Maxim Reports First-Quarter 2003 RevenuesOctober 29, 2002 by Jeff Shepard
Maxim Integrated Products Inc. (Sunnyvale, CA) reported net revenues of $285.9 million for its fiscal first quarter ending September 28, 2002, a 19.4 percent increase over the $239.4 million reported for the same quarter a year ago, and a 2.1 percent sequential increase over the $280.1 million reported for the fourth quarter of fiscal 2002. Net income increased to $73.2 million in the first quarter, compared to $61.3 million last year, a 19.4 percent increase. Diluted earnings per share were $0.22 for the first quarter, a 29.4 percent increase over the $0.17 reported for the same period a year ago.
During the quarter, cash and short-term investments increased $22.2 million after the company repurchased two million shares of its common stock for $69.0 million and acquired $38.7 million of capital equipment. Accounts receivable increased by $5.6 million in the first quarter to $135.4 million due primarily to the increase in net revenues, and inventories decreased $2.9 million to $136.3 million.