DestinRealtor
08-07-2008, 07:51 PM
What do you guys think of this company? Their earnings came out today and were record breaking. They also added two execs to their board of directors. It seems like this company may be turning things around in a big way.
Maxim Reports Record Revenue for Fiscal 2008
Aug 7, 2008 16:00:49 (ET)
SUNNYVALE, CA, Aug 07, 2008 (MARKET WIRE via COMTEX) -- Maxim Integrated Products, Inc. (PINKSHEETS: MXIM) reported net revenue of $501.3 million for its fiscal 2008 fourth quarter ending June 28, 2008. This is a 2.8% increase from the $487.4 million revenue recorded in the previous quarter and is a 1.6% increase over the normalized revenue of the 14 week quarter from a year ago.
For the fiscal year ending June 28, 2008, the Company achieved record net revenue of $2.051 billion, which is a 4.2% increase over the normalized revenue from the previous 53 week fiscal year.
Balance Sheet Items
Total cash, cash equivalents and short-term investments increased by $14.8 million during the fourth quarter to $1.2 billion. Strong cash flow generated from operations was primarily offset by $60.1 million for payments of cash dividends and $36.2 million in payments for previously acquired property and equipment.
Maxim is not currently providing detailed GAAP and non-GAAP financial statements for the quarter and for the fiscal year ending June 28, 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 fiscal fourth quarter net realizable bookings and ending backlog increased compared to the third quarter of fiscal 2008. The Company projects revenue for the fiscal first quarter to be in the range of $500 to $510 million.
Tunc Doluca, President and Chief Executive Officer, commented, "We completed fiscal 2008 with a 44% improvement in new product introductions, as measured by engineering content. This marks two consecutive years of improvement and should serve as the catalyst for future growth. The increase in our engineering productivity, the effectiveness of our recent focus on margins, and the successful realignment of our business units give Maxim management confidence that we will grow revenue and earnings when the macro economic environment improves. Additionally, further reduction in capital expenditures during fiscal 2009 should increase our free cash flow. In light of this, I am pleased to announce that Maxim's Board of Directors has approved a 6.7% increase in our quarterly dividend from $0.1875 per share to $0.20 per share."
Dividend
The cash dividend for the fourth quarter of fiscal 2008 of $0.20 per share will be paid on September 5, 2008 to stockholders of record on August 22, 2008.
MAXIM INTEGRATED PRODUCTS, INC. SELECTED UNAUDITED FINANCIAL INFORMATION Three Months Ended -------------- -------------- -------------- June 28, 2008 March 29, 2008 June 30, 2007 (1) -------------- -------------- -------------- (in thousands)Net revenues $ 501,267 $ 487,410 $ 531,108 ============== ============== ============== June 28, 2008 March 29, 2008 June 30, 2007 -------------- -------------- -------------- (in thousands)Cash and cash equivalents (2) $ 1,013,119 $ 1,203,360 $ 577,068Short-term investments 205,079 - 722,286 -------------- -------------- -------------- $ 1,218,198 $ 1,203,360 $ 1,299,354 ============== ============== ==============Accounts receivable, net $ 272,029 $ 269,292 $ 244,009 ============== ============== ==============Additions to property, plant and equipment $ 37,127 $ 41,876 $ 119,637 ============== ============== ==============(1) The quarter ending 6/30/2007 was a 14 week quarter for Maxim.Normalized to 13 weeks, the revenue during that quarter would have been$493.2 million.(2) Includes restricted cash of $14.3 million at March 29, 2008.Note: Due to the pending restatement of the Company's historical financialstatements (see discussion in the release text), all financial numberspresented in this release should be considered estimates and may be subjectto significant adjustment. Maxim Appoints Two Prominent Executives to Its Board of Directors
http://i.cdn.turner.com/money/ssi/partners/marketwire_logo.gif August 05, 2008: 10:00 PM EST
Maxim Integrated Products, Inc., (PINKSHEETS: MXIM) announced the appointment of Robert E. Grady and William D. Watkins to its Board of Directors.
Robert E. Grady
Robert Grady is a Managing Director at The Carlyle Group, one of the world's largest private equity firms, where he serves as Chairman of Carlyle's U.S. venture and growth capital group, Carlyle Venture Partners ("CVP"), and on the investment committees of CVP, Carlyle Asia Growth Partners and Carlyle Europe Technology Partners.
Mr. Grady is a member of the board of directors of AuthenTec, Inc. and a former Director of Blackboard and Ingenio (acquired by AT&T). He currently serves on the Board of Directors of several privately-held Carlyle portfolio companies including, eScreen, The Health Central Network, Panasas, Secure Elements, Verari Systems, Viator, Inc. and Wall Street Institute. Mr. Grady is also a former director and served as Chairman in 2006-2007 of the National Venture Capital Association. From 1993 to 2000, he was a Partner and Member of the Management Committee at Robertson Stephens & Company, a technology-focused investment banking firm. He is a member of the Council on Foreign Relations, and he is an Advisory Trustee of the Environmental Defense Fund.
Mr. Grady served from 1994 to 2004 on the faculty of the Stanford Graduate School of Business, where he taught courses on environmental policy, regulation and "Investing in Highly Regulated Industries." From 1989-1993, Mr. Grady served in the White House as Deputy Assistant to the President of the United States of America, and as Executive Associate Director of the Office of Management and Budget (1991-1993) and as Associate Director of OMB for Natural Resources, Energy and Science (1989-1991).
Mr. Grady is an honors graduate of Harvard College and received an M.B.A. from the Stanford Graduate School of Business.
William D. Watkins
Bill Watkins is the Chief Executive Officer and a member of the board of directors of Seagate Technology. Prior to becoming Seagate's Chief Executive Officer, Mr. Watkins served as president and chief operating officer from June 2000 to July 2004 and was responsible for the company's global hard disc drive operations. He has served on Seagate's Board since 2000. Mr. Watkins joined Seagate in 1996 as part of the company's merger with Conner Peripherals. While at Conner, he established the Conner Disk Division and managed its success through the merger with Seagate.
Mr. Watkins currently serves on the board of directors of the Leukemia and Lymphoma Society, and the Silicon Valley Leadership Group. He also serves as a director at-large of the United Negro College Fund and on the executive advisory Council for IDEMA (the International Disk Drive Equipment and Materials Association).
Bill Watkins graduated with honors with a Bachelor of Science degree in Political Science from the University of Texas.
Tunc Doluca, Maxim's President and Chief Executive Officer, commented, "The vast experiences of Robert Grady and Bill Watkins will prove invaluable in guiding the Maxim management team as we pursue the exciting market opportunities that lie ahead of us. We are honored to have them join Maxim's Board of Directors."
Maxim Reports Record Revenue for Fiscal 2008
Aug 7, 2008 16:00:49 (ET)
SUNNYVALE, CA, Aug 07, 2008 (MARKET WIRE via COMTEX) -- Maxim Integrated Products, Inc. (PINKSHEETS: MXIM) reported net revenue of $501.3 million for its fiscal 2008 fourth quarter ending June 28, 2008. This is a 2.8% increase from the $487.4 million revenue recorded in the previous quarter and is a 1.6% increase over the normalized revenue of the 14 week quarter from a year ago.
For the fiscal year ending June 28, 2008, the Company achieved record net revenue of $2.051 billion, which is a 4.2% increase over the normalized revenue from the previous 53 week fiscal year.
Balance Sheet Items
Total cash, cash equivalents and short-term investments increased by $14.8 million during the fourth quarter to $1.2 billion. Strong cash flow generated from operations was primarily offset by $60.1 million for payments of cash dividends and $36.2 million in payments for previously acquired property and equipment.
Maxim is not currently providing detailed GAAP and non-GAAP financial statements for the quarter and for the fiscal year ending June 28, 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 fiscal fourth quarter net realizable bookings and ending backlog increased compared to the third quarter of fiscal 2008. The Company projects revenue for the fiscal first quarter to be in the range of $500 to $510 million.
Tunc Doluca, President and Chief Executive Officer, commented, "We completed fiscal 2008 with a 44% improvement in new product introductions, as measured by engineering content. This marks two consecutive years of improvement and should serve as the catalyst for future growth. The increase in our engineering productivity, the effectiveness of our recent focus on margins, and the successful realignment of our business units give Maxim management confidence that we will grow revenue and earnings when the macro economic environment improves. Additionally, further reduction in capital expenditures during fiscal 2009 should increase our free cash flow. In light of this, I am pleased to announce that Maxim's Board of Directors has approved a 6.7% increase in our quarterly dividend from $0.1875 per share to $0.20 per share."
Dividend
The cash dividend for the fourth quarter of fiscal 2008 of $0.20 per share will be paid on September 5, 2008 to stockholders of record on August 22, 2008.
MAXIM INTEGRATED PRODUCTS, INC. SELECTED UNAUDITED FINANCIAL INFORMATION Three Months Ended -------------- -------------- -------------- June 28, 2008 March 29, 2008 June 30, 2007 (1) -------------- -------------- -------------- (in thousands)Net revenues $ 501,267 $ 487,410 $ 531,108 ============== ============== ============== June 28, 2008 March 29, 2008 June 30, 2007 -------------- -------------- -------------- (in thousands)Cash and cash equivalents (2) $ 1,013,119 $ 1,203,360 $ 577,068Short-term investments 205,079 - 722,286 -------------- -------------- -------------- $ 1,218,198 $ 1,203,360 $ 1,299,354 ============== ============== ==============Accounts receivable, net $ 272,029 $ 269,292 $ 244,009 ============== ============== ==============Additions to property, plant and equipment $ 37,127 $ 41,876 $ 119,637 ============== ============== ==============(1) The quarter ending 6/30/2007 was a 14 week quarter for Maxim.Normalized to 13 weeks, the revenue during that quarter would have been$493.2 million.(2) Includes restricted cash of $14.3 million at March 29, 2008.Note: Due to the pending restatement of the Company's historical financialstatements (see discussion in the release text), all financial numberspresented in this release should be considered estimates and may be subjectto significant adjustment. Maxim Appoints Two Prominent Executives to Its Board of Directors
http://i.cdn.turner.com/money/ssi/partners/marketwire_logo.gif August 05, 2008: 10:00 PM EST
Maxim Integrated Products, Inc., (PINKSHEETS: MXIM) announced the appointment of Robert E. Grady and William D. Watkins to its Board of Directors.
Robert E. Grady
Robert Grady is a Managing Director at The Carlyle Group, one of the world's largest private equity firms, where he serves as Chairman of Carlyle's U.S. venture and growth capital group, Carlyle Venture Partners ("CVP"), and on the investment committees of CVP, Carlyle Asia Growth Partners and Carlyle Europe Technology Partners.
Mr. Grady is a member of the board of directors of AuthenTec, Inc. and a former Director of Blackboard and Ingenio (acquired by AT&T). He currently serves on the Board of Directors of several privately-held Carlyle portfolio companies including, eScreen, The Health Central Network, Panasas, Secure Elements, Verari Systems, Viator, Inc. and Wall Street Institute. Mr. Grady is also a former director and served as Chairman in 2006-2007 of the National Venture Capital Association. From 1993 to 2000, he was a Partner and Member of the Management Committee at Robertson Stephens & Company, a technology-focused investment banking firm. He is a member of the Council on Foreign Relations, and he is an Advisory Trustee of the Environmental Defense Fund.
Mr. Grady served from 1994 to 2004 on the faculty of the Stanford Graduate School of Business, where he taught courses on environmental policy, regulation and "Investing in Highly Regulated Industries." From 1989-1993, Mr. Grady served in the White House as Deputy Assistant to the President of the United States of America, and as Executive Associate Director of the Office of Management and Budget (1991-1993) and as Associate Director of OMB for Natural Resources, Energy and Science (1989-1991).
Mr. Grady is an honors graduate of Harvard College and received an M.B.A. from the Stanford Graduate School of Business.
William D. Watkins
Bill Watkins is the Chief Executive Officer and a member of the board of directors of Seagate Technology. Prior to becoming Seagate's Chief Executive Officer, Mr. Watkins served as president and chief operating officer from June 2000 to July 2004 and was responsible for the company's global hard disc drive operations. He has served on Seagate's Board since 2000. Mr. Watkins joined Seagate in 1996 as part of the company's merger with Conner Peripherals. While at Conner, he established the Conner Disk Division and managed its success through the merger with Seagate.
Mr. Watkins currently serves on the board of directors of the Leukemia and Lymphoma Society, and the Silicon Valley Leadership Group. He also serves as a director at-large of the United Negro College Fund and on the executive advisory Council for IDEMA (the International Disk Drive Equipment and Materials Association).
Bill Watkins graduated with honors with a Bachelor of Science degree in Political Science from the University of Texas.
Tunc Doluca, Maxim's President and Chief Executive Officer, commented, "The vast experiences of Robert Grady and Bill Watkins will prove invaluable in guiding the Maxim management team as we pursue the exciting market opportunities that lie ahead of us. We are honored to have them join Maxim's Board of Directors."