With Texas Instruments (NYSE:TXN) and Linear Technology (NASDAQ:LLTC) having already reported strong results, Maxim Integrated Products' (NASDAQ:MXIM) stellar quarter comes as no surprise. But it sure looks pretty.

First-quarter revenues increased 5.1% to $310.2 million, driving net income 19.4% higher to $87.4 million. But more importantly, the future is getting brighter as first-quarter bookings jumped 12% to $349 million.

Unlike digital players, notably Intel (NASDAQ:INTC) and AMD (NYSE:AMD), makers of analog circuits like Maxim and smaller competitor Linear Technology held up well profit-wise in the downturn. Even as Maxim's revenues fell from $1.6 billion in FY 2001 to $1.2 billion in FY 2003, EPS fell from $0.93 to $0.91 (though FY 2002 was bumpy).

As the economy picks up steam, things will only get better for Maxim.

Also like Linear Technology, Maxim continues to enjoy the excellent margins afforded analog companies. In the first quarter, gross margins remained steady at 70% and net margins clocked in at a neat 28%. But Maxim also generated an astonishing $149.2 million in free cash on that $310.2 million in revenues.

With that cash, the company was able to repurchase another 379,000 shares for $15.5 million. It also doubled its quarterly dividend to $0.08 per share last quarter and will maintain it this quarter.

On the strength of proprietary products with high switching costs, those numbers represent the kind of economics we've come to expect from an industry Rule Maker. None of which has gone unnoticed: Both Maxim and Linear Technology sell at over 40 times this year's earnings.

Jeff Hwang can be reached at JHwang@fool.com.