Maxim Integrated Products, Inc. reported net revenue of $563 million for its first quarter of fiscal 2016 ended September 26, 2015, a 3% decrease from the $583 million revenue recorded in the prior quarter, and a 3% decrease from the same quarter of last year.
Tunc Doluca, President and Chief Executive Officer, commented, "Our first quarter financial performance was in line with our expectations." Mr. Doluca continued, "Our soft outlook for the December quarter reflects an unusually high decline in Consumer revenue due to product cycle timing, continued weakness in communications infrastructure, and a seasonally down industrial market. Looking ahead to the March quarter, we expect a rebound of our business, driven by product cycles in Consumer, and continued momentum and visibility in Automotive. We are also on track to reduce costs by $180 million annually. "
Based on Generally Accepted Accounting Principles (GAAP), basic earnings per share in the September quarter was a $0.25 loss. The results were affected by pre-tax special items which primarily consisted of a $158 million write down of our San Antonio wafer manufacturing facility, $51 million in charges related to other restructuring activities, and $20 million in charges related to acquisitions. GAAP earnings per share, excluding special items was $0.42. An analysis of GAAP versus GAAP excluding special items is provided in the last table of this press release.
At the end of the first quarter of fiscal 2016, total cash, cash equivalents and short term investments were $1.61 billion, a decrease of $17 million from the prior quarter. Notable items included: Cash flow from operations: $117 million; Net capital additions: $15 million; Dividends: $85 million ($0.30 per share); and Stock repurchases: $40 million.
The Company's 90-day backlog at the beginning of the second fiscal quarter of 2016 was $329 million. Based on the beginning backlog and expected turns, results for the December 2015 quarter are expected to be as follows: Revenue of $490 million to $520 million; Gross Margin of 56% to 60% GAAP (60% to 63% excluding special items); and EPS of $0.23 to $0.29 GAAP ($0.29 to $0.35 excluding special items).
