MILPITAS, Calif. — (BUSINESS WIRE) — October 18, 2016 — Linear Technology Corporation (NASDAQ: LLTC), a leading, independent manufacturer of high performance linear integrated circuits, today reported financial results for the fiscal quarter ended October 2, 2016. Quarterly revenues of $373.9 million for the first quarter of fiscal year 2017 increased $32.0 million or 9.4% over the $341.9 million reported in the first quarter of fiscal year 2016 and is generally the same as the sequential quarter's revenue of $373.8 million.
On a GAAP basis, net income of $115.1 million increased $3.1 million or 2.7% over the first quarter of fiscal year 2016 and decreased $17.3 million or 13.0% from the sequential quarter’s net income of $132.4 million. Diluted earnings per share of $0.47 per share in the first quarter of fiscal year 2017 increased $0.01 per share or 2% over the first quarter of fiscal year 2016 and decreased $0.07 per share or 13% from the fourth quarter of fiscal year 2016.
According to Lothar Maier, CEO, “Revenue for our first fiscal quarter came in as we expected at $373.9 million. This is generally the same as the prior quarter on a sequential basis but represents 9.4% revenue growth on an annual basis. Gross margin, operating margin and earnings per share on a GAAP basis were impacted by a total of $19.8 million of merger-related charges associated with our pending merger with Analog Devices, Inc. Excluding these merger-related charges, Non-GAAP gross margin, operating margin and earnings per share were 76.0%, 45.2% and $0.53, respectively.
Looking forward, the December quarter is typically a seasonally weaker quarter due to a slower European market and in particular a weaker Industrial market that historically often results in a sequential quarterly revenue decline. Given a slightly positive first quarter book-to-bill ratio and based upon our current bookings rate, we are anticipating relatively flat sequential revenue in our fiscal second quarter representing growth in the 7% to 8.5% range on a year-over-year basis.”
The following table summarizes the key GAAP and non-GAAP financial results:
| Non-GAAP | GAAP | ||||||||||||||||
|
(In thousands, |
Q1 | Q1 | Q4 | Q1 | |||||||||||||
| except per share amounts) | FY2017 | FY2017 | FY2016 | FY2016 | |||||||||||||
| Revenues | $ | 373,895 | $ | 373,895 | $ | 373,766 | $ | 341,917 | |||||||||
| Gross profit | $ | 284,069 | $ | 282,069 | $ | 285,514 | $ | 256,712 | |||||||||
| Gross margin | 76.0% | 75.4% | 76.4% | 75.1% | |||||||||||||
| Operating income | $ | 169,095 | $ | 149,301 | $ | 171,701 | $ | 149,917 | |||||||||
| Operating margin | 45.2% | 39.9% | 45.9% | 43.8% | |||||||||||||
| Net income | $ | 130,165 | $ | 115,122 | $ | 132,375 | $ | 112,047 | |||||||||
| Earnings per share - Diluted | $ | 0.53 | $ | 0.47 | $ | 0.54 | $ | 0.46 | |||||||||
