For further information contact Donald P. 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 | Six Months Ended | ||||||||||||||
|
January 3,
2016 |
September 27,
2015 |
December 28,
2014 |
January 3,
2016 |
December 28,
2014 |
|||||||||||
| Revenues | $ | 347,128 | $ | 341,917 | $ | 352,575 | $ | 689,045 | $ | 723,635 | |||||
| Cost of sales (1) | 84,384 | 85,205 | 86,726 | 169,589 | 175,733 | ||||||||||
| Gross profit | 262,744 | 256,712 | 265,849 | 519,456 | 547,902 | ||||||||||
| Expenses: | |||||||||||||||
| Research and development (1) | 69,884 | 66,602 | 65,101 | 136,486 | 130,701 | ||||||||||
| Selling, general and administrative (1) | 43,403 | 40,193 | 42,537 | 83,596 | 84,626 | ||||||||||
| Total operating expenses | 113,287 | 106,795 | 107,638 | 220,082 | 215,327 | ||||||||||
| Operating income | 149,457 | 149,917 | 158,211 | 299,374 | 332,575 | ||||||||||
| Interest income and other income | 1,521 | 987 | 253 | 2,508 | 834 | ||||||||||
| Income before income taxes | 150,978 | 150,904 | 158,464 | 301,882 | 333,409 | ||||||||||
| Provision for income taxes | 29,446 | 38,857 | 34,862 | 68,303 | 80,348 | ||||||||||
| Net income | $ | 121,532 | $ | 112,047 | $ | 123,602 | $ | 233,579 | $ | 253,061 | |||||
| Earnings per share: | |||||||||||||||
| Basic | $ | 0.50 | $ | 0.46 | $ | 0.51 | $ | 0.95 | $ | 1.04 | |||||
| Diluted | $ | 0.50 | $ | 0.46 | $ | 0.51 | $ | 0.95 | $ | 1.03 | |||||
| Shares used in determining earnings per share: | |||||||||||||||
| Basic | 244,591 | 244,863 | 244,033 | 244,831 | 244,067 | ||||||||||
| Diluted | 244,880 | 245,234 | 244,591 | 245,178 | 244,674 | ||||||||||
| Includes the following non-cash charges: | |||||||||||||||
| (1) Stock-based compensation | |||||||||||||||
| Cost of sales | $ | 2,557 | $ | 2,342 | $ | 2,223 | $ | 4,899 | $ | 4,323 | |||||
| Research and development | 11,731 | 10,922 | 10,350 | 22,653 | 20,141 | ||||||||||
| Selling, general and administrative | 5,968 | 5,638 | 5,346 | 11,606 | 10,402 | ||||||||||
|
LINEAR TECHNOLOGY CORPORATION CONSOLIDATED CONDENSED BALANCE SHEETS (in thousands) U.S. GAAP (unaudited) |
||||||
| As of |
January 3,
2016 |
June 28,
2015 |
||||
| Assets | ||||||
| Cash, cash equivalents and marketable securities | $ | 1,307,704 | $ | 1,202,722 | ||
| Accounts receivable, net of allowances ($1,651) and ($1,651 at June 28, 2015) | 145,046 | 179,264 | ||||
| Inventories | 94,079 | 99,861 | ||||
| Deferred tax assets and other current assets | 105,455 | 102,905 | ||||
| Total current assets | 1,652,284 | 1,584,752 | ||||
| Property, plant & equipment, net | 283,927 | 287,742 | ||||
| Other noncurrent assets | 10,485 | 11,585 | ||||
| Total assets | $ | 1,946,696 | $ | 1,884,079 | ||
| Liabilities | ||||||
| Accounts payable | $ | 13,867 | $ | 17,608 | ||
| Accrued income taxes, payroll & other accrued liabilities | 105,363 | 118,450 | ||||
| Deferred income on shipments to distributors | 48,087 | 46,860 | ||||
| Total current liabilities | 167,317 | 182,918 | ||||
| Deferred tax and other noncurrent liabilities | 134,804 | 123,234 | ||||
| Stockholders’ equity | ||||||
| Common stock and additional paid-in capital | 2,096,288 | 2,052,490 | ||||
| Accumulated deficit | (451,239) | (475,124) | ||||
| Accumulated other comprehensive (loss) income, net of tax | (474) | 561 | ||||
| Total stockholders’ equity | 1,644,575 | 1,577,927 | ||||
| $ | 1,946,696 | $ | 1,884,079 | |||
|
LINEAR TECHNOLOGY CORPORATION CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (In thousands) (unaudited) |
|||||||||||||||
| Three Months Ended | Six Months Ended | ||||||||||||||
|
January 3,
2016 |
September 27,
2015 |
December 28,
2014 |
January 3,
2016 |
December 28,
2014 |
|||||||||||
| Cash flow from operating activities: | |||||||||||||||
| Net income | $ | 121,532 | $ | 112,047 | $ | 123,602 | $ | 233,579 | $ | 253,061 | |||||
| Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||||
| Depreciation and amortization | 12,779 | 13,248 | 13,555 | 26,027 | 26,769 | ||||||||||
| Stock-based compensation | 20,256 | 18,902 | 17,919 | 39,158 | 34,866 | ||||||||||
| Excess tax benefit from stock-based compensation | (3,053) | (1,627) | (2,548) | (4,680) | (4,750) | ||||||||||
|
Change in operating assets and liabilities: |
5,486 |
33,172 | (4,571) | 38,658 | (25,613) | ||||||||||
| Cash provided by operating activities | 157,000 | 175,742 | 147,957 | 332,742 | 284,333 | ||||||||||
| Cash flow from investing activities: | |||||||||||||||
| Net purchases of available-for-sale securities | (104,339) | (19,804) | (55,632) | (124,143) | (82,058) | ||||||||||
| Purchase of property, plant and equipment | (10,952) | (10,160) | (16,201) | (21,112) | (43,118) | ||||||||||
| Cash used in investing activities | (115,291) | (29,964) | (71,833) | (145,255) | (125,176) | ||||||||||
| Cash flow from financing activities: | |||||||||||||||
| Excess tax benefit from stock-based compensation | 3,053 | 1,627 | 2,548 | 4,680 | 4,750 | ||||||||||
| Issuance of common stock under employee stock plans | 11,976 | 4,253 | 12,092 | 16,229 | 15,415 | ||||||||||
| Purchase of common stock | (22,598) | (56,557) | (34,709) | (79,155) | (68,795) | ||||||||||
| Payment of cash dividends | (73,498) | (73,312) | (65,822) | (146,810) | (131,561) | ||||||||||
| Cash used in financing activities | (81,067) | (123,989) | (85,891) | (205,056) | (180,191) | ||||||||||
| (Decrease) increase in cash and cash equivalents | (39,358) | 21,789 | (9,767) | (17,569) | (21,034) | ||||||||||
| Cash and cash equivalents, beginning of period | 217,468 | 195,679 | 146,056 | 195,679 | 157,323 | ||||||||||
| Cash and cash equivalents, end of period | $ | 178,110 | $ | 217,468 | $ | 136,289 | $ | 178,110 | $ | 136,289 | |||||
