MXIM 7/16 ($49 $46) P/E 109 Reports Fourth Quarter Net Loss
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siliconinvestor.com
SUNNYVALE, Calif. (Reuters) - Chip maker Maxim Integrated Products Inc.(Nasdaq:MXIM - news) on Thursday reported a fiscal fourth quarter loss on an 18 percent drop in revenues, amid a decline in bookings, and warned that first quarter revenues would likely be below that of the fourth quarter.
The Sunnyvale, California-based company reported a net loss of $16.2 million, or 5 cent a share, in the period ended June 30, compared to a profit of $106 million, or 29 cents in the year-ago period.
Included in the fourth quarter is a pretax charge of $163.4 million for mergers and special charges. Operating income before special items was $122.8 million, or 25 cents for the fourth quarter.
Analysts on average had estimated a fourth quarter profit of 23 cents a share, with a range of 21 cents a share to 25 cents a share, according to Thomson Financial/First Call.
Net revenues for the fourth quarter were $318.1 million, off 18.4 percent from the $389.8 million reported for the same quarter a year ago.
Fourth quarter bookings were about $179 million, a 15 percent decrease from the previous quarter's level of $211 million. Bookings decreased in all geographic locations and product lines except for the Pacific Rim region, where orders increased for notebook computer products.
The company said that its short term visibility remains limited as customers continue to work through their inventories, and predicted that first quarter net revenues would decline from the fourth quarter of fiscal 2001.
Analysts surveyed by First Call had forecast revenues of about $329 million for the first quarter.
Shares of Maxim on Thursday Maxim rose $2.40, or about 5 percent, to close at $48.90 a share. |
