Linear Technology Reports Sequential Increases in Revenue, Net Income, and Earnings Per Share

 

LINEAR TECHNOLOGY CORPORATION

CONSOLIDATED STATEMENTS OF INCOME

(In thousands, except per share amounts)

U.S. GAAP (unaudited)

         
Three Months Ended Twelve Months Ended
July 3, April 3, June 28, July 3, June 28,
2016 2016 2015 2016 2015
 
Revenues $ 373,766 $ 361,125 $ 379,483 $ 1,423,936 $ 1,475,139
Cost of sales (1)   88,252   85,960   90,847   343,801   355,727
Gross profit   285,514   275,165   288,636   1,080,135   1,119,412
Expenses:
Research and development (1) 70,331 69,645 68,960 276,462 266,761
Selling, general and administrative (1)   43,482   43,042   43,105   170,120   169,952
Total operating expenses   113,813   112,687   112,065   446,582   436,713
Operating income 171,701 162,478 176,571 633,553 682,699
Interest income and other income   1,795   1,593   975   5,896   2,690
Income before income taxes 173,496 164,071 177,546 639,449 685,389
Provision for income taxes   41,121   35,679   44,831   145,103   164,426
Net income $ 132,375 $ 128,392 $ 132,715 $ 494,346 $ 520,963
 
Earnings per share:
Basic $ 0.54 $ 0.53 $ 0.54 $ 2.02 $ 2.13
Diluted $ 0.54 $ 0.52 $ 0.54 $ 2.02 $ 2.12
 
Shares used in the calculation of earnings per share:
Basic   244,608   244,524   244,928   244,662   244,408
Diluted   244,933   244,764   245,477   245,048   245,218
 
Includes the following non-cash charges:
(1) Stock-based compensation
Cost of sales $ 2,535 $ 2,460 $ 2,403 $ 9,894 $ 8,966
Research and development 11,793 11,477 10,996 45,923 41,584
Selling, general and administrative 6,096 5,923 5,785 23,625 21,581
 
 

LINEAR TECHNOLOGY CORPORATION

CONSOLIDATED CONDENSED BALANCE SHEETS

(in thousands)

U.S. GAAP (unaudited)

   
July 3, June 28,
As of 2016 2015
Assets
Cash, cash equivalents and marketable securities $ 1,448,275 $ 1,202,722
Accounts receivable, net of allowances ($1,649) and ($1,651 at June 28, 2015) 157,460 179,264
Inventories 97,251 99,861

Deferred tax assets and other current assets 1

  51,744   102,905
Total current assets   1,754,730   1,584,752
 
Property, plant and equipment, net 285,866 287,742
Other noncurrent assets   9,385   11,585
Total assets $ 2,049,981 $ 1,884,079
 
Liabilities
Accounts payable $ 17,465 $ 17,608
Accrued income taxes, payroll and other accrued liabilities 113,800 118,450
Deferred income on shipments to distributors   48,701   46,860
Total current liabilities   179,966   182,918
 
Deferred tax and other noncurrent liabilities 110,840 123,234
 
Stockholders’ equity
Common stock and additional paid-in capital 2,137,150 2,052,490
Accumulated deficit (379,210) (475,124)
Accumulated other comprehensive income, net of tax   1,235   561
Total stockholders’ equity   1,759,175   1,577,927
$ 2,049,981 $ 1,884,079

__________

1 The FASB issued ASU 2015-17, “Balance Sheet Classification of Deferred Taxes”, which simplifies the presentation of deferred income taxes. This ASU requires that deferred tax assets and liabilities be classified as non-current. During the fourth quarter of fiscal year 2016 the standard was early adopted on a prospective basis. Adoption of this ASU resulted in a reclassification of $38.9M of current deferred tax assets to net non-current deferred tax liabilities in the Consolidated Balance Sheet as of July 3, 2016. No prior periods were retrospectively adjusted. The balance of current deferred tax assets as of June 28, 2015 were $48.5 million.

 
         

LINEAR TECHNOLOGY CORPORATION

CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS

(In thousands)

(unaudited)

 
  Three Months Ended   Twelve Months Ended
July 3, April 3, June 28, July 3, June 28,
2016 2016 2015 2016 2015
Cash flow from operating activities:
Net income $ 132,375 $ 128,392 $ 132,715 $ 494,346 $ 520,963
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization 12,770 12,612 13,737 51,409 54,098
Stock-based compensation 20,424 19,860 19,184 79,442 72,131
Excess tax benefit from stock-based compensation (3,242) (75) (6,217) (7,997) (15,190)
Change in operating assets and liabilities   12,587   16,612   1,945   67,857   (33,084)
Cash provided by operating activities   174,914   177,401   161,364   685,057   598,918
 
Cash flow from investing activities:
Net (purchases) proceeds from sale and maturities of available-for-sale securities (70,201) 17,837 (78,193) (176,507) (151,261)
Purchase of property, plant and equipment   (13,027)   (13,194)   (8,396)   (47,333)   (62,560)
Cash (used in) provided by investing activities   (83,228)   4,643   (86,589)   (223,840)   (213,821)
 
Cash flow from financing activities:
Excess tax benefit from stock-based compensation 3,242 75 6,217 7,997 15,190
Issuance of common stock under employee stock plans 5,705 14,299 21,934 40,712
Purchase of common stock (8,054) (32,578) (32,242) (119,787) (124,239)
Payment of cash dividends   (78,367)   (78,181)   (73,437)   (303,358)   (278,404)
Cash used in financing activities   (77,474)   (110,684)   (85,163)   (393,214)   (346,741)
 
Increase (decrease) in cash and cash equivalents 14,212 71,360 (10,388) 68,003 38,356
Cash and cash equivalents, beginning of period   249,470   178,110   206,067   195,679   157,323
Cash and cash equivalents, end of period $ 263,682 $ 249,470 $ 195,679 $ 263,682 $ 195,679

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