Linear Technology reports revenue and net income similar to the second quarter of the previous fiscal year, but down sequentially from the September quarter

FAS123R -- Share-Based Payment became effective and was adopted by the Company during the quarter ended October 2, 2005. FAS123R requires the Company to estimate the cost of all forms of stock-based compensation, including employee stock options, and to record a commensurate expense in the income statement. To supplement our consolidated financial statements presented in accordance with GAAP, we have shown above a non-GAAP (pro forma) presentation of the Company's earnings per share, which is adjusted to reflect the GAAP results to exclude all stock-based compensation. This non-GAAP presentation of earnings per share is provided to enhance the user's overall understanding of the Company's historical financial performance and comparability between periods. We believe the non-GAAP results provide useful information to investors by excluding stock-based compensation.


                        LINEAR TECHNOLOGY CORPORATION
                    CONSOLIDATED CONDENSED BALANCE SHEETS
                            (Dollars in thousands)

                                                 December 31,      July 2,
                                                     2006           2006
                                                 (unaudited)      (audited)
    ASSETS
     Current assets:
      Cash, cash equivalents and
       short-term investments                     $1,783,558     $1,819,587

      Accounts receivable, net of
       allowance for doubtful
       accounts of $1,797 ($1,808
       at July 2, 2006)                              151,093        154,297

      Inventories                                     45,365         39,031
      Deferred tax assets and
       Other current assets                           68,659         64,221
        Total current assets                       2,048,675      2,077,136

     Property, plant & equipment, net                260,800        247,969
     Other noncurrent assets                          65,891         65,790
    Total assets                                  $2,375,366     $2,390,895

    LIABILITIES & STOCKHOLDERS' EQUITY:
     Current liabilities:
       Accounts payable                              $15,216        $14,574

     Accrued income taxes, payroll &
      other accrued liabilities                      157,159        174,239

     Deferred income on shipments
      to distributors                                 41,864         48,013
        Total current liabilities                    214,239        236,826

     Deferred tax and other long-term
      liabilities                                     46,913         49,571

    Stockholders' equity:

       Common stock                                1,107,567      1,063,446
       Retained earnings                           1,008,200      1,046,137
       Accumulated other
        comprehensive income                          (1,553)        (5,085)
         Total stockholders' equity                2,114,214      2,104,498
                                                  $2,375,366     $2,390,895

Web site: http://www.linear.com/



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