LTC Reports Fourth-Quarter, Fiscal 2003 Profits
Linear Technology Corp. (LTC, Milpitas, CA) announced that net sales for its fiscal year ended June 29, 2003, were $606,573,000, an increase of 18% from net sales of $512,282,000 for the previous year. The company also reported net income for the year of $236,591,000, or $0.74 diluted earnings per share, an increase of 20% from $197,629,000, or $0.60 diluted earnings per share, reported for fiscal 2002.
Net sales for the fourth quarter ended June 29, 2003, were $165,767,000, an 18% increase from net sales of $140,757,000 for the fourth quarter of the previous year. Net income for the quarter was $66,004,000, or $0.21 diluted earnings per share, compared with $55,034,000, or $0.17 diluted earnings per share, an increase of 20% from the fourth quarter of the previous year. Return on sales was 40% for the quarter and 39% for the year.
A cash dividend of $0.06 per share will be paid on August 20, 2003, to stockholders of record on August 1, 2003. The company generated additional cash and short-term investments of $272 million for the year and $92 million for the fourth quarter before the purchase of common stock. The company purchased 8,390,348 shares of its common stock for $230 million for the year, including 1,945,000 shares for $64 million in the quarter, resulting in a net increase in cash and short-term investments of $42 million for the year and $28 million for the quarter.