Maxim Reports Record Revenues Exceeding $2 Billion in Fiscal Year 2007
SUNNYVALE, CA- August 2, 2007-Maxim Integrated Products, Inc., (NASDAQ:MXIM) reported net revenues of $531.1 million for its fiscal fourth quarter ending June 30, 2007, an 11.6% increase from the third quarter of fiscal 2007 and a 4.0% increase from the fourth quarter of fiscal 2006. The fourth quarter of fiscal 2007 was a 14 week quarter for Maxim while the third quarter of fiscal 2007 and the fourth quarter of fiscal 2006 were 13 week quarters.
For the fiscal year ending June 30, 2007, Maxim recorded net revenues of $2.007 billion, an 8.0% increase from the $1.859 billion of net revenues recorded in fiscal 2006. Fiscal 2007 was a 53 week year for the Company while fiscal 2006 was a 52 week year.
Maxim is not providing detailed GAAP and non-GAAP financials for the quarter ending June 30, 2007 due to the previously announced need to restate its historical financial statements, to record additional non-cash, stock-based compensation expense related to past stock-option grants. Consequently, limited financial data is being presented at the present time.
Tunc Doluca, President and Chief Executive Officer, commented, "Reaching $2 billion in annual revenues is an important milestone. It reflects our long standing goal to win a significant share of the worldwide demand for high performance analog and mixed-signal products. Building on our past successes, we will continue to develop innovative building block products with broad market appeal as well as address growing customer demand for highly integrated, complex products."
Mr. Doluca concluded, "Our recent investments in manufacturing capacity and productivity tools position us to produce superior, long term, profitable growth.
In light of this, I am pleased to announce that Maxim's Board of Directors has
approved a 20% increase in our quarterly dividend."
A cash dividend for the fourth quarter of fiscal 2007 of $0.1875 per share will be paid on September 7, 2007 to stockholders of record on August 23, 2007.
