Analog Devices Reports Fourth Quarter and Fiscal Year 2013 Results

November 26, 2013 at 4:01 PM EST

Analog Devices Reports Fourth Quarter and Fiscal Year 2013 Results 83.8 KB

NORWOOD, Mass.--(BUSINESS WIRE)-- Analog Devices, Inc. (NASDAQ: ADI), a global leader in high-performance semiconductors for signal processing applications, today announced financial results for its fiscal fourth quarter and fiscal year which ended November 2, 2013.

"Revenue for the fourth quarter increased 1% sequentially, a good result in an uncertain macroeconomic climate," said Vincent Roche, President and CEO. "Operationally, the business performed well. Excluding special items, margins expanded relative to the prior quarter, operating cash flow was very strong at 42% of sales, and we returned $149 million to shareholders in the form of dividends and share repurchases."

"Given the strength of our technology portfolio and customer relationships, we are optimistic about our future. However, in the near-term we are entering a slower seasonal period, with customer shutdowns and inventory reductions coinciding with the holidays in December and January. As a result, our plan is for revenue to decline in the first quarter compared to the prior quarter," said Mr. Roche. "By reducing factory utilization rates and keeping expenses under tight control, we will be in a strong position for operating leverage when growth resumes."

ADI also announced that its Board of Directors has declared a cash dividend of $0.34 per outstanding share of common stock. The dividend will be paid on December 17, 2013 to all shareholders of record at the close of business on December 6, 2013.

Results for the Fourth Quarter of Fiscal Year 2013

Revenue totaled $678 million
Gross margin was 65.6% of revenue
Operating margin was 31.8% of revenue, excluding special items
Diluted EPS was $0.62, excluding special items
Cash flow from operations was $282 million, or 41.6% of revenue

Results for Fiscal Year 2013

Revenue totaled $2.6 billion
Gross margin was 64.3% of revenue
Operating margin was 30% of revenue, excluding special items
Diluted EPS was $2.15, excluding special items
Free cash flow was $789 million, or 30% of revenue
Repurchases of common stock and dividend payments to shareholders totaled $466 million

Please refer to the schedules provided for a summary of revenue and earnings, selected balance sheet information, and the cash flow statement for the fourth quarter of fiscal year 2013, as well as the immediately prior and year-ago quarters. 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 First Quarter of Fiscal Year 2014

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 decrease in the range of -5% to -10%
Gross margin estimated to be between 64% and 65%
Operating expenses estimated to decrease approximately $3 million to $226 million
Tax rate estimated to be approximately 13%
Diluted EPS estimated at $0.44 to $0.52

Conference Call Scheduled for 5:00 pm ET

ADI will host a conference call to discuss the fourth 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: 78682523, 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, non-GAAP other (income) expense, 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 items are 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.

Stock-based Compensation Expense. In the second quarter of fiscal 2013, following the death of the Company's CEO, the Company recorded $6.3 million of stock-based compensation expense due to the accelerated vesting of restricted stock units in accordance with the terms of his restricted stock unit agreement. This stock-based compensation expense and the related tax effect have no direct correlation to the operation of our business in the future.

The following items are excluded from our non-GAAP other (income) expense and non-GAAP diluted earnings per share:

Debt Extinguishment Costs. In the third quarter of fiscal 2013, the Company redeemed its outstanding 5.0% senior unsecured notes due July 1, 2014. The Company recognized a net loss on debt extinguishment of approximately $10.2 million, which was comprised of a make-whole premium, the recognition of unamortized proceeds received on an interest rate swap associated with the debt and the write off of unamortized debt issuance and discount costs. We excluded these costs from our non-GAAP measures because they are one time in nature and have no direct correlation to the operation of our business in the future.

Gain on Sale of Product Line. In the fourth quarter of fiscal 2013, the Company completed the sale of its microphone product line and recorded a gain of $85.4 million in non-operating income. We excluded the gain and related tax effect from our non-GAAP measures as these items have no direct correlation to the operation of our business in the future.

The following items are excluded from our non-GAAP diluted earnings per share:

Tax-Related Items. In the third quarter of fiscal 2012, the Company recorded a $3.4 million tax benefit related to the release of a tax reserve for an expired tax year. 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. In the second quarter of fiscal 2013, the Company recorded a $6.6 million tax benefit as a result of the reversal of prior period tax liabilities. In the third quarter of fiscal 2013, the Company recorded a $1.7 million tax benefit related to the release of a tax reserve for an expired tax year. In the fourth quarter of fiscal 2013, as a result of a ruling by the U.S. Tax Court in a matter not involving the Company, the Company recorded a potential liability for $36.5 million plus $4.6 million of interest related to its petition with the U.S. Tax Court regarding the beneficial tax treatment of dividends paid from foreign owned companies under The American Jobs Creation Act. The Company also recorded a $2.2 million tax benefit as a result of the reversal of prior period tax liabilities. Also in the fourth quarter of fiscal 2013, the Company completed the sale of its microphone product line, resulting in $26.7 million of income tax expense. We excluded these tax-related items from our non-GAAP measures because they are 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, non-GAAP other (income) expense, 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, non-GAAP other (income) expense, 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, non-GAAP other (income) expense, 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: 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, Fourth Quarter, Fiscal 2013

Schedule A
Revenue and Earnings Summary (GAAP)
(In thousands, except per-share amounts)


	Three Months Ended									Twelve Months Ended
	4Q 13			3Q 13			4Q 12			FY 13			FY 12
	Nov. 2, 2013			Aug. 3, 2013			Nov. 3, 2012			Nov. 2, 2013			Nov. 3, 2012
Revenue	$	678,133		$	674,172		$	694,964		$	2,633,689		$	2,701,142
Year-to-year change		-2	%		-1	%		-3	%		-2	%		-10	%
Quarter-to-quarter change		1	%		2	%		2	%
Cost of sales (1)		233,263			239,110			251,682			941,278			960,141
Gross margin		444,870			435,062			443,282			1,692,411			1,741,001
Gross margin percentage		65.6	%		64.5	%		63.8	%		64.3	%		64.5	%
Year-to-year change (basis points)		180			-110			-50			-20			-190
Quarter-to-quarter change (basis points)		110			50			-180
Operating expenses:
R&D (1)		131,034			128,947			130,394			513,255			512,003
Selling, marketing and G&A (1)		98,197			97,773			97,609			396,233			396,519
Special charges		15,777			-			-			29,848			8,431
Total operating expenses		245,008			226,720			228,003			939,336			916,953
Total operating expenses percentage		36.1	%		33.6	%		32.8	%		35.7	%		33.9	%
Year-to-year change (basis points)		330			-90			140			180			330
Quarter-to-quarter change (basis points)		250			-140			-170
Operating income		199,862			208,342			215,279			753,075			824,048
Operating income percentage		29.5	%		30.9	%		31.0	%		28.6	%		30.5	%
Year-to-year change (basis points)		-150			-20			-190			-190			-530
Quarter-to-quarter change (basis points)		-140			190			-10
Other (income) expense		(82,650	)		13,301			2,755			(62,248	)		10,515
Income before income tax		282,512			195,041			212,524			815,323			813,533
Provision for income taxes		80,958			18,802			33,337			141,836			162,297
Tax rate percentage		28.7	%		9.6	%		15.7	%		17.4	%		19.9	%
Net income	$	201,554		$	176,239			179,187			673,487			651,236

Shares used for EPS - basic		311,009			309,117			300,679			307,763			298,761
Shares used for EPS - diluted		317,216			315,307			307,954			314,041			306,191

Earnings per share - basic	$	0.65		$	0.57		$	0.60		$	2.19		$	2.18
Earnings per share - diluted	$	0.64		$	0.56		$	0.58		$	2.14		$	2.13

Dividends paid per share	$	0.34		$	0.34		$	0.30		$	1.32		$	1.15

(1) Includes stock-based compensation expense as follows:
Cost of sales	$	1,737		$	1,672		$	1,905		$	6,593		$	7,254
R&D	$	5,721		$	5,536		$	6,124		$	21,901		$	23,169
Selling, marketing and G&A	$	5,664		$	5,539		$	6,248		$	28,392		$	23,077

Analog Devices, Fourth Quarter, Fiscal 2013

Schedule B
Selected Balance Sheet Information (GAAP)
(In thousands)

	4Q 13		3Q 13		4Q 12
	Nov. 2, 2013		Aug. 3, 2013		Nov. 3, 2012
Cash & short-term investments	$	4,682,912	$	4,450,293	$	3,900,378
Accounts receivable, net		325,144		345,437		339,881
Inventories (1)		283,337		284,342		313,723
Other current assets		181,032		164,418		142,203
Total current assets		5,472,425		5,244,490		4,696,185
PP&E, net		508,171		492,421		500,867
Investments		21,180		20,056		30,242
Goodwill and intangible assets		312,664		309,198		312,605
Other		67,310		72,461		80,448
Total assets	$	6,381,750	$	6,138,626	$	5,620,347

Deferred income on shipments to distributors, net	$	247,428	$	259,003	$	238,541
Other current liabilities		323,084		232,806		286,538
Long-term debt, non-current		872,241		872,104		807,098
Non-current liabilities		199,421		131,477		122,811
Shareholders' equity		4,739,576		4,643,236		4,165,359
Total liabilities & equity	$	6,381,750	$	6,138,626	$	5,620,347

(1) Includes $2,273, $2,126, and $2,517 related to stock-based compensation in 4Q13, 3Q13, and 4Q12, respectively.

Analog Devices, Fourth Quarter, Fiscal 2013

Schedule C
Cash Flow Statement (GAAP)
(In thousands)


	Three Months Ended									Twelve Months Ended
	4Q 13			3Q 13			4Q 12			FY 13			FY 12
	Nov. 2, 2013			Aug. 3, 2013			Nov. 3, 2012			Nov. 2, 2013			Nov. 3, 2012
Cash flows from operating activities:
Net Income	$	201,554		$	176,239		$	179,187		$	673,487		$	651,236
Adjustments to reconcile net income to net cash provided by operations:
Depreciation		27,515			27,448			27,484			110,196			109,705
Amortization of intangibles		55			55			54			220			128
Stock-based compensation expense		13,122			12,747			14,277			56,886			53,500
Loss on extinguishment of debt		-			10,205			-			10,205			-
Gain on sale of investments		-			-			-			-			(1,231	)
Gain on sale of product line		(85,444	)		-			-			(85,444	)		-
Noncash portion of special charges		-			-			-			-			219
Other non-cash activity		887			310			(1,417	)		(185	)		(3,187	)
Excess tax benefit - stock options		(1,098	)		(6,265	)		(2,678	)		(16,171	)		(12,230	)
Deferred income taxes		(6,558	)		(739	)		(5,696	)		(17,699	)		(9,801	)
Changes in operating assets and liabilities		132,132			25			24,836			180,850			26,203
Total adjustments		80,611			43,786			56,860			238,858			163,306
Net cash provided by operating activities		282,165			220,025			236,047			912,345			814,542
Percent of total revenue		41.6	%		32.6	%		34.0	%		34.6	%		30.2	%

Cash flows from investing activities:
Purchases of short-term available-for-sale investments		(2,559,600	)		(2,123,826	)		(1,882,319	)		(8,540,335	)		(8,165,043	)
Maturities of short-term available-for-sale investments		2,199,444			1,493,806			1,713,973			6,970,885			6,543,795
Sales of short-term available-for-sale investments		59,903			216,312			99,843			650,730			437,748
Additions to property, plant and equipment		(48,558	)		(30,068	)		(37,511	)		(123,074	)		(132,176	)
Payments for acquisitions, net of cash acquired		-			(2,475	)		-			(2,475	)		(24,158	)
Proceeds from sale of product line		100,000			-			-			100,000			-
Proceeds related to sale of investments		-			-			-			-			1,506
Increase in other assets		(1,591	)		(1,540	)		(447	)		(5,657	)		(1,362	)
Net cash used for investing activities		(250,402	)		(447,791	)		(106,461	)		(949,926	)		(1,339,690	)

Cash flows from financing activities:
Proceeds from long-term debt		-			493,880			-			493,880			-
Payment of senior unsecured notes		-			(392,790	)		-			(392,790	)		-
Early termination of swap agreements		-			-			-			-			18,520
Proceeds from derivative instruments		-			10,952			-			10,952			-
Term loan repayments		-			-			(33,625	)		(60,108	)		(56,500	)
Dividend payments to shareholders		(105,938	)		(104,923	)		(91,372	)		(405,955	)		(344,701	)
Repurchase of common stock		(42,809	)		-			(20,831	)		(60,529	)		(161,046	)
Proceeds from employee stock plans		44,399			89,653			80,528			306,277			191,730
Excess tax benefit - stock options		1,098			6,265			2,678			16,171			12,230
Contingent consideration payment		(1,913	)		-			-			(5,665	)		(1,991	)
Increase (decrease) in other financing activities		4,696			(10,643	)		(1,125	)		(2,790	)		(7,869	)
Net cash (used for) provided by financing activities		(100,467	)		92,394			(63,747	)		(100,557	)		(349,627	)
Effect of exchange rate changes on cash		725			(191	)		845			1,394			(1,492	)

Net (decrease) increase in cash and cash equivalents		(67,979	)		(135,563	)		66,684			(136,744	)		(876,267	)
Cash and cash equivalents at beginning of period		460,068			595,631			462,149			528,833			1,405,100
Cash and cash equivalents at end of period	$	392,089		$	460,068		$	528,833		$	392,089		$	528,833

Analog Devices, Fourth 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
	Nov. 2, 2013					Aug. 3, 2013		Nov. 3, 2012
	Revenue		%	Q/Q %	Y/Y %	Revenue		Revenue
Industrial	$	312,984	46%	0%	2%	$	313,849	$	306,267
Automotive		130,981	19%	9%	19%		120,567		110,349
Consumer		94,516	14%	-6%	-31%		100,348		136,555
Communications		139,652	21%	0%	-2%		139,408		141,793
Total Revenue	$	678,133	100%	1%	-2%	$	674,172	$	694,964




	Twelve Months Ended
	Nov. 2, 2013							Nov. 3, 2012
	Revenue		%*	Y/Y %				Revenue
Industrial	$	1,219,798	46%	-2%					1,246,380
Automotive		481,803	18%	4%					463,927
Consumer		403,649	15%	-13%					464,103
Communications		528,439	20%	0%					526,732
Total Revenue	$	2,633,689	100%	-2%				$	2,701,142

* The sum of the individual percentages does not equal the total due to rounding

Analog Devices, Fourth 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
	Nov. 2, 2013					Aug. 3, 2013		Nov. 3, 2012
	Revenue		%*	Q/Q %	Y/Y %	Revenue		Revenue
Converters	$	306,187	45%	2%	0%	$	300,484	$	307,252
Amplifiers / Radio Frequency		176,538	26%	-1%	1%		177,451		174,521
Other analog		92,405	14%	0%	-18%		92,278		112,083
Subtotal Analog Signal Processing		575,130	85%	1%	-3%		570,213		593,856
Power management & reference		44,226	7%	-3%	-3%		45,611		45,808
Total Analog Products	$	619,356	91%	1%	-3%	$	615,824	$	639,664
Digital Signal Processing		58,777	9%	1%	6%		58,348		55,300
Total Revenue	$	678,133	100%	1%	-2%	$	674,172	$	694,964




	Twelve Months Ended
	Nov. 2, 2013							Nov. 3, 2012
	Revenue		%*	Y/Y %				Revenue
Converters	$	1,180,072	45%	-1%				$	1,192,064
Amplifiers / Radio Frequency		682,759	26%	-2%					697,687
Other analog		372,281	14%	-6%					397,376
Subtotal Analog Signal Processing		2,235,112	85%	-2%					2,287,127
Power management & reference		172,920	7%	-5%					182,134
Total Analog Products	$	2,408,032	91%	-2%				$	2,469,261
Digital Signal Processing		225,657	9%	-3%					231,881
Total Revenue	$	2,633,689	100%	-2%				$	2,701,142

* The sum of the individual percentages does not equal the total due to rounding

Analog Devices, Fourth 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									Twelve Months Ended
	4Q 13			3Q 13			4Q 12			FY 13			FY 12
	Nov. 2, 2013			Aug. 3, 2013			Nov. 3, 2012			Nov. 2, 2013			Nov. 3, 2012

GAAP Operating Expenses	$	245,008		$	226,720		$	228,003		$	939,336		$	916,953
Percent of Revenue		36.1	%		33.6	%		32.8	%		35.7	%		33.9	%
Restructuring-Related Expense		(15,777	)		-			-			(29,848	)		(5,836	)
Stock-Based Compensation Expense		-			-			-			(6,273	)		-
Non-GAAP Operating Expenses	$	229,231		$	226,720		$	228,003		$	903,215		$	911,117
Percent of Revenue		33.8	%		33.6	%		32.8	%		34.3	%		33.7	%

GAAP Operating Income/Margin	$	199,862		$	208,342		$	215,279		$	753,075		$	824,048
Percent of Revenue		29.5	%		30.9	%		31.0	%		28.6	%		30.5	%
Restructuring-Related Expense		15,777			-			-			29,848			5,836
Stock-Based Compensation Expense		-			-			-			6,273			-
Non-GAAP Operating Income/Margin	$	215,639		$	208,342		$	215,279		$	789,196		$	829,884
Percent of Revenue		31.8	%		30.9	%		31.0	%		30.0	%		30.7	%

GAAP Other (Income) Expense	$	(82,650	)	$	13,301		$	2,755		$	(62,248	)	$	10,515
Percent of Revenue		-12.2	%		2.0	%		0.4	%		-2.4	%		0.4	%
Gain on Sale of Product Line		85,444			-			-			85,444			-
Loss on Extinguishment of Debt		-			(10,205	)		-			(10,205	)		-
Non-GAAP Other (Income) Expense	$	2,794		$	3,096		$	2,755		$	12,991		$	10,515
Percent of Revenue		0.4	%		0.5	%		0.4	%		0.5	%		0.4	%

GAAP Diluted EPS	$	0.64		$	0.56		$	0.58		$	2.14		$	2.13
Impact of Loss on Extinguishment of Debt		-			0.02			-			0.02			-
Impact of Gain on Sale of Product Line		(0.19	)		-			-			(0.19	)		-
Restructuring-Related Expense		0.05			-			-			0.08			0.01
Impact of the Reversal of Prior Period Tax Liabilities		(0.01	)		-			-			(0.03	)		-
Stock-Based Compensation Expense		-			-			-			0.01			-
Impact of Tax Reserve		0.13			-			-			0.13			-
Impact of the Reinstatement of the R&D Tax Credit		-			-			-			(0.02	)		-
Impact of Expired Tax Statute		-			(0.01	)		-			(0.01	)		(0.01	)
Non-GAAP Diluted EPS (1)	$	0.62		$	0.57		$	0.58		$	2.15		$	2.13

(1) The sum of the individual per share amounts may not equal the total due to rounding

Analog Devices, Inc.
Mr. Ali Husain, 781-461-3282
Director of Investor Relations
781-461-3491 (fax)
investor.relations@analog.com

Source: Analog Devices, Inc.

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