Maxim Revenue Flat - TheStreet

Maxim Revenue Flat

The company doesn't report earnings or give guidance because of its ongoing internal review of past stock options grants.
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Maxim Integrated Products

(MXIM) - Get Report

on Wednesday reported flat sales in its fiscal third quarter, as the chipmaker said it was prepared for growth to resume in the current quarter.

The Sunnyvale, Calif., chipmaker said revenue in the three months ended March 24 totaled $475.8 million, in line with analysts' expectations. At this time last year, Maxim had $478.1 million in sales.

Maxim did not provide earnings and other financial information because of its ongoing internal review of past stock option accounting practices. Maxim has previously said that it will have to restate financial results from 2000 to 2005 because of evidence of backdating certain past stock option grants.

"Customer demand for Maxim's products appeared to stabilize during Q307 and we anticipate sequential growth in our upcoming quarter," CEO Tunc Doluca said in a statement.

The company said that its adjusted gross margins improved during the quarter, although it did not specify what its margins actually were.

"Looking forward, while gross margins will remain subject to normal fluctuations due to product mix changes and other factors, we believe that our gross margin management initiatives will produce relatively stable results during upcoming quarters," Doluca said.

Maxim did not provide guidance for the current quarter, although management was scheduled to hold a conference call with analysts later Wednesday.

Shares of Maxim slipped 0.8% to $32.65 after hours.