Total cash, cash equivalents and short-term investments increased by $34.4 million during the third quarter to $1.2 billion. Strong cash flow generated from operations was primarily offset by $60.1 million for dividends and $45.9 million in payments for previously acquired property and equipment.
Maxim is not currently providing detailed GAAP and non-GAAP financials for the quarter ending March 29, 2008 due to the previously announced requirement to restate its historical financial statements to record additional non-cash, stock-based compensation expense related to past stock-option grants. Consequently, limited financial data is being presented.
Business Outlook
Maxim's third quarter net realizable bookings increased by 2.7% compared to the second quarter of fiscal 2008. The Company projects revenue for the fourth quarter to be in the range of $490 to $510 million.
Tunc Doluca, President and Chief Executive Officer, commented, "During my recent visits with customers in Europe and Asia, I saw firsthand the value of our improved execution. We have now achieved preferred supplier status at 10 of our 11 partner accounts who provide formal supplier ratings. Maxim has a well-established reputation for developing innovative analog and mixed-signal solutions. Through our focused efforts of the past year we have now earned the increased trust of our customers. Our improved position to deliver innovative solutions provides us a great opportunity to accelerate our growth."
Dividend
A cash dividend for the third quarter of fiscal 2008 of $0.1875 per share will be paid on May 29, 2008 to stockholders of record on May 14, 2008.
MAXIM INTEGRATED PRODUCTS, INC.
SELECTED UNAUDITED FINANCIAL INFORMATION
Three Months Ended
--------------------------------------
March 29, December 29, March 24,
2008 2007 2007
------------ ------------ ------------
(in thousands)
Net revenues $ 487,410 $ 540,025 $ 475,799
============ ============ ============
March 29, December 29, March 24,
2008 2007 2007
------------ ------------ ------------
(in thousands)
Cash and cash equivalents (1) $ 1,203,360 $ 1,021,584 $ 383,061
Short-term investments - 147,375 941,189
------------ ------------ ------------
$ 1,203,360 $ 1,168,959 $ 1,324,250
============ ============ ============
Accounts receivable, net $ 269,292 $ 285,262 $ 250,703
============ ============ ============
Additions to property, plant and
equipment $ 41,876 $ 65,892 $ 71,526
============ ============ ============
(1) Includes restricted cash of $14.3 million and $14.2 million at
March 29, 2008 and December 29, 2007, respectively, which represents cash
proceeds from the sale of a real property asset held for potential tax
deferral.
Note: Due to the pending restatement of the Company's historical financial
statements (see discussion in the release text), all financial numbers
presented in this release should be considered estimates and may be subject
to significant adjustment.
"Safe Harbor" Statement
Certain statements in this press release are forward-looking statements
within the meaning of the Private Securities Litigation Reform Act of 1995.
This includes the Company's need to restate its historical financial
statements to record additional non-cash, stock-based compensation expense
related to past stock-option grants, the Company's expectation that revenue
for the fourth quarter of fiscal 2008 will be in the range of $490 to $510
million and the Company's belief that the combination of its engineering
prowess and customer confidence in it as a reliable supplier creates great
growth opportunities. These statements involve risk and uncertainty. Actual
results could differ materially from those forecasted based upon, among
other things, general market conditions and market developments that could
adversely affect the growth of the mixed-signal analog market product mix
shifts, customer cancellations and price competition, as well as other
risks described in the Company's Annual Report on Form 10-K for the fiscal
year ended June 25, 2005. In addition, the risk that the matters described
in this press release could divert management's attention from operations,
and the fact that expenses arising from the restatement, related private
litigation, and other associated activities are expected to be significant.
