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Maxim Integrated Products Management Discusses Q4 2012 Results - Earnings Call Transcript

Venk Nathamuni

Thank you, operator, and welcome, everyone, to Maxim Integrated Products Fiscal Fourth Quarter 2012 Earnings Conference Call. With me on the call today are Chief Executive Officer, Tunç Doluca; and Chief Financial Officer, Bruce Kiddoo.

During today's call, we will be making some forward-looking statements. In light of the Private Securities Litigation Reform Act, I would like to remind you that these statements must be considered in conjunction with the cautionary warnings that appear in our SEC filings. Investors are cautioned that all forward-looking statements in this call involve risks and uncertainty and that future events may differ materially from the statements made. For additional information, please refer to the company's Securities and Exchange Commission filings, which are posted on our website or available from the company without charge.

Now, before we discuss our results and guidance, I'd like to remind everyone that Maxim will be hosting its 2012 Investor Day Meeting in New York City on September 5. Details of the event and registration information are available on Maxim's Investor Relations' website at maxim-ic.com/investorday2012. We look forward to seeing you there.

Now, I'll turn the call over to Bruce.

Bruce E. Kiddoo

Thanks, Venk. I will review our fourth quarter financial results.

Revenue for the fourth quarter was $605 million, up 6% from the third quarter. Our revenue mix by major market in Q4 was approximately 43% for consumer; 26%, industrial; 16%, communications; and 15%, computing. Our consumer business was up strongly due to smartphones. Our industrial business was up slightly due to automotive and Control and Automation. Our communication business was flat, as an increase in base stations was offset by weakness in legacy businesses. Computing was up due to our notebook business.

Gross margin, excluding special items, was 63%, up from 60.4% in the prior quarter. The increase was due to improved variances from higher fab and end-of-line utilizations. Part of the increased utilization was due to inventory build to meet seasonally strong demand in consumer.

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