SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549


                      ------------------------------------

                                    FORM 8-K

                                 CURRENT REPORT
                       PURSUANT TO SECTION 13 OR 15(d) OF
                       THE SECURITIES EXCHANGE ACT OF 1934

       Date of Report (Date of earliest event reported): February 12, 2004

                              Analog Devices, Inc.
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               (Exact name of registrant as specified in charter)

             Massachusetts                 1-7819                04-2348234
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        (State or other juris-           (Commission            (IRS Employer
       diction of incorporation         File Number)         Identification No.)


              One Technology Way, Norwood, MA                  02062
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         (Address of principal executive offices)            (Zip Code)


       Registrant's telephone number, including area code: (781) 329-4700

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          (Former name or former address, if changed since last report)




Item 12. Results of Operations and Financial Condition On February 12, 2004, Analog Devices, Inc. announced its financial results for the quarter ended January 31, 2004. The full text of the press release issued in connection with the announcement is attached as Exhibit 99.1 to this Current Report on Form 8-K. The information in this Form 8-K and the exhibit attached hereto shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 (the "Exchange Act") or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, except as expressly set forth by specific reference in such a filing.

SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Date: February 12, 2004 ANALOG DEVICES, INC. By: /s/ Joseph E. McDonough ----------------------- Joseph E. McDonough Vice President-Finance and Chief Financial Officer (Principal Financial and Accounting Officer)

EXHIBIT INDEX Exhibit No. Description - ---------- ----------- 99.1 Press release dated February 12, 2004

                                                                    Exhibit 99.1

           Analog Devices' First-Quarter Revenue Increases
                 30% Year-Over-Year, 9% Sequentially

    NORWOOD, Mass.--(BUSINESS WIRE)--Feb. 12, 2004--Analog Devices,
Inc. (NYSE: ADI), a global leader in high-performance semiconductors
for signal processing applications, today reported that revenue rose
30% year-over-year and 9% sequentially to $605.4 million for the first
quarter of fiscal 2004, which ended on January 31, 2004. Net income
for the quarter was $116.8 million. The first quarter's diluted
earnings per share (EPS) under generally accepted accounting
principles (GAAP) was $0.30, up from $0.16 for the same period one
year ago and up from $0.23 for the immediately prior quarter. ADI also
announced that the company's Board of Directors declared a cash
dividend of $0.04 per outstanding share of common stock, payable on
March 17, 2004 to all stockholders of record at the close of business
on February 27, 2004.

    "As a result of customer demand that continued to strengthen
throughout the first quarter, we achieved financial performance well
ahead of our previous expectations and fiscal year 2004 is clearly off
to a great start," said Mr. Jerald G. Fishman, president and CEO.

    "We experienced solid sequential and year-over-year revenue growth
across the breadth of our high-performance analog and DSP product
portfolio.

    "Shipments increased in all regions and end markets, particularly
among the wide range of customers who design industrial and
instrumentation systems, medical electronics, and automatic test
equipment. Shipments to the consumer, communications, and computer end
markets also grew during the quarter.

    "Gross margins for the first quarter of fiscal 2004 increased to
57.1% of sales, up from 55.8% of sales in the prior quarter.
Increasing gross margin coupled with tight expense control resulted in
operating margins rising to 24.1% of sales."

    Turning to the balance sheet Mr. Fishman said, "Our balance sheet
continues to strengthen. Our cash and short-term investment balance
grew by $190 million to $2.3 billion after $27 million of capital
expenditures and a $15 million dividend payment. Days cost of sales in
inventory declined to 103 days in the first quarter compared to 106
days in the previous quarter, while days sales in accounts receivable
remained flat at 48 days."

    Regarding the near-term outlook, Mr. Fishman said, "Customer order
patterns are providing us with the best visibility we have had in many
quarters. As a result, our backlog of products requested to ship
within the next 13 weeks has increased sequentially by 23% to $475
million. During the second quarter of fiscal 2004, we are planning for
revenues to grow sequentially by approximately 7% to 10%, which is
approximately $650 to $665 million, and for EPS to be in the range of
$0.34 to $0.35."

    Taking a long-term view Mr. Fishman concluded, "We believe
high-performance analog and DSP will continue to be among the
fastest-growing product categories within the semiconductor industry
and that ADI can continue to gain market share in these areas. The
pervasiveness of signal processing throughout virtually all types of
electronic equipment provides ADI with the opportunity for significant
revenue growth over the next few years."

    Mr. Fishman will discuss the first quarter's results and the
near-term outlook via webcast, accessible from www.analog.com, today
beginning at 4:30 pm EST. Investors who prefer to join by telephone
may call 706-634-7193 ten minutes before the call begins and provide
the password "ADI."

    A replay will be available almost immediately after the call. The
replay may be accessed for up to one week by dialing 706-645-9291
(replay only) and providing the conference ID: 5207685 or by visiting
the Investor Relations page on ADI's web site.

    Analog Devices, Inc. is a leading manufacturer of precision
high-performance integrated circuits used in analog and digital signal
processing applications. ADI is headquartered in Norwood,
Massachusetts, and employs approximately 8,600 people worldwide. It
has manufacturing facilities in Massachusetts, California, North
Carolina, Ireland, the Philippines, and the United Kingdom. Analog
Devices' common stock is listed on the New York Stock Exchange and ADI
is included in the S&P 500 Index.

    Safe harbor statement under the Private Securities Litigation
Reform Act of 1995: This press release contains forward-looking
statements, including our statements regarding planned revenues,
earnings, and operating margins, that are based on our current
expectations, beliefs, assumptions, estimates, forecasts, and
projections about the industry and markets in which Analog Devices
operates. The statements contained in this release are not guarantees
of future performance and involve certain risks, uncertainties, and
assumptions that are difficult to predict. 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. Important factors
that may affect future operating results include the effects of
adverse changes in overall economic conditions, currency exchange rate
fluctuations, the timing and duration of market upturns and downturns,
the growth or contraction of the markets we serve, demand for
semiconductors generally and for our products in particular, the risk
that our backlog could decline significantly, our ability to hire
engineers and other qualified employees needed to meet the expected
demands of our customers, reversals or slowdowns in the markets or
customers served by our products, the adverse effects of building
inventories to meet planned growth that fails to materialize, the
occurrence and frequency of inventory and lead-time reduction cycles,
raw material availability, availability of both internal and external
manufacturing capacity, technological and product development risks,
competitors' actions and technological innovations, and other risk
factors described in our Annual Report on Form 10-K for the fiscal
year ended November 1, 2003, as filed with the Securities and Exchange
Commission.


 Analog Devices Supplemental Information, First Quarter, Fiscal 2004

                        Sales/Earnings Summary
         (In thousands of dollars, except per-share amounts)

                                        1Q 04       4Q 03       1Q 03
  Three Months Ended             Jan 31, 2004 Nov 1, 2003 Feb 1, 2003

Net Sales                           $605,353    $557,517    $467,423
   Y/Y Growth                             30%         22%         19%
   Q/Q Growth                              9%          7%          3%
Cost of Sales                        259,888     246,605     214,286
Gross Margin                         345,465     310,912     253,137
   Percent of Sales                     57.1%       55.8%       54.2%
Operating Expenses:
   R&D                               118,237     112,418     107,112
   Selling, Marketing and G&A         79,238      75,007      69,315
   Acquisition-related expenses        2,393       2,664       2,849
   Restructuring Costs                     -       9,193           -
Operating Income                     145,597     111,630      73,861
   Percent of Sales                     24.1%       20.0%       15.8%
Other (Income) Expense                (4,197)       (649)     (3,052)
Income Before Tax                    149,794     112,279      76,913
Provision for Taxes                   32,955      24,252      16,921
   Tax Rate                               22%         22%         22%
Net Income                          $116,839     $88,027     $59,992
   Percent of Sales                       19%         16%         13%

Shares used for EPS - Basic          372,052     368,511     363,138
Shares used for EPS - Diluted        392,904     387,381     378,197

Earnings per Share - Basic             $0.31       $0.24       $0.17
Earnings per Share - Diluted           $0.30       $0.23       $0.16

Dividends declared per share           $0.04          $-          $-



 Analog Devices Supplemental Information, First Quarter, Fiscal 2004

                  Selected Balance Sheet Information
                      (In thousands of dollars)

                                        1Q 04       4Q 03       1Q 03
                                 Jan 31, 2004 Nov 1, 2003 Feb 1, 2003

Cash & Short-term Investments     $2,306,525  $2,116,743  $2,999,732
Accounts Receivable, Net             315,900     294,781     231,422
Inventories                          292,626     287,502     294,478
Other Current Assets                 175,131     186,690     185,433
  Total Current Assets             3,090,182   2,885,716   3,711,065
PP&E, Net                            660,891     671,140     754,571
Investments                          356,535     341,573     276,595
Intangible Assets                    171,360     172,019     173,985
Other                                 23,269      22,429     116,086
Total Assets                      $4,302,237  $4,092,877  $5,032,302

Current Liabilities                 $372,220    $342,132    $360,611
Deferred income-shipments to
 distributors                        138,266     121,345     106,686
Long-term Debt                             -           -   1,275,269
Non-Current Lease Obligations              -           -         247
Non-Current Liabilities              353,760     341,326     316,424
Stockholders' Equity               3,437,991   3,288,074   2,973,065
Total Liabilities & Equity        $4,302,237  $4,092,877  $5,032,302



          Capital Expenditures, Depreciation & Amortization
                      (In thousands of dollars)

                                        1Q 04       4Q 03       1Q 03
  Three Months Ended             Jan 31, 2004 Nov 1, 2003 Feb 1, 2003

Capital Expenditures                 $27,073     $18,358     $14,953
Depreciation                         $37,565     $39,320     $41,539
Amortization of Intangibles             $677        $660        $652

    CONTACT: Analog Devices
             Maria Tagliaferro, 781-461-3282
             investor.relations@analog.com