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 Maxim Integrated Reports Results For The Fourth Quarter Of Fiscal 2015; Increases Dividend By 7%
   Thursday, July 23, 2015 4:01:00 PM ET

Maxim Integrated Products, Inc. (MXIM ) reported net revenue of $583 million for its fourth quarter of fiscal 2015 ended June 27, 2015, a 1% increase from the $577 million revenue recorded in the prior quarter, and a 9% decrease from the same quarter of last year.

http://photos.prnewswire.com/prnvar/20120912/SF71654LOGO

Tunc Doluca, President and Chief Executive Officer, commented, "In our June quarter, although revenue was slightly below our expectations, we exceeded our EPS guidance due to strong execution on our cost initiatives." Mr. Doluca continued, "This is a pivotal time for Maxim. We are transforming our manufacturing footprint to improve flexibility and profitability, and optimizing R&D and Sales to drive growth. Based on these initiatives, we now expect to achieve $180 million in annual, long-term savings compared to our fiscal fourth quarter 2015 run rate."

Fiscal Year 2015 Fourth Quarter Results Based on Generally Accepted Accounting Principles (GAAP), diluted earnings per share in the June quarter was $0.34. The results were affected by pre-tax special items which primarily consisted of $46 million in charges related to restructuring activities, $22 million in charges related to acquisitions and $36 million in other income related to the gain on a divestiture. GAAP earnings per share, excluding special items was $0.43. An analysis of GAAP versus GAAP excluding special items is provided in the last table of this press release.

Cash Flow Items At the end of the fourth quarter of fiscal 2015, total cash, cash equivalents and short term investments were $1.63 billion, an increase of $159 million from the prior quarter. Notable items included:

-- Cash flow from operations: $222 million

-- Net capital additions: $13 million

-- Dividends: $80 million ($0.28 per share)

-- Stock repurchases: $36 million

Business Outlook

The Company’s 90-day backlog at the beginning of the first fiscal quarter of 2016 was $366 million. Based on the beginning backlog and expected turns, results for the September 2015 quarter are expected to be as follows:

-- Revenue: $545 million to $585 million

-- Gross Margin: 51% to 54% GAAP (60% to 63% excluding special items)

-- EPS: $0.22 to $0.28 GAAP ($0.38 to $0.44 excluding special items)

Maxim Integrated’s business outlook does not include the potential impact of any restructuring activity, acquisitions, or other business combinations that may be completed during the quarter.

Dividend A cash dividend of $0.30 per share will be paid on September 3, 2015, to stockholders of record on August 20, 2015. This represents a 7% increase in the dividend compared to the prior quarter.

Conference Call Maxim Integrated has scheduled a conference call on July 23, 2015, at 2:00 p.m. Pacific Time to discuss its financial results for the fourth quarter of fiscal 2015 and its business outlook. To listen via telephone, dial (866) 804-3547 (toll free) or (703) 639-1328. This call will be webcast by Shareholder.com and can be accessed at the Company’s website at www.maximintegrated.com/company/investor.

A presentation summarizing financial information to be discussed on the conference call is posted at www.maximintegrated.com/company/investor.

 CONSOLIDATED STATEMENTS OF INCOME
 (Unaudited)
                                                        Three Months Ended                                              Year Ended
                                                        June 27,              March 28,             June 28,            June 27,                  June 28,
                                                        2015                  2015                  2014                2015                      2014
                                                        (in thousands, except per share data)
 Net revenues                                           $       582,517       $       577,263       $       642,467     $       2,306,864         $       2,453,663
 Cost of goods sold (1)                                 278,816               261,995               273,507             1,034,997                 1,068,898
 Gross margin                                           303,701               315,268               368,960             1,271,867                 1,384,765
 Operating expenses:
 Research and development                               121,552               123,913               143,802             521,772                   558,168
 Selling, general and administrative                    72,532                75,766                83,153              308,065                   324,734
 Intangible asset amortization                          3,618                 3,977                 4,423               16,077                    17,690
 Impairment of long-lived assets (2)                    549                   5,522                 6,447               67,042                    11,644
 Impairment of goodwill and intangible assets (3)       -                     -                     -                   93,010                    2,580
 Severance and restructuring expenses (4)               12,798                2,824                 5,790               30,642                    24,902
 Acquisition-related costs                              -                     -                     -                   -                         6,983
 Other operating expenses (income), net (5)             (2,296)               (2,184)               8,795               (2,021)                   15,773
 Total operating expenses                               208,753               209,818               252,410             1,034,587                 962,474
 Operating income                                       94,948                105,450               116,550             237,280                   422,291
 Interest and other income (expense), net (6)           28,500                (5,534)               (8,943)             8,890                     (13,065)
 Income before provision for income taxes               123,448               99,916                107,607             246,170                   409,226
 Provision (benefit) for income taxes                   24,789                20,483                22,814              40,132                    54,416
 Net income                                             $         98,659      $         79,433      $         84,793    $          206,038        $          354,810
 Earnings per share:
 Basic                                                  $             0.35    $             0.28    $             0.30  $                0.73     $                1.25
 Diluted                                                $             0.34    $             0.28    $             0.29  $                0.71     $                1.23
 Shares used in the calculation of earnings per share:
 Basic                                                  284,202               283,418               283,431             283,675                   283,344
 Diluted                                                289,346               288,840               289,487             288,949                   289,108
 Dividends paid per share                               $             0.28    $             0.28    $             0.26  $                1.12     $                1.04
 SCHEDULE OF SPECIAL ITEMS
 (Unaudited)
                                                        Three Months Ended                                              Year Ended
                                                        June 27,              March 28,             June 28,            June 27,                  June 28,
                                                        2015                  2015                  2014                2015                      2014
                                                        (in thousands)
 Cost of goods sold:
 Intangible asset amortization                          $         18,116      $         18,750      $         18,750    $            74,366       $            64,483
 Accelerated Depreciation (1)                           32,765                9,834                 -                   51,494                    -
 Acquisition-related inventory write-up                 -                     -                     371                 -                         18,955
 Total                                                  $         50,881      $         28,584      $         19,121    $          125,860        $            83,438
 Operating expenses:
 Intangible asset amortization                          $           3,618     $           3,977     $           4,423   $            16,077       $            17,690
 Impairment of long-lived assets (2)                    549                   5,522                 6,447               67,042                    11,644
 Impairment of goodwill and intangible assets (3)       -                     -                     -                   93,010                    2,580
 Severance and restructuring (4)                        12,798                2,824                 5,790               30,642                    24,902
 Acquisition-related costs                              -                     -                     -                   -                         6,983
 Other operating expenses (income), net (5)             (2,296)               (2,184)               8,795               (2,021)                   15,773
 Total                                                  $         14,669      $         10,139      $         25,455    $          204,750        $            79,572
 Interest and other expense (income), net (6)           $       (35,849)      $                  -  $           2,432   $          (36,066)       $              6,155
 Total                                                  $       (35,849)      $                  -  $           2,432   $          (36,066)       $              6,155
 Provision (benefit) for income taxes:
 Fixed assets tax basis adjustment (7)                  $                  -  $                  -  $         (1,041)   $                      -  $          (35,603)
 Reversal of tax reserves (8)                           -                     -                     -                   (21,747)                  -
 Fiscal year 2014 research & development tax credits    -                     -                     -                   (2,863)                   -
 Total                                                  $                  -  $                  -  $         (1,041)   $          (24,610)       $          (35,603)
 (1) Includes accelerated depreciation related to San Jose wafer manufacturing building and equipment.
 (2) Includes impairment charges relating to wafer manufacturing equipment, end of line test equipment, and software.
 (3) Impairment of goodwill and write-off of in-process research and development primarily related to MEMS business.
 (4) Includes severance charges primarily associated with the reorganization of various business units and manufacturing operations.
 (5) Other operating expenses (income), net are primarily for legal settlements, loss (gain) relating to sale of assets, and expected loss on lease abandonment.
 (6) Includes sale of a business and impairment of investment in privately-held companies.
 (7) Includes one-time fixed asset tax basis adjustments relating to prior year depreciation expense.
 (8) Reversal of tax reserves related to the favorable settlement of a foreign tax issue.
 CONSOLIDATED  BALANCE SHEETS
 (Unaudited)
                                                         June 27,      March 28,     June 28,
                                                         2015          2015          2014
                                                         (in thousands)
 ASSETS
 Current assets:
 Cash and cash equivalents                               $1,550,965    $1,392,197    $1,322,472
 Short-term investments                                  75,154        75,142        49,953
 Total cash, cash equivalents and short-term investments 1,626,119     1,467,339     1,372,425
 Accounts receivable, net                                278,844       278,427       295,828
 Inventories                                             288,474       297,270       289,292
 Deferred tax assets                                     77,306        71,354        74,597
 Other current assets                                    49,838        66,298        54,560
 Total current assets                                    2,320,581     2,180,688     2,086,702
 Property, plant and equipment, net                      1,090,739     1,155,589     1,331,519
 Intangible assets, net                                  261,652       283,385       360,994
 Goodwill                                                511,647       511,824       596,637
 Other assets                                            43,765        36,231        29,766
 TOTAL ASSETS                                            $4,228,384    $4,167,717    $4,405,618
 LIABILITIES AND STOCKHOLDERS’ EQUITY
 Current liabilities:
 Accounts payable                                        $     88,322  $     85,361  $   102,076
 Income taxes payable                                    34,779        20,102        20,065
 Accrued salary and related expenses                     181,360       163,354       186,732
 Accrued expenses                                        48,389        55,967        64,028
 Deferred income on shipments to distributors            30,327        30,550        25,734
 Total current liabilities                               383,177       355,334       398,635
 Long-term debt                                          1,000,000     1,000,000     1,001,026
 Income taxes payable                                    410,378       385,838       362,802
 Deferred tax liabilities                                90,588        116,284       159,879
 Other liabilities                                       54,221        56,412        53,365
 Total liabilities                                       1,938,364     1,913,868     1,975,707
 Stockholders’ equity:
 Common stock par value                                  283           12,359        285
 Additional paid-in capital                              27,859        -             23,005
 Retained earnings                                       2,279,112     2,260,011     2,423,794
 Accumulated other comprehensive loss                    (17,234)      (18,521)      (17,173)
 Total stockholders’ equity                              2,290,020     2,253,849     2,429,911
 TOTAL LIABILITIES & STOCKHOLDERS’ EQUITY                $4,228,384    $4,167,717    $4,405,618
 CONSOLIDATED STATEMENTS OF CASH FLOWS
 (Unaudited)
                                                                                   Three Months Ended                                          Year Ended
                                                                                   June 27,            March 28,           June 28,            June 27,           June 28,
                                                                                   2015                2015                2014                2015               2014
                                                                                   (in thousands)
 Cash flows from operating activities:
 Net income                                                                        $           98,659  $           79,433  $           84,793  $         206,038  $         354,810
 Adjustments to reconcile net income to net cash provided by operating activities:
 Stock-based compensation                                                          17,709              18,586              21,786              79,491             85,452
 Depreciation and amortization                                                     92,639              71,439              64,391              299,396            244,593
 Deferred taxes                                                                    (32,207)            (15,658)            (9,501)             (72,507)           (32,159)
 Loss (gain) from sale of property, plant and equipment                            (1,228)             (441)               1,068               419                2,187
 Tax benefit (shortfall) related to stock-based compensation                       (861)               7,635               942                 8,155              (68)
 Impairment of long-lived assets                                                   517                 5,522               6,447               67,010             11,644
 Impairment of investments in privately-held companies                             94                  -                   6,537               94                 10,260
 In-process research and development written-off                                   -                   -                   -                   8,900              2,580
 Loss (gain) on sale of business                                                   (35,849)            -                   -                   (35,849)           -
 Impairment of goodwill                                                            -                   -                   -                   84,110             -
 Excess tax benefit from stock-based compensation                                  (2,372)             (5,997)             (4,897)             (12,549)           (14,192)
 Changes in assets and liabilities:
 Accounts receivable                                                               (417)               (19,921)            8,300               16,984             13,340
 Inventories                                                                       10,105              9,194               1,226               2,163              20,672
 Other current assets                                                              15,338              (156)               26,579              (8,783)            45,557
 Accounts payable                                                                  2,874               477                 5,203               (4,201)            (11,255)
 Income taxes payable                                                              39,217              22,587              9,853               62,350             54,492
 Deferred revenue on shipments to distributors                                     (223)               3,447               1,475               4,593              (823)
 All other accrued liabilities                                                     17,793              5,917               9,882               (12,110)           (10,983)
 Net cash provided by (used in) operating activities                               221,788             182,064             234,084             693,704            776,107
 Cash flows from investing activities:
 Purchase of property, plant and equipment                                         (15,360)            (10,185)            (23,654)            (75,816)           (132,523)
 Proceeds from sales of property, plant and equipment                              2,741               1,615               1,627               29,035             5,293
 Proceeds from sale of business                                                    35,550              -                   -                   35,550             -
 Proceeds from maturity of available-for-sale securities                           -                   -                   -                   -                  27,000
 Purchases of available-for-sale securities                                        -                   -                   (49,953)            (25,142)           (49,953)
 Purchases of privately-held companies securities                                  -                   (200)               -                   (200)              -
 Payments in connection to acquisitions                                            -                   -                   -                   -                  (459,256)
 Proceeds from sale of investments in privately-held companies                     -                   500                 -                   500                -
 Net cash provided by (used in) investing activities                               22,931              (8,270)             (71,980)            (36,073)           (609,439)
 Cash flows from financing activities:
 Excess tax benefit from stock-based compensation                                  2,372               5,997               4,897               12,549             14,192
 Contingent consideration paid                                                     -                   -                   -                   -                  (4,705)
 Dividends paid                                                                    (79,558)            (79,419)            (73,626)            (317,909)          (294,175)
 Repayment of notes payable                                                        -                   -                   (2,430)             (437)              (4,708)
 Issuance of debt                                                                  -                   -                   -                   -                  497,895
 Debt issuance cost                                                                -                   -                   -                   -                  (3,431)
 Repurchase of common stock                                                        (35,963)            (36,774)            (40,744)            (195,088)          (305,314)
 Issuance of ESPP shares under employee stock purchase program                     22,298              -                   23,713              40,951             42,809
 Net issuance of restricted stock units                                            (7,428)             (8,369)             (8,922)             (30,657)           (31,384)
 Proceeds from stock options exercised                                             12,328              31,098              26,232              61,453             69,639
 Net cash provided by (used in) financing activities                               (85,951)            (87,467)            (70,880)            (429,138)          (19,182)
 Net increase (decrease) in cash and cash equivalents                              158,768             86,327              91,224              228,493            147,486
 Cash and cash equivalents:
 Beginning of period                                                               1,392,197           1,305,870           1,231,248           1,322,472          1,174,986
 End of period                                                                     $      1,550,965    $      1,392,197    $      1,322,472    $      1,550,965   $      1,322,472
 Total cash, cash equivalents and short-term investments                           $      1,626,119    $      1,467,339    $      1,372,425    $      1,626,119   $      1,372,425
 ANALYSIS OF GAAP VERSUS GAAP EXCLUDING SPECIAL ITEMS DISCLOSURES
 (Unaudited)
                                                                                                Three Months Ended                                                        Year Ended
                                                                                                June 27,                March 28,                  June 28,               June 27,            June 28,
                                                                                                2015                    2015                       2014                   2015                2014
                                                                                                (in thousands, except per share data)
 Reconciliation of GAAP gross profit to GAAP gross profit excluding special items:
 GAAP gross profit                                                                              $           303,701     $              315,268     $           368,960    $     1,271,867     $     1,384,765
 GAAP gross profit %                                                                            52.1%                   54.6%                      57.4%                  55.1%               56.4%
 Special items:
 Intangible asset amortization                                                                  18,116                  18,750                     18,750                 74,366              64,483
 Accelerated depreciation (1)                                                                   32,765                  9,834                      -                      51,494              -
 Acquisition-related inventory write-up                                                         -                       -                          371                    -                   18,955
 Total special items                                                                            50,881                  28,584                     19,121                 125,860             83,438
 GAAP gross profit excluding special items                                                      $           354,582     $              343,852     $           388,081    $     1,397,727     $     1,468,203
 GAAP gross profit % excluding special items                                                    60.9%                   59.6%                      60.4%                  60.6%               59.8%
 Reconciliation of GAAP operating expenses to GAAP operating expenses excluding special items:
 GAAP operating expenses                                                                        $           208,753     $              209,818     $           252,410    $     1,034,587     $        962,474
 Special items:
 Intangible asset amortization                                                                  3,618                   3,977                      4,423                  16,077              17,690
 Impairment of long-lived assets (2)                                                            549                     5,522                      6,447                  67,042              11,644
 Impairment of goodwill and intangible assets (3)                                               -                       -                          -                      93,010              2,580
 Severance and restructuring (4)                                                                12,798                  2,824                      5,790                  30,642              24,902
 Acquisition-related costs                                                                      -                       -                          -                      -                   6,983
 Other operating expenses (income), net (5)                                                     (2,296)                 (2,184)                    8,795                  (2,021)             15,773
 Total special items                                                                            14,669                  10,139                     25,455                 204,750             79,572
 GAAP operating expenses excluding special items                                                $           194,084     $              199,679     $           226,955    $        829,837    $        882,902
 Reconciliation of GAAP net income to GAAP net income excluding special items:
 GAAP net income                                                                                $             98,659    $                79,433    $             84,793   $        206,038    $        354,810
 Special items:
 Intangible asset amortization                                                                  21,734                  22,727                     23,173                 90,443              82,173
 Accelerated depreciation (1)                                                                   32,765                  9,834                      -                      51,494              -
 Acquisition-related inventory write-up                                                         -                       -                          371                    -                   18,955
 Impairment of long-lived assets (2)                                                            549                     5,522                      6,447                  67,042              11,644
 Impairment of goodwill and intangible assets (3)                                               -                       -                          -                      93,010              2,580
 Severance and restructuring (4)                                                                12,798                  2,824                      5,790                  30,642              24,902
 Acquisition-related costs                                                                      -                       -                          -                      -                   6,983
 Other operating expenses (income), net (5)                                                     (2,296)                 (2,184)                    8,795                  (2,021)             15,773
 Interest and other expense, net (6)                                                            (35,849)                -                          2,432                  (36,066)            6,155
 Pre-tax total special items                                                                    29,701                  38,723                     47,008                 294,544             169,165
 Tax effect of special items                                                                    (4,267)                 (3,910)                    (6,850)                (35,333)            (19,383)
 Fixed asset tax basis adjustment (7)                                                           -                       -                          (1,041)                -                   (35,603)
 Reversal of tax reserves (8)                                                                   -                       -                          -                      (21,747)            -
 Fiscal year 2014 research & development tax credits                                            -                       -                          -                      (2,863)             -
 GAAP net income excluding special items                                                        $           124,093     $              114,246     $           123,910    $        440,639    $        468,989
 GAAP net income per share excluding special items:
 Basic                                                                                          $                 0.44  $                    0.40  $                0.44  $             1.55  $             1.66
 Diluted                                                                                        $                 0.43  $                    0.40  $                0.43  $             1.52  $             1.62
 Shares used in the calculation of earnings per share excluding special items:
 Basic                                                                                          284,202                 283,418                    283,431                283,675             283,344
 Diluted                                                                                        289,346                 288,840                    289,487                288,949             289,108
 (1) Includes accelerated depreciation related to San Jose wafer manufacturing building and equipment.
 (2) Includes impairment charges relating to wafer manufacturing equipment, end of line test equipment, and software.
 (3) Impairment of goodwill and write-off of in-process research and development primarily related to MEMS business.
 (4) Includes severance charges primarily associated with the reorganization of various business units and manufacturing operations.
 (5) Other operating expenses (income), net are primarily for legal settlements, loss (gain) relating to sale of assets, and expected loss on lease abandonment.
 (6) Includes sale of a business and impairment of investment in privately-held companies.
 (7) Includes one-time fixed asset tax basis adjustments relating to prior year depreciation expense.
 (8) Reversal of tax reserves related to the favorable settlement of a foreign tax issue.

Non-GAAP Measures To supplement the consolidated financial results prepared under GAAP, Maxim Integrated uses non-GAAP measures which are adjusted from the most directly comparable GAAP results to exclude special items related to intangible asset amortization; accelerated depreciation; acquisition-related inventory write-up; impairment of long-lived assets; impairment of goodwill and intangible assets; severance and restructuring; acquisition-related costs; legal settlements, loss (gain) relating to sale of assets, and expected loss on lease abandonment; sale of a business and impairment of investments in privately-held companies; tax provision impacts due to fixed asset tax basis adjustment relating to prior year depreciation expense; reversal of tax reserves related to favorable settlement of a foreign tax issue. Management uses these non-GAAP measures internally to make strategic decisions, forecast future results and evaluate Maxim Integrated’s current performance. Many analysts covering Maxim Integrated use the non-GAAP measures as well. Given management’s use of these non-GAAP measures, Maxim Integrated believes these measures are important to investors in understanding Maxim Integrated’s current and future operating results as seen through the eyes of management. In addition, management believes these non-GAAP measures are useful to investors in enabling them to better assess changes in Maxim Integrated’s core business across different time periods. These non-GAAP measures are not in accordance with or an alternative to GAAP financial data and may be different from non-GAAP measures used by other companies. Because non-GAAP financial measures are not standardized it may not be possible to compare these financial measures with other companies’ non-GAAP financial measures, even if they have similar names. The non-GAAP measures displayed in the table above include the following:

GAAP Gross Profit Excluding Special Items The use of GAAP gross profit excluding special items allows management to evaluate the gross margin of the Company’s core businesses and trends across different reporting periods on a consistent basis, independent of special items including intangible asset amortization, accelerated depreciation and acquisition-related inventory write-up. In addition, it is an important component of management’s internal performance measurement and reward process as it is used to assess the current and historical financial results of the business, for strategic decision making, preparing budgets and forecasting future results. Management presents GAAP gross profit excluding special items to enable investors and analysts to evaluate our revenue generation performance relative to the direct costs of revenue of Maxim Integrated’s core businesses.

GAAP Operating Expenses Excluding Special ItemsThe use of GAAP operating expenses excluding special items allows management to evaluate the operating expenses of the Company’s core businesses and trends across different reporting periods on a consistent basis, independent of special items including intangible asset amortization; impairment of long-lived assets; impairment of goodwill and intangible assets; severance and restructuring; acquisition-related costs; legal settlements, loss (gain) relating to sale of assets, and expected loss on lease abandonment. In addition, it is an important component of management’s internal performance measurement and reward process as it is used to assess the current and historical financial results of the business, for strategic decision making, preparing budgets and forecasting future results. Management presents GAAP operating expenses excluding special items to enable investors and analysts to evaluate our core business and its direct operating expenses.

GAAP Net Income and GAAP Net Income per Share Excluding Special Items The use of GAAP net income and GAAP net income per share excluding special items allow management to evaluate the operating results of Maxim Integrated’s core businesses and trends across different reporting periods on a consistent basis, independent of special items including intangible asset amortization; accelerated depreciation; acquisition-related inventory write-up; impairment of long-lived assets; impairment of goodwill and intangible assets; severance and restructuring; acquisition-related costs; legal settlements, loss (gain) relating to sale of assets, and expected loss on lease abandonment; sale of a business and impairment of investments in privately-held companies; tax provision impacts due to fixed asset tax basis adjustment relating to prior year depreciation expense; reversal of tax reserves related to favorable settlement of a foreign tax issue. In addition, they are important components of management’s internal performance measurement and reward process as it is used to assess the current and historical financial results of the business, for strategic decision making, preparing budgets and forecasting future results. Management presents GAAP net income and GAAP net income per share excluding special items to enable investors and analysts to understand the results of operations of Maxim Integrated’s core businesses and to compare our results of operations on a more consistent basis against that of other companies in our industry.

"Safe Harbor" StatementThis press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements include the Company’s business outlook and financial projections for its first quarter of fiscal 2016 ending in September 2015, which includes revenue, gross margin and earnings per share, as well as the belief that the Company expects to achieve $180 million in annual, long-term savings compared to its fiscal fourth quarter 2015 run rate as the Company transforms its manufacturing footprint to improve flexibility and profitability, and optimizing R&D and Sales to drive growth. These statements involve risk and uncertainty. Actual results could differ materially from those forecasted, based upon, among other things, general market and economic conditions, market developments that could adversely affect the growth of the mixed-signal analog market, product mix shifts, the loss of all or a substantial portion of our sales to one of our large customers, 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 28, 2014 (the "10-K") and Quarterly Reports on Form 10-Q filed after the 10-K.

All forward-looking statements included in this news release are made as of the date hereof, based on the information available to the Company as of the date hereof, and the Company assumes no obligation to update any forward-looking statement except as required by law.

About Maxim IntegratedMaxim is the leader in analog integration. From mobile to industrial solutions, we’re making analog smaller, smarter and more energy efficient. Learn more at www.maximintegrated.com.

ContactKathy TaManaging Director, Investor Relations (408) 601-5697

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SOURCE Maxim Integrated Products, Inc.

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