Analog Devices Reports Fourth Quarter and Fiscal Year 2012 Results

  Analog Devices Reports Fourth Quarter and Fiscal Year 2012 Results

Business Wire

NORWOOD, Mass. -- November 27, 2012

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 ended November 3, 2012.

“ADI delivered solid results for the fourth quarter, with revenue increasing
by 2% and diluted EPS increasing by 4% compared to the prior quarter,” said
Jerald G. Fishman, CEO. “For the year, revenue decreased 9.8% to about $2.7
billion, reflecting difficult economic conditions and prevailing global
uncertainty. We nevertheless generated 65% gross margins, 31% operating
margins and over $800 million, or 30% of revenue, in cash from operations for
the year.”

Mr. Fishman continued, “Overall orders decreased during the quarter as
customers became more cautious and continued to reduce inventories, in many
cases to historically low levels. As a result, we began reducing our
production levels in the fourth quarter and will reduce them further in the
first quarter of fiscal 2013 to keep our inventory at appropriate levels.
While this will reduce gross margins in the short term, we believe this should
provide significant operating leverage when growth resumes.”

ADI also announced that the Board of Directors has declared a cash dividend of
$0.30 per outstanding share of common stock. The dividend will be paid on
December 18, 2012 to all shareholders of record at the close of business on
December 7, 2012.

Results for the Fourth Quarter of Fiscal 2012

  *Revenue totaled $695 million
  *Gross margin was 63.8% of revenue
  *Operating margin was 31% of revenue
  *Diluted EPS was $0.58
  *Cash flow from operations was $236 million, or 34% of revenue

Results for Fiscal Year 2012

  *Revenue totaled $2.7 billion
  *Gross margin was 64.5% of revenue
  *Operating margin was 30.5% of revenue
  *Diluted EPS was $2.13
  *Cash flow from operations was $815 million, or 30% of revenue
  *Repurchases of common stock and dividend payments to shareholders totaled
    $505 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 and fiscal year ended 2012, 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 2013

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 -6% to -12%
  *Gross margin estimated to be approximately 62%
  *Operating expenses estimated to be approximately $223 million
  *Tax rate estimated to be approximately 18%
  *Diluted EPS estimated at $0.40 to $0.48

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 almost immediately after the call. The replay may
be accessed for up to two weeks by dialing 855-859-2056 (replay only) and
providing the conference ID:68650785, 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, 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 item is 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.

The following item is excluded from our non-GAAP diluted earnings per share:

Tax-Related Items. In the first quarter of fiscal year 2011, the Company
recorded a $13 million tax benefit related to taxes that are one-time in
nature. These one-time tax items included the reinstatement of the R&D tax
credit in December 2010, retroactive to January 1, 2010; a reduction in a
state tax credit valuation reserve we had recorded in prior years; and a
benefit from the increase to the Irish deferred tax asset as a result of the
increase in the Irish manufacturing tax rate from 10% to 12.5%. In the second
quarter of fiscal 2011, the Company recorded a one-time $10.8 million tax
benefit for a settlement with the Internal Revenue Service related to certain
tax matters for the fiscal 2004 through fiscal 2007 tax years. 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.

In the third quarter of fiscal 2012, the Company recorded a one-time $3.4
million tax benefit related to the release of a tax reserve for an expired tax
year. We excluded this tax-related item from our non-GAAP measures because it
is 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, 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, 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, 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: sovereign
debt issues globally, 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 2012
                                                                               
Schedule A
Revenue and Earnings Summary (GAAP)
(In thousands, except per-share amounts)
                                                                                           
                                                                                 
                         Three Months Ended                              Twelve Months Ended
                         4Q 12           3Q 12           4Q 11           FY 12             FY 11
                     Nov. 3,       Aug. 4,       Oct. 29,        Nov. 3,         Oct. 29,
                         2012            2012            2011            2012              2011
Revenue                  $ 694,964       $ 683,026       $ 716,134       $ 2,701,142       $ 2,993,320
Year-to-year               -3      %       -10     %       -7      %       -10       %       8         %
change
Quarter-to-quarter         2       %       1       %       -6      %
change
Cost of sales (1)      251,682     235,152     255,620       960,141       1,006,779 
Gross margin               443,282         447,874         460,514         1,741,001         1,986,541
Gross margin               63.8    %       65.6    %       64.3    %       64.5      %       66.4      %
percentage
Year-to-year
change (basis              -50             -160            -270            -190              120
points)
Quarter-to-quarter
change(basis           -180        40          -290                        
points)
Operating
expenses:
R&D (1)                    130,394         129,694         123,889         512,003           505,570
Selling, marketing         97,609          99,873          99,094          396,519           406,707
and G&A (1)
Special charges        -           5,836       2,239         8,431         2,239     
Total operating            228,003         235,403         225,222         916,953           914,516
expenses
Total operating
expenses                   32.8    %       34.5    %       31.4    %       33.9      %       30.6      %
percentage
Year-to-year
change (basis              140             400             150             330               -200
points)
Quarter-to-quarter
change (basis          -170        80          90                          
points)
Operating income           215,279         212,471         235,292         824,048           1,072,025
Operating income           31.0    %       31.1    %       32.9    %       30.5      %       35.8      %
percentage
Year-to-year
change (basis              -190            -570            -420            -530              320
points)
Quarter-to-quarter
change (basis          -10         -40         -390                        
points)
Other expense          2,755       3,002       4,292         10,515        10,578    
Income before              212,524         209,469         231,000         813,533           1,061,447
income tax
Provision for              33,337          39,701          47,473          162,297           200,553
income taxes
Tax rate               15.7    %    19.0    %    20.6    %      19.9      %    18.9      %
percentage
Income from
continuing             179,187     169,768     183,527       651,236       860,894   
operations, net of
tax
Income from
discontinued           -           -           -             -             6,500     
operations, net of
tax
Net income            $ 179,187    $ 169,768    $ 183,527      $ 651,236      $ 867,394   
                                                                                           
Shares used for            300,679         298,445         298,910         298,761           299,417
EPS - basic
Shares used for            307,954         305,359         305,734         306,191           308,236
EPS - diluted
                                                                                           
Earnings per share
from continuing          $ 0.60          $ 0.57          $ 0.61          $ 2.18            $ 2.88
operations - basic
Earnings per share
from continuing          $ 0.58          $ 0.56          $ 0.60          $ 2.13            $ 2.79
operations-
diluted
                                                                                           
                                                                                           
Earnings per share       $ 0.60          $ 0.57          $ 0.61          $ 2.18            $ 2.90
- basic
Earnings per share       $ 0.58          $ 0.56          $ 0.60          $ 2.13            $ 2.81
- diluted
                                                                                           
Dividends paid per    $ 0.30       $ 0.30       $ 0.25         $ 1.15         $ 0.94      
share
                                                                                           
(1) Includes
stock-based
compensation
expense as
follows:
Cost of sales            $ 1,905         $ 1,871         $ 1,835         $ 7,254           $ 7,294
R&D                      $ 6,124         $ 5,999         $ 6,033         $ 23,169          $ 23,289
Selling, marketing       $ 6,248         $ 5,921         $ 5,684         $ 23,077          $ 21,775
and G&A
                                                                                                       
                                                                                                       

Analog Devices, Fourth Quarter, Fiscal 2012
                                                            
Schedule B
Selected Balance Sheet Information (GAAP)
(In thousands)
                                                                   
                                   4Q 12           3Q 12           4Q 11
                                Nov. 3,       Aug. 4,       Oct. 29,
                                   2012            2012            2011
Cash & short-term investments      $ 3,900,378     $ 3,765,045     $ 3,592,462
Accounts receivable, net             339,881         345,795         348,416
Inventories (1)                      313,723         312,079         295,081
Other current assets              142,203      138,366      150,389
Total current assets                 4,696,185       4,561,285       4,386,348
PP&E, net                            500,867         490,581         478,839
Investments                          30,242          29,615          29,361
Goodwill and intangible assets       312,605         308,190         287,287
Other                             80,448       66,951       95,800
Total assets                     $ 5,620,347   $ 5,456,622   $ 5,277,635
                                                                   
Deferred income on shipments       $ 238,541       $ 246,674       $ 233,249
to distributors, net
Other current liabilities            286,538         261,868         291,756
Long-term debt, non-current          807,098         842,540         871,876
Non-current liabilities              122,811         76,934          85,341
Shareholders' equity              4,165,359    4,028,606    3,795,413
Total liabilities & equity       $ 5,620,347   $ 5,456,622   $ 5,277,635
                                                                   
(1) Includes $2,517, $2,361 and $2,431 related to stock-based compensation in
4Q12, 3Q12 and 4Q11, respectively.



Analog Devices, Fourth Quarter, Fiscal 2012
                                                                                        
Schedule C
Cash Flow Statement (GAAP)
(In thousands)
                                                                                                   
                                                                                         
                       Three Months Ended                                       Twelve Months Ended
                       4Q 12              3Q 12              4Q 11              FY 12              FY 11
                       Nov. 3,          Aug. 4,          Oct. 29,           Nov. 3,          Oct. 29,
                       2012               2012               2011               2012               2011
Cash flows from
operating
activities:
Net Income             $ 179,187          $ 169,768          $ 183,527          $ 651,236          $ 867,394
Adjustments to
reconcile net
income
to net cash
provided by
operations:
Depreciation             27,484             27,107             28,781             109,705            116,873
Amortization of          54                 56                 267                128                1,346
intangibles
Stock-based
compensation             14,277             13,791             13,552             53,500             52,358
expense
Gain on sale of          -                  -                  -                  -                  (6,500     )
business
Gain on sale of          -                  -                  -                  (1,231     )       -
investments
Excess tax benefit       (2,678     )       (5,054     )       (7,640     )       (12,230    )       (44,936    )
- stock options
Noncash portion of       -                  219                -                  219                -
special charges
Other non-cash           (1,417     )       (1,380     )       (352       )       (3,187     )       833
activity
Deferred income          (5,696     )       34                 8,693              (9,801     )       1,704
taxes
Changes in
operating assets      24,836         (66,835    )    3,332            26,203         (88,543    )
and liabilities
Total adjustments     56,860         (32,062    )    46,633           163,306        33,135     
Net cash provided
by operating          236,047        137,706        230,160          814,542        900,529    
activities
Percent of total      34.0       %    20.2       %    32.1       %      30.2       %    30.1       %
revenue
                                                                                                   
Cash flows from
investing
activities:
Additions to
property, plant          (37,511    )       (39,239    )       (26,331    )       (132,176   )       (122,996   )
and equipment, net
Net proceeds
related to sale of       -                  -                  -                  -                  10,000
businesses
Proceeds related
to sale of               -                  -                  -                  1,506              -
investments
Payments for
acquisitions, net        -                  -                  -                  (24,158    )       (13,988    )
of cash acquired
Purchases of
short-term               (1,882,319 )       (1,854,249 )       (1,156,671 )       (8,165,043 )       (4,289,304 )
available-for-sale
investments
Maturities of
short-term               1,713,973          1,534,235          1,101,973          6,543,795          3,436,284
available-for-sale
investments
Sales of
short-term               99,843             76,330             23,476             437,748            282,861
available-for-sale
investments
(Increase)
Decrease in other     (447       )    408            88               (1,362     )    (6,595     )
assets
Net cash used for
investing             (106,461   )    (282,515   )    (57,465    )      (1,339,690 )    (703,738   )
activities
                                                                                                   
Cash flows from
financing
activities:
Proceeds from            -                  -                  -                  -                  515,507
long-term debt
Term loan                (33,625    )       (3,625     )       (3,625     )       (56,500    )       (28,392    )
repayments
Early termination        -                  -                  -                  18,520             -
of swap agreements
Dividend payments        (91,372    )       (89,511    )       (74,824    )       (344,701   )       (281,626   )
to shareholders
Repurchase of            (20,795    )       (17,344    )       (82,816    )       (160,536   )       (330,256   )
common stock
Net proceeds from
employee stock           80,492             23,329             27,925             191,220            217,164
plans
Contingent
Consideration            -                  -                  -                  (1,991     )       -
Payment
(Decrease)
increase in other        (1,125     )       (4,755     )       914                (7,869     )       1,279
financing
activities
Excess tax benefit    2,678          5,054          7,640            12,230         44,936     
- stock options
Net cash (used
for) provided by      (63,747    )    (86,852    )    (124,786   )      (349,627   )    138,612    
financing
activities
Effect of exchange
rate changes on       845            (1,256     )    (630       )      (1,492     )    (303       )
cash
                                                                                                   
Net increase
(decrease) in cash       66,684             (232,917   )       47,279             (876,267   )       335,100
and cash
equivalents
Cash and cash
equivalents at        462,149        695,066        1,357,821        1,405,100      1,070,000  
beginning of
period
Cash and cash
equivalents at end   $ 528,833       $ 462,149       $ 1,405,100       $ 528,833       $ 1,405,100  
of period
                                                                                                                
                                                                                                                

Analog Devices, Fourth Quarter, Fiscal 2012
                                                                 
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. 3, 2012                                 Aug. 4,       Oct. 29,
                                                                2012          2011
                   Revenue       %      Q/Q %   Y/Y      Revenue       Revenue
                                                       %
Industrial         $ 304,693       44  %     -5  %     -3 %     $ 322,092     $ 315,716
Automotive           110,227       16  %     -4  %     -3 %       114,730       113,528
Consumer             137,620       20  %     28  %     -6 %       107,848       146,221
Communications      142,424     20  %     3   %     1  %      138,356      140,669
Total Revenue      $ 694,964     100 %     2   %     -3 %     $ 683,026     $ 716,134
                                                                              
                                                               
                   Twelve Months Ended
                                                                              Oct. 29,
                   Nov. 3, 2012
                                                                              2011
                   Revenue       %      Y/Y %                            Revenue
Industrial         $ 1,240,344     46  %     -12 %                            $ 1,411,386
Automotive           463,577       17  %     11  %                              417,929
Consumer             467,626       17  %     -16 %                              559,142
Communications      529,595     20  %     -12 %                             604,863
Total Revenue      $ 2,701,142   100 %     -10 %                            $ 2,993,320
                                                                                
                                                                                

Analog Devices, Fourth Quarter, Fiscal 2012
                                                              
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. 3, 2012                                  Aug. 4,       Oct. 29,
                                                             2012          2011
               Revenue       %      Q/Q %   Y/Y %     Revenue       Revenue
Converters     $ 307,252       44  %     3   %     -5  %     $ 299,634     $ 323,291
Amplifiers
/ Radio          174,521       25  %     -4  %     -4  %       180,899       182,708
Frequency
Other           112,083     16  %     14  %     11  %      98,269       101,176
analog
Subtotal
Analog          593,856     85  %     3   %     -2  %      578,802      607,175
Signal
Processing
Power
management      45,808      7   %     1   %     -14 %      45,401       53,173
&
reference
Total
Analog         $ 639,664     92  %     2   %     -3  %     $ 624,203     $ 660,348
Products
Digital
Signal          55,300      8   %     -6  %     -1  %      58,823       55,786
Processing
Total          $ 694,964     100 %     2   %     -3  %     $ 683,026     $ 716,134
Revenue
                                                                           
                                                            
               Twelve Months Ended
                                                                           Oct. 29,
               Nov. 3, 2012
                                                                           2011
               Revenue       %*      Y/Y %                             Revenue
Converters     $ 1,192,064     44  %     -11 %                             $ 1,343,487
Amplifiers
/ Radio          697,687       26  %     -11 %                               788,299
Frequency
Other           397,376     15  %     -3  %                              410,323
analog
Subtotal
Analog          2,287,127   85  %     -10 %                              2,542,109
Signal
Processing
Power
management     $ 182,134     7   %     -16 %                             $ 217,615
&
reference
Total
Analog          2,469,261   91  %     -11 %                              2,759,724
Products
Digital
Signal          231,881     9   %     -1  %                              233,596
Processing
Total          $ 2,701,142   100 %     -10 %                             $ 2,993,320
Revenue
                                                                           
* The sum of the individual percentages does not equal the total due to rounding

Analog Devices, Fourth Quarter, Fiscal 2012
                                                                               
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 12           3Q 12           4Q 11           FY 12           FY 11
                          Nov. 3,         Aug. 4,         Oct. 29,        Nov. 3,       Oct. 29,
                          2012            2012            2011            2012            2011
                                                                                          
GAAP Operating            $ 228,003       $ 235,403       $ 225,222       $ 916,953       $ 914,516
Expenses
Percent of Revenue          32.8    %       34.5    %       31.4    %       33.9    %       30.6      %
Restructuring-Related                   (5,836  )    -             (5,836  )    -         
Expense
Non-GAAP Operating        $ 228,003    $ 229,567    $ 225,222      $ 911,117    $ 914,516   
Expenses
Percent of Revenue          32.8    %       33.6    %       31.4    %       33.7    %       30.6      %
                                                                                          
GAAP Operating
Income/Margin From        $ 215,279       $ 212,471       $ 235,292       $ 824,048       $ 1,072,025
Continuing Operations
Percent of Revenue          31.0    %       31.1    %       32.9    %       30.5    %       35.8      %
Restructuring-Related      -           5,836       -             5,836       -         
Expense
Non-GAAP Operating
Income/Margin From        $ 215,279    $ 218,307    $ 235,292      $ 829,884    $ 1,072,025 
Continuing Operations
Percent of Revenue          31.0    %       32.0    %       32.9    %       30.7    %       35.8      %
                                                                                          
GAAP Diluted EPS
Including                 $ 0.58          $ 0.56          $ 0.60          $ 2.13          $ 2.81
Discontinued
Operations
Diluted Loss Per
Share from                  -               -               -               -               0.02
Discontinued
Operations
GAAP Diluted EPS From     $ 0.58          $ 0.56          $ 0.60          $ 2.13          $ 2.79
Continuing Operations
IRS Tax Settlement          -               -               -               -               (0.04     )
Impact of the
Reinstatement of the        -               -               -               -               (0.02     )
R&D Tax Credit
Impact of State Tax         -               -               -               -               (0.02     )
Valuation
Impact of Increase in       -               -               -               -               (0.00     )
Irish Tax Rate
Restructuring-Related       -               0.01            -               0.01            -
Expense
Impact of Expired Tax      -           (0.01   )    -             (0.01   )    -         
Statute
Non-GAAP Diluted EPS
From Continuing           $ 0.58       $ 0.56       $ 0.60         $ 2.13       $ 2.72      
Operations (1)
                                                                                          
(1) The sum of the individual per share amounts may not equal the total due to rounding.

Contact:

Analog Devices, Inc.
Mr. Ali Husain, 781-461-3282
781-461-3491 (fax)
investor.relations@analog.com
 
Press spacebar to pause and continue. Press esc to stop.