Maxim Integrated Products Inc. reported a record for net revenues of $445.9 million for its second quarter ending December 24, 2005, a 5.1% increase over the $424.4 million reported for the first quarter of fiscal 2006. Pro forma net income excluding stock based compensation expense for the quarter was $140.0 million or $0.42 diluted earnings per share and GAAP net income was $112.6 million including stock based compensation or $0.33 diluted earnings per share. This compares to $133.2 million of pro forma net income or $0.39 diluted earnings per share reported for the first quarter of fiscal 2006 and GAAP net income of $105.4 million including stock based compensation or $0.31 per diluted share.
Gross bookings for its second quarter were approximately $506 million, a 10% increase from the first quarter's level of $459 million. Gross turns orders received in the quarter were approximately $230 million, a 10% increase from the $208 million received in the prior quarter. Bookings increased in all geographic locations. Second quarter ending backlog shippable within the next 12 months was approximately $370 million, including approximately $329 million requested for shipment in the third quarter of fiscal 2006.
The company's first quarter ending backlog shippable within the next 12 months was approximately $330 million, including approximately $296 million that was requested for shipment in the second quarter of fiscal 2006.
Pro forma gross margin (excluding stock based compensation expense) for the second quarter was 70.2% and GAAP gross margin was 68.2% including stock based compensation of $9.2 million. Pro forma operating margin (excluding stock based compensation expense) for the second quarter was 44.1%.
Pro forma research and development expense (excluding stock based compensation expense) was $92.6 million or 20.8% of net revenues in the second quarter and GAAP research and development expense was $116.9 million or 26.2% of net revenue including stock based compensation of $24.3 million. Pro forma selling, general and administrative expense (excluding stock based compensation expense) was $23.8 million in the second quarter or 5.3% of net revenues while GAAP selling, general and administrative expense was $31.1 million or 7.0% of net revenue including stock based compensation of $7.2 million.
During the quarter, the company repurchased 9.2 million shares of its common stock for $334.6 million, paid dividends of $40.0 million, and acquired $37.4 million in capital equipment. Accounts receivable increased $8.1 million in the second quarter to $221.0 million due to the increase in net revenues. Pro forma inventories (excluding stock based compensation expense) increased to $186.5 million from the previous quarter. GAAP reported inventories for the second quarter increased to $197.8 million and includes $11.3 million for stock based compensation.
