Maxim Integrated (MXIM) Issues Mixed Guidance, Approves $750 Million Stock Buyback

October 13, 2008 5:11 PM EDT

Maxim Integrated Products, Inc. (NASDAQ: MXIM) expects to report net revenues of $500 - $502 million for its fiscal 2009 first quarter ending September 27, 2008. Based on Generally Accepted Accounting Principles (GAAP), the estimated range for earnings per share is approximately $0.19 to $0.22. These preliminary results include pre-tax expenses of approximately $35 million to $40 million in stock based compensation and approximately $30 million to $32 million in pre-tax expenses primarily related to the recently completed restatement and the ramp down of certain wafer fabrication facilities. (Q1 revenue consensus is $503.73 million and EPS consensus is $0.23)

Maxim projects revenue in the December quarter of 2009 to range between $460 million and $490 million. (Consensus is $505.11 million)

The Board of Directors of the Company has authorized the repurchase of up to $750 million of the Company's Common Stock. The Company continues to evaluate various capital structure alternatives and may increase the aggregate repurchase authorization to $1.5 billion.[SM]

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Earnings
Guidance
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