Maxim Integrated Products, Inc. reported net revenue of $591 million for its fiscal 2012 second quarter ended December 31, 2011, a 7% decrease from the record $636 million revenue recorded in the prior quarter.
Tunc Doluca, President and Chief Executive Officer, commented, "Our customers maintained a cautious outlook during the December quarter and continued to reduce inventory, particularly in the distribution channel. We are encouraged however by an increase in bookings beginning in December. As a result, we forecast our revenue to return to normal trends in the March quarter."
Based on Generally Accepted Accounting Principles (GAAP), diluted earnings per share in the December quarter was $0.29. The results were affected by certain pre-tax expenses which primarily consisted of: $14.2 million for acquisition related items and $6.0 million for restructuring and severance; and GAAP earnings per share excluding special expense items was $0.34.
At the end of its fiscal 2012 second quarter total cash, cash equivalents and short term investments was $817 million, an increase of $56 million from the prior quarter. Notable items include:
– Cash flow from operations: $249 million (42% of revenue)
– Capital expenditures: $67 million
– Dividends: $64 million ($0.22 per share)
– Stock repurchases: $72 million
