Linear Tech Reports 17% Revenue Increase & 38% In Earnings Per Share Over Prior Year
Linear Technology Corp. reported financial results for the quarter ended March 30, 2008. Revenue for the third quarter of fiscal year 2008 increased 3.2% to $297.9 million over the previous quarter’s revenue of $288.7 million and increased 16.8% or $42.9 million over $255.0 million in the third quarter of fiscal year 2007.
Diluted earnings per share ("EPS") of $0.44 increased $0.03 per share or 7% over the second quarter of fiscal year 2008 and increased $0.12 per share or 38% over the third quarter of fiscal year 2007. Third quarter Generally Accepted Accounting Principles ("GAAP") net income of $99.2 million increased $5.4 million or 5.8% from $93.8 million reported in the second quarter of fiscal year 2008. During the March quarter the company’s cash and short-term investments balance increased $101.3 million net of spending $9.8 million to purchase approximately 400,000 shares of its common stock.
Non-GAAP diluted EPS for the third quarter of fiscal year 2008 was $0.49 per share, a $0.03 per share increase over the second quarter of fiscal year 2008 and a $0.12 per share increase over the third quarter of fiscal year 2007. Third quarter non-GAAP net income of $110.0 million increased $6.0 million over $104.0 million in the second quarter and decreased $1.8 million from the third quarter of fiscal year 2007. The company’s non-GAAP measures set forth above exclude charges related to stock-based compensation.
According to Lothar Maier, CEO, "The company grew revenues and EPS sequentially by 3.2% and 7%, respectively, in the March quarter. This marks the fourth consecutive quarter that the company has sequentially grown revenues, operating margin and EPS. These improvements have occurred in spite of difficult economic times. This speaks to our strategy of diversification both geographically and by end-market as we have seen strength internationally and in the industrial and communication end-markets."