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Technology Stocks : Linear Technology Corporation

LLTC 65.00

0.0%

Mar 20 5:00 PM EST

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To: Thomas Haegin who wrote (661)	7/22/1999 5:07:00 AM
From: Don Lloyd	of 754

Thomas - (...conf call...) They always(?) have a cc on Wednesday morning after the report and replay it in the afternoon from noon to 5PM PT only. Sales/Earnings/Orders up 8%/9%/6% sequentially. Book to Bill > 1. Gross/Operating/Net margins 74.0%/51.4%/38.6%. 4M (not 2M as stated) split-adjusted shares repurchased early in year before split for about $109M, likely meaning no repurchases since about $27.25/share, split-adjusted. Cash/ST up $91.4M to $786.7M. Lead times stable at about 2 weeks. New Milpitas Fab to be in production in 12 months bringing total nominal capacity up to $1B in revenues/annum, which can be interpreted as still leaving slack in FY2001, barring a growth explosion, and allowing retirement/phase-out of older Milpitas Fab. Substantial further capacity additions allowed for in plans for Camas and Milpitas locations as required. Quarterly sales up sequentially in all regions except for Europe (lower) and all end-markets except for Industrial (slightly down). Q1FY2000 guidance is for low to mid single digit sequential revenue percentage increase, somewhat stronger than usual Q1 performance, with stable margins. No customer inventory buildup, for Y2K or otherwise, is yet being seen. Regards, Don

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