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 Don Zerio 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) U.S. GAAP (unaudited) |
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| Three Months Ended | Twelve Months Ended | ||||||||||||||||
| June 28, | March 29, | June 29, | June 28, | June 29, | |||||||||||||
| 2015 | 2015 | 2014 | 2015 | 2014 | |||||||||||||
| Revenues | $ | 379,483 | $ | 372,021 | $ | 365,428 | $ | 1,475,139 | $ | 1,388,386 | |||||||
| Cost of sales (1) | 90,847 | 89,147 | 87,579 | 355,727 | 338,580 | ||||||||||||
| Gross profit | 288,636 | 282,874 | 277,849 | 1,119,412 | 1,049,806 | ||||||||||||
| Expenses: | |||||||||||||||||
| Research and development (1) | 68,960 | 67,100 | 64,785 | 266,761 | 250,434 | ||||||||||||
| Selling, general and administrative (1) | 43,105 | 42,221 | 41,419 | 169,952 | 159,642 | ||||||||||||
| Total operating expenses | 112,065 | 109,321 | 106,204 | 436,713 | 410,076 | ||||||||||||
| Operating income | 176,571 | 173,553 | 171,645 | 682,699 | 639,730 | ||||||||||||
| Interest expense | — | — | (2,271 | ) | — | (22,710 | ) | ||||||||||
| Amortization of debt discount (2) | — | — | (1,885 | ) | — | (18,458 | ) | ||||||||||
| Interest income and other income | 975 | 881 | 452 | 2,690 | 2,706 | ||||||||||||
| Income before income taxes | 177,546 | 174,434 | 167,941 | 685,389 | 601,268 | ||||||||||||
| Provision for income taxes | 44,831 | 39,247 | 38,206 | 164,426 | 141,307 | ||||||||||||
| Net income | $ | 132,715 | $ | 135,187 | $ | 129,735 | $ | 520,963 | $ | 459,961 | |||||||
| Earnings per share: | |||||||||||||||||
| Basic | $ | 0.54 | $ | 0.55 | $ | 0.53 | $ | 2.13 | $ | 1.91 | |||||||
| Diluted | $ | 0.54 | $ | 0.55 | $ | 0.53 | $ | 2.12 | $ | 1.90 | |||||||
| Shares used in determining earnings per share: | |||||||||||||||||
| Basic | 244,928 | 244,286 | 243,279 | 244,408 | 240,498 | ||||||||||||
| Diluted | 245,477 | 245,084 | 244,935 | 245,218 | 242,551 | ||||||||||||
| Includes the following non-cash charges: | |||||||||||||||||
| (1) Stock-based compensation | |||||||||||||||||
| Cost of sales | $ | 2,403 | $ | 2,240 | $ | 2,043 | $ | 8,966 | $ | 8,074 | |||||||
| Research and development | 10,996 | 10,447 | 9,513 | 41,584 | 37,624 | ||||||||||||
| Selling, general and administrative | 5,785 | 5,394 | 4,913 | 21,581 | 19,430 | ||||||||||||
| (2) Amortization of debt discount | |||||||||||||||||
| (non-cash interest expense) | — | — | 1,885 | — | 18,458 | ||||||||||||
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LINEAR TECHNOLOGY CORPORATION CONSOLIDATED CONDENSED BALANCE SHEETS (in thousands) U.S. GAAP (unaudited) |
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| June 28, 2015 | June 29, 2014 | |||||||
| ASSETS: | ||||||||
| Current assets: | ||||||||
| Cash, cash equivalents and marketable securities | $ | 1,202,722 | $ | 1,012,787 | ||||
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Accounts receivable, net of allowance for doubtful accounts of $1,651 ($1,653 at June 29, 2014) |
179,264 | 173,340 | ||||||
| Inventories | 99,861 | 91,310 | ||||||
| Deferred tax assets and other current assets | 102,905 | 87,276 | ||||||
| Total current assets | 1,584,752 | 1,364,713 | ||||||
| Property, plant & equipment, net | 287,742 | 277,080 | ||||||
| Other noncurrent assets | 11,585 | 13,785 | ||||||
| Total assets | $ | 1,884,079 | $ | 1,655,578 | ||||
| LIABILITIES & STOCKHOLDERS’ EQUITY: | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 17,608 | $ | 28,221 | ||||
| Accrued income taxes, payroll & other accrued liabilities | 118,450 | 141,275 | ||||||
| Deferred income on shipments to distributors | 46,860 | 45,619 | ||||||
| Total current liabilities | 182,918 | 215,115 | ||||||
| Deferred tax and other noncurrent liabilities | 123,234 | 109,094 | ||||||
| Stockholders’ equity: | ||||||||
| Common stock | 2,052,490 | 1,948,006 | ||||||
| Accumulated deficit | (475,124 | ) | (616,992 | ) | ||||
| Accumulated other comprehensive income | 561 | 355 | ||||||
| Total stockholders’ equity | 1,577,927 | 1,331,369 | ||||||
| $ | 1,884,079 | $ | 1,655,578 | |||||
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LINEAR TECHNOLOGY CORPORATION CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (In thousands) (unaudited) |
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| Three Months Ended | Twelve Months Ended | |||||||||||||||||||
| June 28, | March 29, | June 29, | June 28, | June 29, | ||||||||||||||||
| 2015 | 2015 | 2014 | 2015 | 2014 | ||||||||||||||||
| Cash flow from operating activities: | ||||||||||||||||||||
| Net income | $ | 132,715 | $ | 135,187 | $ | 129,735 | $ | 520,963 | $ | 459,961 | ||||||||||
| Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||||||||
| Depreciation and amortization | 13,737 | 13,592 | 12,851 | 54,098 | 51,255 | |||||||||||||||
| Stock-based compensation | 19,184 | 18,081 | 16,469 | 72,131 | 65,128 | |||||||||||||||
| Amortization of convertible senior notes discount | — | — | 1,885 | — | 18,458 | |||||||||||||||
| Excess tax benefit from stock-based compensation | (6,217 | ) | (4,223 | ) | (4,101 | ) | (15,190 | ) | (11,038 | ) | ||||||||||
| Change in operating assets and liabilities: | 1,945 | (9,416 | ) | 46,903 | (33,084 | ) | 12,663 | |||||||||||||
| Cash provided by operating activities | 161,364 | 153,221 | 203,742 | 598,918 | 596,427 | |||||||||||||||
| Cash flow from investing activities: | ||||||||||||||||||||
| Net (purchases) proceeds from sale and maturities of available-for-sale securities | (78,193 | ) | 8,990 | 101,618 | (151,261 | ) | 542,564 | |||||||||||||
| Purchase of property, plant and equipment | (8,396 | ) | (11,046 | ) | (21,033 | ) | (62,560 | ) | (37,669 | ) | ||||||||||
| Cash (used in) provided by investing activities | (86,589 | ) | (2,056 | ) | 80,585 | (213,821 | ) | 504,895 | ||||||||||||
| Cash flow from financing activities: | ||||||||||||||||||||
| Extinguishment of convertible senior notes | — | — | (845,087 | ) | — | (845,087 | ) | |||||||||||||
| Excess tax benefit from stock-based compensation | 6,217 | 4,223 | 4,101 | 15,190 | 11,038 | |||||||||||||||
| Issuance of common stock under employee stock plans | 14,299 | 10,998 | 9,910 | 40,712 | 100,491 | |||||||||||||||
| Purchase of common stock | (32,242 | ) | (23,202 | ) | (36,202 | ) | (124,239 | ) | (81,786 | ) | ||||||||||
| Payment of cash dividends | (73,437 | ) | (73,406 | ) | (66,095 | ) | (278,404 | ) | (255,305 | ) | ||||||||||
| Cash used in financing activities | (85,163 | ) | (81,387 | ) | (933,373 | ) | (346,741 | ) | (1,070,649 | ) | ||||||||||
| (Decrease) increase in cash and cash equivalents | (10,388 | ) | 69,778 | (649,046 | ) | 38,356 | 30,673 | |||||||||||||
| Cash and cash equivalents, beginning of period | 206,067 | 136,289 | 806,369 | 157,323 | 126,650 | |||||||||||||||
| Cash and cash equivalents, end of period | $ | 195,679 | $ | 206,067 | $ | 157,323 | $ | 195,679 | $ | 157,323 | ||||||||||
