Maxim Integrated Products, Inc. reported net revenue of $555 million for its third quarter of fiscal 2016 ended March 26, 2016, a 9% increase from the $511 million revenue recorded in the prior quarter, and a 4% decrease from the same quarter of last year.
Tunc Doluca, President and Chief Executive Officer, commented, "Our third quarter financial performance was in line with our expectations, and we achieved additional milestones in our $180 million cost reduction plan." Mr. Doluca continued, "In our June quarter, we expect seasonal growth in Automotive and core Industrial, and a modest increase in Communications and Data Center. We are pleased with our design win momentum in high-performance power management and differentiated analog products, benefitting from our focused product portfolio."
Based on GAAP, diluted earnings per share in the March quarter was a $0.48 profit. The results were affected by pre-tax special items which primarily consisted of a $59 million gain on sale of a business, $14 million in charges related to acquisitions, and $10 million in charges related to restructuring activities. GAAP earnings per share, excluding special items, was $0.41.
At the end of the third quarter of fiscal 2016, total cash, cash equivalents and short term investments were $1.86 billion, an increase of $87 million from the prior quarter. Notable items included: Cash flow from operations, $168 million; Net capital expenditures, $17 million; Proceeds from sale of business, $105 million; Dividends, $86 million ($0.30 per share); and Stock repurchases, $84 million.
The Company's 90-day backlog at the beginning of the June quarter of 2016 was $370 million. Based on the beginning backlog and expected turns, results for the June 2016 quarter are expected to be as follows: Revenue, $555 million to $595 million; Gross Margin, 59% to 61% GAAP (62% to 64% excluding special items); and EPS, $0.40 to $0.46 GAAP ($0.45 to $0.51 excluding special items).
