Maxim Integrated Products, Inc. reported unaudited consolidated earnings results for the second quarter ended December 29, 2012. Revenue for the second quarter was $605.3 million, down 3% from the first quarter and compared to $591,359,000 for the same period a year ago. GAAP operating income, excluding special items, was $157 million or 26% of revenue. GAAP earnings per share, excluding special items, was $0.42, down from $0.47 in first quarter due to lower revenue and gross margin. During the quarter, net cash provided by operating activities was $255,097,000 against $249,320,000 a year ago. This increased significantly over the prior quarter due to its annual employee bonus paid in September and a reduction in accounts receivable. Operating income was $117,548,000 against $114,510,000 a year ago. Income before provision for income taxes was $114,750,000 against $116,884,000 a year ago. Net income was $76,622,000 or $0.26 per diluted share against $88,130,000 or $0.29 per diluted share a year ago. Payments for property, plant and equipment was $62,102,000 against $68,361,000 a year ago.

The company provides earnings guidance for the third quarter of fiscal 2013. Beginning third quarter backlog declined to $353 million. Based on this beginning backlog and expected turns, the company forecasts third quarter revenue of $580 million to $610 million or up 1% to down 4% from second quarter. Gross margin, excluding special items, is estimated at 60% to 63%. Third quarter of fiscal 2013 and future tax rate, excluding special items, is estimated at 15% to 20%. This is lower than its previously estimated long-term tax rate due to higher international mix of business. For third quarter GAAP earnings per share, excluding special items, the company expects a range of $0.39 to $0.43. Net capital expenditures in third quarter are expected to be flat with second quarter.

Finally, Board of Directors has approved payment of a cash dividend of $0.24 per share to be paid on March 6, 2013, to stockholders of record on February 20, 2013.

The company reported $22 million pre-tax charge for impairment of long-lived assets in the second quarter of fiscal 2013.