Linear Tech's Q2 Results
Linear Technology Corp. (Milpitas, CA) recently announced that net sales for its second quarter ended January 2, 2000, were a record $162,294,000, an increase of 35 percent over net sales of $120,020,000 for the second quarter of the previous year.The company reported net income for the quarter of $64,951,000, or $0.40 diluted earnings per share, an increase of 41 percent over $45,904,000, or $0.29 per share, for the second quarter of last year. A cash dividend of $0.04 will be paid on February 16, 2000 to shareholders of record on January 28, 2000."This was a very strong quarter for us as we achieved record levels of bookings, sales and profits with sales increasing 10 percent and profits 11 percent sequentially from the September quarter," said Robert H. Swanson, chairman of the board and CEO. "Our Return on Sales was a record 40 percent. Demand from our customers escalated throughout the quarter and increased in all major geographical areas and all major end markets. Given this positive business climate we expect the upcoming March quarter to have continuing sequential sales and profit growth."The company also announced that its Board of Directors has approved a two-for-one stock split of its common stock. Shareholders of record on March 6, 2000 will be issued certificates for the additional shares resulting from the stock split. According to Linear, the stock split will increase the number of shares of common stock outstanding from approximately 160,000,000 shares to approximately 320,000,000 shares. This is the fourth time since 1992 that the company has had a two-for-one stock split.