LINEAR TECHNOLOGY REPORTS SEQUENTIAL QUARTERLY DECLINES, BUT MODEST YEAR OVER YEAR QUARTERLY INCREASES IN REVENUES AND NET INCOME AND GUIDES FOR SEQUENTIAL QUARTERLY IMPROVEMENT
LINEAR TECHNOLOGY REPORTS SEQUENTIAL QUARTERLY DECLINES, BUT MODEST YEAR OVER YEAR QUARTERLY INCREASES IN REVENUES AND NET INCOME AND GUIDES FOR SEQUENTIAL QUARTERLY IMPROVEMENT.
Milpitas, California, January 15, 2013, Linear Technology Corporation (NASDAQ:LLTC), a leading, independent
manufacturer of high performance linear integrated circuits, today reported financial results for the fiscal quarter ended December 30,
2012. Quarterly revenues of $305.3 million for the second quarter of fiscal year 2013 decreased $29.9 million or 8.9% from the
previous quarter's revenue of $335.1 million and increased $10.9 million or 3.7% over $294.3 million reported in the second quarter of
fiscal year 2012. Net income of $88.8 million decreased $16.3 million or 15.5% from the first quarter of fiscal year 2013 and
increased $0.9 million or 1% over the second quarter of fiscal year 2012. Diluted earnings per share of $0.38 per share in the second
quarter of fiscal year 2013 decreased $0.07 per share or 16% from the first quarter of fiscal year 2013 and was flat compared to the
second quarter of fiscal year 2012.
During the second quarter the Company's cash, cash equivalents and marketable securities decreased by $20.6 million to
$1.299 billion from the first quarter of fiscal year 2013. The Company's cash, cash equivalents and marketable securities balance
decreased primarily due to the Company accelerating the payment of its March quarterly dividend payment into the December quarter
to benefit shareholders due to fiscal cliff tax rate uncertainties. Concurrent with the December payout, the Company's Board of
Directors approved an increase in the Company's quarterly dividend from $0.25 per share to $0.26 per share. This marked the 21st
consecutive year the Company has increased its dividend. At the current stock price the Company's dividend yield is approximately
According to Lothar Maier, CEO, “As we reported at this time last quarter, we expected a difficult second fiscal quarter given
the tough economic climate existing domestically and globally. Revenue declined 9% compared to the preceding quarter. This was
within our guidance, though at the low end, as bookings continued to be weak throughout the first two months of the quarter. Though
we were disappointed in the revenue decline, we are encouraged that we saw stronger bookings momentum exiting the quarter and this
improvement has continued through the early stage of the current quarter. Innovation is prevalent in our end markets and our product
positioning is strong. Based upon our current bookings rate, and assuming business confidence improves, we expect to resume
moderate revenue growth. We currently estimate that fiscal third quarter revenues will grow in the range of 1% to 4% over the second
Except for historical information contained herein, the matters set forth in this press release are forward-looking statements.
In particular, the statements regarding the demand for our products, our customers' ordering patterns and the anticipated trends in our
sales and profits are forward-looking statements. The forward-looking statements are dependent on certain risks and uncertainties,
including such factors, among others, as the timing, volume and pricing of new orders received and shipped, the timely introduction of
new processes and products, general and country specific conditions in the world economy and financial markets and other factors
described in our 10-Q for the quarterly period ended September 30, 2012.
Company officials will be discussing these results in greater detail in a conference call tomorrow, Wednesday, January 16,
2013 at 8:30 a.m. Pacific Coast Time