UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
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Maxim Integrated Products, Inc.
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October 1, 2012
Dear Maxim Integrated Stockholders:
I am pleased to provide you with the enclosed Proxy Statement for our 2012 Annual Meeting and Annual Report on Form 10-K for our fiscal year ended June 30, 2012. I am very proud of our results for fiscal 2012, which included many significant accomplishments.
First, Maxim Integrated revenue outperformed its peers during fiscal year 2012 despite the challenging macro environment. Revenues were approximately $2.4 billion, down slightly over fiscal year 2011, but well ahead of our analog peer group during the same timeframe.
Second, we maintained stable gross margins within our long-term target range driven by increasing analog integration as well as our flexible manufacturing model.
Third, we delivered on our commitment of returning cash to stockholders in the form of dividends and buybacks as we returned approximately 21% of revenue during fiscal year 2012. We also recently increased the quarterly dividend by 9% reflecting both confidence in the business model and ability to generate sufficient cash throughout economic cycles.
Last, but not least, Maxim Integrated continued to lead the industry in analog integration as revenue from our high-integration products grew roughly 17% over fiscal year 2011. Customer interest in our high-integration products is strong and continues to increase, with highly integrated products now representing 37% of our total revenue compared to 31% one year ago.
As described in our Proxy Statement, we are asking for your continued support of our equity compensation plans through approval of modest share increases to our 2008 Employee Stock Purchase Plan and our Amended and Restated 1996 Stock Incentive Plan. We have an extremely talented and dedicated workforce, and the share increases are critically important for recruitment and retention. Awards under these Plans also provide appropriate incentives for our employees to deliver superior results for our stockholders. I urge you to vote in favor of these Proposals as set forth in our Proxy Statement.
Thank you for your continuing support, and we look forward to seeing you at the Annual Meeting.
Sincerely,
Tunç Doluca
President and Chief Executive Officer
Maxim Integrated