Linear Technology Reports Sequential Increases in Revenue, Net

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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