Product category: Power Supply ICs and Controllers
News Release from: Linear Technology Corp
Edited by the Electronicstalk Editorial Team on 14 August 2006
Linear logs strong product sales growth
Linear Technology reports 2006 revenue of $1.093 billion, an increase of 4% over revenue of $1.050 billion for the previous fiscal year.
Linear Technology Corporation has announced that revenue for its fiscal year ended 2nd July 2006, was $1.093 billion, an increase of 4% over revenue of $1.050 billion for the previous fiscal year The prior fiscal year included a one-time royalty settlement totalling $40.0 million
This article was originally published on Electronicstalk on 28 Jul 2004 at 8.00am (UK)
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Fiscal 2006 results include a full year effect of all forms of stock-based compensation required by Statement of Financial Accounting Standards 123R ("SFAS 123R"), which was adopted by the company in fiscal 2006.
The company reported net income for the year of $428.7 million or $1.37 diluted earnings per share, a decrease of $5.3 million or 1% from $434.0 million or $1.38 diluted earnings per share reported for fiscal 2005.
On a pro forma basis, excluding all forms of stock-based compensation, net income for fiscal 2006 was $466.9 million or $1.50 diluted earnings per share, an increase of 4% over pro forma net income of $448.5 million or $1.42 diluted earnings per share for the prior year.
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Revenue for the fourth quarter ended 2nd July 2006 was $292.9 million, a 15% increase over revenue of $255.8 million for the fourth quarter of the previous fiscal year.
Net income for the fourth quarter of fiscal 2006 was $115.7 million or $0.37 diluted earnings per share, ($125.9 million or $0.41 per share pro forma) compared with $106.0 million or $0.34 diluted earnings per share ($110.0 million or $0.35 per share pro forma) an increase of 9% (14% pro forma) from the fourth quarter of the previous year.
Return on sales was 39% for the fourth quarter ended 2nd July 2006, including the effects of stock-based compensation.
During the fourth quarter of fiscal 2006 the company spent a record $202.1 million to purchase 5.7 million shares of its common stock, which contributed to the $96.2 million decrease in cash and short-term investments.
During fiscal 2006 the company generated an additional $28.7 million in cash and short-term investments, net of spending $342.8 million to purchase 9.5 million shares of its common stock.
A cash dividend of $0.15 per share will be paid on 23rd August 2006 to stockholders of record on 4th August 2006.
Total cash dividends paid during the year were $153.9 million, an increase of $42.9 million or 39% over the prior fiscal year.
The Board of Directors authorised the company to purchase up to an additional 20 million shares of its outstanding common stock in the open market over the next two years.
According to Lothar Maier, CEO: "Fiscal 2006 was a good year for us with strong product sales growth in the last three quarters of the year".
"The company generated an impressive 39% return on sales including the effects of stock option accounting".
"Without stock-based compensation the company generated an even more impressive 43% return on sales".
"The September quarter that we are entering is difficult to confidently forecast".
"It is typically a slow quarter for industrial and communication businesses, yet should show growing strength in consumer oriented businesses, as the build period for year-end holiday sales approaches".
"Further, while we expect our bookings to increase over the prior quarter, most of the consumer related bookings increase will not ship until the December quarter".
"Consequently, we currently expect sales and profits in the September quarter to be roughly similar to the quarter just completed". Request free introductory details about products from Linear Technology Corp ...
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