Inventories are stated at the lower of cost, which approximates actual cost on a first-in-first-out basis, or market value. Because of the cyclicality of the market, inventory levels, obsolescence of technology, and product life cycles, the Company writes down inventories to net realizable value based on backlog, forecasted product demand, and historical sales levels. Backlog is subject to revisions, cancellations, and rescheduling. Actual demand and market conditions may be lower than those projected by the Company. This difference could have a material adverse effect on the Company’s gross margin should inventory write downs beyond those initially recorded become necessary. Alternatively, should actual demand and market conditions be more favorable than those estimated by the Company, gross margin could be favorably impacted. During fiscal year 2003, the Company had inventory write downs of $11.9 million due primarily to work in process and finished goods inventory manufactured in excess of forecasted demand. During the nine months ended March 27, 2004, the Company had inventory write downs of $2.2 million due primarily to work in process and finished goods inventory manufactured in excess of forecasted demand.
The Company’s standard cost revision policy is to continuously monitor manufacturing variances and revise standard costs when necessary. The Company’s policy for recording a write down of inventory is generally to write down, at standard cost, work-in-process and finished goods inventory in excess of estimated 12 months demand based on backlog, historical sales levels and forecasted demand, which has no forecasted product demand.
The Company evaluates the recoverability of long-lived assets in accordance with Statement of Financial Accounting Standards No. 144 (SFAS 144), “Accounting for the Impairment or Disposal of Long-Lived Assets.” The Company performs periodic reviews to determine whether facts and circumstances exist that would indicate that the carrying amounts of long-lived assets might not be fully recoverable. If facts and circumstances indicate that the carrying amount of long-lived assets might not be fully recoverable, the Company compares projected undiscounted net cash flows associated with the related asset or group of assets over their estimated remaining useful life against their respective carrying amounts. In the event that the projected undiscounted cash flows are not sufficient to recover the carrying value of the assets, the assets are written down to their estimated fair values based on the expected discounted future cash flows attributable to the assets. Evaluation of impairment of long-lived assets requires estimates in the forecast of future operating results that are used in the preparation of the expected future undiscounted cash flows. Actual future operating results and the remaining economic lives of the Company’s long-lived assets could differ from the Company’s estimates used in assessing the recoverability of these assets. These differences could result in additional impairment charges, which could have a material adverse impact on the Company’s results of operations.
The Company records a valuation allowance to reduce the net deferred tax assets to the amount that is more likely than not to be realized. In assessing the need for a valuation allowance, historical levels of income, expectations and risks associated with estimates of future taxable income and ongoing prudent and practicable tax planning strategies are considered. In the event it is determined that the deferred tax assets to be realized in the future would be in excess of the net recorded amount, an adjustment to the deferred tax asset valuation allowance would be recorded. This adjustment would increase income in the period such determination was made. Likewise, should it be determined that all or part of the net deferred tax asset would not be realized in the future, an adjustment to increase the deferred tax asset valuation allowance would be charged to income in the period such determination would be made.
On a periodic basis the Company evaluates its deferred tax asset balance for realizability. To the extent the Company believes it is more likely than not that some portion of its deferred tax assets will not be realized, the Company will increase the valuation allowance against the deferred tax assets. Realization of the Company’s deferred tax assets is dependent primarily upon future U.S. taxable income. The Company’s judgments regarding future profitability may change due to future market conditions, changes in U.S. or international tax laws and other factors. These changes, if any, may require possible material adjustments to these deferred tax assets, resulting in a reduction in net income or an increase in net loss in the period when such determinations are made.
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (CONT’D)
Contingencies
From time to time, the Company receives notices that its products or manufacturing processes may be infringing the patent or intellectual property rights of others. The Company periodically assesses each matter in order to determine if a contingent liability in accordance with Statement of Financial Accounting Standards No. 5 (SFAS 5), “Accounting for Contingencies,” should be recorded. In making this determination, management may, depending on the nature of the matter, consult with internal and external legal counsel and technical experts. Based on the information obtained, combined with management’s judgment regarding all the facts and circumstances of each matter, the Company determines whether it is probable that a contingent loss may be incurred and whether the amount of such loss can be estimated. Should a loss be probable and estimable, the Company records a contingent loss in accordance with SFAS 5. In determining the amount of a contingent loss, the Company takes into consideration advice received from experts in the specific matter, current status of legal proceedings, settlement negotiations which may be ongoing, prior case history and other factors. Should the judgments and estimates made by management be incorrect, the Company may need to record additional contingent losses that could materially adversely impact the Company’s results of operations. Alternatively, if the judgments and estimates made by management are incorrect and a particular contingent loss does not occur, the contingent loss recorded would be reversed thus favorably impacting the Company’s results of operations. See Note 10 of Notes to Condensed Consolidated Financial Statements.
RESULTS OF OPERATIONS
Net Revenues
Net revenues were $370.0 million and $286.2 million for the three months ended March 27, 2004 and March 29, 2003, respectively, an increase of 29.3%. Net revenues were $1,018.3 million and $858.2 million for the nine months ended March 27, 2004 and March 29, 2003, respectively, an increase of 18.7%. The increase in net revenues for both the three and nine months ended March 27, 2004 as compared to the three and nine months ended March 29, 2003 is primarily due to higher unit shipments resulting from the introduction of new proprietary products and increased order rates on the Company’s already existing proprietary and second-source products.
During the three months ended March 27, 2004 and March 29, 2003, approximately 69% and 67%, respectively, of net revenues were derived from customers outside of the United States. During the nine months ended March 27, 2004 and March 29, 2003, approximately 70% and 67%, respectively, of net revenues were derived from customers outside of the United States. While the majority of these sales are denominated in U.S. dollars, the Company enters into foreign currency forward contracts to mitigate its risks on firm commitments and net monetary assets denominated in foreign currencies. The impact of changes in foreign exchange rates on revenue and the Company’s results of operations for the three and nine months ended March 27, 2004 and March 29, 2003 was immaterial.
Gross Margin
Gross margin as a percentage of net revenues was 69.8% and 69.9% for the three months ended March 27, 2004 and March 29, 2003, respectively. The gross margin percentage for the three months ended March 27, 2004 as compared to the three months ended March 29, 2003 decreased primarily due to $1.8 million of start up costs at the Company’s newly acquired wafer fabrication facility in San Antonio, Texas. Gross margins for the three months ended March 29, 2003 was negatively impacted due to $3.1 million of inventory write downs.
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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (CONT’D)
Gross margin as a percentage of net revenues was 69.8% and 69.7% for the nine months ended March 27, 2004 and March 29, 2003, respectively. The gross margin percentage for the nine months ended March 27, 2004 as compared to the nine months ended March 29, 2003 slightly increased primarily due to cost saving measures implemented by the Company. These cost saving measures included, but were not limited to, salary and wage reductions, reduced headcount and reductions in certain salary related expenses. These reductions were slightly offset by $2.8 million of start up costs at the Company’s newly acquired wafer fabrication facility in San Antonio, Texas. Gross margins for the nine months ended March 27, 2004 and March 29, 2003 were negatively impacted due to $2.2 million and $9.1 million of inventory write downs, respectively.
Research and Development
Research and development expenses were $77.3 million and $66.8 million for the three months ended March 27, 2004, and March 29, 2003, respectively, which represented 20.9% and 23.3% of net revenues, respectively. The increase in research and development expenses in absolute dollars is due to the result of hiring additional engineers and increased expenses to support the Company’s new product development efforts.
Research and development expenses were $218.6 million and $205.1 million for the nine months ended March 27, 2004, and March 29, 2003, respectively, which represented 21.5% and 23.9% of net revenues, respectively. The increase in research and development expenses in absolute dollars is due to the result of hiring additional engineers and increased expenses to support the Company’s new product development efforts.
The level of research and development expenditures as a percentage of net revenues will vary from period to period, depending, in part, on the level of net revenues and, in part, on the Company’s success in recruiting the technical personnel needed for its new product introductions and process development. The Company continuously attempts to control and, if possible, reduce expense levels in all areas including research and development. However, the Company views research and development expenditures as critical to maintaining a high level of new product introductions, which in turn are critical to the Company’s plan for future growth.
Selling, General and Administrative
Selling, general and administrative expenses were $23.5 million and $21.1 million for the three months ended March 27, 2004, and March 29, 2003, respectively, which represented 6.4% and 7.4% of net revenues, respectively. The increase in selling, general, and administrative expenses in absolute dollars for the three months ended March 27, 2004 as compared to the three months ended March 29, 2003 is primarily due to increased headcount related expenses.
Selling, general and administrative expenses were $67.1 million and $64.6 million for the nine months ended March 27, 2004, and March 29, 2003, respectively, which represented 6.6% and 7.5% of net revenues, respectively. The increase in selling, general, and administrative expenses in absolute dollars for the nine months ended March 27, 2004 as compared to the nine months ended March 29, 2003 is primarily due to increased headcount related expenses.
Interest Income, Net
Interest income, net was $5.5 million and $15.6 million for the three and nine months ended March 27, 2004, respectively, compared to $3.6 million and $11.4 million for the three and nine months ended March 29, 2003, respectively. The increase in interest income, net for the three and nine months ended March 27, 2004 as compared to the three and nine months ended March 29, 2003 is due to higher average interest rates combined with higher average levels of invested cash, cash equivalents, and short-term investments.
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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (CONT’D)
Income Taxes
The effective income tax rate for the three and nine months ended March 27, 2004 and March 29, 2003 was 33.0%, respectively. The effective rates were lower than the U.S. federal and state combined statutory rate primarily due to tax benefits on export sales.
Realization of the net deferred tax asset of $45.0 million at March 27, 2004 is dependent primarily upon achieving future U.S. taxable income of $129 million. The Company believes it is more likely than not that the net deferred tax assets will be realized based on historical earnings and expected levels of future taxable income. Levels of future taxable income are subject to the various risks and uncertainties as described in the Company’s Annual Report on Form 10-K for the fiscal year ended June 28, 2003. An increase in the valuation allowance against net deferred tax assets may be necessary if it is more likely than not that all or a portion of the net deferred tax assets will not be realized. The Company periodically assesses the need for increases to the deferred tax asset valuation allowance.
Inventory
In prior fiscal periods, the Company has experienced the theft of inventory at its test facility in Cavite, the Philippines. The Company has implemented control procedures to prevent and detect such theft. There can be no assurance, however, that these control procedures will be effective in preventing or detecting, in a timely manner, future theft and that such theft, when detected, will not have a material adverse impact on the Company’s results of operations. The Company’s control procedures did not detect any material theft of inventory during the nine months ended March 27, 2004.
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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (CONT’D)
OUTLOOK
Third quarter net bookings were approximately $488 million, a 17% increase over the previous quarter’s level of $417 million. Turns orders received in the quarter were $189 million (turns orders are customer orders that are for delivery within the same quarter and may result in revenue within the same quarter if the Company has available inventory that matches those orders). Bookings increased in all geographic locations, with the greatest bookings improvement in the U.S. and Europe. Bookings grew robustly in the third quarter of fiscal 2004, and orders for power management products, telecom and datacom products, products for ATE and industrial applications, and the products serving an even broader base of customers were significantly above the second quarter of fiscal 2004.
Third quarter ending backlog shippable within the next 12 months was approximately $437 million, including approximately $373 million requested for shipment in the fourth quarter of fiscal year 2004. The Company’s second quarter ending backlog shippable within the next 12 months was approximately $327 million, including approximately $293 million that was requested for shipment in the second quarter of fiscal year 2004.
The Company believes that capacity is in place or coming on line to meet forecasted demand for fiscal 2005. Start-up activities at the Company’s wafer manufacturing facility in San Antonio are proceeding on schedule, and the Company expects products for shipment to be manufactured at that facility to start in the fourth quarter of fiscal 2004. The Company’s new test facility in Thailand will be in operation as planned in the first quarter of fiscal 2005, and the Company continues to increase capacity at both its Thailand and Philippines test facilities with additional test equipment purchased over the past few quarters.
LIQUIDITY AND CAPITAL RESOURCES
The Company’s primary sources of funds for the nine months ended March 27, 2004 were from net cash generated from operating activities of $517.6 million and proceeds from the exercises of stock options and purchases of common stock under the Employee Stock Participation Plan of 2.4 million shares in the amount of $143.5 million. Another source of cash from the Company’s stock option programs is the tax deductions that arise from exercise of options. These tax benefits amounted to $112.7 million in the nine months ended March 27, 2004.
The principal uses of funds were the repurchase of 10.4 million shares of the Company’s common stock for $501.1 million, the payment of $78.8 million for dividends and the purchase of $162.7 million in property, plant and equipment. Included in the purchase of property, plant and equipment, $40.5 million was for the payment of the Company’s newly acquired fabrication facility in San Antonio, Texas. The Company believes that it possesses sufficient liquidity and capital resources to fund its property, plant and equipment purchases, common stock repurchases, dividend payments, and operations for at least the next twelve months. The Company plans to continue to repurchase its common stock in fiscal year 2004. The number of shares to be repurchased and the timing of such repurchases will be based on several factors, including the price of the Company’s common stock, general market conditions, and other factors. See Note 12 of Notes to Condensed Consolidated Financial Statements regarding the status of the Company’s common stock repurchases.
The Company is subject to pending legal proceedings. For example, see Note 10 of Notes to Condensed Consolidated Financial Statements for information regarding pending patent litigation. Although the results of such legal proceedings are unpredictable, the Company does not believe that any pending legal proceedings will have a material adverse impact on its liquidity or financial position. If, however, the appellate court in the action brought by Linear Technology Corporation were to reverse the trial court’s dismissal of the patent litigation claims brought by Linear Technology Corporation against the Company, and were Linear Technology Corporation to prevail in its claims against the Company, the Company’s operating results could be materially adversely affected.
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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (CONT’D)
The following table provides a summary of the effect on liquidity and cash flows from the Company’s contractual obligations as of March 27, 2004:
(Amounts in thousands)
(Unaudited) | | Fiscal Year:
2004 | | 2005 | | 2006 | | 2007 | | 2008 | | 2009 and thereafter | | Total | |
| |
| |
| |
| |
| |
| |
| |
| |
Contractual obligations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Noncancellable operating leases | | | $ | 788 | | | | $ | 2,734 | | | | $ | 1,866 | | | | $ | 1,167 | | | | $ | 888 | | | | $ | 455 | | | | $ | 7,898 | | |
On April 20, 2004, the Board of Directors declared a cash dividend of $0.08 per share on the Company’s common stock payable on May 28, 2004 to stockholders of record on May 7, 2004. This will result in a cash payment of approximately $26.0 million. See Note 13 of Notes to Condensed Consolidated Financial Statements.
FORWARD-LOOKING INFORMATION AND RISK FACTORS
This Report on Form 10-Q contains forward-looking statements that fall within the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. All statements included or incorporated by reference in this Report, other than statements that are purely historical, are forward-looking statements, including statements regarding or implicating the Company’s expectations, intentions, plans, goals and hopes regarding the future. Words such as “anticipates,” “expects,” “intends,” “plans,” believes,” “seeks,” “estimates,” variations of such words and similar expressions identify forward-looking statements. Forward-looking statements in this Report, including this Management’s Discussion and Analysis section, involve risk and uncertainty.
Forward-looking statements include, without limitation, the Company’s intention to use the intellectual property acquired from a privately-held semiconductor company to develop new products, the Company’s intention to convert 6-inch to 8-inch wafer production at Dallas Semiconductor’s manufacturing facilities throughout fiscal 2004, the Company’s belief that the ultimate outcome of the LTC litigation and any pending legal proceedings will not have a material adverse effect on the financial position or liquidity of the Company, the Company’s belief that it is more likely than not that net deferred tax assets will be realized, the Company’s belief that it possesses sufficient liquidity and capital resources to fund operations for at least the next twelve months, the Company’s assessment of its customers’ current ordering activities and demand for products, the Company’s expectation that it will continue to purchase its common stock in fiscal year 2004, the Company’s continuous attempts to control and reduce expenses, the Company’s belief that the ATE market will continue to improve during calendar 2004 and that there could be a shortage of foundry capacity for high-frequency chip production, the Company’s plan to have its San Antonio facility in production in the fourth quarter of fiscal 2004, the Company’s belief that it has capacity in place or coming on line to meet forecasted demand for fiscal 2005, the Company’s belief that its new test facility in Thailand will be in operation in the first quarter of fiscal 2005 and it will continue to increase capacity at both its Thailand and Philippines test facilities.
Actual results could differ materially from those forecasted based upon, among other things, the Company’s inability to use the intellectual property from a privately-held company, delays in conversion from 6-inch to 8-inch wafer production at Dallas Semiconductor’s manufacturing facilities, the ability to supply high frequency wafer requirements if the Company is not able to convert from 6-in to 8-inch wafer production, unexpected outcomes in the Company’s pending litigation and legal proceedings, unexpected changes in earnings and taxable income that adversely affect the realizability of net deferred tax assets, the Company incorrectly assessing liquidity and capital resources, customer demand, customer willingness to commit to inventories and orders, and higher than expected order cancellation levels, the Company’s ability to repurchase its common stock at favorable prices, the Company’s effectiveness in controlling and reducing expenses, the Company incorrectly assessing that the ATE market will continue to improve during calendar 2004, the Company’s incorrectly assessing that there could be a shortage of foundry capacity for high-frequency chip production, and unexpected delays in preparing its San Antonio facility for production.
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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (CONT’D)
In addition, future business could be adversely affected by technical difficulties in bringing new products and processes to market in a timely manner; market developments that could adversely affect the growth of the mixed-signal analog market; the Company being unable to sustain its success in recruiting and retaining high-quality personnel; the Company’s success in the markets its products are introduced in; whether, and the extent to which, demand for the Company’s products increases and reflects real end-user demand; customer cancellations and delays of outstanding orders; whether the Company is able to manufacture in a correct mix to respond to orders on hand and new orders received in the future; whether the Company is able to achieve its new product development and introduction goals; whether the Company is able to effectively and successfully manage manufacturing operations; whether the Company is able to successfully commercialize its new technologies; overall worldwide economic conditions; demand for electronic products and semiconductors generally; demand for the end-user products for which the Company’s semiconductors are suited; timely availability of raw materials, equipment, supplies and services; unanticipated manufacturing problems; technological and product development risks; competitors that may outperform the Company; and other risk factors described in the Company’s filings with the Securities and Exchange Commission and in particular its report on Form 10-K for the fiscal year ended June 28, 2003.
All forward-looking statements are based on the Company’s current outlook, expectations, estimates, projections, beliefs and plans or objectives about its business and its industry. These statements are not guarantees of future performance and are subject to risk and uncertainty. Actual results could differ materially from those predicted or implied in any such forward-looking statements.
The Company disclaims any duty to and undertakes no obligation to update any forward-looking statement, whether as a result of new information relating to existing conditions, future events or otherwise or to release publicly the results of any future revisions it may make to forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. Readers are cautioned not to place undue reliance on such statements, which speak only as of the date of this Quarterly Report on Form 10-Q. Readers should carefully review future reports and documents that the Company files from time to time with the Securities and Exchange Commission, such as its quarterly reports on Form 10-Q (particularly Management’s Discussion and Analysis of Financial Condition and Results of Operations) and any current reports on Form 8-K.
ITEM 3: QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
The Company’s market risk has not changed significantly from the interest rate and foreign currency risks disclosed in Item 7A of the Company’s Annual Report on Form 10-K for the fiscal year ended June 28, 2003.
ITEM 4: CONTROLS AND PROCEDURES
As of the end of the period covered by this report, the Company carried out an evaluation, under the supervision and with the participation of our Chief Executive Officer (CEO) and Chief Financial Officer (CFO), of the effectiveness of the design and operation of our disclosure controls and procedures. The Company’s disclosure controls and procedures are designed to provide reasonable assurance that information required to be disclosed in the Company’s reports filed under the Securities Exchange Act of 1934 is properly and timely recorded, processed, summarized and reported. Based on this evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures are effective in timely alerting them to material information required to be included in this report at the reasonable assurance level.
It should be noted that any control system, no matter how well designed and operated, can provide only reasonable assurance to the tested objectives. The design of any control systems is based in part upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions, regardless of how remote.
There has been no change in the Company’s internal control over financial reporting that occurred during our most recent fiscal quarter that has materially affected or is reasonably likely to materially affect the Company’s internal control over financial reporting.
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PART II. OTHER INFORMATION
On December 12, 2002, Qualcomm Inc. filed and on February 4, 2003, Qualcomm Inc. served the Company with a complaint for patent infringement claiming that certain of the Company’s products infringe one or all of three Qualcomm Inc. patents. Qualcomm seeks a preliminary and permanent injunction as well as unspecified actual and treble damages including costs, expenses and attorneys fees. Qualcomm withdrew one of its patents from the claim in June 2003. Qualcomm recently amended the complaint to add three new transmission related patents. The Company is presently reviewing these claims and has filed a motion for summary judgment which was heard in April 2004. While no assurance can be given in this regard, the Company does not believe that the ultimate outcome of the action will have a material adverse effect on the Company’s financial condition, liquidity, or results of operation.
On April 13, 2004, the Company announced that it has filed a claim against Qualcomm in federal district court in San Diego. The Company’s claim states that Qualcomm has violated United States antitrust laws and has misused its patents in maintaining dominance in the market for Code-Division Multiple Access technology by improperly seeking to exclude competition.
ITEM 2: | CHANGES IN SECURITIES, USE OF PROCEEDS AND ISSUER REPURCHASES OF EQUITY SECURITIES |
(e) | Information Required by Item 703 of Regulation S-K |
The following table summarizes the activity related to stock repurchases for the third quarter of fiscal year 2004.
| | Issuer Repurchases of Equity Securities | |
| |
| |
| | Total Number
of Shares
Purchased | | Average
Price Paid
per Share | | Total Number of
Shares Purchased as
Part of Publicly
Announced Plans or
Programs | | Maximum Number of
Shares that May Yet Be
Purchased Under the
Plans or Programs | |
| |
| |
| |
| |
| |
Dec. 28, 2003 – Jan. 27, 2004 | | | 2,363,342 | | | | $ | 53.10 | | | | 2,363,342 | | | | 1,672,015 | | |
Jan. 28, 2004 – Feb. 27, 2004 | | | 88,663 | | | | | 51.04 | | | | 88,663 | | | | 1,583,352 | | |
Feb. 28, 2004 – Mar. 27, 2004 | | | 5,500,000 | | | | | 46.37 | | | | 5,500,000 | | | | 6,083,352 | | |
| | |
| | | |
|
| | | |
| | | | | | |
Total | | | 7,952,005 | | | | $ | 48.43 | | | | 7,952,005 | | | | 6,083,352 | | |
| | |
| | | |
|
| | | |
| | | | | | |
1. | Shares repurchased pursuant to share repurchase program authorized on May 13, 2002 to repurchase 10 million shares and extended on May 22, 2003, to expire at the end of fiscal year 2004. |
| |
2. | Shares repurchased pursuant to share repurchase program authorized on March 9, 2004 to repurchase 10 million shares has no expiration date. |
ITEM 6: | EXHIBITS AND REPORTS ON FORM 8-K |
31.1 Certification of Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 |
31.2 Certification of Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 |
32.1 Certification of Chief Executive Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 |
32.2 Certification of Chief Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 |
On February 5, 2004, Maxim Integrated Products, Inc. furnished a report on Form 8-K announcing the Company’s earnings for the second quarter ended December 27, 2003, as presented in a press release dated February 5, 2004.
ITEMS 3, 4 AND 5 HAVE BEEN OMITTED AS THEY ARE NOT APPLICABLE.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
May 6, 2004 | MAXIM INTEGRATED PRODUCTS, INC. | |
| (Date) | | (Registrant) | |
| | |
| | |
| | |
| | /s/ Carl W. Jasper | |
| |
| | |
| | CARL W. JASPER
Vice President,
Chief Financial Officer
(For the Registrant and as
Principal Financial Officer
and as Chief Accounting Officer) | |
| | | | | | |
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