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Analog Devices Reports First Quarter Fiscal Year 2013 Results; Increases Dividend by $0.04 to $0.34 Per Share

Analog Devices, Inc. (NASDAQ: ADI), a global leader in high-performance semiconductors for signal processing applications, today announced financial results for its first quarter of fiscal year 2013, which ended February 2, 2013.

Results for the First Quarter of Fiscal 2013

  • Revenue totaled $622.1 million
  • Gross margin was 62.7% of revenue
  • Operating margin was 26.9% of revenue, excluding special items, and was 24.7% on a GAAP basis
  • Diluted EPS was $0.44, excluding special items, and was $0.42 on a GAAP basis
  • Cash flow from operations was $158 million, or 25.4% of revenue

“Results for the first quarter were within the range we communicated and represented a generally weak macroeconomic environment exacerbated by year-end inventory reductions at many customers. Nevertheless, our operating performance remained strong, as we carefully managed our business to balance the long term opportunities for ADI with the realities of current market conditions,” said Jerald G. Fishman, CEO. “In January, order rates began to improve across most markets and geographies and have remained strong so far this quarter. As a result, we are planning for solid revenue growth in our second quarter, in the range of 4-8% sequentially with significant operating leverage.”

ADI also announced that its Board of Directors has approved a 13 percent increase in its regular quarterly dividend, from $0.30 to $0.34 per outstanding share of common stock. The dividend will be paid on March 12, 2013 to all shareholders of record at the close of business on March 1, 2013.

Please refer to the schedules provided for a summary of revenue and earnings, selected balance sheet information, and the cash flow statement for the first quarter of fiscal year 2013, as well as the immediately prior and year-ago quarters. The first quarter of fiscal year 2012 was a 14-week period. Additional information on revenue by end market and revenue by product type is provided on Schedules D and E. A more complete table covering prior periods is available at investor.analog.com.

Outlook for the Second Quarter of Fiscal 2013

The following statements are based on current expectations. These statements are forward- looking and actual results may differ materially, as a result of, among other things, the important factors discussed at the end of this release. These statements supersede all prior statements regarding our business outlook set forth in prior ADI news releases, and ADI disclaims any obligation to update these forward-looking statements.

  • Revenue estimated to increase in the range of 4% to 8% sequentially
  • Gross margin estimated to be approximately 64%
  • Operating expenses estimated to be approximately $224 million
  • Tax rate estimated to be approximately 17%
  • Diluted EPS estimated at $0.49 to $0.55

Conference Call Scheduled for 5:00 pm ET

ADI will host a conference call to discuss the first quarter results and short-term outlook today, beginning at 5:00 pm ET. Investors may join via webcast, accessible at investor.analog.com, or by telephone (call 706-634-7193 ten minutes before the call begins and provide the password "ADI.").

A replay will be available two hours after the completion of the call. The replay may be accessed for up to two weeks by dialing 855-859-2056 (replay only) and providing the conference ID: 92068413, or by visiting investor.analog.com.

Non-GAAP Financial Information

This release includes non-GAAP financial measures that are not in accordance with, nor an alternative to, generally accepted accounting principles and may be different from non-GAAP measures used by other companies. In addition, these non-GAAP measures are not based on any comprehensive set of accounting rules or principles.

Schedule F of this press release provides the reconciliation of the Company’s non-GAAP measures to its GAAP measures.

Manner in Which Management Uses the Non-GAAP Financial Measures

Management uses non-GAAP operating expenses, non-GAAP operating income, non-GAAP operating margins, and non-GAAP diluted earnings per share to evaluate the Company’s operating performance from continuing operations against past periods and to budget and allocate resources in future periods. These non-GAAP measures also assist management in understanding and evaluating the Company’s operating results and trends in the Company’s business.

Economic Substance Behind Management’s Decision to Use Non-GAAP Financial Measures

The items excluded from the non-GAAP measures were excluded because they are of a non-recurring or non-cash nature.

The following item is excluded from our non-GAAP operating expenses, non-GAAP operating income, non-GAAP operating margin, and non-GAAP diluted earnings per share:

Restructuring-Related Expenses. These expenses are incurred in connection with facility closures, consolidation of manufacturing facilities, and other cost reduction efforts. Apart from ongoing expense savings as a result of such items, these expenses and the related tax effects have no direct correlation to the operation of our business in the future.

The following item is excluded from our non-GAAP diluted earnings per share:

Tax-Related Item. In the first quarter of fiscal year 2013, the Company recorded a $6.3 million tax benefit related to the reinstatement of the R&D tax credit in January 2013, retroactive to January 1, 2012. We excluded this tax-related item from our non-GAAP measures because it is not associated with the tax expense on our current operating results.

Why Management Believes the Non-GAAP Financial Measures Provide Useful Information to Investors

Management believes that the presentation of non-GAAP operating expenses, non-GAAP operating income, non-GAAP operating margins, and non-GAAP diluted EPS is useful to investors because it provides investors with the operating results that management uses to manage the Company.

Material Limitations Associated with Use of the Non-GAAP Financial Measures

Analog Devices believes that non-GAAP operating expenses, non-GAAP operating income, non-GAAP operating margins, and non-GAAP diluted EPS have material limitations in that they do not reflect all of the amounts associated with our results of operations as determined in accordance with GAAP and that these measures should only be used to evaluate our results of operations in conjunction with the corresponding GAAP measures. In addition, our non-GAAP measures may not be comparable to the non-GAAP measures reported by other companies. The Company’s use of non-GAAP measures, and the underlying methodology when excluding certain items, is not necessarily an indication of the results of operations that may be expected in the future, or that the Company will not, in fact, record such items in future periods.

Management’s Compensation for Limitations of Non-GAAP Financial Measures

Management compensates for these material limitations in non-GAAP operating expenses, non-GAAP operating income, non-GAAP operating margins, and non-GAAP diluted EPS by also evaluating our GAAP results and the reconciliations of our non-GAAP measures to the most directly comparable GAAP measures. Investors should consider our non-GAAP financial measures in conjunction with the corresponding GAAP measures.

About Analog Devices

Innovation, performance, and excellence are the cultural pillars on which Analog Devices has built one of the longest standing, highest growth companies within the technology sector. Acknowledged industry-wide as the world leader in data conversion and signal conditioning technology, Analog Devices serves over 60,000 customers, representing virtually all types of electronic equipment. Analog Devices is headquartered in Norwood, Massachusetts, with design and manufacturing facilities throughout the world. Analog Devices' common stock is included in the S&P 500 Index.

This release may be deemed to contain forward-looking statements intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, among other things, our statements regarding expected revenue, earnings per share, operating expenses, gross margin, tax rate, and other financial results, expected production and inventory levels, expected market trends, and expected customer demand and order rates for our products, that are based on our current expectations, beliefs, assumptions, estimates, forecasts, and projections about our business and the industry and markets in which Analog Devices operates. The statements contained in this release are not guarantees of future performance, are inherently uncertain, involve certain risks, uncertainties, and assumptions that are difficult to predict, and do not give effect to the potential impact of any mergers, acquisitions, divestitures, or business combinations that may be announced or closed after the date hereof. Therefore, actual outcomes and results may differ materially from what is expressed in such forward-looking statements, and such statements should not be relied upon as representing Analog Devices’ expectations or beliefs as of any date subsequent to the date of this press release. We do not undertake any obligation to update forward-looking statements made by us. Important factors that may affect future operating results include: sovereign debt issues globally, any faltering in global economic conditions or the stability of credit and financial markets, erosion of consumer confidence and declines in customer spending, unavailability of raw materials, services, supplies or manufacturing capacity, changes in geographic, product or customer mix, adverse results in litigation matters, and other risk factors described in our most recent filings with the Securities and Exchange Commission. Our results of operations for the periods presented in this release are not necessarily indicative of our operating results for any future periods. Any projections in this release are based on limited information currently available to Analog Devices, which is subject to change. Although any such projections and the factors influencing them will likely change, we will not necessarily update the information, as we will only provide guidance at certain points during the year. Such information speaks only as of the original issuance date of this release.

Analog Devices and the Analog Devices logo are registered trademarks or trademarks of Analog Devices, Inc. All other trademarks mentioned in this document are the property of their respective owners.

 

Analog Devices, First Quarter, Fiscal 2013

 

Schedule A

Revenue and Earnings Summary (GAAP)
(In thousands, except per-share amounts)
     
         
Three Months Ended
1Q 13 4Q 12 1Q 12
    Feb. 2, 2013   Nov. 3, 2012   Feb. 4, 2012
Revenue $ 622,134 $ 694,964 $ 648,058
Year-to-year change -4 % -3 % -11 %
Quarter-to-quarter change -10 % 2 % -10 %
Cost of sales (1)     231,850       251,682       238,668  
Gross margin 390,284 443,282 409,390
Gross margin percentage 62.7 % 63.8 % 63.2 %
Year-to-year change (basis points) -50 -50 -300
Quarter-to-quarter change(basis points)     -110       -180       -110  
Operating expenses:
R&D (1) 125,164 130,394 124,378
Selling, marketing and G&A (1) 97,560 97,609 99,045
Special charges     14,071       -       2,595  
Total operating expenses 236,795 228,003 226,018
Total operating expenses percentage 38.1 % 32.8 % 34.9 %
Year-to-year change (basis points) 320 140 430
Quarter-to-quarter change (basis points)     530       -170       350  
Operating income 153,489 215,279 183,372
Operating income percentage 24.7 % 31.0 % 28.3 %
Year-to-year change (basis points) -360 -190 -730
Quarter-to-quarter change (basis points)     -630       -10       -460  
Other expense     3,380       2,755       3,286  
Income before income tax 150,109 212,524 180,086
Provision for income taxes 18,887 33,337 40,704
Tax rate percentage     12.6 %     15.7 %     22.6 %
Net income   $ 131,222     $ 179,187     $ 139,382  
 
Shares used for EPS - basic 303,484 300,679 297,788
Shares used for EPS - diluted 310,275 307,954 305,531
 
Earnings per share - basic $ 0.43 $ 0.60 $ 0.47
Earnings per share - diluted $ 0.42 $ 0.58 $ 0.46
 
Dividends paid per share   $ 0.30     $ 0.30     $ 0.25  
 
(1) Includes stock-based compensation expense as follows:
Cost of sales $ 1,667 $ 1,905 $ 1,807
R&D $ 5,600 $ 6,124 $ 5,885
Selling, marketing and G&A $ 5,794 $ 6,248 $ 5,640

 
Analog Devices, First Quarter, Fiscal 2013
 

Schedule B

Selected Balance Sheet Information (GAAP)
(In thousands)
     
1Q 13 4Q 12 1Q 12
    Feb. 2, 2013   Nov. 3, 2012   Feb. 4, 2012
Cash & short-term investments $ 3,986,979 $ 3,900,378 $ 3,667,398
Accounts receivable, net 329,578 339,881 301,999
Inventories (1) 307,263 313,723 297,160
Other current assets     190,115     142,203     128,611
Total current assets 4,813,935 4,696,185 4,395,168
PP&E, net 491,431 500,867 475,689
Investments 32,720 30,242 30,954
Goodwill and intangible assets 313,084 312,605 286,339
Other     65,638     80,448     89,684
Total assets   $ 5,716,808   $ 5,620,347   $ 5,277,834
 
Deferred income on shipments to distributors, net $ 243,396 $ 238,541 $ 227,261
Other current liabilities 265,139 286,538 270,794
Long-term debt, non-current 759,672 807,098 855,662
Non-current liabilities 124,804 122,811 81,682
Shareholders' equity     4,323,797     4,165,359     3,842,435
Total liabilities & equity   $ 5,716,808   $ 5,620,347   $ 5,277,834
 

(1) Includes $2,381, $2,517, and $2,428 related to stock-based compensation in 1Q13, 4Q12, and 1Q12, respectively.

 

 
Analog Devices, First Quarter, Fiscal 2013
 

Schedule C

Cash Flow Statement (GAAP)
(In thousands)
     
         
Three Months Ended
1Q 13 4Q 12 1Q 12
Feb. 2, 2013   Nov. 3, 2012   Feb. 4, 2012
Cash flows from operating activities:
Net Income $ 131,222 $ 179,187 $ 139,382
Adjustments to reconcile net income
to net cash provided by operations:
Depreciation 27,755 27,484 28,243
Amortization of intangibles 55 54 -
Stock-based compensation expense 13,061 14,277 13,332
Excess tax benefit - stock options (5,975 ) (2,678 ) (1,896 )
Other non-cash activity (1,362 ) (1,417 ) 591
Deferred income taxes (9,635 ) (5,696 ) 3,623
Changes in operating assets and liabilities     2,848       24,836       31,545  
Total adjustments     26,747       56,860       75,438  
Net cash provided by operating activities     157,969       236,047       214,820  
Percent of total revenue     25.4 %     34.0 %     33.1 %
 
Cash flows from investing activities:
Additions to property, plant and equipment (18,269 ) (37,511 ) (25,289 )
Purchases of short-term available-for-sale investments (1,653,593 ) (1,882,319 ) (2,192,874 )
Maturities of short-term available-for-sale investments 1,551,147 1,713,973 1,659,792
Sales of short-term available-for-sale investments 283,164 99,843 151,841
(Increase) decrease in other assets     (2,048 )     (447 )     327  
Net cash provided by (used for) investing activities     160,401       (106,461 )     (406,203 )
 
Cash flows from financing activities:
Term loan repayments (60,108 ) (33,625 ) (15,625 )
Dividend payments to shareholders (90,679 ) (91,372 ) (74,416 )
Repurchase of common stock (17,001 ) (20,830 ) (78,591 )
Proceeds from employee stock plans 113,770 80,527 48,858
Contingent consideration payment (3,752 ) - (1,991 )
(Decrease) increase in other financing activities (1,027 ) (1,125 ) 5,166
Excess tax benefit - stock options     5,975       2,678       1,896  
Net cash used for financing activities     (52,822 )     (63,747 )     (114,703 )
Effect of exchange rate changes on cash     1,416       845       (1,572 )
 
Net increase (decrease) in cash and cash equivalents 266,964 66,684 (307,658 )
Cash and cash equivalents at beginning of period     528,833       462,149       1,405,100  
Cash and cash equivalents at end of period   $ 795,797     $ 528,833     $ 1,097,442  
 

 
Analog Devices, First Quarter, Fiscal 2013
 

Schedule D

Revenue Trends by End Market

The categorization of revenue by end market is determined using a variety of data points including the technical characteristics of the product, the “sold to” customer information, the "ship to" customer information and the end customer product or application into which our product will be incorporated. As data systems for capturing and tracking this data evolve and improve, the categorization of products by end market can vary over time. When this occurs we reclassify revenue by end market for prior periods. Such reclassifications typically do not materially change the sizing of, or the underlying trends of results within, each end market.
                         
Three Months Ended
Feb. 2, 2013    

Nov. 3, 2012

  Feb. 4, 2012
Revenue   %*   Q/Q %   Y/Y % Revenue Revenue
Industrial $ 282,654   45 %   -8 %   -3 % $ 306,042 $ 290,660
Automotive 107,581 17 % -3 % -11 % 110,401 120,588
Consumer 106,929 17 % -22 % -6 % 136,379 114,261
Communications   124,970 20 % -12 % 2 %   142,142   122,549
Total Revenue $ 622,134 100 % -10 % -4 % $ 694,964 $ 648,058
 
* The sum of the individual percentages does not equal the total due to rounding
 

 
Analog Devices, First Quarter, Fiscal 2013
 

Schedule E

Revenue Trends by Product Type

The categorization of our products into broad categories is based on the characteristics of the individual products, the specification of the products and in some cases the specific uses that certain products have within applications. The categorization of products into categories is therefore subject to judgment in some cases and can vary over time. In instances where products move between product categories we reclassify the amounts in the product categories for all prior periods. Such reclassifications typically do not materially change the sizing of, or the underlying trends of results within, each product category.
                         
Three Months Ended
Feb. 2, 2013     Nov. 3, 2012   Feb. 4, 2012
Revenue   %*   Q/Q %   Y/Y % Revenue Revenue
Converters $ 277,637   45 %   -10 %   -3 % $ 307,252 $ 285,135
Amplifiers / Radio Frequency 157,853 25 % -10 % -4 % 174,521 164,454
Other analog   95,693 15 % -15 % -1 %   112,083   96,238
Subtotal Analog Signal Processing   531,183 85 % -11 % -3 %   593,856   545,827
Power management & reference   39,460 6 % -14 % -12 %   45,808   44,865
Total Analog Products $ 570,643 92 % -11 % -3 % $ 639,664 $ 590,692
Digital Signal Processing   51,491 8 % -7 % -10 %   55,300   57,366
Total Revenue $ 622,134 100 % -10 % -4 % $ 694,964 $ 648,058
 
* The sum of the individual percentages does not equal the total due to rounding
 

 
Analog Devices, First Quarter, Fiscal 2013
 

Schedule F

Reconciliation from Non-GAAP to GAAP Data (In thousands, except per-share amounts)
     
See "Non-GAAP Financial Information" in this press release for a description of the items excluded from our non-GAAP measures.
         
Three Months Ended
1Q 13 4Q 12 1Q 12
Feb. 2, 2013   Nov. 3, 2012   Feb. 4, 2012
 
GAAP Operating Expenses $ 236,795 $ 228,003 $ 226,018
Percent of Revenue 38.1 % 32.8 % 34.9 %
Restructuring-Related Expense   (14,071 )     -       -  
Non-GAAP Operating Expenses $ 222,724     $ 228,003     $ 226,018  
Percent of Revenue 35.8 % 32.8 % 34.9 %
 
GAAP Operating Income/Margin $ 153,489 $ 215,279 $ 183,372
Percent of Revenue 24.7 % 31.0 % 28.3 %
Restructuring-Related Expense   14,071       -       -  
Non-GAAP Operating Income/Margin $ 167,560     $ 215,279     $ 183,372  
Percent of Revenue 26.9 % 31.0 % 28.3 %
 
GAAP Diluted EPS $ 0.42 $ 0.58 $ 0.46
Impact of the Reinstatement of the R&D Tax Credit (0.02 ) - -
Restructuring-Related Expense   0.04       -       -  
Non-GAAP Diluted EPS $ 0.44     $ 0.58     $ 0.46  

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