Linear Technology 3Q Profit Falls 45 Percent

MILPITAS, Calif. (AP) — Linear Technology Corp. on Tuesday said its fiscal third-quarter profit fell 45 percent as the sales fell due to the weak economy, but the chip maker said it is seeing "some stability in customer bookings," and expects better sales results for the current period.

For the three months ended March 29, Linear Technology earned $54.5 million, or 25 cents per share, compared with $99.2 million, or 44 cents per share, in the corresponding period a year ago.

Results for the 2009 quarter got a penny boost when the company paid down certain debt.

Revenue for the period plunged 33 percent to $200.9 million, from $297.9 million last year.

Analysts surveyed by Thomson Reuters, on average, expected profit of 21 cents per share, on revenue of $203.1 million.

Operating expenses fell 11 percent, reflecting a required 2.5 week furlough for employees during the quarter. After the end of the quarter, the company laid off 130 workers to further reduce expenses.