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

MILPITAS, Calif. — (BUSINESS WIRE) — April 14, 2015 — Linear Technology Corporation (NASDAQ: LLTC), a leading, independent manufacturer of high performance linear integrated circuits, today reported financial results for the fiscal quarter ended March 29, 2015. Quarterly revenues of $372.0 million for the third quarter of fiscal year 2015 increased $24.0 million or 6.9% over the $348.0 million reported in the third quarter of fiscal year 2014 and increased $19.4 million or 5.5% over the previous quarter's revenue of $352.6 million. Net income of $135.2 million increased $17.6 million or 15.0% over the third quarter of fiscal year 2014 and increased $11.6 million or 9.4% over the second quarter of fiscal year 2015. The Company had no interest expense compared with $12.4 million of interest expense in the third quarter of the prior fiscal year as a result of the extinguishment of the Convertible Senior Notes at the end of fiscal 2014. Diluted earnings per share of $0.55 per share in the third quarter of fiscal year 2015 increased $0.07 per share or 15% over the third quarter of fiscal year 2014 and increased $.04 per share or 8% over the second quarter of fiscal year 2015.

Cash, cash equivalents and marketable securities increased by $62.4 million over the second quarter of fiscal year 2015 to $1,135 million. A cash dividend of $0.30 per share will be paid on May 27, 2015 to stockholders of record on May 15, 2015. During the third quarter the Company generated positive cash flows from operations of $153.2 million or 41% of total revenues. The Company has historically generated strong cash flows from its operations. During the third quarter of fiscal year 2015 the Company returned $96.6 million to shareholders in the form of dividends of $73.4 million, representing $0.30 per share and stock purchases of $23.2 million.

According to Lothar Maier, CEO, “The March quarter is historically a growth quarter for us and this year we continued that trend with another successful quarter. Revenue grew 5.5% sequentially and operating income grew 9.7%. Our operating margin as a percent of sales was 46.7% up from 44.9% reported last quarter. Compared with the similar quarter in the prior year, sales grew 7% and operating income grew 8%. The book to bill ratio was positive for the quarter and bookings increased sequentially in all of our major end markets with our largest end markets, industrial and automotive, showing the most gains. Looking forward we expect growth to continue in the June quarter although moderately tempered by worldwide macroeconomic conditions. Accordingly, we are currently estimating sequential revenue growth of 2% to 5% for our fiscal fourth quarter.”

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 29, 2014.

Company officials will be discussing these results in greater detail in a conference call tomorrow, Wednesday, April 15, 2015 at 8:30 a.m. Pacific Coast Time. Those investors wishing to listen in may call 719-457-2634, or toll free 800-967-7185 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 April 15, 2015 through April 22, 2015. You may access the archive by calling (719) 457-0820 or toll free (888) 203-1112 and entering reservation #7771582. An archive of the webcast will also be available at www.linear.com and www.streetevents.com as of April 22, 2015 until the third 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 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 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   Nine Months Ended
March 29,   December 28,   March 30, March 29,   March 30,
  2015   2014   2014 2015   2014
 
Revenues $ 372,021 $ 352,575 $ 348,006 $ 1,095,656 $ 1,022,958
Cost of sales (1)   89,147   86,726   84,479     264,880   251,001  
Gross profit   282,874   265,849   263,527     830,776   771,957  
Expenses:
Research and development (1) 67,100 65,101 62,129 197,801 185,649
Selling, general and administrative (1)   42,221   42,537   40,693     126,847   118,223  
Total operating expenses   109,321   107,638   102,822     324,648   303,872  
Operating income 173,553 158,211 160,705 506,128 468,085
Interest expense (6,813 ) (20,439 )
Amortization of debt discount (2) (5,603 )

(16,573 )
Interest income and other income   881   253   581     1,715   2,254  
Income before income taxes 174,434 158,464 148,870 507,843 433,327
Provision for income taxes   39,247   34,862   31,263     119,595   103,101  
Net income $ 135,187 $ 123,602 $ 117,607   $ 388,248 $ 330,226  
 
Earnings per share:
Basic $ 0.55 $ 0.51 $ 0.49   $ 1.59 $ 1.38  
Diluted $ 0.55 $ 0.51 $ 0.48   $ 1.58 $ 1.37  
 
Shares used in determining earnings per share:
Basic   244,286   244,033   240,669     244,181   239,592  
Diluted   245,084   244,591   243,992     245,117   241,724  
 
Includes the following non-cash charges:
(1) Stock-based compensation
Cost of sales $ 2,240 $ 2,223 $ 1,961 $ 6,563 $ 6,031
Research and development 10,447 10,350 9,133 30,588 28,111
Selling, general and administrative 5,394 5,346 4,718 15,796 14,517

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

5,603 16,573
 
LINEAR TECHNOLOGY CORPORATION
CONSOLIDATED CONDENSED BALANCE SHEETS
(in thousands)
U.S. GAAP (unaudited)
 
  March 29, 2015   June 29, 2014
ASSETS:
Current assets:
Cash, cash equivalents and marketable securities $ 1,135,284 $ 1,012,787

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

159,964 173,340
Inventories 102,640 91,310
Deferred tax assets and other current assets   94,130     87,276  
Total current assets   1,492,018     1,364,713  
 
Property, plant & equipment, net 292,533 277,080
Other noncurrent assets   12,135     13,785  
Total assets $ 1,796,686   $ 1,655,578  
 
LIABILITIES & STOCKHOLDERS’ EQUITY:
Current liabilities:
Accounts payable $ 19,408 $ 28,221
Accrued income taxes, payroll & other accrued liabilities 98,480 141,275
Deferred income on shipments to distributors   47,560     45,619  
Total current liabilities   165,448     215,115  
 
Deferred tax and other noncurrent liabilities 119,808 109,094
 
Stockholders’ equity:
Common stock 2,018,654 1,948,006
Accumulated deficit (508,023 ) (616,992 )
Accumulated other comprehensive loss   799     355  
Total stockholders’ equity   1,511,430     1,331,369  
$ 1,796,686   $ 1,655,578  
 
LINEAR TECHNOLOGY CORPORATION
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
(In thousands)
(unaudited)
 
  Three Months Ended   Nine Months Ended
March 29,   December 28,   March 30, March 29,   March 30,
2015 2014 2014 2015 2014
Cash flow from operating activities:
Net income $ 135,187 $ 123,602 $ 117,607 $ 388,248 $ 330,226
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization 13,592 13,555 12,777 40,361 38,404
Stock-based compensation 18,081 17,919 15,812 52,947 48,659
Amortization of convertible senior notes discount 5,603 16,573
Excess tax benefit from stock-based compensation (4,223 ) (2,548 ) (5,108 ) (8,973 ) (6,937 )
Change in operating assets and liabilities: (9,416 ) (4,571 ) (44,948 ) (35,029 ) (34,240 )
                   
Cash provided by operating activities   153,221     147,957     101,743     437,554     392,685  
 
Cash flow from investing activities:
Net (purchases) and proceeds from sale and maturities of available-for-sale securities 8,990 (55,632 ) 347,928 (73,068 ) 440,946
Purchase of property, plant and equipment (11,046 ) (16,201 ) (8,739 ) (54,164 ) (16,636 )
                   
Cash (used in) provided by investing activities   (2,056 )   (71,833 )   339,189     (127,232 )   424,310  
 
Cash flow from financing activities:
Excess tax benefit from stock-based compensation 4,223 2,548 5,108 8,973 6,937
Issuance of common stock under employee stock plans 10,998 12,092 31,065 26,413 90,581
Purchase of common stock (23,202 ) (34,709 ) (18,731 ) (91,997 ) (45,584 )
Payment of cash dividends (73,406 ) (65,822 ) (65,128 ) (204,967 ) (189,210 )
                   
Cash used in financing activities   (81,387 )   (85,891 )   (47,686 )   (261,578 )   (137,276 )
 
(Decrease) increase in cash and cash equivalents 69,778 (9,767 ) 393,246 48,744 679,719
Cash and cash equivalents, beginning of period   136,289     146,056     413,123     157,323     126,650  
Cash and cash equivalents, end of period $ 206,067   $ 136,289   $ 806,369   $ 206,067   $ 806,369  



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