
|
|
283
|
|
|
|
Retained earnings
|
1,672,938
|
|
|
1,766,471
|
|
|
1,963,912
|
|
|
|
Accumulated other comprehensive loss
|
(10,470)
|
|
|
(11,336)
|
|
|
(13,204)
|
|
|
|
Total stockholders' equity
|
1,662,747
|
|
|
1,755,414
|
|
|
1,950,991
|
|
|
|
TOTAL LIABILITIES & STOCKHOLDERS' EQUITY
|
$
|
3,803,854
|
|
|
$
|
3,888,927
|
|
|
$
|
4,623,195
|
|
|
|
|
|
|
|
|
|
|
|
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
|
|
|
(Unaudited)
|
|
|
|
Three Months Ended
|
|
|
|
March 30,
2019
|
|
December 29,
2018
|
|
March 31,
2018
|
|
|
|
(in thousands)
|
|
|
Cash flows from operating activities:
|
|
|
|
|
|
|
|
Net income (loss)
|
$
|
130,613
|
|
|
$
|
131,892
|
|
|
$
|
193,627
|
|
|
|
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
|
|
|
|
|
|
|
|
Stock-based compensation
|
22,820
|
|
|
21,656
|
|
|
20,605
|
|
|
|
Depreciation and amortization
|
27,182
|
|
|
26,803
|
|
|
37,201
|
|
|
|
Deferred taxes
|
(3,955)
|
|
|
(5,174)
|
|
|
(2,670)
|
|
|
|
Loss (gain) from disposal of property, plant and equipment
|
428
|
|
|
2,275
|
|
|
1,160
|
|
|
|
Impairment of investments in privately-held companies
|
(371)
|
|
|
753
|
|
|
—
|
|
|
|
Changes in assets and liabilities:
|
|
|
|
|
|
|
|
Accounts receivable
|
(14,323)
|
|
|
43,402
|
|
|
(80,953)
|
|
|
|
Inventories
|
6,123
|
|
|
(3,505)
|
|
|
(11,036)
|
|
|
|
Other current assets
|
3,561
|
|
|
6,038
|
|
|
(1,244)
|
|
|
|
Accounts payable
|
(13,372)
|
|
|
7,664
|
|
|
(235)
|
|
|
|
Income taxes payable
|
20,401
|
|
|
(482)
|
|
|
30,067
|
|
|
|
Accrued salary and related expenses
|
25,938
|
|
|
(375)
|
|
|
33,408
|
|
|
|
All other accrued liabilities
|
1,893
|
|
|
(6,697)
|
|
|
3,295
|
|
|
|
Net cash provided by (used in) operating activities
|
206,938
|
|
|
224,250
|
|
|
223,225
|
|
|
|
Cash flows from investing activities:
|
|
|
|
|
|
|
|
Purchase of property, plant and equipment
|
(21,257)
|
|
|
(12,597)
|
|
|
(16,930)
|
|
|
|
Proceeds from sales of property, plant and equipment
|
32
|
|
|
1
|
|
|
2,844
|
|
|
|
Proceeds from sale of available-for-sale securities
|
2,939
|
|
|
18,815
|
|
|
60,008
|
|
|
|
Proceeds from maturity of available-for-sale securities
|
308,529
|
|
|
416,720
|
|
|
304,289
|
|
|
|
Payment in connection with business acquisition, net of cash acquired
|
—
|
|
|
—
|
|
|
(57,773)
|
|
|
|
Purchases of available-for-sale securities
|
—
|
|
|
(23,707)
|
|
|
(268,821)
|
|
|
|
Purchases of privately-held companies' securities
|
(770)
|
|
|
(156)
|
|
|
(1,250)
|
|
|
|
Other investing activities
|
(540)
|
|
|
—
|
|
|
—
|
|
|
|
Net cash provided by (used in) investing activities
|
288,933
|
|
|
399,076
|
|
|
22,367
|
|
|
|
Cash flows from financing activities:
|
|
|
|
|
|
|
|
Repayment of debt
|
—
|
|
|
(500,000)
|
|
|
—
|
|
|
|
Contingent consideration paid
|
(1,052)
|
|
|
—
|
|
|
—
|
|
|
|
Net issuance of restricted stock units
|
(9,582)
|
|
|
(5,916)
|
|
|
(9,642)
|
|
|
|
Proceeds from stock options exercised
|
5,143
|
|
|
7,235
|
|
|
7,716
|
|
|
|
Issuance of common stock under employee stock purchase program
|
—
|
|
|
17,689
|
|
|
—
|
|
|
|
Repurchase of common stock
|
(116,991)
|
|
|
(207,558)
|
|
|
(127,700)
|
|
|
|
Dividends paid
|
(125,566)
|
|
|
(126,808)
|
|
|
(117,883)
|
|
|
|
Net cash provided by (used in) financing activities
|
(248,048)
|
|
|
(815,358)
|
|
|
(247,509)
|
|
|
|
Net increase (decrease) in cash and cash equivalents
|
247,823
|
|
|
(192,032)
|
|
|
(1,917)
|
|
|
|
Cash and cash equivalents:
|
|
|
|
|
|
|
|
Beginning of period
|
$
|
1,406,740
|
|
|
$
|
1,598,772
|
|
|
$
|
1,631,510
|
|
|
|
End of period
|
$
|
1,654,563
|
|
|
$
|
1,406,740
|
|
|
$
|
1,629,593
|
|
|
|
Total cash, cash equivalents, and short-term investments
|
$
|
1,898,427
|
|
|
$
|
1,960,641
|
|
|
$
|
2,724.394
|
|
|
|
|
|
|
|
|
|
|
|
ANALYSIS OF GAAP VERSUS GAAP EXCLUDING SPECIAL ITEMS DISCLOSURES
|
|
|
(Unaudited)
|
|
|
|
|
Three Months Ended
|
|
|
|
|
March 30,
2019
|
|
December 29,
2018
|
|
March 31,
2018
|
|
|
|
|
(in thousands, except per share data)
|
|
|
Reconciliation of GAAP gross profit to GAAP gross profit excluding special items:
|
|
|
|
|
|
|
|
|
GAAP gross profit
|
|
$
|
340,831
|
|
|
$
|
373,048
|
|
|
$
|
423,946
|
|
|
|
GAAP gross profit %
|
|
62.8
|
%
|
|
64.7
|
%
|
|
65.4
|
%
|
|
|
Special items:
|
|
|
|
|
|
|
|
|
Intangible asset amortization
|
|
5,008
|
|
|
6,868
|
|
|
12,101
|
|
|
|
Total special items
|
|
5,008
|
|
|
6,868
|
|
|
12,101
|
|
|
|
GAAP gross profit excluding special items
|
|
$
|
345,839
|
|
|
$
|
379,916
|
|
|
$
|
436,047
|
|
|
|
GAAP gross profit % excluding special items
|
|
63.8
|
%
|
|
65.9
|
%
|
|
67.2
|
%
|
|
|
Reconciliation of GAAP operating expenses to GAAP operating expenses excluding special items:
|
|
|
|
|
|
|
|
|
GAAP operating expenses
|
|
$
|
183,691
|
|
|
$
|
190,844
|
|
|
$
|
199,108
|
|
|
|
Special items:
|
|
|
|
|
|
|
|
|
Intangible asset amortization
|
|
756
|
|
|
756
|
|
|
876
|
|
|
|
Impairment of long-lived assets
|
|
—
|
|
|
753
|
|
|
—
|
|
|
|
Severance and restructuring
|
|
1,744
|
|
|
1,179
|
|
|
2,272
|
|
|
|
Other operating expenses (income), net
|
|
—
|
|
|
—
|
|
|
266
|
|
|
|
Total special items
|
|
2,500
|
|
|
2,688
|
|
|
3,414
|
|
|
|
GAAP operating expenses excluding special items
|
|
$
|
181,191
|
|
|
$
|
188,156
|
|
|
$
|
195,694
|
|
|
|
Reconciliation of GAAP net income (loss) to GAAP net income excluding special items:
|
|
|
|
|
|
|
|
|
GAAP net income (loss)
|
|
$
|
130,613
|
|
|
$
|
131,892
|
|
|
$
|
193,627
|
|
|
|
Special items:
|
|
|
|
|
|
|
|
|
Intangible asset amortization
|
|
5,764
|
|
|
7,624
|
|
|
12,977
|
|
|
|
Impairment of long-lived assets (1)
|
|
—
|
|
|
753
|
|
|
—
|
|
|
|
Severance and restructuring
|
|
1,744
|
|
|
1,179
|
|
|
2,272
|
|
|
|
Other operating expenses (income), net
|
|
—
|
|
|
—
|
|
|
266
|
|
|
|
Interest and other expense (income), net
|
|
(857)
|
|
|
(351)
|
|
|
(97)
|
|
|
|
Total pre-tax special items
|
|
6,651
|
|
|
9,205
|
|
|
15,418
|
|
|
|
Other income tax effects and adjustments (2)
|
|
7,506
|
|
|
3,758
|
|
|
151
|
|
|
|
Impact of U.S. tax effects and adjustments (3)
|
|
(1,056)
|
|
|
22,082
|
|
|
—
|
|
|
|
GAAP net income excluding special items
|
|
$
|
143,714
|
|
|
$
|
166,937
|
|
|
$
|
209,196
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net income per share excluding special items:
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
0.53
|
|
|
$
|
0.60
|
|
|
$
|
0.74
|
|
|
|
Diluted
|
|
$
|
0.52
|
|
|
$
|
0.60
|
|
|
$
|
0.73
|
|
|
|
Shares used in the calculation of earnings per share excluding special items:
|
|
|
|
|
|
|
|
|
Basic
|
|
273,221
|
|
|
276,252
|
|
|
280,850
|
|
|
|
Diluted
|
|
276,610
|
|
|
280,008
|
|
|
285,881
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Includes impairment of investments in privately-held companies and other equipment impairment charges.
|
|
|
(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.
|
|
|
|
|
|
|
|
|
|
|
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 second quarter 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 quarter of fiscal year 2018 or for the first, second and third quarters of 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?fourth quarter of fiscal 2019 ending June 2019, which includes revenue, gross margin and earnings per share as well as the Company's?expectation of a return to seasonality in Industrial and Automotive in the June quarter, with both end markets trending up sequentially from the soft March quarter.? 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
