Linear Technology Reports Sequential Increases in Revenue, Net Income, and Earnings Per Share

MILPITAS, Calif. — (BUSINESS WIRE) — July 26, 2016 — Linear Technology Corporation (NASDAQ: LLTC), a leading, independent manufacturer of high performance linear integrated circuits, today reported financial results for the fiscal quarter ended July 3, 2016. Quarterly revenues of $373.8 million for the fourth quarter of fiscal year 2016 increased $12.6 million or 3.5% over the previous quarter's revenue of $361.1 million and decreased $5.7 million or 1.5% from $379.5 million reported in the fourth quarter of fiscal year 2015. Net income of $132.4 million increased $4.0 million or 3.1% over the previous quarter’s net income of $128.4 million and decreased $0.3 million or 0.3% from the fourth quarter of fiscal year 2015. Diluted earnings per share of $0.54 per share in the fourth quarter of fiscal year 2016 increased $0.02 per share or 4% over the third quarter of fiscal year 2016 and was unchanged from the fourth quarter of fiscal year 2015.

Revenue for fiscal year 2016 was $1,423.9 million, a decrease of $51.2 million or 3.5% from revenue of $1,475.1 million in the prior fiscal year. Net income of $494.3 million for fiscal year 2016 decreased $26.7 million or 5.1% from $521.0 million reported in the previous fiscal year. The results for fiscal year 2016 benefited from a lower effective tax rate of 22.7% compared to 24.0% in fiscal year 2015. Diluted earnings per share for fiscal year 2016 was $2.02, a decrease of $0.10 per share or 5% from the prior fiscal year.

Cash, cash equivalents and marketable securities increased by $85.2 million over the third quarter of fiscal year 2016 to $1.45 billion. A cash dividend of $0.32 per share will be paid on August 24, 2016 to stockholders of record on August 12, 2016. During the fourth quarter the Company generated positive cash flows from operations of $174.9 million or 47% of total revenues. During the fourth quarter of fiscal year 2016 the Company returned $86.5 million to shareholders in the form of dividends of $78.4 million, representing $0.32 per share, and stock purchases of $8.1 million totaling 0.2 million shares.

According to Lothar Maier, CEO, “We met the midpoint of our revenue guidance with growth of 3.5% sequentially over the March quarter. We are pleased that we have bounced back with three sequential quarters of revenue growth after suffering a significant decline in the first fiscal quarter. Our industry leading gross margin and operating margin percentages each improved at 76.4% and 45.9% while earnings per share increased $0.02 to $0.54. For the fiscal year, revenue declined 3.5% to $1.42 billion, while earnings per share decreased $0.10 to $2.02.”

Pending Transaction with Analog Devices, Inc.

Earlier today, Linear Technology and Analog Devices, Inc. (NASDAQ: ADI) announced that they have entered into a definitive agreement under which Analog Devices will acquire Linear Technology in a cash and stock transaction that values the combined enterprise at approximately $30 billion(1). Upon completion of the acquisition, Analog Devices will be the premier global analog technology company with approximately $5 billion in anticipated annual revenues.

Under the terms of the agreement, Linear Technology shareholders will receive $46.00 per share in cash and 0.2321 of a share of Analog Devices common stock for each share of Linear Technology common stock they hold at the closing of the transaction. The transaction values Linear Technology at approximately $60.00 per share(1), representing an equity value for Linear Technology of approximately $14.8 billion(1). Closing of the transaction is expected by the end of the first half of calendar year 2017, and is subject to regulatory approvals in various jurisdictions, the approval of Linear Technology’s shareholders, and other customary closing conditions. Additional information about the transaction can be found in the joint press release issued earlier today, which is available on the Investor Relations section of the Company’s website at www.linear.com

Analog Devices and Linear Technology management will host a conference call today, July 26, 2016 at 5:00pm ET to discuss details of the transaction. A live webcast and the accompanying presentation relating to the transaction will be available in the “investors” section of Analog Devices’ website at www.analog.com in advance of the conference call.

Investors may join via webcast, accessible at investor.analog.com, or by telephone (call 800-859-9560 ten minutes before the call begins and provide the password “ADI”).

A replay of the call will be made available and may be accessed for up to two weeks by dialing (855) 859-2056 (replay only) and providing the conference ID: 56173988, or by visiting investor.analog.com.

Outlook

As a result of the pending transaction with Analog Devices, the Company will not provide expected financial results for the fiscal first quarter of 2017 or future periods.

Conference Call and Supplemental Financial Information

In light of the announced transaction with Analog Devices, the Company will not hold its previously scheduled quarterly earnings conference call.

In lieu of a conference call, additional supplemental financial information regarding operational performance and earnings for the fiscal fourth quarter of 2016, in addition to bookings by end market and revenue by geography, has been made available under the Investor Relations section of the Company’s website that can be accessed through www.linear.com

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