Linear Technology Reports Increased Sales and Profits Over the Prior Quarter and Announces an Increase in Its Quarterly Dividend From $0.06 to $0.08 Per Share
Tuesday January 13, 5:47 pm ET
MILPITAS, Calif., Jan. 13 /PRNewswire-FirstCall/ -- Linear Technology Corporation (Nasdaq: LLTC - News), a leading, independent manufacturer of high performance linear integrated circuits, today announced that net sales for its second quarter ended December 28, 2003, were $186,021,000, an increase of 28% over net sales of $145,045,000 for the second quarter of the previous year. The Company also reported net income for the quarter of $74,335,000 or $0.23 diluted earnings per share, an increase of 32% from $56,163,000 or $0.18 diluted earnings per share reported for the second quarter of last year. During the quarter, the Company generated approximately $20 million in cash and short-term investments, net of spending approximately $82 million to purchase 2,000,000 shares of its common stock.
The Company increased its quarterly dividend from $0.06 to $0.08 per share. The payment will be made on February 11, 2004 to stockholders of record on January 23, 2004.
According to Robert H. Swanson, Chairman of the Board and CEO, "This was a strong quarter for us. We exceeded our estimates by growing sales and profits 7% sequentially over the September quarter. Demand for our products was particularly strong and increased in each end-market, led by industrial and communications. This broad cross section of strength, which crosses all end-markets and all major geographies, and is widely disbursed over many customers, is very encouraging. We continue to be both strongly profitable, as demonstrated by our 40% return on sales, and strongly cash flow positive from operations, as evidenced by the increase in cash. Looking forward we envision continued strength in our marketplace. Should these current trends continue, we expect to grow both sales and profits in the high single digit range sequentially in the March quarter."
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. Company officials will be discussing these results in greater detail in a conference call tomorrow, Wednesday, January 14, 2004 at 8:30 a.m. Pacific Coast Time. Those investors wishing to listen in may call 913-981-5522 before 8:15 a.m. to be included in the audience. There will be a live webcast of this conference call that can be accessed through www.linear.com or www.streetevents.com. A replay of the conference call will be available January 14 through January 21, 2004. You may access this post view by calling 719-457-0820 and entering reservation #793661. An archive of the webcast will also be available at www.linear.com and www.streetevents.com as of January 14, 2004 until the second quarter earnings release next year.
Linear Technology Corporation was founded in 1981 as a manufacturer of high performance linear integrated circuits. Linear Technology products include high performance amplifiers, comparators, voltage references, monolithic filters, linear regulators, DC-DC converters, battery chargers, data converters, communications interface circuits, RF signal conditioning circuits, and many other analog functions. Applications for Linear Technology's high performance circuits include telecommunications, cellular telephones, networking products such as optical switches, notebook and desktop computers, computer peripherals, video/multimedia, industrial instrumentation, security monitoring devices, high-end consumer products such as digital cameras and MP3 players, complex medical devices, automotive electronics, factory automation, process control, and military and space systems. For further information contact Paul Coghlan at Linear Technology Corporation, 1630 McCarthy Blvd., Milpitas, California 95035-7417, 408-432-1900.
biz.yahoo.com
Don, LLTC was at 44.95 when Briefing.com wrote that recommendation yesterday. A 35% pullback would not happen until LLTC was at 29. Tonight after reporting earnings LLTC is in the area of 43.25. Lets wait and see how long it takes to see 29 again. That is unless we never see 29 again for LLTC?
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