Linear Technology Reports Increases in Revenue and Net Income

Linear Technology Reports Increases in Revenue and Net Income Over the Comparable Prior Year Period but Expects Lower Sequential Revenue in the First Fiscal Quarter

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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.


LINEAR TECHNOLOGY CORPORATION CONSOLIDATED STATEMENTS OF INCOME (In thousands, except per share amounts) U.S. GAAP (unaudited)

	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


LINEAR TECHNOLOGY CORPORATION CONSOLIDATED CONDENSED BALANCE SHEETS (in thousands) U.S. GAAP (unaudited)

		June 28, 2015			June 29, 2014
ASSETS:
Current assets:
Cash, cash equivalents and marketable securities	$	1,202,722		$	1,012,787
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


LINEAR TECHNOLOGY CORPORATION CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (In thousands) (unaudited)

		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

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