Maxim Integrated Reports Results For The First Quarter Of Fiscal 2017

 











ANALYSIS OF GAAP VERSUS GAAP EXCLUDING SPECIAL ITEMS DISCLOSURES

(Unaudited)




Three Months Ended





September 24, 


June 25, 


September 26, 





2016


2016


2015





(in thousands, except per share data)



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









GAAP gross profit


$                345,732


$                347,027


$                286,351



GAAP gross profit %


61.6%


61.3%


50.9%












Special items:









Intangible asset amortization 


12,602


11,829


16,638



Accelerated depreciation (1)


1,178


4,098


43,631



 Total special items 


13,780


15,927


60,269



  GAAP gross profit excluding special items 


$                359,512


$                362,954


$                346,620



  GAAP gross profit % excluding special items 


64.0%


64.1%


61.6%












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









GAAP operating expenses


$                173,659


$                224,654


$                362,116












Special items:









Intangible asset amortization


2,443


2,538


3,591



Impairment of long-lived assets (2)


6,134


429


157,697



Impairment of intangible assets 


-


27,602


-



Severance and restructuring 


9,965


4,149


7,126



Other operating expenses (income), net  (3)


(28,481)


4,962


315



  Total special items 


(9,939)


39,680


168,729



  GAAP operating expenses excluding special items 


$                183,598


$                184,974


$                193,387












Reconciliation of GAAP net income (loss) to GAAP net income excluding special items:









GAAP net income (loss)


$                137,614


$                  92,339


$                (72,143)












Special items:









Intangible asset amortization 


15,045


14,367


20,229



Accelerated depreciation (1)


1,178


4,098


43,631



Impairment of long-lived assets (2)


6,134


429


157,697



Impairment of intangible assets 


-


27,602


-



Severance and restructuring 


9,965


4,149


7,126



Other operating expenses (income), net (3)


(28,481)


4,962


315



Interest and other expense (income), net 


(471)


(247)


(109)



  Pre-tax total special items 


3,370


55,360


228,889



Other income tax effects and adjustments (4)


(2,754)


(7,228)


(36,434)



 GAAP net income excluding special items 


$                138,230


$                140,471


$                120,312












 GAAP net income per share excluding special items: 









Basic


$                  0.49


$                  0.49


$                  0.42



Diluted


$                  0.48


$                  0.49


$                  0.42












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









Basic


283,633


284,354


284,588



Diluted (5)


288,574


288,544


288,897




(1) Includes building and equipment accelerated depreciation related to San Jose and Dallas manufacturing facilities.



(2) Includes impairment of investments in privately-held companies and other equipment impairment charges.



(3) Includes gain on sale of micro-electromechanical systems (MEMS) business line during the first quarter of fiscal year 2017.



(4) Includes tax effect of pre-tax special items and miscellaneous tax adjustments.



(5) Shares used in diluted earnings per share excluding special items differs from GAAP loss per share due to net income on a non-GAAP basis for the first quarter of fiscal year 2016.






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