Linear Technology Corporation (NASDAQ:LLTC), a leading, independent manufacturer of high performance linear integrated circuits, today reported financial results for the quarter ended March 30, 2008. Revenue for the third quarter of fiscal year 2008 increased 3.2% to $297.9 million over the previous quarter’s revenue of $288.7 million and increased 16.8% or $42.9 million over $255.0 million in the third quarter of fiscal year 2007. Diluted earnings per share (“EPS”) of $0.44 increased $0.03 per share or 7% over the second quarter of fiscal year 2008 and increased $0.12 per share or 38% over the third quarter of fiscal year 2007. Third quarter Generally Accepted Accounting Principles (“GAAP”) net income of $99.2 million increased $5.4 million or 5.8% from $93.8 million reported in the second quarter of fiscal year 2008. During the March quarter the Company’s cash and short-term investments balance increased $101.3 million net of spending $9.8 million to purchase approximately 400,000 shares of its common stock.
A cash dividend of $0.21 per share will be paid on May 28, 2008 to stockholders of record on May 16, 2008.
Non-GAAP diluted EPS for the third quarter of fiscal year 2008 was $0.49 per share, a $0.03 per share increase over the second quarter of fiscal year 2008 and a $0.12 per share increase over the third quarter of fiscal year 2007. Third quarter non-GAAP net income of $110.0 million increased $6.0 million over $104.0 million in the second quarter and decreased $1.8 million from the third quarter of fiscal year 2007. The Company’s non-GAAP measures set forth above exclude charges related to stock-based compensation. The Company’s management uses non-GAAP net income and non-GAAP net income per diluted share to evaluate the Company’s current operating results and financial results and to compare them against historical financial results. Reconciliations of reported net income and reported net income per diluted share to non-GAAP net income and non-GAAP net income per diluted share, respectively, are included at the end of this press release.
According to Lothar Maier, CEO, “The Company grew revenues and EPS sequentially by 3.2% and 7%, respectively, in the March quarter. This marks the fourth consecutive quarter that the Company has sequentially grown revenues, operating margin and EPS. These improvements have occurred in spite of difficult economic times. This speaks to our strategy of diversification both geographically and by end-market as we have seen strength internationally and in the industrial and communication end-markets.
Looking ahead, given the concerns about economic difficulties particularly in the USA, forecasting future results continues to be a challenge. June should be a growth quarter as we had a positive book to bill ratio in the March quarter and we would expect the June quarter to continue to have strength in many of our end-markets. However, the overriding general economic conditions merit concern. Consequently, we estimate that revenues and income before taxes will grow 1% to 5% sequentially from the March quarter.”
Except for historical information contained herein, the matters set forth in this press release are forward-looking statements. In particular, the statements regarding the demand for our products, our customers’ ordering patterns and the anticipated trends in our sales and profits are forward-looking statements. The forward-looking statements are dependent on certain risks and uncertainties, including such factors, among others, as the timing, volume and pricing of new orders received and shipped, the timely introduction of new processes and products, general conditions in the world economy and financial markets and other factors described in our 10-K for the fiscal year ended July 1, 2007.
Company officials will be discussing these results in greater detail in a conference call tomorrow, Wednesday, April 16, 2008 at 8:30 a.m. Pacific Coast Time. Those investors wishing to listen in may call (719) 325-4750 before 8:15 a.m. to be included in the audience. There will be a live webcast of this conference call that can be accessed through www.linear.com or www.streetevents.com. A replay of the conference call will be available from April 16, 2008 through April 22, 2008.
You may access the archive by calling (719) 457-0820 and entering reservation #2749229. An archive of the webcast will also be available at www.linear.com and www.streetevents.com as of April 16, 2008 until the second quarter earnings release next year.
Linear Technology Corporation, a manufacturer of high performance linear
integrated circuits, was founded in 1981, became a public company in
1986 and joined the S&P 500 index of major public companies in 2000.
Linear Technology products include high performance amplifiers,
comparators, voltage references, monolithic filters, linear regulators,
DC-DC converters, battery chargers, data converters, communications
interface circuits, RF signal conditioning circuits, uModuleTM
products, and many other analog functions. Applications for Linear
Technology’s high performance circuits
include telecommunications, cellular telephones, networking products
such as optical switches, notebook and desktop computers, computer
peripherals, video/multimedia, industrial instrumentation, security
monitoring devices, high-end consumer products such as digital cameras
and MP3 players, complex medical devices, automotive electronics,
factory automation, process control, and military and space systems. For
more information, visit