Good news...earnings released...moderate improvement, not great improvement.
Tuesday July 20, 5:06 pm Eastern Time
Company Press Release
Linear Technology Reports Record Annual and Quarterly Sales and Profits
MILPITAS, Calif.--(BUSINESS WIRE)--July 20, 1999--Linear Technology Corporation (OTC BB:LLTC), a leading, independent manufacturer of high performance linear integrated circuits, today announced that net sales for its fiscal year ended June 27, 1999, were a record $506,669,000, an increase of 5% over net sales of $484,799,000 for the previous year.
The Company also reported record net income for the year of $194,293,000, or $1.22 diluted earnings per share, an increase of 7% over $180,902,000, or $1.13 diluted earnings per share reported for fiscal 1998. Net sales for the fourth quarter ended June 27, 1999 were a record $140,524,000, a 6% increase over net sales of $132,011,000 for the fourth quarter of the previous year.
Net income for the quarter was a record $54,179,000 or $0.34 diluted earnings per share, compared with $49,503,000 or $0.31 diluted earnings per share, an increase of 9% over the fourth quarter of the previous year. A cash dividend of $0.04 per share will be paid on August 18, 1999 to shareholders of record on July 30, 1999.
The Company generated additional cash and short-term investments of $149 million for the year and $91 million for the quarter. Earlier in the year the Company had purchased back approximately 2 million shares of its common stock at a cost of approximately $109 million.
According to Robert H. Swanson, Chairman of the Board and CEO, ''For fiscal 1999 we had record levels of sales, profits and cash and short-term investments as we finished the year strongly. The June quarter was a record quarter for us; we increased sales 8% and profits 9% sequentially over the previous quarter. Our Return on Sales (ROS) of 38.6% is the highest we have ever reported. Orders from our customers continued strong and were once again well diversified by both geographic regions and end-market applications.
''As we commence our first fiscal year in the new millennium, we are encouraged by the increasing opportunity for high performance analog circuits in a broad range of new electronic products. Given these good business conditions we expect the September quarter to have continuing sequential sales and profit growth.''
Except for historical information contained herein, the matters set forth in this news release are forward-looking statements that are dependent on certain risks and uncertainties including such factors, among others, as new orders received and shipped during the quarter, timely ramp-up of new facilities, and the timely introduction of new processes and products. |
