MAXIM INTEGRATED PRODUCTS INC - FORM 8-K/A - EX-99.1 - SELECTED UNAUDITED FINANCIAL INFORMATION - May 5, 2010

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EX-99.1 - SELECTED UNAUDITED FINANCIAL INFORMATION - MAXIM INTEGRATED PRODUCTS INCmaximselectedunauditedfi.pdf
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CONSOLIDATED STATEMENTS OF OPERATIONS
 
 
(Unaudited)
 
 
 
Three Months Ended March 27, 2010
 
Three Months Ended
 
 
 
As Originally
Reported
 
Adjustments
 
As
Revised
 
December 26,
2009
 
March 28, 2009
 
 
 
(in thousands, except per share data)
 
 
Net revenues
$
508,880
 
 
$
—
 
 
$
508,880
 
 
$
473,515
 
 
$
339,665
 
 
 
Cost of goods sold (1,2)
200,177
 
 
—
 
 
200,177
 
 
181,727
 
 
171,960
 
 
 
Gross margin
308,703
 
 
—
 
 
308,703
 
 
291,788
 
 
167,705
 
 
 
Operating expenses:
 
 
 
 
 
 
 
 
 
 
 
Research and development (1)
117,100
 
 
—
 
 
117,100
 
 
118,367
 
 
120,974
 
 
 
Selling, general and administrative (1)
62,943
 
 
—
 
 
62,943
 
 
61,308
 
 
48,760
 
 
 
Severance and restructuring
(625
)
 
—
 
 
(625
)
 
2,063
 
 
10,956
 
 
 
Other operating expense, net (3)
4,546
 
 
173,000
 
 
177,546
 
 
921
 
 
3,969
 
 
 
Total operating expenses
183,964
 
 
173,000
 
 
356,964
 
 
182,659
 
 
184,659
 
 
 
Operating income (loss)
124,739
 
 
(173,000
)
 
(48,261
)
 
109,129
 
 
(16,954
)
 
 
Interest income and other, net
644
 
 
—
 
 
644
 
 
3,630
 
 
(228
)
 
 
Income (loss) before provision for income taxes
125,383
 
 
(173,000
)
 
(47,617
)
 
112,759
 
 
(17,182
)
 
 
Provision for (benefit from) income taxes (4)
59,626
 
 
(73,340
)
 
(13,714
)
 
54,124
 
 
9,244
 
 
 
Net income (loss)
$
65,757
 
 
$
(99,660
)
 
$
(33,903
)
 
$
58,635
 
 
$
(26,426
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Earnings (loss) per share:
 
 
 
 
 
 
 
 
 
 
 
Basic
$
0.22
 
 
$
(0.33
)
 
$
(0.11
)
 
$
0.19
 
 
$
(0.09
)
 
 
Diluted
$
0.21
 
 
$
(0.32
)
 
$
(0.11
)
 
$
0.19
 
 
$
(0.09
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares used in the calculation of earnings (loss) per share:
 
 
 
 
 
 
 
 
 
 
 
Basic
304,518
 
 
 
 
304,518
 
 
305,324
 
 
304,415
 
 
 
Diluted
309,445
 
 
 
 
304,518
 
 
310,090
 
 
304,415
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Dividends declared per share
$
0.200
 
 
 
 
$
0.200
 
 
$
0.200
 
 
$
0.200
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
SCHEDULE OF STOCK BASED COMPENSATION EXPENSES
 
 
(Unaudited)
 
 
 
Three Months Ended March 27, 2010
 
Three Months Ended
 
 
 
As Originally
Reported
 
Adjustments
 
As
Revised
 
December 26,
2009
 
March 28,
2009
 
 
 
(in thousands)
 
 
Cost of goods sold
$
1,071
 
 
$
—
 
 
$
1,071
 
 
$
5,265
 
 
$
7,574
 
 
 
Research and development
8,691
 
 
—
 
 
8,691
 
 
14,650
 
 
25,194
 
 
 
Selling, general and administrative
5,517
 
 
—
 
 
5,517
 
 
7,018
 
 
6,845
 
 
 
Total
$
15,279
 
 
$
—
 
 
$
15,279
 
 
$
26,933
 
 
$
39,613
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
SCHEDULE OF SPECIAL EXPENSE ITEMS
 
 
(Unaudited)
 
 
 
Three Months Ended March 27, 2010
 
Three Months Ended
 
 
 
As Originally
Reported
 
Adjustments
 
As
Revised
 
December 26,
2009
 
March 28,
2009
 
 
 
(in thousands)
 
 
Cost of goods sold:
 
 
 
 
 
 
 
 
 
 
 
Accelerated depreciation (2)
$
—
 
 
$
—
 
 
$
—
 
 
$
—
 
 
$
12,372
 
 
 
Total
$
—
 
 
$
—
 
 
$
—
 
 
$
—
 
 
$
12,372
 
 
 
Operating expenses:
 
 
 
 
 
 
 
 
 
 
 
Severance and restructuring
$
(625
)
 
$
—
 
 
$
(625
)
 
$
2,063
 
 
$
10,956
 
 
 
Other operating expense, net (3)
4,546
 
 
173,000
 
 
177,546
 
 
921
 
 
3,969
 
 
 
Total
$
3,921
 
 
$
173,000
 
 
$
176,921
 
 
$
2,984
 
 
$
14,925
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Provision for income taxes:
 
 
 
 
 
 
 
 
 
 
 
International restructuring (4)
$
14,021
 
 
$
(10,850
)
 
$
3,171
 
 
$
13,758
 
 
$
9,200
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest income and other, net
 
 
 
 
 
 
 
 
 
 
 
Other income (5)
$
—
 
 
$
—
 
 
$
—
 
 
$
1,220
 
 
$
—
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1) Includes stock-based compensation charges as shown in the Schedule of Stock Based Compensation Expenses.
 
 
(2) Includes accelerated depreciation primarily related to long-lived assets resulting from the closure of the Dallas fab facility.
 
 
(3) (Income) expenses, net, primarily for stock option related litigation and certain payroll taxes, interest and penalties.
 
 
(4) Provision for income taxes includes tax provision impact due to international restructuring.
 
 
(5) Impact of investments obtained in exchange for intellectual property.
 
  
 
 
 
CONSOLIDATED BALANCE SHEETS
 
 
(Unaudited)
 
 
 
March 27, 2010
 
 
 
 
 
As Originally
Reported
 
Adjustments
 
As
Revised
 
June 27,
2009
 
 
 
(in thousands)
 
 
ASSETS
 
 
Current assets:
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
758,436
 
 
$
—
 
 
$
758,436
 
 
$
709,348
 
 
 
Short-term investments
100,425
 
 
—
 
 
100,425
 
 
204,055
 
 
 
Total cash, cash equivalents and short-term investments
858,861
 
 
—
 
 
858,861
 
 
913,403
 
 
 
 
 
 
 
 
 
 
 
 
 
Accounts receivable, net
297,352
 
 
—
 
 
297,352
 
 
207,807
 
 
 
Inventories
190,589
 
 
—
 
 
190,589
 
 
217,847
 
 
 
Income tax refund receivable
5,247
 
 
10,361
 
 
15,608
 
 
13,072
 
 
 
Deferred tax assets
184,277
 
 
62,972
 
 
247,249
 
 
211,879
 
 
 
Other current assets
23,091
 
 
—
 
 
23,091
 
 
20,943
 
 
 
Total current assets
1,559,417
 
 
73,333
 
 
1,632,750
 
 
1,584,951
 
 
 
Property, plant and equipment, net
1,325,348
 
 
—
 
 
1,325,348
 
 
1,366,052
 
 
 
Other assets
120,575
 
 
—
 
 
120,575
 
 
130,772
 
 
 
TOTAL ASSETS
$
3,005,340
 
 
$
73,333
 
 
$
3,078,673
 
 
$
3,081,775
 
 
 
 
 
 
 
 
 
 
 
 
 
LIABILITIES AND STOCKHOLDERS' EQUITY
 
 
Current liabilities:
 
 
 
 
 
 
 
 
 
Accounts payable
$
79,351
 
 
$
—
 
 
$
79,351
 
 
$
70,087
 
 
 
Income taxes payable
921
 
 
(7
)
 
914
 
 
2,140
 
 
 
Accrued salary and related expenses
163,661
 
 
—
 
 
163,661
 
 
141,334
 
 
 
Accrued expenses
34,572
 
 
—
 
 
34,572
 
 
38,455
 
 
 
Deferred income on shipments to distributors
21,105
 
 
—
 
 
21,105
 
 
16,760
 
 
 
Accrual for litigation settlement
—
 
 
173,000
 
 
173,000
 
 
—
 
 
 
Total current liabilities
299,610
 
 
172,993
 
 
472,603
 
 
268,776
 
 
 
Other liabilities
24,591
 
 
—
 
 
24,591
 
 
26,398
 
 
 
Income taxes payable
100,184
 
 
—
 
 
100,184
 
 
124,863
 
 
 
Deferred tax liabilities
76,173
 
 
—
 
 
76,173
 
 
67,273
 
 
 
Total liabilities
500,558
 
 
172,993
 
 
673,551
 
 
487,310
 
 
 
 
 
 
 
 
 
 
 
 
 
Stockholders' equity:
 
 
 
 
 
 
 
 
 
Common stock
303
 
 
—
 
 
303
 
 
21,511
 
 
 
Retained earnings
2,514,832
 
 
(99,660
)
 
2,415,172
 
 
2,580,610
 
 
 
Accumulated other comprehensive loss
(10,353
)
 
—
 
 
(10,353
)
 
(7,656
)
 
 
Total stockholders' equity
2,504,782
 
 
(99,660
)
 
2,405,122
 
 
2,594,465
 
 
 
TOTAL LIABILITIES & STOCKHOLDERS' EQUITY
$
3,005,340
 
 
$
73,333
 
 
$
3,078,673
 
 
$
3,081,775
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
CONSOLIDATED STATEMENTS OF CASH FLOWS
 
 
(Unaudited)
 
 
 
Three Months Ended March 27, 2010
 
Three Months Ended
 
 
 
As Originally
Reported
 
Adjustments
 
As
Revised
 
December 26,
2009
 
March 28,
2009
 
 
 
(in thousands)
 
 
Cash flows from operating activities:
 
 
 
 
 
 
 
 
 
 
 
Net income (loss)
$
65,757
 
 
$
(99,660
)
 
$
(33,903
)
 
$
58,635
 
 
$
(26,426
)
 
 
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
 
 
 
 
 
 
 
 
 
 
 
Stock-based compensation
15,279
 
 
—
 
 
15,279
 
 
26,933
 
 
39,613
 
 
 
Depreciation and amortization
40,810
 
 
—
 
 
40,810
 
 
39,832
 
 
51,236
 
 
 
Deferred taxes
9,041
 
 
(62,972
)
 
(53,931
)
 
8,594
 
 
41,055
 
 
 
Tax shortfall related to stock-based compensation
(2,040
)
 
—
 
 
(2,040
)
 
(5,796
)
 
(55,260
)
 
 
Other
(2,067
)
 
—
 
 
(2,067
)
 
(1,522
)
 
405
 
 
 
Changes in assets and liabilities:
 
 
 
 
 
 
 
 
 
 
 
Accounts receivable
(16,257
)
 
—
 
 
(16,257
)
 
(52,279
)
 
17,815
 
 
 
Inventories
5,208
 
 
—
 
 
5,208
 
 
(5,522
)
 
13,291
 
 
 
Other current assets
896
 
 
(10,361
)
 
(9,465
)
 
(1,700
)
 
35,224
 
 
 
Accounts payable
15,388
 
 
—
 
 
15,388
 
 
14,248
 
 
(7,906
)
 
 
Income taxes payable
(718
)
 
(7
)
 
(725
)
 
(50,565
)
 
1,192
 
 
 
Deferred income on shipments to distributors
2,878
 
 
—
 
 
2,878
 
 
(537
)
 
(2,587
)
 
 
Accrued liabilities - goodwill and tender offer payments above fair value
(171
)
 
—
 
 
(171
)
 
(540
)
 
(1,294
)
 
 
Accrued liabilities - litigation settlement
—
 
 
173,000
 
 
173,000
 
 
—
 
 
—
 
 
 
All other accrued liabilities
30,473
 
 
—
 
 
30,473
 
 
1,180
 
 
(393
)
 
 
Net cash provided by operating activities
164,477
 
 
—
 
 
164,477
 
 
30,961
 
 
105,965
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash flows from investing activities:
 
 
 
 
 
 
 
 
 
 
 
Payments for property, plant and equipment
(25,482
)
 
—
 
 
(25,482
)
 
(28,289
)
 
(35,997
)
 
 
Acquisition
—
 
 
—
 
 
—
 
 
—
 
 
(30,700
)
 
 
Proceeds from sales/maturities of available-for-sale securities
—
 
 
—
 
 
—
 
 
—
 
 
2,438
 
 
 
Other
(1,485
)
 
—
 
 
(1,485
)
 
1,109
 
 
727
 
 
 
Net cash used in investing activities
(26,967
)
 
—
 
 
(26,967
)
 
(27,180
)
 
(63,532
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash flows from financing activities:
 
 
 
 
 
 
 
 
 
 
 
Dividends paid
(60,949
)
 
—
 
 
(60,949
)
 
(61,017
)
 
(60,961
)
 
 
Repayment of notes payable
—
 
 
—
 
 
—
 
 
—
 
 
(1,154
)
 
 
Repurchase of common stock
(49,146
)
 
—
 
 
(49,146
)
 
(46,901
)
 
—
 
 
 
Issuance of ESPP
—
 
 
—
 
 
—
 
 
10,703
 
 
—
 
 
 
Issuance of common stock
(7,860
)
 
—
 
 
(7,860
)
 
(6,795
)
 
(4,777
)
 
 
Other
1,359
 
 
—
 
 
1,359
 
 
1,722
 
 
(916
)
 
 
Net cash used in financing activities
(116,596
)
 
—
 
 
(116,596
)
 
(102,288
)
 
(67,808
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net increase (decrease) in cash and cash equivalents
20,914
 
 
—
 
 
20,914
 
 
(98,507
)
 
(25,375
)
 
 
Cash and cash equivalents:
 
 
 
 
 
 
 
 
 
 
 
Beginning of period
737,522
 
 
—
 
 
737,522
 
 
836,029
 
 
718,200
 
 
 
End of period
$
758,436
 
 
—
 
 
$
758,436
 
 
$
737,522
 
 
$
692,825
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total cash, cash equivalents, and short-term investments
$
858,861
 
 
—
 
 
$
858,861
 
 
$
838,560
 
 
$
898,299
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
STOCK-BASED COMPENSATION BY TYPE OF AWARD (in thousands)
 
 
 
(Unaudited)
 
 
 
 
 
 
 
 
Three Months Ended March 27, 2010
Stock Options
 
Restricted Stock Units
 
Employee Stock Purchase Plan
 
Total
 
Cost of goods sold
$
232
 
 
$
586
 
 
$
253
 
 
$
1,071
 
 
Research and development expense
1,318
 
 
6,038
 
 
1,335
 
 
8,691
 
 
Selling, general and administrative expense
1,194
 
 
3,993
 
 
330
 
 
5,517
 
 
Total
$
2,744
 
 
$
10,617
 
 
$
1,918
 
 
$
15,279
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended December 26, 2009
Stock Options
 
Restricted Stock Units
 
Employee Stock Purchase Plan
 
Total
 
Cost of goods sold
$
401
 
 
$
4,730
 
 
$
134
 
 
$
5,265
 
 
Research and development expense
3,625
 
 
9,821
 
 
1,204
 
 
14,650
 
 
Selling, general and administrative expense
2,273
 
 
4,454
 
 
291
 
 
7,018
 
 
Total
$
6,299
 
 
$
19,005
 
 
$
1,629
 
 
$
26,933
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended March 28, 2009
Stock Options
 
Restricted Stock Units
 
Employee Stock Purchase Plan
 
Total
 
Cost of goods sold
$
1,881
 
 
$
5,579
 
 
$
114
 
 
$
7,574
 
 
Research and development expense
3,773
 
 
20,975
 
 
446
 
 
25,194
 
 
Selling, general and administrative expense
1,910
 
 
4,899
 
 
36
 
 
6,845
 
 
Total
$
7,564
 
 
$
31,453
 
 
$
596
 
 
$
39,613
 
 
 
 
 
 
 
 
 
 
 
 

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