Maxim Integrated Reports Results For The Second Quarter Of Fiscal 2016

 











ANALYSIS OF GAAP VERSUS GAAP EXCLUDING SPECIAL ITEMS DISCLOSURES



(Unaudited)





Three Months Ended





December 26, 


September 26, 


December 27, 





2015


2015


2014





(in thousands, except per share data)



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









GAAP gross profit


$        292,169


$         286,351


$        314,077



GAAP gross profit %


57.2%


50.9%


55.4%












Special items:









Intangible asset amortization


14,734


16,638


18,750



Accelerated depreciation (1)


2,032


43,631


8,895



 Total special items 


16,766


60,269


27,645



 GAAP gross profit excluding special items 


$        308,935


$         346,620


$        341,722



 GAAP gross profit % excluding special items 


60.5%


61.6%


60.3%












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









GAAP operating expenses


$        202,636


$         362,116


$        378,153












Special items:









Intangible asset amortization


3,538


3,591


4,155



Impairment of long-lived assets (2)


1,950


157,697


50,745



Impairment of goodwill and intangible assets (3)


-


-


93,010



Severance and restructuring (4)


10,652


7,126


13,635



Other operating expenses (income), net 


(247)


315


885



 Total special items 


15,893


168,729


162,430



 GAAP operating expenses excluding special items 


$        186,743


$         193,387


$        215,723












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









GAAP net income (loss)


$          67,469


$         (72,143)


$        (72,034)












Special items:









Intangible asset amortization


18,272


20,229


22,905



Accelerated depreciation (1)


2,032


43,631


8,895



Impairment of long-lived assets (2)


1,950


157,697


50,745



Impairment of goodwill and intangible assets (3) 


-


-


93,010



Severance and restructuring (4)


10,652


7,126


13,635



Other operating expenses (income), net 


(247)


315


885



Interest and other expense (income), net 


595


(109)


(217)



 Pre-tax total special items 


33,254


228,889


189,858



Fiscal year 2015 & 2014 research & development tax credits


(2,475)


-


(2,863)



Other income tax effects and adjustments (5)


(5,428)


(36,434)


(21,283)



 GAAP net income excluding special items 


$          92,820


$         120,312


$          93,678












 GAAP net income per share excluding special items: 









Basic


$              0.33


$               0.42


$              0.33



Diluted


$              0.32


$               0.42


$              0.33












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









Basic


285,526


284,588


282,992



Diluted (6)


290,521


288,897


287,954












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



(2) Includes impairment charges related to the San Antonio wafer manufacturing facility, MEMS wafer manufacturing equipment, end of line test equipment and certain research and development equipment.



(3) Includes impairment of goodwill and write-off of in-process research and development related to MEMS business unit.



(4) Includes severance charges associated with several reorganizations, primarily various business units and manufacturing operations.



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



(6) 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.






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