Analog Devices Announces Financial Results for the Second Quarter of Fiscal Year 2008
-- Revenue was $649 million, an increase of 6% sequentially and
9% year-over-year
-- Diluted EPS from continuing operations was $0.44, an increase
of 10% sequentially and 19% year-over-year
-- Gross margin was 61% of revenue
-- Operating income from continuing operations was 24.2% of
revenue
-- Cash dividend increased to $0.20 per share
-- Financial results will be discussed via conference call today
at 5:00 pm
Except where noted, all financial results contained in this
release are from continuing operations. The sales of two businesses,
the wireless handset baseband chipset and radio transceiver business
and the CPU voltage regulation and PC thermal monitoring business,
were completed during the first quarter of fiscal 2008. These two
businesses are reported as discontinued operations.
Historical quarterly and annual financial information for
continuing operations, including revenue by end market and by product
type, is available on the Analog Devices Investor Relations web site
at: http://investor.analog.com
NORWOOD, Mass.--(Business Wire)--
Analog Devices, Inc. (NYSE: ADI), a global leader in
high-performance semiconductors for signal processing applications,
today announced financial results for the second quarter of fiscal
2008, which ended May 3, 2008.
Revenue for the second quarter of fiscal 2008 was $649 million, an
increase of 6% from the immediately prior quarter and 9% from the same
period one year ago.
Gross margin for the second quarter of fiscal 2008 was $396
million, or 61% of revenue, compared to $376 million, or 61.2% of
revenue, in the immediately prior quarter, and $361 million, or 60.5%
of revenue, for the same period one year ago.
Operating income from continuing operations for the second quarter
of fiscal 2008 was $157 million, or 24.2% of revenue, compared to $146
million, or 23.8% of revenue, in the immediately prior quarter, and
$134 million, or 22.5% of revenue, in the year ago period.
Diluted earnings per share (EPS) from continuing operations for
the second quarter of fiscal 2008 was $0.44, compared to $0.40 in the
immediately prior quarter, and $0.37 in the same period a year ago,
representing increases of 10% and 19%, respectively. On a comparable
basis, non-GAAP diluted EPS from continuing operations for the second
quarter of fiscal 2008 increased 26% from $0.35 in the year ago
period. The table reconciling our non-GAAP diluted EPS to GAAP diluted
EPS is provided in this release on Schedule G. A more complete table
covering prior periods is available on the Analog Devices Investor
Relations web site at: http://investor.analog.com
Diluted EPS from discontinued operations for the second quarter of
fiscal 2008 was $0.01.
The Board of Directors declared a cash dividend for the second
quarter of fiscal 2008 of $0.20 per outstanding share of common stock,
representing an increase of 11% to the company's dividend in the prior
quarter. The dividend will be paid on June 18, 2008 to all
shareholders of record at the close of business on May 30, 2008.
Net cash provided by operating activities in the second quarter of
fiscal 2008 was $154 million, after a reduction of $67 million of
taxes associated with the gain on last quarter's sales of businesses,
as compared to $177 million in the immediately prior quarter, and $239
million in the same period one year ago.
-- Capital expenditures for the second quarter of fiscal year
2008 totaled $31 million, or 5% of revenue.
-- Cash dividends paid during the second quarter of fiscal 2008
totaled $53 million.
-- Share repurchases during the second quarter of fiscal 2008 of
5.8 million shares of ADI common stock, or 2% of outstanding
shares, totaled $165 million. Over the past 4 years, ADI has
repurchased approximately 30% of outstanding shares of its
common stock at an average price per share of $34.15.
Balance Sheet
-- Cash and short-term investments at the end of the second
quarter of fiscal 2008 totaled approximately $1.2 billion.
-- Inventory at the end of the second quarter of fiscal 2008
decreased by 3% compared to the immediately prior quarter.
Days cost of sales in inventory was 115 days at the end of the
second quarter of fiscal 2008, compared to 127 days at the end
of the immediately prior quarter.
-- Accounts receivable at the end of the second quarter of fiscal
2008 decreased by 2% compared to the immediately prior
quarter, with days sales outstanding declining from 51 days to
47 days.
"ADI had a very strong quarter driven by continued momentum of our
broad, highly diversified core business, as well as increased
penetration of new product categories and fast-growing applications,"
said Jerald G. Fishman, President and CEO. "Our significant growth on
both the top and bottom lines reflects our leading converter and
amplifier positions as well as the benefits of strategic investments
and product portfolio decisions we've made over the last few years.
Most importantly, our results continue to demonstrate the value that
customers place on innovating and collaborating with ADI to solve the
toughest signal processing challenges and achieve competitive
advantage."
Revenue by end market in the second quarter of fiscal 2008:
-- The industrial and communications end markets produced strong
growth in the quarter, with sales to both increasing on a
sequential and year-over-year basis.
-- Revenue from industrial customers grew 8% sequentially and 10%
year-over-year. There was sequential growth in most industrial
applications, with the largest increases in the
instrumentation, semiconductor automatic test equipment,
automotive, and medical end markets.
-- Revenue from communications customers increased 10%
sequentially and 20% year-over-year. The sequential growth in
the communications market was principally driven by very
strong growth in revenue from base station applications.
-- Revenue from consumer customers was down slightly both
sequentially and year-over-year as a result of a slowdown in
consumer spending in response to the uncertain economic
environment.
-- Schedule E of this document provides additional details about
revenue by end market for the second quarter, immediately
prior quarter, and year-ago quarter. A more complete table
covering prior periods is available on the Analog Devices
Investor Relations web site at: http://investor.analog.com
Revenue by product type for the second quarter of fiscal 2008:
-- Revenue increased across ADI's product portfolio with the
highest sequential and year-over-year growth rates in
converter, amplifier, and general purpose DSP revenue.
-- Analog product revenue increased 6% sequentially and 8%
year-over-year, and represented 90% of total revenue in the
second quarter. Converter revenue grew 6% sequentially and 9%
year-over-year. Converters remain ADI's largest and most
diverse product family, contributing 46% of total revenue in
the second quarter. Amplifiers represented 23% of total
revenue in the second quarter, growing 10% both sequentially
and year-over-year.
-- General purpose DSP revenue grew 6% sequentially and 18%
year-over-year, and represented 9% of total revenue in the
second quarter.
-- Schedule F of this document provides additional details about
revenue by product type for the second quarter, immediately
prior quarter, and year-ago quarter. A more complete table
covering prior periods is available on the Analog Devices
Investor Relations web site at: http://investor.analog.com
Outlook for the Third Quarter of Fiscal 2008
The following statements are based on current expectations. These
statements are forward looking and actual results may differ
materially. These statements supersede all prior statements regarding
business outlook set forth in prior ADI news releases.
Regarding the outlook for the third quarter of fiscal 2008, Mr.
Fishman said, "Orders remained strong in the second quarter, and
increased in comparison to the immediately prior quarter. Our
operating plan for the third quarter is for revenue to be in the range
of $650 to $665 million, or flat to up 3% sequentially, gross margin
to be approximately 61%, and operating expenses to increase slightly.
However, our plan does not factor in potential effects of ongoing
financial market uncertainty which could translate into a more
cautious stance from our customers. If the operating plan is achieved,
diluted EPS from continuing operations is expected to be approximately
$0.43 to $0.45 and diluted EPS from discontinued operations is
expected to be approximately $0.02 to $0.03."
Conference Call Scheduled for 5:00
Mr. Fishman will discuss the second quarter's results and the
near-term outlook via webcast, accessible at
http://investor.analog.com today beginning at 5:00 pm ET. Investors
who prefer to join by telephone may call 706-634-7193 ten minutes
before the call begins and provide the password "ADI."
A replay will be available almost immediately after the call. The
replay may be accessed for up to one week by dialing 800-642-1687
(replay only) and providing the conference ID: 46692986 or by visiting
the Analog Devices Investor Relations web site.
Non-GAAP Financial Information
This release includes non-GAAP financial measures for prior
periods 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.
Manner in Which Management Uses the Non-GAAP Financial Measures
Management uses non-GAAP gross margin, non-GAAP operating
expenses, non-GAAP operating income and non-GAAP diluted earnings per
share to evaluate the Company's operating performance against past
periods and to budget and allocate resources in future periods. These
non-GAAP measures also assist management in understanding and
evaluating the underlying baseline 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. Tables
reconciling our non-GAAP measures to GAAP measures are provided in
this release.
The following items are excluded from our Non-GAAP operating
expenses:
Restructuring-Related Expense. These expenses are incurred in
connection with facility closures and other reorganization 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.
Proceeds from the one-time settlement of litigation. In the second
quarter of fiscal 2007, we settled a lawsuit against Maxim Integrated
Products and received a one-time non-recurring payment of $19 million.
A portion of this payment ($8.5 million) was to compensate us for the
legal expenses we incurred during the years 2001 through 2007 in
connection with this lawsuit. As the original legal expenses were
recorded as general and administrative expenses in the income
statement, we recorded the recovery of these legal expenses in the
same line item in our operating expenses. The remaining $10.5 million
was recorded as non-operating income because it is not associated with
the normal operations of our business. We exclude this payment and the
related tax effects from our non-GAAP results because it is a one-time
item not associated with the ongoing operations of our business.
The following items are excluded from our Non-GAAP operating
income:
Restructuring-Related Expense. These expenses are incurred in
connection with facility closures and other reorganization 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.
Proceeds from the one-time settlement of litigation. In the second
quarter of fiscal 2007, we settled a lawsuit against Maxim Integrated
Products and received a one-time non-recurring payment of $19 million.
A portion of this payment ($8.5 million) was to compensate us for the
legal expenses we incurred during the years 2001 through 2007 in
connection with this lawsuit. As the original legal expenses were
recorded as general and administrative expenses in the income
statement, we recorded the recovery of these legal expenses in the
same line item in our operating expenses. The remaining $10.5 million
was recorded as non-operating income because it is not associated with
the normal operations of our business. We exclude this payment and the
related tax effects from our non-GAAP results because it is a one-time
item not associated with the ongoing operations of our business.
The following items are excluded from our Non-GAAP diluted
earnings per share:
Restructuring-Related Expense. These expenses are incurred in
connection with facility closures and other reorganization 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.
Proceeds from the one-time settlement of litigation. In the second
quarter of fiscal 2007, we settled a lawsuit against Maxim Integrated
Products and received a one-time non-recurring payment of $19 million.
A portion of this payment ($8.5 million) was to compensate us for the
legal expenses we incurred during the years 2001 through 2007 in
connection with this lawsuit. As the original legal expenses were
recorded as general and administrative expenses in the income
statement, we recorded the recovery of these legal expenses in the
same line item in our operating expenses. The remaining $10.5 million
was recorded as non-operating income because it is not associated with
the normal operations of our business. We exclude this payment and the
related tax effects from our non-GAAP results because it is a one-time
item not associated with the ongoing operations of our business.
Why Management Believes the Non-GAAP Financial Measures Provide
Useful Information to Investors
Management believes that the presentation of non-GAAP gross
margin, non-GAAP operating expenses, non-GAAP operating income, 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 gross margin, non-GAAP
operating expenses, non-GAAP operating income, 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 in 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
gross margin, non-GAAP operating expenses, non-GAAP operating income
and non-GAAP diluted earnings per share by also evaluating our GAAP
results and the reconciliations of our non-GAAP measures to the most
directly comparable GAAP measure. Investors should consider our
non-GAAP financial measures in conjunction with the corresponding GAAP
measures.
About Analog Devices, Inc.
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. Celebrating
over 40 years as a leading global manufacturer of high-performance
integrated circuits used in analog and digital signal processing
applications, Analog Devices is headquartered in Norwood,
Massachusetts, with design and manufacturing facilities throughout the
world. Analog Devices' common stock is listed on the New York Stock
Exchange under the ticker "ADI" and is included in the S&P 500 Index.
This release may be deemed to contain forward-looking statements,
which are subject to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995 and include, among other
things, our statements regarding expected revenue, earnings, operating
expenses, gross margins, and other financial results, and expected
increases in customer demand for our products, that are based on our
current expectations, beliefs, assumptions, estimates, forecasts, and
projections about 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:
the effects of changes in customer demand for our products and for end
products that incorporate our products, competitive pricing pressures,
unavailability of raw materials or wafer fabrication, assembly and
test capacity, any delay or cancellation of significant customer
orders, any inability to manage inventory to meet customer demand,
changes in geographic, product or customer mix, adverse changes in
economic conditions in the United States and international markets
including as a result of ongoing financial market uncertainty, 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. The use of the word partner does not imply a partnership
relationship between Analog Devices and any other company.
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Analog Devices, Second Quarter, Fiscal 2008
Schedule A
----------------------------------------------------------------------
Sales/Earnings Summary (GAAP)
(In thousands, except per-share amounts)
-----------------------------
Three Months Ended
-----------------------------
2Q 08 1Q 08 2Q 07
May 3, Feb. 2, May 5,
2008 2008 2007
----------------------------------------------------------------------
Product revenue $649,340 $613,909 $597,483
Year-to-year growth 9% 4% 8%
Quarter-to-quarter change 6% -2% 1%
Revenue from one-time IP license - - -
----------------------------------------------------------------------
Total revenue $649,340 $613,909 $597,483
Cost of sales (1) 253,319 238,106 236,255
----------------------------------------------------------------------
Gross margin 396,021 375,803 361,228
----------------------------------------------------------------------
Operating expenses:
R&D (1) 134,653 129,539 126,696
Selling, marketing and G&A (1) 104,183 100,351 90,210
Special charges - - 10,116
----------------------------------------------------------------------
Operating income from continuing
operations 157,185 145,913 134,206
Other income (10,555) (12,353) (31,092)
----------------------------------------------------------------------
Income from continuing operations before
income tax 167,740 158,266 165,298
Provision for income taxes 37,848 36,418 39,720
----------------------------------------------------------------------
Income from continuing operations, net
of tax 129,892 121,848 125,578
----------------------------------------------------------------------
Discontinued Operations:
Income (loss) from discontinued
operations, net of tax 3,194 1,888 (222)
Gain on sale of discontinued
operations, net of tax - 246,983 -
----------------------------------------------------------------------
Income (loss) from discontinued
operations, net of tax 3,194 248,871 (222)
----------------------------------------------------------------------
Net income $133,086 $370,719 $125,356
----------------------------------------------------------------------
Shares used for EPS - basic 290,389 299,141 329,988
Shares used for EPS - diluted 295,360 304,260 338,840
Earnings per share from continuing
operations - basic $ 0.45 $ 0.41 $ 0.38
Earnings per share from continuing
operations - diluted $ 0.44 $ 0.40 $ 0.37
Earnings per share - basic $ 0.46 $ 1.24 $ 0.38
Earnings per share - diluted $ 0.45 $ 1.22 $ 0.37
Dividends paid per share $ 0.18 $ 0.18 $ 0.18
----------------------------------------------------------------------
(1) Includes stock-based compensation
expense as follows:
Cost of sales $ 1,906 $ 1,953 $ 2,648
R&D $ 6,108 $ 5,524 $ 7,222
Selling, marketing and G&A $ 4,713 $ 5,415 $ 6,384
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Analog Devices, Second Quarter, Fiscal 2008
Schedule B
----------------------------------------------------------------------
Results of Discontinued Operations
(In thousands, except per-share amounts)
The following table reflects the amounts reclassified from our
continuing operations into discontinued operations:
--------------------------
Three Months Ended
--------------------------
2Q 08 1Q 08 2Q 07
May 3, Feb. 2, May 5,
2008 2008 2007
----------------------------------------------------------------------
Total revenue $21,130 $ 47,363 $71,649
Cost of sales 19,555 32,983 51,236
----------------------------------------------------------------------
Gross margin 1,575 14,380 20,413
----------------------------------------------------------------------
Operating expenses:
R&D 181 12,324 19,993
Selling, marketing and G&A 258 1,743 2,835
----------------------------------------------------------------------
Operating income (loss) from discontinued
operations 1,136 313 (2,415)
----------------------------------------------------------------------
Gain on sale of business - 356,016 -
----------------------------------------------------------------------
Income (loss) before income taxes from
discontinued operations 1,136 356,329 (2,415)
----------------------------------------------------------------------
(Benefit from) provision for income taxes
from discontinued operations (2,058) 107,458 (2,193)
----------------------------------------------------------------------
Income (loss) from discontinued
operations, net of tax $ 3,194 $248,871 $ (222)
======================================================================
Earnings per share from discontinued
operations - basic $ 0.01 $ 0.83 $ (0.00)
Earnings per share from discontinued
operations - diluted $ 0.01 $ 0.82 $ (0.00)
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Analog Devices, Second Quarter, Fiscal 2008
Schedule C
----------------------------------------------------------------------
Selected Balance Sheet Information (GAAP)
(In thousands)
2Q 08 1Q 08 2Q 07
May 3, Feb. 2, May 5,
2008 2008 2007
----------------------------------------------------------------------
Cash & short-term investments $1,185,179 $1,271,766 $1,794,672
Accounts receivable, net 332,288 340,080 299,708
Inventories (1) 319,421 330,196 346,348
Current assets of discontinued
operations 11,122 22,862 85,902
Other current assets 140,359 134,501 180,755
----------------------------------------------------------------------
Total current assets 1,988,369 2,099,405 2,707,385
PP&E, net 555,430 561,295 560,820
Investments 37,920 34,916 33,636
Goodwill and intangible assets 277,215 283,602 301,063
Other 95,216 93,688 83,772
Non-current assets of discontinued
operations 62,037 62,037 -
----------------------------------------------------------------------
Total assets $3,016,187 $3,134,943 $3,686,676
----------------------------------------------------------------------
Deferred income on shipments to
distributors, net $ 174,349 $ 160,366 $ 152,194
Current liabilities of discontinued
operations 105,601 206,996 23,612
Other current liabilities 343,007 344,063 372,319
Non-current liabilities 89,348 84,265 74,238
Stockholders' equity 2,303,882 2,339,253 3,064,313
----------------------------------------------------------------------
Total liabilities & equity $3,016,187 $3,134,943 $3,686,676
----------------------------------------------------------------------
(1) includes $2,563, $3,012 and $3,738 related to stock-based
compensation in 2Q08, 1Q08 and 2Q07, respectively.
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Analog Devices, Second Quarter, Fiscal 2008
Schedule D
----------------------------------------------------------------------
Cash Flow Statement (GAAP)
(In thousands)
--------------------------------
Three Months Ended
--------------------------------
2Q 08 1Q 08 2Q 07
--------------------------------
May 3, Feb. 2, May 5,
2008 2008 2007
--------------------------------
Cash flows from operating activities:
Net Income $ 133,086 $ 370,719 $ 125,356
Adjustments to reconcile net income
to net cash provided by
operations:
Depreciation 36,266 35,551 35,715
Amortization of intangibles 2,615 2,423 3,259
Stock-based compensation
expense 12,727 10,595 17,624
Gain on sale of businesses - (246,983) -
Income tax payments related to
gain on sale of businesses (67,283) - -
Excess tax benefit - stock
options (3,174) (6,710) (15,027)
Other non-cash activity 227 (73) 144
Deferred income taxes (2,865) 18 (7,751)
Changes in operating assets
and liabilities 41,944 11,880 79,313
----------------------------------------------------------------------
Total adjustments 20,457 (193,299) 113,277
----------------------------------------------------------------------
Net cash provided by operating
activities 153,543 177,420 238,633
----------------------------------------------------------------------
Percent of total revenue 23.6% 28.9% 39.9%
----------------------------------------------------------------------
Cash flows from investing activities:
Additions to property, plant and
equipment (30,535) (40,115) (39,661)
Purchases of short-term available-
for-sale investments (572,983) (351,221) (559,933)
Maturities of short-term available-
for-sale investments 439,520 371,396 681,645
Net (expenditures) proceeds related
to sale of businesses (7,074) 406,665 -
Payments for acquisitions, net of
cash acquired - - (6,000)
Decrease (increase) in other assets 592 2,795 (333)
----------------------------------------------------------------------
Net cash (used) provided by investing
activities (170,480) 389,520 75,718
----------------------------------------------------------------------
Cash flows from financing activities:
Dividend payments to shareholders (52,511) (53,836) (59,562)
Repurchase of common stock (165,426) (359,376) (364,590)
Liability for common stock
repurchases (24,374) 24,879 -
Net proceeds from employee stock
plans 37,623 24,497 53,762
Excess tax benefit - stock options 3,174 6,710 15,027
----------------------------------------------------------------------
Net cash used for financing
activities (201,514) (357,126) (355,363)
----------------------------------------------------------------------
Effect of exchange rate changes on
cash (277) (1,697) 1,053
----------------------------------------------------------------------
Net (decrease) increase in cash and
cash equivalents (218,728) 208,117 (39,959)
Cash and cash equivalents at
beginning of period 633,089 424,972 398,549
----------------------------------------------------------------------
Cash and cash equivalents at end of
period $ 414,361 $ 633,089 $ 358,590
----------------------------------------------------------------------
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Analog Devices, Second Quarter, Fiscal 2008
Schedule E
----------------------------------------------------------------------
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
--------------------------------------------------
May 3, 2008 Feb. 2, 2008 May 5, 2007
------------------------- ------------------------
Revenue % Q/Q % Y/Y % Revenue Revenue
------------------------- ------------ -----------
Industrial 327,879 50% 8% 10% 302,202 297,211
Communications 161,939 25% 10% 20% 146,726 134,504
Consumer 129,086 20% -3% -2% 132,583 131,185
Computer 30,436 5% -6% -12% 32,398 34,583
------------- ------------ -----------
Total Revenue $649,340 100% 6% 9% $ 613,909 $ 597,483
============= ============ ===========
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Analog Devices, Second Quarter, Fiscal 2008
Schedule F
----------------------------------------------------------------------
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
--------------------------------------------------
May 3, 2008 Feb. 2, 2008 May 5, 2007
------------------------- ------------------------
Revenue % Q/Q % Y/Y % Revenue Revenue
------------------------- ------------ -----------
Converters $297,686 46% 6% 9% $ 281,081 $ 274,236
Amplifiers 151,419 23% 10% 10% 137,412 137,185
Other analog 100,920 16% 2% 1% 99,150 99,543
------------- ------------ -----------
Sub-Total Analog
Signal Processing 550,025 85% 6% 8% 517,643 510,964
------------- ------------ -----------
Power management &
reference 34,701 5% 4% 16% 33,415 29,853
------------- ------------ -----------
Total Analog
Products $584,726 90% 6% 8% $ 551,058 $ 540,817
------------- ------------ -----------
General purpose DSP 58,281 9% 6% 18% 55,119 49,447
Other DSP 6,333 1% -18% -12% 7,732 7,219
------------- ------------ -----------
Total Digital
Signal Processing $ 64,614 10% 3% 14% $ 62,851 $ 56,666
------------- ------------ -----------
Total Revenue $649,340 100% 6% 9% $ 613,909 $ 597,483
============= ============ ===========
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Analog Devices, Second Quarter, Fiscal 2008
Schedule G
----------------------------------------------------------------------
Reconciliation from GAAP to Non-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
------------------------------------
2Q 08 1Q 08 2Q 07
May 3, 2008 Feb. 2, 2008 May 5, 2007
----------- ------------ -----------
GAAP Operating Expenses $ 238,836 $ 229,890 $ 227,022
Percent of Revenue 36.8% 37.4% 38.0%
Restructuring-Related
Expense - - (10,116)
Litigation Settlement - - 8,500
----------- ------------ -----------
Non-GAAP Operating Expenses $ 238,836 $ 229,890 $ 225,406
=========== ============ ===========
Percent of Revenue 36.8% 37.4% 37.7%
GAAP Operating Income From
Continuing Operations $ 157,185 $ 145,913 $ 134,206
Percent of Revenue 24.2% 23.8% 22.5%
Restructuring-Related
Expense - - 10,116
Litigation Settlement - - (8,500)
----------- ------------ -----------
Non-GAAP Operating Income From
Continuing Operations $ 157,185 $ 145,913 $ 135,822
=========== ============ ===========
Percent of Revenue 24.2% 23.8% 22.7%
GAAP Diluted EPS Including
Discontinued Operations $ 0.45 $ 1.22 $ 0.37
Diluted Loss (Earnings) Per
Share from Discontinued
Operations (0.01) (0.82) (0.00)
GAAP Diluted EPS From Continuing
Operations $ 0.44 $ 0.40 $ 0.37
Restructuring-Related
Expense - - 0.019
Litigation Settlement - - (0.036)
----------- ------------ -----------
Non-GAAP Diluted EPS From
Continuing Operations $ 0.44 $ 0.40 $ 0.35
=========== ============ ===========
*T
Analog Devices, Inc.
Mindy Kohl, 781-461-3282
Director of Investor Relations
Fax: 781-461-3491
investor.relations@analog.com
Copyright Business Wire 2008
