November 26, 2013

Analog Devices Reports Fourth Quarter and Fiscal Year 2013 Results

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.

News Provided by Acquire Media


Close window | Back to top

Copyright 2014 Analog Devices, Inc.