Maxim Integrated Products Inc. (Sunnyvale, CA) reported net revenues of $338.1 million for its fiscal second quarter ending December 27, 2003, an 18.2 percent increase over the $286.1 million reported for the second quarter of fiscal 2003, and a 9 percent increase over the $310.2 million reported for the first quarter of fiscal 2004.
Net income for the quarter was $98.5 million, a 27.8 percent increase over the $77.1 million reported last year, and a 12.8 percent increase over the $87.4 million reported for the first quarter. Diluted earnings per share were $0.28 for the second quarter, a 21.7 percent increase over the $0.23 reported for the same period a year ago, and a 12 percent increase over the $0.25 reported for the first quarter of fiscal 2004.
During the quarter, cash and short-term investments increased $34.9 million after the company repurchased 2 million shares of its common stock for $100.6 million, paid dividends of $26.4 million, and acquired $70 million in facilities and capital equipment. Accounts receivable increased $2.5 million in the second quarter to $133.4 million due to the increase in net revenues. Inventories decreased $7.2 million to $108.3 million.
