For further information contact Paul Coghlan at Linear Technology Corporation, 1630 McCarthy Blvd., Milpitas, California 95035-7417, (408) 432-1900.
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LINEAR TECHNOLOGY CORPORATION CONSOLIDATED STATEMENTS OF INCOME (In thousands, except per share amounts) GAAP (unaudited) |
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| Three Months Ended | Twelve Months Ended | |||||||||||||||||||
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June 30,
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March 31,
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July 1,
|
June 30,
|
July 1,
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| Revenues | $ | 327,265 | $ | 314,542 | $ | 330,011 | $ | 1,282,236 | $ | 1,266,621 | ||||||||||
| Cost of sales (1) | 81,314 | 79,259 | 81,263 | 322,516 | 312,539 | |||||||||||||||
| Gross profit | 245,951 | 235,283 | 248,748 | 959,720 | 954,082 | |||||||||||||||
| Expenses: | ||||||||||||||||||||
| Research & development (1) | 60,560 | 58,517 | 59,479 | 235,184 | 224,467 | |||||||||||||||
| Selling, general & administrative (1) | 38,308 | 38,480 | 37,803 | 151,382 | 147,579 | |||||||||||||||
| 98,868 | 96,997 | 97,282 | 386,566 | 372,046 | ||||||||||||||||
| Operating income | 147,083 | 138,286 | 151,466 | 573,154 | 582,036 | |||||||||||||||
| Interest expense | (6,812 | ) | (6,812 | ) | (6,881 | ) | (27,314 | ) | (27,649 | ) | ||||||||||
| Amortization of debt discount (2) | (5,370 | ) | (5,294 | ) | (5,073 | ) | (21,029 | ) | (19,868 | ) | ||||||||||
| Acquisition related costs | — | — | — | — | (3,195 | ) | ||||||||||||||
| Interest and other income | 1,020 | 1,004 | 1,067 | 4,070 | 4,586 | |||||||||||||||
| Income before income taxes | 135,921 | 127,184 | 140,579 | 528,881 | 535,910 | |||||||||||||||
| Provision for income taxes | 33,980 | 16,216 | 37,253 | 121,956 | 137,799 | |||||||||||||||
| Net income | $ | 101,941 | $ | 110,968 | $ | 103,326 | $ | 406,925 | $ | 398,111 | ||||||||||
| Earnings per share: | ||||||||||||||||||||
| Basic | $ | 0.43 | $ | 0.47 | $ | 0.44 | $ | 1.72 | $ | 1.71 | ||||||||||
| Diluted | $ | 0.43 | $ | 0.46 | $ | 0.44 | $ | 1.71 | $ | 1.70 | ||||||||||
| Shares used in determining earnings per share: | ||||||||||||||||||||
| Basic | 237,947 | 237,296 | 234,290 | 236,703 | 233,013 | |||||||||||||||
| Diluted | 238,925 | 238,641 | 235,297 | 237,753 | 234,298 | |||||||||||||||
| Includes the following non-cash charges: | ||||||||||||||||||||
| (1) Stock-based compensation | ||||||||||||||||||||
| Cost of sales | $ | 1,960 | $ | 1,998 | $ | 1,929 | $ | 7,912 | $ | 7,579 | ||||||||||
| Research & development | 9,129 | 9,324 | 9,017 | 36,904 | 35,389 | |||||||||||||||
| Selling, general & administrative | 4,714 | 4,812 | 4,649 | 19,049 | 18,257 | |||||||||||||||
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(2) Amortization of debt discount (non- cash interest expense) |
5,370 | 5,294 | 5,073 | 21,029 | 19,868 | |||||||||||||||
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LINEAR TECHNOLOGY CORPORATION CONSOLIDATED CONDENSED BALANCE SHEETS (in thousands) (Unaudited) |
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June 30,
2013 |
July 1,
2012 |
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| ASSETS: | ||||||||
| Current assets: | ||||||||
| Cash, cash equivalents and marketable securities | $ | 1,524,741 | $ | 1,203,059 | ||||
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Accounts receivable, net of allowance for doubtful accounts of $1,891 ($2,035 at July 1, 2012) |
145,274 | 153,090 | ||||||
| Inventories | 87,229 | 79,664 | ||||||
| Deferred tax assets and other current assets | 36,646 | 69,597 | ||||||
| Total current assets | 1,793,890 | 1,505,410 | ||||||
| Property, plant & equipment, net | 288,466 | 320,222 | ||||||
| Other noncurrent assets | 15,985 | 25,436 | ||||||
| Total assets | $ | 2,098,341 | $ | 1,851,068 | ||||
| LIABILITIES & STOCKHOLDERS’ EQUITY: | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 10,258 | $ | 11,459 | ||||
| Accrued income taxes, payroll & other accrued liabilities | 109,426 | 117,789 | ||||||
| Deferred income on shipments to distributors | 44,088 | 41,333 | ||||||
| Convertible senior notes- current portion | 826,629 | — | ||||||
| Deferred tax liabilities- current portion | 35,479 | — | ||||||
| Total current liabilities | 1,025,880 | 170,581 | ||||||
| Convertible senior notes | — | 805,599 | ||||||
| Deferred tax and other noncurrent liabilities | 90,553 | 138,380 | ||||||
| Stockholders’ equity: | ||||||||
| Common stock | 1,736,729 | 1,588,045 | ||||||
| Accumulated deficit | (754,555 | ) | (851,702 | ) | ||||
| Accumulated other comprehensive income | (266 | ) | 165 | |||||
| Total stockholders’ equity | 981,908 | 736,508 | ||||||
| $ | 2,098,341 | $ | 1,851,068 | |||||
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LINEAR TECHNOLOGY CORPORATION RECONCILIATION OF GAAP NET INCOME TO NON-GAAP NET INCOME (In thousands, except per share amounts) |
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| Three Months Ended | Twelve Months Ended | |||||||||||||||||||
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June 30,
|
March 31,
|
July 1,
|
June 30,
|
July 1,
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| Reported net income | ||||||||||||||||||||
| (GAAP basis) | $ | 101,941 | $ | 110,968 | $ | 103,326 | $ | 406,925 | $ | 398,111 | ||||||||||
| Stock-based compensation | 15,803 | 16,134 | 15,595 | 63,865 | 61,225 | |||||||||||||||
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Amortization of debt discount (1) |
5,370 | 5,294 | 5,073 | 21,029 | 19,868 | |||||||||||||||
| Acquisition related costs | — | — | — | — | 3,195 | |||||||||||||||
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Income tax effect of non-GAAP adjustments |
(5,293 | ) | (2,732 | ) | (5,477 | ) | (19,576 | ) | (21,673 | ) | ||||||||||
| Non-GAAP net income | $ | 117,821 | $ | 129,664 | $ | 118,517 | $ | 472,243 | $ | 460,726 | ||||||||||
| Non-GAAP earnings per share | ||||||||||||||||||||
| Basic | $ | 0.50 | $ | 0.55 | $ | 0.51 | $ | 2.00 | $ | 1.98 | ||||||||||
| Diluted | $ | 0.49 | $ | 0.54 | $ | 0.50 | $ | 1.99 | $ | 1.97 | ||||||||||
