Linear Technology Reports Sequential and Year over Year Quarterly Increases in Revenues and Net Income

MILPITAS, Calif. — (BUSINESS WIRE) — October 15, 2013 — Linear Technology Corporation (NASDAQ: LLTC), a leading, independent manufacturer of high performance linear integrated circuits, today reported financial results for the fiscal quarter ended September 29, 2013. Quarterly revenues of $340.4 million for the first quarter of fiscal year 2014 increased $13.1 million or 4% over the previous quarter's revenue of $327.3 million and increased $5.2 million or 2% over $335.1 million reported in the first quarter of fiscal year 2013. Net income of $107.9 million increased $5.9 million or 6% over the fourth quarter of fiscal year 2013 and increased $2.7 million or 3% over the first quarter of fiscal year 2013. Diluted earnings per share of $0.45 per share in the first quarter of fiscal year 2014 increased $0.02 per share or 5% over the fourth quarter of fiscal year 2013 and was flat compared to the first quarter of fiscal year 2013.

During the first quarter the Company's cash, cash equivalents and marketable securities increased by $64.7 million over the fourth quarter of fiscal year 2013 to $1,589 million, net of spending $7.9 million to purchase approximately 200,000 shares of its common stock in the open market. A cash dividend of $0.26 per share will be paid on November 27, 2013 to stockholders of record on November 15, 2013.

According to Lothar Maier, CEO, “For our first fiscal quarter, we grew revenue sequentially over the prior quarter by 4% which was at the high end of our guidance and represented a good September quarter for us. Once again, growth in our major end-markets was lead by Automotive and Industrial. The Automotive end-market represented 19% of bookings in the first quarter, which was a historical high for the Company. We added a full point to operating margin, which is an industry leading 45.9%. Looking ahead, our second fiscal quarter has been challenging over the past three years partially due to the December quarter being a historically slow quarter for the automotive and industrial end-markets. Our book to bill ratio for the first quarter was slightly positive, however, bookings normally weaken the last month of the December quarter due to the holiday period. In addition, business in the United States may be impacted by the current budgeting stalemate at the Federal Government level. Accordingly, we are forecasting revenue for our second quarter to be flat to down 4% from the first quarter of fiscal 2014.”

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 and country specific conditions in the world economy and financial markets and other factors described in our 10-K for the year ended June 30, 2013.

Company officials will be discussing these results in greater detail in a conference call tomorrow, Wednesday, October 16, 2013 at 8:30 a.m. Pacific Coast Time. Those investors wishing to listen in may call 785-830-7979, or toll free 800-344-6698 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 October 16, 2013 through October 23, 2013. You may access the archive by calling (719) 457-0820 or toll free (888) 203-1112 and entering reservation #1371501. An archive of the webcast will also be available at www.linear.com and www.streetevents.com as of October 22, 2013 until the first quarter earnings release next year.

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 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 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
September 29, 2013   June 30, 2013   September 30, 2012
Revenues $ 340,357 $ 327,265 $ 335,148
Cost of sales (1) 84,001   81,314   83,758  
Gross profit 256,356   245,951   251,390  
Expenses:
Research & development (1) 61,512 60,560 58,803
Selling, general & administrative (1) 38,678   38,308   37,504  
100,190   98,868   96,307  
Operating income 156,166 147,083 155,083
Interest expense (6,807 ) (6,812 ) (6,855 )
Amortization of debt discount (2) (5,446 ) (5,370 ) (5,146 )
Interest and other income 876   1,020   1,003  
Income before income taxes 144,789 135,921 144,085
Provision for income taxes 36,921   33,980   38,903  
Net income $ 107,868   $ 101,941   $ 105,182  
 
Earnings per share:
Basic $ 0.45   $ 0.43   $ 0.45  
Diluted $ 0.45   $ 0.43   $ 0.45  
 
Shares used in determining earnings per share:
Basic 238,146   237,947   234,990  
Diluted 239,328   238,925   236,010  
 
Includes the following non-cash charges:
(1) Stock-based compensation
Cost of sales $ 1,964 $ 1,960 $ 1,970
Research & development 9,162 9,129 9,196
Selling, general & administrative 4,730 4,714 4,745

(2) Amortization of debt discount (non-cash interest expense)

5,446 5,370 5,146
 
 
LINEAR TECHNOLOGY CORPORATION
CONSOLIDATED CONDENSED BALANCE SHEETS
(in thousands)
U.S. GAAP (unaudited)
   

September 29,
2013

June 30,
2013

ASSETS:
Current assets:
Cash, cash equivalents and marketable securities $ 1,589,447 1,524,741

Accounts receivable, net of allowance for doubtful accounts of $1,881 ($1,891 at June 30, 2013)

182,186 145,274
Inventories 86,996 87,229
Deferred tax assets and other current assets 35,770   36,646  
Total current assets 1,894,399   1,793,890  
 
Property, plant & equipment, net 280,069 288,466
Other noncurrent assets 15,435   15,985  
Total assets $ 2,189,903   $ 2,098,341  
 
LIABILITIES & STOCKHOLDERS’ EQUITY:
Current liabilities:
Accounts payable $ 13,238 $ 10,258
Accrued income taxes, payroll & other accrued liabilities 119,952 109,426
Deferred income on shipments to distributors 42,245 44,088
Convertible senior notes 832,075 826,629
Deferred tax liabilities- current portion 37,028   35,479  
Total current liabilities 1,044,538   1,025,880  
 
Deferred tax and other noncurrent liabilities 92,960 90,553
 
Stockholders’ equity:
Common stock 1,773,024 1,736,729
Accumulated deficit (720,672 ) (754,555 )
Accumulated other comprehensive income 53   (266 )
Total stockholders’ equity 1,052,405   981,908  
$ 2,189,903   $ 2,098,341  
 
 
LINEAR TECHNOLOGY CORPORATION
RECONCILIATION OF U.S. GAAP NET INCOME TO NON-GAAP NET INCOME
(In thousands, except per share amounts)
(unaudited)
 
Three Months Ended
September 29, 2013   June 30, 2013   September 30, 2012
Reported net income
(GAAP basis) $ 107,868 $ 101,941 $ 105,182
 
Stock-based compensation 15,856 15,803 15,911

Amortization of debt discount (1)

5,446 5,370 5,146
Income tax effect of non-GAAP adjustments (5,432 ) (5,293 ) (5,685 )
 
Non-GAAP net income $ 123,738   $ 117,821   $ 120,554  
 
Non-GAAP earnings per share
Basic $ 0.52   $ 0.50   $ 0.51  
Diluted $ 0.52   $ 0.49   $ 0.51  
 

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