Maxim Integrated Reports Results For The Third Quarter Of Fiscal 2013

 


ANALYSIS OF GAAP VERSUS GAAP EXCLUDING SPECIAL ITEMS DISCLOSURES


(Unaudited)




Three Months Ended





March 30,


December 29,


March 31,





2013


2012


2012





(in thousands, except per share data)



Reconciliation of GAAP gross profit to GAAP gross profit excluding special items:









GAAP gross profit


$           376,102


$              363,375


$           335,430



GAAP gross profit %


62.2%


60.0%


58.7%












Special expense items:









      Intangible asset amortization


7,777


8,986


9,787



 Total special expense items 


7,777


8,986


9,787



 GAAP gross profit excluding special expense items 


$           383,879


$              372,361


$           345,217



 GAAP gross profit % excluding special expense items 


63.5%


61.5%


60.4%












Reconciliation of GAAP operating expenses to GAAP operating expenses excluding special items:









GAAP operating expenses


$           221,824


$              245,827


$           223,544












Special expense (income) items:









      Intangible asset amortization


3,903


3,903


4,029



      Impairment of long-lived assets (1)


-


22,222


7,712



     Severance and restructuring 


151


2,236


228



     Other operating expenses (income), net (2) 


1,678


1,666


(2,511)



 Total special expense items 


5,732


30,027


9,458



 GAAP operating expenses excluding special expense items 


$           216,092


$              215,800


$           214,086












Reconciliation of GAAP net income to GAAP net income excluding special items:









GAAP net income


$           131,388


$                76,622


$             54,517












Special expense (income) items:









      Intangible asset amortization


11,680


12,889


13,816



      Impairment of long-lived assets (1)


-


22,222


7,712



     Severance and restructuring 


151


2,236


228



     Other operating expenses (income) , net (2) 


1,678


1,666


(2,511)



                     Pre-tax total special expense items 


13,509


39,013


19,245



     Tax effect of special items 


(3,806)


(9,555)


(5,445)



     Reversal of tax reserves 


-


-


(2,272)



     International restructuring implementation (3) 


-


18,726


65,293



     Fiscal year 2012 research & development tax credits 


(3,899)


-


-



     Discontinued operations, net of tax (4) 


(2,603)


-


(31,809)



 GAAP net income excluding special expense items 


$           134,589


$              124,806


$             99,529












 GAAP net income per share excluding special expense items: 









    Basic 


$             0.46


$                0.43


$             0.34



    Diluted 


$             0.45


$                0.42


$             0.33












Shares used in the calculation of earnings per share excluding special expense items: 








    Basic


292,888


292,075


292,276



    Diluted 


300,082


298,759


300,221












(1) Includes impairment charges relating to wafer fab and end of line manufacturing equipment and land and building held for sale.



(2) Other operating expenses (income), net are primarily for in-process research and development, contingent consideration adjustments related to certain acquisitions, gain relating to sale of land and buildings, and stock option related litigation.


(3) Includes impact due to international restructuring.



(4) Includes gain on sale, net of tax relating to certain businesses divested.



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