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Maxim Integrated Products, Inc$51.19($.26)(.51%)

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 Maxim Integrated Reports Results For The Fourth Quarter Of Fiscal 2016, Increases Dividend By 10%
   Thursday, July 21, 2016 4:01:00 PM ET

Maxim Integrated Products, Inc. (MXIM ) reported net revenue of $566 million for its fourth quarter of fiscal 2016 ended June 25, 2016, a 2% increase from the $555 million revenue recorded in the prior quarter, and a 3% decrease from the same quarter of last year.

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Tunc Doluca, President and Chief Executive Officer, commented, "In our June quarter, we surpassed the $100 million dollar quarterly revenue mark in Automotive, and the business grew 30% over the same quarter last year. Through solid execution on our manufacturing transformation, we achieved 64% gross margin and met a key milestone by exceeding 30% operating margin in the quarter." Mr. Doluca continued, "We are confident in our ability to continue improving profitability, drive free cash flow growth, and maintain leadership in the return of cash to shareholders. As a result, we announced a 10% increase in our dividend."

Fiscal Year 2016 Fourth Quarter Results Based on Generally Accepted Accounting Principles (GAAP), diluted earnings per share in the June quarter was a $0.32 profit. The results were affected by pre-tax special items which primarily consisted of $42 million in charges related to acquisitions, and $14 million in charges related to restructuring activities. GAAP earnings per share, excluding special items was $0.49. 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 2016, total cash, cash equivalents and short term investments were $2.23 billion, an increase of $370 million from the prior quarter. Notable items included:

-- Cash flow from operations: $254 million

-- Proceeds from term loan: $250 million

-- Capital expenditures: $22 million

-- Proceeds from asset sales: $35 million

-- Dividends: $85 million ($0.30 per share)

-- Stock repurchases: $90 million

Business Outlook The Company’s 90-day backlog at the beginning of the September 2016 quarter was $363 million. Based on the beginning backlog and expected turns, results for the September 2016 quarter are expected to be as follows:

-- Revenue: $540 million to $580 million

-- Gross Margin: 61% to 63% GAAP (63% to 65% excluding special items)

-- EPS: $0.40 to $0.46 GAAP ($0.44 to $0.50 excluding special items)

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

Dividend A cash dividend of $0.33 per share will be paid on September 1, 2016, to stockholders of record on August 18, 2016. This represents a 10% increase in the dividend compared to the prior quarter.

Conference Call Maxim Integrated has scheduled a conference call on July 21 at 2:00 p.m. Pacific Time to discuss its financial results for the fourth quarter of fiscal 2016 and its business outlook. To listen via telephone, dial (866) 802-4305 (toll free) or (703) 639-1317. This call will be webcast by Shareholder.com and can be accessed at the Company’s website at investor.maximintegrated.com.

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

 CONSOLIDATED STATEMENTS OF INCOME
 (Unaudited)
                                                              Three Months Ended                                                Year Ended
                                                              June 25,              March 26,             June 27,              June 25,                 June 27,
                                                              2016                  2016                  2015                  2016                     2015
                                                              (in thousands, except per share data)
 Net revenues                                                 $      566,126        $      555,252        $      582,517        $       2,194,719        $       2,306,864
 Cost of goods sold (1) (2)                                   219,099               236,411               278,816               950,331                  1,034,997
 Gross margin                                                 347,027               318,841               303,701               1,244,388                1,271,867
 Operating expenses:
 Research and development                                     113,491               119,178               121,552               467,161                  521,772
 Selling, general and administrative                          71,483                71,778                72,532                288,899                  308,065
 Intangible asset amortization                                2,538                 2,538                 3,618                 12,205                   16,077
 Impairment of long-lived assets (3)                          429                   506                   549                   160,582                  67,042
 Impairment of goodwill and intangible assets                 27,602                -                     -                     27,602                   93,010
 Severance and restructuring expenses                         4,149                 2,552                 12,798                24,479                   30,642
 Other operating expenses (income), net (4)                   4,962                 (55,419)              (2,296)               (50,389)                 (2,021)
 Total operating expenses (income), net                       224,654               141,133               208,753               930,539                  1,034,587
 Operating income (loss)                                      122,373               177,708               94,948                313,849                  237,280
 Interest and other income (expense), net (5)                 (6,427)               (6,373)               28,500                (28,795)                 8,890
 Income (loss) before provision for income taxes              115,946               171,335               123,448               285,054                  246,170
 Income tax provision (benefit)                               23,607                31,525                24,789                57,579                   40,132
 Net income (loss)                                            $        92,339       $      139,810        $        98,659       $          227,475       $          206,038
 Earnings (loss) per share:
 Basic                                                        $            0.32     $            0.49     $            0.35     $                0.80    $                0.73
 Diluted                                                      $            0.32     $            0.48     $            0.34     $                0.79    $                0.71
 Shares used in the calculation of earnings (loss) per share:
 Basic                                                        284,354               285,854               284,202               285,081                  283,675
 Diluted                                                      288,544               289,783               289,346               289,479                  288,949
 Dividends paid per share                                     $            0.30     $            0.30     $            0.28     $                1.20    $                1.12
 SCHEDULE OF SPECIAL ITEMS
 (Unaudited)
                                                              Three Months Ended                                                Year Ended
                                                              June 25,              March 26,             June 27,              June 25,                 June 27,
                                                              2016                  2016                  2015                  2016                     2015
                                                              (in thousands)
 Cost of goods sold:
 Intangible asset amortization                                $        11,829       $        11,829       $        18,116       $            55,030      $            74,366
 Accelerated depreciation (1)                                 4,098                 4,066                 32,765                53,827                   51,494
 Other cost of goods sold (2)                                 -                     6,123                 -                     6,123                    -
 Total                                                        $        15,927       $        22,018       $        50,881       $          114,980       $          125,860
 Operating expenses:
 Intangible asset amortization                                $          2,538      $          2,538      $          3,618      $            12,205      $            16,077
 Impairment of long-lived assets (3)                          429                   506                   549                   160,582                  67,042
 Impairment of goodwill and intangible assets                 27,602                -                     -                     27,602                   93,010
 Servance and restructuring                                   4,149                 2,552                 12,798                24,479                   30,642
 Other operating expenses (income), net (4)                   4,962                 (55,419)              (2,296)               (50,389)                 (2,021)
 Total                                                        $        39,680       $      (49,823)       $        14,669       $          174,479       $          204,750
 Interest and other expense (income), net (5)                 $           (247)     $             (45)    $      (35,849)       $                 194    $          (36,066)
 Total                                                        $           (247)     $             (45)    $      (35,849)       $                 194    $          (36,066)
 Income tax provision (benefit)
 Reversal of tax reserves (6)                                 $                  -  $                  -  $                  -  $                     -  $          (21,747)
 Fiscal year 2015 & 2014 research & development tax credits   -                     -                     -                     (2,475)                  (2,863)
 Total                                                        $                -    $                -    $                -    $            (2,475)     $          (24,610)
 (1) Includes building and equipment accelerated depreciation related to San Jose and Dallas manufacturing facilities.
 (2) Includes expense related to patent license settlement.
 (3) Includes impairment charges relating to the San Antonio wafer manufacturing facility and other wafer manufacturing equipment, end of line test equipment, and software.
 (4) Includes gain on sale of energy metering business during the third quarter of fiscal year 2016, loss (gain) relating to sale of assets, and expected loss on lease abandonment.
 (5) Includes sale of a business and impairment of investment in privately-held companies.
 (6) Reversal of tax reserves related to the favorable settlement of a foreign tax issue.
CONSOLIDATED  BALANCE SHEETS
(Unaudited)
                                                        June 25,              March 26,             June 27,
                                                        2016                  2016                  2015
                                                        (in thousands)
ASSETS
Current assets:
Cash and cash equivalents                               $        2,105,229    $        1,710,340    $        1,550,965
Short-term investments                                  125,439               150,076               75,154
Total cash, cash equivalents and short-term investments 2,230,668             1,860,416             1,626,119
Accounts receivable, net                                256,531               278,502               278,844
Inventories                                             227,929               234,603               288,474
Deferred tax assets                                     -                     -                     77,306
Other current assets                                    91,920                80,792                48,660
Total current assets                                    2,807,048             2,454,313             2,319,403
Property, plant and equipment, net                      692,551               748,781               1,090,739
Intangible assets, net                                  146,540               188,510               261,652
Goodwill                                                490,648               490,648               511,647
Other assets                                            84,100                74,972                24,422
Assets held for sale                                    13,729                13,733                8,208
TOTAL ASSETS                                            $        4,234,616    $        3,970,957    $        4,216,071
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable                                        $             82,535  $             82,696  $             88,322
Income taxes payable                                    21,153                30,907                34,779
Accrued salary and related expenses                     166,698               151,411               181,360
Accrued expenses                                        50,521                42,562                47,365
Deferred income on shipments to distributors            38,779                34,457                30,327
Short term debt                                         249,717               -                     1,024
Total current liabilities                               609,403               342,033               383,177
Long-term debt                                          990,090               989,489               987,687
Income taxes payable                                    480,645               451,099               410,378
Deferred tax liabilities                                756                   643                   90,588
Other liabilities                                       45,908                48,930                54,221
Total liabilities                                       2,126,802             1,832,194             1,926,051
Stockholders’ equity:
Common stock                                            284                   280                   283
Additional paid-in capital                              -                     -                     27,859
Retained earnings                                       2,121,749             2,154,767             2,279,112
Accumulated other comprehensive loss                    (14,219)              (16,284)              (17,234)
Total stockholders’ equity                              2,107,814             2,138,763             2,290,020
TOTAL LIABILITIES & STOCKHOLDERS’ EQUITY                $        4,234,616    $        3,970,957    $        4,216,071
 CONSOLIDATED STATEMENTS OF CASH FLOWS
 (Unaudited)
                                                                                          Three Months Ended                                         Year Ended
                                                                                          June 25,            March 26,          June 27,            June 25,           June 27,
                                                                                          2016                2016               2015                2016               2015
                                                                                          (in thousands)
 Cash flows from operating activities:
 Net income (loss)                                                                        $           92,339  $         139,810  $           98,659  $         227,475  $         206,038
 Adjustments to reconcile net income (loss) to net cash provided by operating activities:
 Stock-based compensation                                                                 16,444              17,875             17,709              69,701             79,491
 Depreciation and amortization                                                            46,414              47,088             92,639              244,637            299,396
 Deferred taxes                                                                           (13,510)            (333)              (32,207)            (48,138)           (72,507)
 In-process research and development written-off                                          27,602              -                  -                   27,602             8,900
 Loss (gain) from sale of property, plant and equipment                                   5,048               3,098              (1,228)             2,283              419
 Tax benefit (shortfall) related to stock-based compensation                              3,657               545                (861)               7,375              8,155
 Excess tax benefit from stock-based compensation                                         (1,890)             (1,491)            (2,372)             (9,550)            (12,549)
 Impairment of long-lived assets                                                          -                   506                517                 160,153            67,010
 Impairment of goodwill and intangible assets                                             -                   -                  -                   -                  84,110
 Impairment of investments in privately-held companies                                    -                   -                  94                  -                  94
 Loss (gain) on sale of business                                                          -                   (58,944)           (35,849)            (58,944)           (35,849)
 Changes in assets and liabilities:
 Accounts receivable                                                                      21,971              (47,322)           (417)               22,313             16,984
 Inventories                                                                              7,657               22,785             10,105              44,086             2,163
 Other current assets                                                                     8,012               (8,947)            15,338              2,943              (8,783)
 Accounts payable                                                                         5,076               8,683              2,874               (3,676)            (4,201)
 Income taxes payable                                                                     19,792              29,597             39,217              56,641             62,350
 Deferred revenue on shipments to distributors                                            4,322               2,390              (223)               8,452              4,593
 All other accrued liabilities                                                            11,137              12,646             17,793              (31,468)           (12,110)
 Net cash provided by (used in) operating activities                                      254,071             167,986            221,788             721,885            693,704
 Cash flows from investing activities:
 Payments for property, plant and equipment                                               (22,488)            (17,530)           (15,360)            (69,369)           (75,816)
 Proceeds from sales of property, plant and equipment                                     34,691              136                2,741               85,142             29,035
 Proceeds from sale of business                                                           -                   105,000            35,550              105,000            35,550
 Purchases of available-for-sale securities                                               (25,000)            (24,861)           -                   (99,948)           (25,142)
 Purchases of privately-held companies securities                                         (1,554)             (1,921)            -                   (10,483)           (200)
 Proceeds from maturity of available-for-sale securities                                  50,000              -                  -                   50,000             -
 Proceeds from sales of investments of privately-held companies                           -                   -                  -                   -                  500
 Other investing activities                                                               -                   -                  -                   2,380              -
 Net cash provided by (used in) investing activities                                      35,649              60,824             22,931              62,722             (36,073)
 Cash flows from financing activities:
 Excess tax benefit from stock-based compensation                                         1,890               1,491              2,372               9,550              12,549
 Repayment of notes payable                                                               -                   -                  -                   -                  (437)
 Issuance of debt                                                                         249,717             -                  -                   249,717            -
 Net issuance of restricted stock units                                                   (2,687)             (8,853)            (7,428)             (24,084)           (30,657)
 Proceeds from stock options exercised                                                    12,272              9,889              12,328              79,608             61,453
 Issuance of common stock under employee stock purchase program                           19,625              -                  22,298              33,975             40,951
 Repurchase of common stock                                                               (90,438)            (83,801)           (35,963)            (237,086)          (195,088)
 Dividends paid                                                                           (85,210)            (85,714)           (79,558)            (342,023)          (317,909)
 Net cash provided by (used in) financing activities                                      105,169             (166,988)          (85,951)            (230,343)          (429,138)
 Net increase (decrease) in cash and cash equivalents                                     394,889             61,822             158,768             554,264            228,493
 Cash and cash equivalents:
 Beginning of period                                                                      1,710,340           1,648,518          1,392,197           1,550,965          1,322,472
 End of period                                                                            $      2,105,229    $      1,710,340   $      1,550,965    $      2,105,229   $      1,550,965
 Total cash, cash equivalents and short-term investments                                  $      2,230,668    $      1,860,416   $      1,626,119    $      2,230,668   $      1,626,119
 ANALYSIS OF GAAP VERSUS GAAP EXCLUDING SPECIAL ITEMS DISCLOSURES
 (Unaudited)
                                                                                                Three Months Ended                                                  Year Ended
                                                                                                June 25,              March 26,               June 27,              June 25,          June 27,
                                                                                                2016                  2016                    2015                  2016              2015
                                                                                                (in thousands, except per share data)
 Reconciliation of GAAP gross profit to GAAP gross profit excluding special items:
 GAAP gross profit                                                                              $           347,027   $              318,841  $           303,701   $     1,244,388   $     1,271,867
 GAAP gross profit %                                                                            61.3%                 57.4%                   52.1%                 56.7%             55.1%
 Special items:
 Intangible asset amortization                                                                  11,829                11,829                  18,116                55,030            74,366
 Accelerated depreciation (1)                                                                   4,098                 4,066                   32,765                53,827            51,494
 Other cost of goods sold (2)                                                                   -                     6,123                   -                     6,123             -
 Total special items                                                                            15,927                22,018                  50,881                114,980           125,860
 GAAP gross profit excluding special items                                                      $           362,954   $              340,859  $           354,582   $     1,359,368   $     1,397,727
 GAAP gross profit % excluding special items                                                    64.1%                 61.4%                   60.9%                 61.9%             60.6%
 Reconciliation of GAAP operating expenses to GAAP operating expenses excluding special items:
 GAAP operating expenses                                                                        $           224,654   $              141,133  $           208,753   $        930,539  $     1,034,587
 Special items:
 Intangible asset amortization                                                                  2,538                 2,538                   3,618                 12,205            16,077
 Impairment of long-lived assets (3)                                                            429                   506                     549                   160,582           67,042
 Impairment of goodwill and intangible assets                                                   27,602                -                       -                     27,602            93,010
 Severance and restructuring                                                                    4,149                 2,552                   12,798                24,479            30,642
 Other operating expenses (income), net (4)                                                     4,962                 (55,419)                (2,296)               (50,389)          (2,021)
 Total special items                                                                            39,680                (49,823)                14,669                174,479           204,750
 GAAP operating expenses excluding special items                                                $           184,974   $              190,956  $           194,084   $        756,060  $        829,837
 Reconciliation of GAAP net income to GAAP net income excluding special items:
 GAAP net income (loss)                                                                         $             92,339  $              139,810  $             98,659  $        227,475  $        206,038
 Special items:
 Intangible asset amortization                                                                  14,367                14,367                  21,734                67,235            90,443
 Accelerated depreciation (1)                                                                   4,098                 4,066                   32,765                53,827            51,494
 Other cost of goods sold (2)                                                                   -                     6,123                   -                     6,123             -
 Impairment of long-lived assets (3)                                                            429                   506                     549                   160,582           67,042
 Impairment of goodwill and intangible assets                                                   27,602                -                       -                     27,602            93,010
 Severance and restructuring                                                                    4,149                 2,552                   12,798                24,479            30,642
 Other operating expenses (income), net (4)                                                     4,962                 (55,419)                (2,296)               (50,389)          (2,021)
 Interest and other expense (income), net (5)                                                   (247)                 (45)                    (35,849)              194               (36,066)
 Pre-tax total special items                                                                    55,360                (27,850)                29,701                289,653           294,544
 Reversal of tax reserves (6)                                                                   -                     -                       -                     -                 (21,747)
 Fiscal year 2015 & 2014 research & development tax credits                                     -                     -                       -                     (2,475)           (2,863)
 Other income tax effects and adjustments (7)                                                   (7,228)               5,698                   (4,267)               (43,392)          (35,333)
 GAAP net income excluding special items                                                        $           140,471   $              117,658  $           124,093   $        471,261  $        440,639
 GAAP net income per share excluding special items:
 Basic                                                                                          $             0.49    $                0.41   $             0.44    $          1.65   $          1.55
 Diluted                                                                                        $             0.49    $                0.41   $             0.43    $          1.63   $          1.52
 Shares used in the calculation of earnings per share excluding special items:
 Basic                                                                                          284,354               285,854                 284,202               285,081           283,675
 Diluted                                                                                        288,544               289,783                 289,346               289,479           288,949
 (1) Includes building and equipment accelerated depreciation related to San Jose and Dallas manufacturing facilities.
 (2) Includes expense related to patent license settlement.
 (3) Includes impairment charges relating to the San Antonio wafer manufacturing facility and other wafer manufacturing equipment, end of line test equipment, and software.
 (4) Includes gain on sale of energy metering business during the third quarter of fiscal year 2016, loss (gain) relating to sale of assets, and expected loss on lease abandonment.
 (5) Includes sale of a business and impairment of investment in privately-held companies.
 (6) Reversal of tax reserves related to the favorable settlement of a foreign tax issue.
 (7) Includes tax effect of pre-tax special items and miscellaneous tax adjustments.

Non-GAAP MeasuresTo 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; other costs of goods sold; impairment of long-lived assets; impairment of goodwill and other intangible assets; severance and restructuring; and other operating expenses (income), net; fiscal year 2015 and 2014 research & development tax credits, and other income tax effects and adjustments. 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 ItemsThe 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 other costs of goods sold. 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 other intangible assets; severance and restructuring, and other operating expenses (income), net. 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 Provision for Income Taxes Excluding Special ItemsThe use of a GAAP provision for income taxes excluding special items allows management to evaluate the provision for income taxes across different reporting periods on a consistent basis, independent of special items including the tax provision impact of pre-tax special items. In fiscal year 2016, we began using a long-term tax rate to compute the GAAP provision for income taxes excluding special items. This long-term tax rate considers the income tax impact of pre-tax special items; assumes the Federal research tax credit remains in effect throughout the entire year, and eliminates the effects of significant non-recurring and period specific tax items which vary in size and frequency. We are using a long-term tax rate of 18%, which is the weighted average of our normalized fiscal year GAAP tax rate excluding special items over a four year period that includes the past three fiscal years plus the current fiscal year. We will review the long-term tax rate on an annual basis and whenever events occur that may materially affect the long-term tax rate such as tax law changes; significant changes in our geographic earnings mix; or changes in our corporate structure.

GAAP Net Income and GAAP Net Income per Share Excluding Special ItemsThe 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; other costs of goods sold; impairment of long-lived assets; impairment of goodwill and other intangible assets; severance and restructuring; and other operating expenses (income), net; fiscal year 2015 and 2014 research & development tax credits; and other income tax effects and adjustments. 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 2017 ending in September 2016, which includes revenue, gross margin and earnings per share, as well as the Company’s belief in its ability to continue improving profitability, drive free cash flow growth, and maintain leadership in the return of cash to shareholders. 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 27, 2015 (the "10-K") and Quarterly Reports on Form 10-Q filed after the 10-K. The Form 10-K may be found at https://www.sec.gov/Archives/edgar/data/743316/000074331615000029/maxim10-kfy2015.htm.

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 bringing new levels of analog integration to automotive, cloud data center, mobile consumer, and industrial applications. We’re making technology smaller, smarter, and more energy efficient, so that our customers can meet the demands of an integrated world. Learn more at http://www.maximintegrated.com .

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

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