Maxim Reports Fourth-Quarter and Fiscal-Year Results

August 16, 2001 by Jeff Shepard

Maxim Integrated Products Inc. (Sunnyvale, CA) reported results for its fourth quarter and fiscal year ending June 30, 2001. All amounts and periods presented reflect the combined results of both Maxim and Dallas Semiconductor Corp. (Dallas, TX) accounted for under the pooling-of-interests method.

Net revenues for the fourth quarter were $318.1 million, an 18.4 percent decrease from the $389.8 million reported for the same quarter a year ago, and a 20.0 percent decrease from $397.8 million for the third quarter of fiscal 2001. For the quarter, the company recorded a net loss of $16.2 million, compared to a net income of $106.0 million last year. Diluted loss per share was $0.05 for the fourth quarter, compared to diluted earnings per share of $0.29 for the same period a year ago.

For the fiscal year, Maxim reported record net revenues of $1.6 billion, compared to $1.4 billion for last year, a 14.6 percent increase. Net income for the year was $334.9 million with diluted earnings per share of $0.93, compared to $373.1 million and $1.04 per share in fiscal 2000. Operating income, profit before tax, and diluted earnings per share prior to the merger and special charges would have been $608.6 million, $668.4 million and $1.22, respectively, for the fiscal year.

Jack Gifford, president, CEO and chairman, commented on the quarter and the year, "We are pleased with Maxim's performance during this year of challenge and opportunity. In the third and fourth quarters of fiscal 2001, along with most others in our industry, we experienced a steep decline in orders. When we realized the severity and likely duration of the decline, we moved promptly and aggressively to contain costs without affecting our research and development and sales efforts. I am pleased that we sustained a high level of profitability and cash generation for the year."