LTC Reports First-Quarter 2003 Results

October 14, 2003 by Jeff Shepard

Linear Technology Corp. (LTC, Milpitas, CA) announced that net sales for its first quarter ended September 28, 2003, were $174,077,000, an increase of 23% over net sales of $142,011,000 for the first quarter of the previous year. The company also reported net income for the quarter of $69,471,000, or $0.22 diluted earnings per share, an increase of 29% from $53,802,000, or $0.17 diluted earnings per share, reported for the first quarter of last year.

During the quarter, the company generated approximately $74 million in additional cash and short-term investments. A cash dividend of $0.06 per share will be paid on November 12, 2003, to stockholders of record on October 24, 2003.

Robert Swanson, chairman of the board and CEO, stated, "The September quarter was a strong summer quarter for us as we grew both sales and profits 5% sequentially over the June quarter. Demand for our products improved particularly in portable product areas such as cell phones, notebook computers and high-end portable consumer products. 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, the overall demand for our products is improving in all geographic markets with international business being the strongest."