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Maxim Integrated Products' CEO Discusses F2Q 2012 Results - Earnings Call Transcript

If we use words like anticipate, believe, project, forecast, plan, estimate or variations of these words and similar expressions relating to the future, they are intended to identify forward-looking statements. It’s important to note that the company’s actual results could differ materially from those projected in the forward-looking statements. During the quarter, Maxim’s corporate representatives may reiterate the business outlook during private meetings with investors, investment analysts, the media and others.

Additional information about risks and uncertainties associated with the company’s business are contained in the company’s SEC filing on Form 10-K for the year ended June 25, 2011. Copies can be obtained from the company or the SEC.

Second, in keeping with the SEC’s fair disclosure requirements, we made time available for a question-and-answer period at the end of today’s call. This will be your opportunity to ask questions of management concerning the quarterly results and expectations for the next quarter. An operator will provide instructions at that time. We again request that participants limit themselves to one question and one follow-up question during the Q&A session.

I will now pass the call over to Bruce.

Bruce E. Kiddoo

Thanks, Paresh. I will review our second quarter financial results. Revenue for the second quarter was $591 million, down 7% from the first quarter. All end markets were down equally. Our revenue mix by major market in Q2 was approximately 41% for consumer, 26% industrial, 17% communications and 16% computing.

Our consumer market declined due to normal year end inventory management. Our industrial, communication and computing markets were down due to overall industry weakness. Gross margin excluding special items was 60.5%, down approximately three points from the prior quarter due to lower utilization and higher inventory reserves. Special items in Q2 gross margin were intangible asset amortization and inventory write up post some acquisitions.

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