Linear Technology Reports Increases in Revenue and Net Income Over the Comparable Prior Year Period but Expects Lower Sequential Revenue in the First Fiscal Quarter

Linear Technology Corporation, a member of the S&P 500, has been designing, manufacturing and marketing a broad line of high performance analog integrated circuits for major companies worldwide for over three decades. The Company’s products provide an essential bridge between our analog world and the digital electronics in communications, networking, industrial, automotive, computer, medical, instrumentation, consumer, and military and aerospace systems. Linear Technology produces power management, data conversion, signal conditioning, RF and interface ICs, µModule® subsystems, and wireless sensor network products. For more information, visit www.linear.com

For further information contact Don Zerio 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 Twelve Months Ended
June 28, March 29, June 29, June 28, June 29,
  2015   2015   2014   2015 2014  
 
Revenues $ 379,483 $ 372,021 $ 365,428 $ 1,475,139 $ 1,388,386
Cost of sales (1)   90,847   89,147   87,579     355,727   338,580  
Gross profit   288,636   282,874   277,849     1,119,412   1,049,806  
Expenses:
Research and development (1) 68,960 67,100 64,785 266,761 250,434
Selling, general and administrative (1)   43,105   42,221   41,419     169,952   159,642  
Total operating expenses   112,065   109,321   106,204     436,713   410,076  
Operating income 176,571 173,553 171,645 682,699 639,730
Interest expense (2,271 ) (22,710 )
Amortization of debt discount (2) (1,885 ) (18,458 )
Interest income and other income   975   881   452     2,690   2,706  
Income before income taxes 177,546 174,434 167,941 685,389 601,268
Provision for income taxes   44,831   39,247   38,206     164,426   141,307  
Net income $ 132,715 $ 135,187 $ 129,735   $ 520,963 $ 459,961  
 
Earnings per share:
Basic $ 0.54 $ 0.55 $ 0.53   $ 2.13 $ 1.91  
Diluted $ 0.54 $ 0.55 $ 0.53   $ 2.12 $ 1.90  
 
Shares used in determining earnings per share:
Basic   244,928   244,286   243,279     244,408   240,498  
Diluted   245,477   245,084   244,935     245,218   242,551  
 
Includes the following non-cash charges:
(1) Stock-based compensation
Cost of sales $ 2,403 $ 2,240 $ 2,043 $ 8,966 $ 8,074
Research and development 10,996 10,447 9,513 41,584 37,624
Selling, general and administrative 5,785 5,394 4,913 21,581 19,430
(2) Amortization of debt discount
(non-cash interest expense) 1,885 18,458
 
 

LINEAR TECHNOLOGY CORPORATION

CONSOLIDATED CONDENSED BALANCE SHEETS

(in thousands)

U.S. GAAP (unaudited)

   
  June 28, 2015   June 29, 2014
ASSETS:
Current assets:
Cash, cash equivalents and marketable securities $ 1,202,722 $ 1,012,787

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

179,264 173,340
Inventories 99,861 91,310
Deferred tax assets and other current assets   102,905     87,276  
Total current assets   1,584,752     1,364,713  
 
Property, plant & equipment, net 287,742 277,080
Other noncurrent assets   11,585     13,785  
Total assets $ 1,884,079   $ 1,655,578  
 
LIABILITIES & STOCKHOLDERS’ EQUITY:
Current liabilities:
Accounts payable $ 17,608 $ 28,221
Accrued income taxes, payroll & other accrued liabilities 118,450 141,275
Deferred income on shipments to distributors   46,860     45,619  
Total current liabilities   182,918     215,115  
 
Deferred tax and other noncurrent liabilities 123,234 109,094
 
Stockholders’ equity:
Common stock 2,052,490 1,948,006
Accumulated deficit (475,124 ) (616,992 )
Accumulated other comprehensive income   561     355  
Total stockholders’ equity   1,577,927     1,331,369  
$ 1,884,079   $ 1,655,578  
 
 

LINEAR TECHNOLOGY CORPORATION

CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS

(In thousands)

(unaudited)

         
  Three Months Ended   Twelve Months Ended
June 28, March 29, June 29, June 28, June 29,
2015     2015     2014     2015     2014  
Cash flow from operating activities:
Net income $ 132,715 $ 135,187 $ 129,735 $ 520,963 $ 459,961
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization 13,737 13,592 12,851 54,098 51,255
Stock-based compensation 19,184 18,081 16,469 72,131 65,128
Amortization of convertible senior notes discount 1,885 18,458
Excess tax benefit from stock-based compensation (6,217 ) (4,223 ) (4,101 ) (15,190 ) (11,038 )
Change in operating assets and liabilities: 1,945 (9,416 ) 46,903 (33,084 ) 12,663
                   
Cash provided by operating activities   161,364     153,221     203,742     598,918     596,427  
 
Cash flow from investing activities:
Net (purchases) proceeds from sale and maturities of available-for-sale securities (78,193 ) 8,990 101,618 (151,261 ) 542,564
Purchase of property, plant and equipment (8,396 ) (11,046 ) (21,033 ) (62,560 ) (37,669 )
                   
Cash (used in) provided by investing activities   (86,589 )   (2,056 )   80,585     (213,821 )   504,895  
 
Cash flow from financing activities:
Extinguishment of convertible senior notes (845,087 ) (845,087 )
Excess tax benefit from stock-based compensation 6,217 4,223 4,101 15,190 11,038
Issuance of common stock under employee stock plans 14,299 10,998 9,910 40,712 100,491
Purchase of common stock (32,242 ) (23,202 ) (36,202 ) (124,239 ) (81,786 )
Payment of cash dividends (73,437 ) (73,406 ) (66,095 ) (278,404 ) (255,305 )
                   
Cash used in financing activities   (85,163 )   (81,387 )   (933,373 )   (346,741 )   (1,070,649 )
 
(Decrease) increase in cash and cash equivalents (10,388 ) 69,778 (649,046 ) 38,356 30,673
Cash and cash equivalents, beginning of period   206,067     136,289     806,369     157,323     126,650  
Cash and cash equivalents, end of period $ 195,679   $ 206,067   $ 157,323   $ 195,679   $ 157,323  
 






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