Earnings Call Excerpt
Maxim Integrated Products (MXIM)
Q2 2006 Earnings Conference Call
January 25th 2006, 3:00 PM.
Executives:
Carl Jasper, Chief Financial Officer, Vice President of Finance
Jack Gifford, Chairman, President, Chief Executive Officer
Pirooz Parvarandeh, Group President
Analysts:
Romit Shah, Lehman Brothers
Michael Masdea, Credit Suisse
Adam Parker, Sanford Bernstein
Craig Hettenbach, Wachovia
Ross Seymore, Deutsche Bank
Chris Caso, Friedman Billings
Ramesh Misra, C.E. Unterberg, Towbin
Billl Lewis, JP Morgan
Joseph Osha, Merrill Lynch
Tore Svanberg, Piper Jaffray
Jeff Rosenberg, William Blair
Steve Smigie, Raymond James
Louis Gerhardy, Morgan Stanley
Simona Jankowski, Goldman Sachs
Craig Ellis, Citigroup
Sumit Dhanda, Banc of America
Barry Zahl, Morningstar
David Wu, Global Crown Capital
Presentation
Operator
Good day and welcome to the Maxim Integrated Products second quarter second quarter 2006 earnings release conference call. Today's call is being recorded. At this time for opening remark and is introductions I will turn the call over to Mr. Karl Jasper, Vice President of Finance and Chief Financial Officer from Maxim Integrated Products. Mr. Jasper, please go ahead.
Carl Jasper, Chief Financial Officer, Vice President Finance
Thank you, operator. Again, I would like to welcome you all to our second quarter earnings conference call for Maxim Integrated Products. On the call today from the Company are Jack Gifford our Chairman, President, and Chief Executive Officer; Alan Hale, Vice President at Dallas Semiconductor; Koresh Minar, Director of Investor Relations; and again, myself, Carl Jasper, Vice President of Finance and Chief Financial Officer. As Jack is recovering from a strained vocal cord I will lead off by making some prepared remarks which include Maxim's financial performance. We will save Jack's voice for providing color, discussing our outlook, and answering questions. On the call we also have Pirooz Parvarandeh one of our two Group Presidents to help answer questions. We intended to have Tunc Doluca our other Group President and Vijay Yuel, our Senior Vice President of Worldwide process technology participate in this call. Unfortunately Vijay is sick and Tunc had to travel to Dallas.
There are a few administrative items I would like to take care of first before we cover the results. First of all, as noted in our earnings press release, Maxim expects to implement a program that will allow its employees excluding officers holding vested stock options with an exercise price of at least $35 per share to exchange them for restricted stock units or RSU's vesting quarterly over the next 12 to 18 months at a specified exchange rate based on the Black-Scholes model. This exchange program will range from two, 3 to 5 option shares for one RSU. Employees holding stock options eligible for exchange in the program should carefully read the Company's offer to exchange certain stock options for RSU's, the Company's letter of transmittal and related tender offer materials when they become available because they will contain important information including among other things the various terms and conditions governing the program and copies of the Company's offer to exchange certain stock options for RSU', the letter of transmittal, and the related tender offer materials will soon be mailed to all employees holding stock options eligible for exchange in the program. Once filed with the SEC may be obtained at no charge from the SEC's website at www.SEC.gov.
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