Linear Technology Reports Sequential Increases in Revenue and Net Income. The Company Increases the Quarterly Dividend $0.02 to $0.32 Per Share

® subsystems, and wireless sensor network products. For more information, visit www.linear.com.

For further information contact Donald P. 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 Six Months Ended
January 3,
2016
September 27,
2015
December 28,
2014
January 3,
2016
December 28,
2014
 
Revenues $ 347,128 $ 341,917 $ 352,575 $ 689,045 $ 723,635
Cost of sales (1)   84,384   85,205   86,726   169,589   175,733
Gross profit   262,744   256,712   265,849   519,456   547,902
Expenses:
Research and development (1) 69,884 66,602 65,101 136,486 130,701
Selling, general and administrative (1)   43,403   40,193   42,537   83,596   84,626
Total operating expenses   113,287   106,795   107,638   220,082   215,327
Operating income 149,457 149,917 158,211 299,374 332,575
Interest income and other income   1,521   987   253   2,508   834
Income before income taxes 150,978 150,904 158,464 301,882 333,409
Provision for income taxes   29,446   38,857   34,862   68,303   80,348
Net income $ 121,532 $ 112,047 $ 123,602 $ 233,579 $ 253,061
 
Earnings per share:
Basic $ 0.50 $ 0.46 $ 0.51 $ 0.95 $ 1.04
Diluted $ 0.50 $ 0.46 $ 0.51 $ 0.95 $ 1.03
 
Shares used in determining earnings per share:
Basic   244,591   244,863   244,033   244,831   244,067
Diluted   244,880   245,234   244,591   245,178   244,674
 
Includes the following non-cash charges:
(1) Stock-based compensation
Cost of sales $ 2,557 $ 2,342 $ 2,223 $ 4,899 $ 4,323
Research and development 11,731 10,922 10,350 22,653 20,141
Selling, general and administrative 5,968 5,638 5,346 11,606 10,402
   

LINEAR TECHNOLOGY CORPORATION

CONSOLIDATED CONDENSED BALANCE SHEETS

(in thousands)

U.S. GAAP (unaudited)

 
As of January 3,
2016
June 28,
2015
Assets
Cash, cash equivalents and marketable securities $ 1,307,704 $ 1,202,722
Accounts receivable, net of allowances ($1,651) and ($1,651 at June 28, 2015) 145,046 179,264
Inventories 94,079 99,861
Deferred tax assets and other current assets   105,455   102,905
Total current assets   1,652,284   1,584,752
 
Property, plant & equipment, net 283,927 287,742
Other noncurrent assets   10,485   11,585
Total assets $ 1,946,696 $ 1,884,079
 
Liabilities
Accounts payable $ 13,867 $ 17,608
Accrued income taxes, payroll & other accrued liabilities 105,363 118,450
Deferred income on shipments to distributors   48,087   46,860
Total current liabilities   167,317   182,918
 
Deferred tax and other noncurrent liabilities 134,804 123,234
 
Stockholders’ equity
Common stock and additional paid-in capital 2,096,288 2,052,490
Accumulated deficit (451,239) (475,124)
Accumulated other comprehensive (loss) income, net of tax   (474)   561
Total stockholders’ equity   1,644,575   1,577,927
$ 1,946,696 $ 1,884,079
         

LINEAR TECHNOLOGY CORPORATION

CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS

(In thousands)

(unaudited)

 
Three Months Ended Six Months Ended
January 3,
2016
September 27,
2015
December 28,
2014
January 3,
2016
December 28,
2014
Cash flow from operating activities:
Net income $ 121,532 $ 112,047 $ 123,602 $ 233,579 $ 253,061
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization 12,779 13,248 13,555 26,027 26,769
Stock-based compensation 20,256 18,902 17,919 39,158 34,866
Excess tax benefit from stock-based compensation (3,053) (1,627) (2,548) (4,680) (4,750)

Change in operating assets and liabilities:

5,486

33,172 (4,571) 38,658 (25,613)
                   
Cash provided by operating activities   157,000   175,742   147,957   332,742   284,333
 
Cash flow from investing activities:
Net purchases of available-for-sale securities (104,339) (19,804) (55,632) (124,143) (82,058)
Purchase of property, plant and equipment (10,952) (10,160) (16,201) (21,112) (43,118)
                   
Cash used in investing activities   (115,291)   (29,964)   (71,833)   (145,255)   (125,176)
 
Cash flow from financing activities:
Excess tax benefit from stock-based compensation 3,053 1,627 2,548 4,680 4,750
Issuance of common stock under employee stock plans 11,976 4,253 12,092 16,229 15,415
Purchase of common stock (22,598) (56,557) (34,709) (79,155) (68,795)
Payment of cash dividends (73,498) (73,312) (65,822) (146,810) (131,561)
                   
Cash used in financing activities   (81,067)   (123,989)   (85,891)   (205,056)   (180,191)
 
(Decrease) increase in cash and cash equivalents (39,358) 21,789 (9,767) (17,569) (21,034)
Cash and cash equivalents, beginning of period   217,468   195,679   146,056   195,679   157,323
Cash and cash equivalents, end of period $ 178,110 $ 217,468 $ 136,289 $ 178,110 $ 136,289






Review Article Be the first to review this article



© 2022 Internet Business Systems, Inc.
670 Aberdeen Way, Milpitas, CA 95035
+1 (408) 882-6554 — Contact Us
ShareCG™ is a trademark of Internet Business Systems, Inc.

Report a Bug Report Abuse Make a Suggestion About Privacy Policy Contact Us User Agreement Advertise