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Share Name | Share Symbol | Market | Type |
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Linear Technology Corp. | NASDAQ:LLTC | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 65.00 | 65.08 | 65.14 | 0 | 01:00:00 |
Linear Technology Corporation (NASDAQ:LLTC), a leading, independent manufacturer of high performance linear integrated circuits, today reported financial results for the fiscal quarter ended January 1, 2017. Quarterly revenues of $375.8 million for the second quarter of fiscal year 2017 increased $1.9 million or 0.5% over the previous quarter’s revenue of $373.9 million and increased $28.7 million or 8.3% over the $347.1 million reported in the second quarter of fiscal year 2016.
On a GAAP basis, net income of $124.0 million increased $8.9 million or 7.7% over the previous quarter’s net income of $115.1 million and increased $2.5 million or 2.0% over the second quarter of fiscal year 2016. Diluted earnings per share of $0.50 per share in the second quarter of fiscal year 2017 increased $0.03 per share or 6% over the previous quarter and was unchanged from the second quarter of fiscal year 2016.
According to Lothar Maier, CEO, “Revenue for our second fiscal quarter of $375.8 million was slightly higher than we guided and is up 8.3% over the second quarter of fiscal year 2016. This is a good result in what historically has been a weaker seasonal quarter for us. On a non-GAAP basis excluding merger-related charges totaling $10.8 million, non-GAAP gross margin, operating margin and earnings per share were 76.3%, 45.5% and $0.54, respectively, all increases over the prior quarter. The increase in revenue was aided by an increase in our Communication and Industrial markets while gross margin was up slightly primarily due to a richer product mix.
Due to the pending merger with Analog Devices, Inc., we expect that this will be our final earnings release as an independent company. We would like to thank our long-term investors who trusted our long-term market and operational strategies. Finally, we would like to thank the employees of Linear Technology who together over the course of 35 years helped to create a truly special company.”
The following table summarizes the key GAAP and non-GAAP financial results:
Non-GAAP GAAP (In thousands, Q2 Q1 Q2 Q1 Q2 except per share amounts) FY2017 FY2017 FY2017 FY2017 FY2016 Revenues $ 375,817 $ 373,895 $ 375,817 $ 373,895 $ 347,128 Gross profit $ 286,827 $ 284,069 $ 284,827 $ 282,069 $ 262,744 Gross margin 76.3 % 76.0 % 75.8 % 75.4 % 75.7 % Operating income $ 171,073 $ 169,095 $ 160,245 $ 149,301 $ 149,457 Operating margin 45.5 % 45.2 % 42.6 % 39.9 % 43.1 % Net income $ 132,242 $ 130,165 $ 123,986 $ 115,122 $ 121,532 Earnings per share - Diluted $ 0.54 $ 0.53 $ 0.50 $ 0.47 $ 0.50Cash, cash equivalents and marketable securities increased by $88.7 million over the first quarter of fiscal year 2017 to $1.61 billion. The Company's Board of Directors approved an increase in the Company's quarterly dividend from $0.32 per share to $0.33 per share. This marked the 25th consecutive year the Company has increased its dividend. A cash dividend of $0.33 per share will be paid on March 7, 2017 to stockholders of record on February 24, 2017. During the second quarter the Company generated positive cash flows from operations of $179.5 million or 48% of total revenues. During the second quarter of fiscal year 2017 the Company paid $78.7 million to shareholders in the form of dividends, representing $0.32 per share. There were no open market stock repurchases as the Analog Merger Agreement restricts the ability of the Company to repurchase shares of its common stock.
As a result of the pending transaction with Analog Devices, the Company will not hold a quarterly earnings conference call.
In lieu of a conference call, additional supplemental financial information regarding operational performance and earnings for the fiscal second quarter of 2017, in addition to bookings by end market and revenue by geography, has been made available under the Investor Relations section of the Company’s website that can be accessed through www.linear.com
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 revenue 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-K for the year ended July 3, 2016.
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 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 1, October 2, January 3, January 1, January 3, 2017 2016 2016 2017 2016 Revenues $ 375,817 $ 373,895 $ 347,128 $ 749,712 $ 689,045 Cost of sales (1)(2) 90,990 91,826 84,384 182,816 169,589 Gross profit 284,827 282,069 262,744 566,896 519,456 Expenses: Research and development (1)(2) 77,030 76,359 69,884 153,389 136,486 Selling, general and administrative (1)(2) 47,552 56,409 43,403 103,961 83,596 Total operating expenses 124,582 132,768 113,287 257,350 220,082 Operating income 160,245 149,301 149,457 309,546 299,374 Interest income and other income 2,361 2,173 1,521 4,534 2,508 Income before income taxes 162,606 151,474 150,978 314,080 301,882 Provision for income taxes 38,620 36,352 29,446 74,972 68,303 Net income $ 123,986 $ 115,122 $ 121,532 $ 239,108 $ 233,579 Earnings per share: Basic $ 0.50 $ 0.47 $ 0.50 $ 0.97 $ 0.95 Diluted $ 0.50 $ 0.47 $ 0.50 $ 0.97 $ 0.95 Shares used in determining earnings per share: Basic 245,804 245,271 244,591 245,561 244,831 Diluted 246,280 245,709 244,880 246,026 245,178 Includes the following non-cash charges: (1) Stock-based compensation Cost of sales $ 2,496 $ 2,547 $ 2,557 $ 5,043 $ 4,899 Research and development 13,572 11,868 11,731 25,440 22,653 Selling, general and administrative 6,990 6,129 5,968 13,119 11,606 Includes the following pre-tax impact of items: (2) Merger-related charges Cost of sales $ 2,000 $ 2,000 $ — $ 4,000 $ — Research and development 5,000 5,000 — 10,000 — Selling, general and administrative 3,828 12,794 — 16,622 — LINEAR TECHNOLOGY CORPORATION CONSOLIDATED CONDENSED BALANCE SHEETS (in thousands) U.S. GAAP (unaudited) January 1, July 3, As of 2017 2016 Assets Cash, cash equivalents and marketable securities $ 1,609,825 $ 1,448,275 Accounts receivable, net of allowances ($1,649 as of January 1, 2017) and ($1,649 as of July 3, 2016) 145,135 157,460 Inventories 98,548 97,251 Prepaid expenses and other current assets 48,539 51,744 Total current assets 1,902,047 1,754,730 Property, plant & equipment, net 281,149 285,866 Other noncurrent assets 8,285 9,385 Total assets $ 2,191,481 $ 2,049,981 Liabilities Accounts payable $ 17,197 $ 17,465 Accrued income taxes, payroll & other accrued liabilities 132,931 113,800 Deferred income on shipments to distributors 49,489 48,701 Total current liabilities 199,617 179,966 Deferred tax and other noncurrent liabilities 114,052 110,840 Stockholders’ equity Common stock and additional paid-in capital 2,192,469 2,137,150 Accumulated deficit (314,459 ) (379,210 ) Accumulated other comprehensive (loss) income, net of tax (198 ) 1,235 Total stockholders’ equity 1,877,812 1,759,175 Total liabilities and stockholders’ equity $ 2,191,481 $ 2,049,981 LINEAR TECHNOLOGY CORPORATION CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (In thousands) (unaudited)Three Months Ended
Six Months Ended January 1, October 2, January 3, January 1, January 3, 2017 2016 2016 2017 2016 Cash flow from operating activities: Net income $ 123,986 $ 115,122 $ 121,532 $ 239,108 $ 233,579 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 13,076 13,176 12,779 26,252 26,027 Stock-based compensation 23,058 20,544 20,256 43,602 39,158 Excess tax benefit from stock-based compensation (3,131 ) (3,783 ) (3,053 ) (6,914 ) (4,680 ) Change in operating assets and liabilities 22,471 22,718 5,486 45,189 38,658 Cash provided by operating activities 179,460 167,777 157,000 347,237 332,742 Cash flow from investing activities: Net proceeds from sales and maturities and (purchases) of available-for-sale securities 22,928 (120,367 ) (104,339 ) (97,439 ) (124,143 ) Purchase of property, plant and equipment (12,104 ) (8,332 ) (10,952 ) (20,436 ) (21,112 ) Cash provided by (used in) investing activities 10,824 (128,699 ) (115,291 ) (117,875 ) (145,255 ) Cash flow from financing activities: Excess tax benefit from stock-based compensation 3,131 3,783 3,053 6,914 4,680 Issuance of common stock under employee stock plans 7,400 — 11,976 7,400 16,229 Purchase of common stock (9,237 ) (10,800 ) (22,598 ) (20,037 ) (79,155 ) Payment of cash dividends (78,707 ) (78,608 ) (73,498 ) (157,315 ) (146,810 ) Cash used in financing activities (77,413 ) (85,625 ) (81,067 ) (163,038 ) (205,056 ) Increase (decrease) in cash and cash equivalents 112,871 (46,547 ) (39,358 ) 66,324 (17,569 ) Cash and cash equivalents, beginning of period 217,135 263,682 217,468 263,682 195,679 Cash and cash equivalents, end of period $ 330,006 $ 217,135 $ 178,110 $ 330,006 $ 178,110 LINEAR TECHNOLOGY CORPORATION CONSOLIDATED SUPPLEMENTAL INFORMATION (In thousands, except per share amounts) Non-GAAP (unaudited) Three Months Ended January 1, October 2, January 3, 2017 2016 2016 GAAP gross profit $ 284,827 $ 282,069 $ 262,744Adjustments to reconcile GAAP gross profit to non-GAAP gross profit
Add: Merger-related charges 2,000 2,000 — Non-GAAP gross profit 286,827 284,069 262,744 GAAP operating income 160,245 149,301 149,457Adjustments to reconcile GAAP operating income to non-GAAP operating income
Add: Merger-related charges 10,828 19,794 — Non-GAAP operating income 171,073 169,095 149,457 GAAP net income 123,986 115,122 121,532Adjustments to reconcile GAAP net income to non-GAAP net income
Add: Merger-related charges 10,828 19,794 — Less: Income tax effect of non-GAAP adjustments (2,572 ) (4,751 ) — Non-GAAP net income $ 132,242 $ 130,165 $ 121,532 GAAP net income per diluted share $ 0.50 $ 0.47 $ 0.50 Non-GAAP net income per diluted share $ 0.54 $ 0.53 $ 0.50To supplement the condensed consolidated financial statements presented in accordance with GAAP, certain non-GAAP financial information is provided, which is adjusted from results based on GAAP to exclude certain costs and expenses, and adjusted for their tax effects. However, because there are no standardized or generally accepted definitions for most non-GAAP financial metrics, definitions of non-GAAP financial metrics (e.g., determining which costs and expenses to exclude when calculating such a metric) are inherently subject to judgement. The non-GAAP and supplemental information is provided to enhance the user’s overall understanding of operating performance and prospects in the future. The presentation of non-GAAP and supplemental information is not meant to be considered in isolation or as a substitute for results prepared and presented in accordance with United States GAAP. The following charges are presented as a non-GAAP financial metric as they are considered to be non-recurring by nature, and therefore are not indicative of core operating results, as they represent costs incurred as a result of the pending merger between Linear Technology and Analog Devices as announced on July 26, 2016:
Merger-related charges that are directly related to the pending merger between Linear Technology and Analog Devices. Charges primarily include costs for advisory services, appraisals, legal services, employee-related expense and auditing services. Management believes that it is appropriate to exclude these items as they are not indicative of ongoing operating results and therefore limit comparability and excluding these items helps investors compare our operating performance with our results in prior periods as well as with the performance of other companies.
Income tax effect of non-GAAP adjustments. Includes the income tax effects of the excluded item noted above. Management believes that it is appropriate to exclude the tax effects of the items noted above in order to present a more meaningful measure of non-GAAP net income.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170117006488/en/
Linear Technology CorporationDonald P. Zerio, 408-432-1900Vice President, Finance, Chief Financial Officer
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