Linear Technology Reports Its Second Consecutive Quarter of Record Quarterly Revenues by Growing 18% over the Third Quarter of Fiscal 2010 While Revenue for Fiscal Year 2010 Grew 21% over the Prior 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 and battery management systems, data converters, communications interface circuits, RF signal conditioning circuits, uModule® 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 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)

GAAP (unaudited)

     
Three Months Ended Twelve Months Ended
June 27,     Mar. 28,     June 28, June 27,     June 28,
  2010   2010 2009*   2010 2009*
Revenues $ 366,165 $ 311,324 $ 208,018 $ 1,169,988 $ 968,498
Cost of sales (1)   79,071   68,801   53,456   269,076   237,868
Gross profit   287,094   242,523   154,562   900,912   730,630
 
Expenses:
Research & development (1) 55,050 51,885 44,466 198,957 185,843
Selling, general & administrative (1) 37,716 36,710 28,694 138,544 128,804
Restructuring   -   -   2,343   -   3,907
  92,766   88,595   75,503   337,501   318,554
Operating income 194,328 153,928 79,059 563,411 412,076
Interest expense (11,143) (11,701) (12,091) (46,354) (52,273)
Amortization of debt discount (2) (7,079) (7,399) (7,256) (29,003) (30,738)
Interest income 2,604 2,996 4,470 12,814 22,954
(Loss) gain on early retirement of
convertible senior notes (3)   (10,458)   -   1,223   (10,458)   16,882
 
Income before income taxes 168,252 137,824 65,405 490,411 368,901
Provision for income taxes   43,746   37,212   14,047   129,070   79,694
 
Net income $ 124,506 $ 100,612 $ 51,358 $ 361,341 $ 289,207
 
Earnings per share:
Basic $ 0.54 $ 0.44 $ 0.23 $ 1.59 $ 1.28
Diluted $ 0.54 $ 0.44 $ 0.23 $ 1.58 $ 1.28
 
Shares used in the calculation of earnings per share:
Basic   228,508   227,764   226,836   227,723   226,321
Diluted   229,938   229,024   226,836   228,860   226,387
 
Includes the following non-cash charges:
(1) Stock-based compensation
Cost of sales $ 2,275 $ 2,292 $ 2,221 $ 9,082 $ 8,328
Research & development 10,019 9,871 9,276 39,130 35,039
Sales, general & administrative 5,453 5,479 5,295 21,708 19,836
(2) Amortization of debt discount (non-
cash interest expense) 7,079 7,399 7,256 29,003 30,738
(3) Non-cash charge on early retirement
of convertible senior notes 10,458 - 367 10,458 7,370
 

* As adjusted for the adoption of FSP APB14-1 and EITF 03-6-1.



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