LTC Reports Higher Sales and Net Income
Linear Technology Corp. (LTC, Milpitas, CA) announced higher sales and net income, but warned that bookings had softened a bit. The company also reported that net sales for its fiscal first quarter climbed to $253 million, a 45% year-over-year increase and a 6% sequential increase. Net income grew to $103 million, or $0.33 per diluted share, representing an increase of 49% year over year.
"During the quarter bookings softened moderately," said Chairman and CEO Robert Swanson. "End-demand appeared to ease as shipments from both our international and domestic distributors to their end customers decreased slightly. However, we expect end-demand to be relatively stable, with bookings increasing slightly over the quarter. Consequently, we expect sales to be largely unchanged from the prior quarter with sequential revenues ranging from slightly down to flat."