Maxim Reports Second-Quarter 2002 Results
Maxim Integrated Products Inc. (Sunnyvale, CA) reported net revenues of $247.1 million for its fiscal second quarter ending December 29, 2001, down from the $438.3 million reported for the second quarter of fiscal 2001, and up from the $239.4 million reported for the first quarter of fiscal 2002. Net income for the quarter was $62.6 million, a decrease from the $122.2 million reported last year and an increase over the $61.3 million reported for the previous quarter. Diluted earnings per share were $0.18 for the second quarter, down from the $0.34 reported for the same period a year ago and up from the $0.17 reported for the first quarter of fiscal 2002.
During the quarter, cash and short-term investments increased $22.1 million after the company repurchased two million shares of its common stock for $67.8 million and acquired a total of $18.7 million of capital equipment. Accounts receivable decreased by $4.7 million in the second quarter to $94.8 million, and inventories decreased $4.9 million to $154.4 million. Gross margin for the first quarter increased slightly to 70.1 percent, after increasing inventory reserves $3.0 million, compared to 70.0 percent reported for the first quarter.