UNITED STATES
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): January
14, 2016
|
Analog Devices, Inc.
|
(Exact name of registrant as specified in its charter)
|
|
|
|
|
|
Massachusetts
|
|
1-7819
|
|
04-2348234
|
(State or other jurisdiction
of incorporation)
|
|
(Commission File Number)
|
|
(IRS Employer Identification No.)
|
|
|
|
One Technology Way, Norwood, MA
|
|
02062
|
(Address of principal executive offices)
|
|
(Zip Code)
|
Registrant’s telephone number, including area code: (781) 329-4700
|
|
(Former name or former address, if changed since last report)
|
Check the
appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any
of the following provisions:
⃞
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
⃞
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
⃞
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
⃞
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
Item 7.01. Regulation FD Disclosure.
On January 14, 2016, Analog Devices, Inc. (the “Registrant”) issued a
press release revising its guidance for the first quarter of fiscal year
2016. The full text of the press release issued by the Registrant is
furnished herewith as Exhibit 99.1.
The information contained herein and in the accompanying exhibit shall
not be incorporated by reference into any filing of the Registrant,
whether made before or after the date hereof, regardless of any general
incorporation language in such filing, unless expressly incorporated by
specific reference to such filing. The information in this report,
including the exhibit hereto, shall not be deemed to be “filed” for
purposes of Section 18 of the Securities Exchange Act of 1934, as
amended, or otherwise subject to the liabilities of that section or
Sections 11 and 12(a)(2) of the Securities Act of 1933, as amended.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
|
|
|
Exhibit No.
|
|
Description
|
|
|
|
99.1
|
|
Press release dated January 14, 2016
|
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: January 14, 2016
|
ANALOG DEVICES, INC.
|
|
|
|
|
|
|
By:
|
/s/ David A. Zinsner
|
|
|
|
David A. Zinsner
|
|
|
|
Senior Vice President, Finance and Chief Financial Officer
|
|
EXHIBIT INDEX
Exhibit No.
|
Description
|
|
|
99.1
|
Press release dated January 14, 2016
|
Exhibit 99.1
Analog
Devices Revises Revenue Guidance for Fiscal First Quarter 2016
NORWOOD, Mass.--(BUSINESS WIRE)--January 14, 2016--Analog Devices, Inc.
(NASDAQ: ADI), today announced it expects revenue in the first quarter
of fiscal 2016 to be in the range of $745 million to $765 million
compared to the company’s previous forecast of $805 million to $855
million. The lowered revenue outlook is the result of weaker than
forecasted customer demand in the company’s portable consumer business
unit, which began in December, and is expected to continue into the
second fiscal quarter. Demand trends across ADI’s core markets of
industrial, automotive, and communication infrastructure are tracking
within the range of prior expectations.
ADI is forecasting non-GAAP gross margin of approximately 62% in the
first quarter compared to its original forecast due to an inventory
reserve associated with the updated revenue outlook. The company expects
its non-GAAP gross margin to return to its model range in the second
fiscal quarter of 2016.
Non-GAAP operating expenses in the first quarter are expected to decline
significantly to $264 million from the prior quarter’s $292 million.
Non-GAAP net interest expense in the first quarter is expected to be
approximately $10 million, and $15 million per quarter thereafter, as a
result of the company’s recent $1.25 billion debt offering.
Management will discuss the company’s first quarter 2016 financial
results on its call with investors scheduled for February 17, 2016.
Revised Outlook for the First Quarter of Fiscal Year 2016
The
following statements are based on current expectations, and as
indicated, are presented on a GAAP and non-GAAP basis. 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 the company’s business outlook set forth in prior ADI news
releases, and ADI disclaims any obligation to update these
forward-looking statements.
|
|
|
|
|
GAAP
|
Non-GAAP Adjustments
|
Non-GAAP
|
Revenue
|
$745 to $765 million
|
-
|
$745 to $765 million
|
Gross Margin
|
approx. 62%
|
$1.4 million (1)
|
approx. 62%
|
Operating Expenses
|
approx. $282 million
|
$17.5 million (1)
|
approx. $264 million
|
Interest & Other Expense
|
approx. $13 million
|
3.0 million(2)
|
approx. $10 million
|
Tax Rate
|
approx. 10%
|
$8.0 million (3)
|
approx. 13%
|
Earnings per Share
|
$0.47 to $0.51
|
$0.04 (4)
|
$0.51 to $0.55
|
|
|
|
|
1. Reflects estimated adjustments for amortization of purchased
intangible assets and depreciation of step up value on purchased fixed
assets.
2. Debt extinguishment related costs.
3. Represents estimated impact due to reinstatement of R&D tax credit.
4. Represents estimated impact of expenses associated with non-GAAP
adjustments on a per share basis.
About Analog Devices
Analog Devices designs and manufactures semiconductor products and
solutions. We enable our customers to interpret the world around us by
intelligently bridging the physical and digital with unmatched
technologies that sense, measure and connect. Visit http://www.analog.com
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 our expected revenue, earnings per share, gross margin,
operating expenses, interest and other expense, tax rate, and other
financial results for the first quarter of fiscal 2016, expected
operating leverage, 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, our ability to successfully
integrate acquired businesses and technologies, adverse results in
litigation matters, and other risk factors described in our most recent
filings with the Securities and Exchange Commission. 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.
CONTACT:
Analog Devices, Inc.
Mr. Ali Husain, 781-461-3282 (phone)
781-461-3491
(fax)
Treasurer and Director of Investor Relations
investor.relations@analog.com
Grafico Azioni Analog Devices (NASDAQ:ADI)
Storico
Da Giu 2024 a Lug 2024
Grafico Azioni Analog Devices (NASDAQ:ADI)
Storico
Da Lug 2023 a Lug 2024