Linear Technology Reports Increases in Revenue and Net Income Over the Comparable Prior Year Period but Revenue and Net Income Decreased 5% Sequentially. The Company Increases the Quarterly Dividend $0.03 to $0.30 Per Share.

® subsystems, and wireless sensor network products. For more information, visit www.linear.com

For further information contact Paul Coghlan at Linear Technology Corporation, 1630 McCarthy Blvd., Milpitas, California 95035-7417, (408) 432-1900.

         

LINEAR TECHNOLOGY CORPORATION

CONSOLIDATED STATEMENTS OF INCOME

(In thousands, except per share amounts)

U.S. GAAP (unaudited)

 
Three Months Ended Six Months Ended
December 28,
2014
September 28,
2014
December 29,
2013
December 28,
2014
December 29,
2013
 
Revenues $ 352,575 $ 371,060 $ 334,595 $ 723,635 $ 674,952
Cost of sales (1)   86,726   89,007   82,521     175,733   166,522  
Gross profit   265,849   282,053   252,074     547,902   508,430  
Expenses:
Research and development (1) 65,101 65,600 62,008 130,701 123,520
Selling, general and administrative (1)   42,537   42,089   38,852     84,626   77,530  
Total operating expenses   107,638   107,689   100,860     215,327   201,050  
Operating income 158,211 174,364 151,214 332,575 307,380
Interest expense (6,813 ) (13,626 )
Amortization of debt discount (2) (5,524 ) (10,970 )
Interest income and other income   253   581   791     834   1,673  
Income before income taxes 158,464 174,945 139,668 333,409 284,457
Provision for income taxes   34,862   45,486   34,917     80,348   71,838  
Net income $ 123,602 $ 129,459 $ 104,751   $ 253,061 $ 212,619  
 
Earnings per share:
Basic $ 0.51 $ 0.53 $ 0.44   $ 1.04 $ 0.89  
Diluted $ 0.51 $ 0.53 $ 0.44   $ 1.03 $ 0.89  
 
Shares used in determining earnings per share:
Basic   244,033   244,145   239,206     244,067   238,857  
Diluted   244,591   244,801   240,670     244,674   240,000  
 
Includes the following non-cash charges:
(1) Stock-based compensation
Cost of sales $ 2,223 $ 2,100 $ 2,106 $ 4,323 $ 4,070
Research and development 10,350 9,791 9,816 20,141 18,978
Selling, general and administrative 5,346 5,056 5,069 10,402 9,799
(2) Amortization of debt discount
(non-cash interest expense) 5,524 10,970
   

LINEAR TECHNOLOGY CORPORATION

CONSOLIDATED CONDENSED BALANCE SHEETS

(in thousands)

U.S. GAAP (unaudited)

 
December 28, 2014 June 29, 2014
ASSETS:
Current assets:
Cash, cash equivalents and marketable securities $ 1,072,866 $ 1,012,787

Accounts receivable, net of allowance for doubtful accounts of $1,651 ($1,653 at June 29, 2014)

148,584 173,340
Inventories 100,141 91,310
Deferred tax assets and other current assets   99,743     87,276  
Total current assets   1,421,334     1,364,713  
 
Property, plant & equipment, net 294,529 277,080
Other noncurrent assets   12,685     13,785  
Total assets $ 1,728,548   $ 1,655,578  
 
LIABILITIES & STOCKHOLDERS’ EQUITY:
Current liabilities:
Accounts payable $ 20,017 $ 28,221
Accrued income taxes, payroll & other accrued liabilities 102,690 141,275
Deferred income on shipments to distributors   47,083     45,619  
Total current liabilities   169,790     215,115  
 
Deferred tax and other noncurrent liabilities 120,266 109,094
 
Stockholders’ equity:
Common stock 1,989,563 1,948,006
Accumulated deficit (550,813 ) (616,992 )
Accumulated other comprehensive loss   (258 )   355  
Total stockholders’ equity   1,438,492     1,331,369  
$ 1,728,548   $ 1,655,578  
         

LINEAR TECHNOLOGY CORPORATION

CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS

(In thousands)

(unaudited)

 
Three Months Ended Six Months Ended
December 28,
2014
September 28,
2014
December 29,
2013
December 28,
2014
December 29,
2013
Cash flow from operating activities:
Net income $ 123,602 $ 129,459 $ 104,751 $ 253,061 $ 212,619
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization 13,555 13,214 12,792 26,769 25,627
Stock-based compensation 17,919 16,947 16,991 34,866 32,847
Amortization of convertible senior notes discount 5,524 10,970
Excess tax benefit from stock-based compensation (2,548 ) (2,202 ) (300 ) (4,750 ) (1,829 )
Change in operating assets and liabilities:   (4,571 )   (21,042 )   28,986     (25,613 )   10,708  
 
Cash provided by operating activities   147,957     136,376     168,744     284,333     290,942  
 
Cash flow from investing activities:
Net (purchases) and proceeds from sale and maturities of available-for-sale securities (55,632 ) (26,426 ) 9,466 (82,058 ) 93,018
Purchase of property, plant and equipment   (16,201 )   (26,917 )   (4,009 )   (43,118 )   (7,897 )
Cash (used in) provided by investing activities   (71,833 )   (53,343 )   5,457     (125,176 )   85,121  
 
Cash flow from financing activities:
Excess tax benefit from stock-based compensation 2,548 2,202 300 4,750 1,829
Issuance of common stock under employee stock plans 12,092 3,323 37,861 15,415 59,516
Purchase of common stock (34,709 ) (34,086 ) (12,182 ) (68,795 ) (26,853 )
Payment of cash dividends   (65,822 )   (65,739 )   (62,023 )   (131,561 )   (124,082 )
Cash used in financing activities   (85,891 )   (94,300 )   (36,044 )   (180,191 )   (89,590 )
 
(Decrease) increase in cash and cash equivalents (9,767 ) (11,267 ) 138,157 (21,034 ) 286,473
Cash and cash equivalents, beginning of period   146,056     157,323     274,966     157,323     126,650  
Cash and cash equivalents, end of period $ 136,289   $ 146,056   $ 413,123   $ 136,289   $ 413,123  






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