News

LTC Reports Increased Sales and Profits

January 13, 2004 by Jeff Shepard

Linear Technology Corp. (LTC, Milpitas, CA) announced that net sales for its second quarter ended December 28, 2003, were $186,021,000, an increase of 28% over net sales of $145,045,000 for the second quarter of the previous year. The company also reported net income for the quarter of $74,335,000, or $0.23 diluted earnings per share, an increase of 32% from $56,163,000, or $0.18 diluted earnings per share, reported for the second quarter of last year.

During the quarter, the company generated approximately $20 million in cash and short-term investments, net of spending approximately $82 million to purchase 2,000,000 shares of its common stock. The company increased its quarterly dividend from $0.06 to $0.08 per share. The payment will be made on February 11, 2004, to stockholders of record on January 23, 2004.

Chairman of the Board and CEO Robert Swanson said, "This was a strong quarter for us. We exceeded our estimates by growing sales and profits 7% sequentially over the September quarter. Demand for our products was particularly strong and increased in each end-market, led by industrial and communications. Looking forward, we envision continued strength in our marketplace. Should these current trends continue, we expect to grow both sales and profits in the high single-digit range sequentially in the March quarter."