Linear Technology Reports Sequential Quarterly Increases In Revenues And Net Income And Achieves Record Annual Revenues And Earnings Per Share Of $1.48 Billion And $2.50, Respectively
Linear Technology Corporation (NASDAQ: LLTC), a leading, independent manufacturer of high performance linear integrated circuits, today reported financial results for the quarter and fiscal year ended July 3, 2011. Quarterly revenues of $358.6 million for the fourth quarter of fiscal year 2011 increased $5.4 million or 1.5% over the previous quarter's revenue of $353.2 million and decreased $7.6 million or 2% from $366.2 million reported in the fourth quarter of fiscal year 2010. Net income of $158.2 million increased $16.7 million or 12% over the third quarter of fiscal year 2011 and increased $33.7 million or 27% over the fourth quarter of fiscal year 2010. Net income for the fourth quarter of fiscal year 2011 benefited from a lower tax rate of 9.5% compared to the third quarter of fiscal year 2011 rate of 17% and the fourth quarter of fiscal year 2010 rate of 26%. The Company's tax rate in its fiscal third and fourth quarters just ended includes a quarterly tax benefit from a settlement with the IRS related to its audit of prior fiscal years.
Diluted earnings per share of $0.68 per share in the fourth quarter of fiscal year 2011 increased $0.07 per share or 11% over the third quarter of fiscal year 2011 and increased $0.14 per share or 26% over the fourth quarter of fiscal year 2010.
Revenue for fiscal year 2011 was $1.48 billion, an increase of 27% or $314 million over revenue of $1.17 billion for the previous fiscal year. Net income of $580.8 million for fiscal year 2011 increased $219.4 million or 61% over $361.3 million reported in the previous fiscal year. Diluted earnings per share for fiscal year 2011 was $2.50, an increase of 58% or $0.92 per share over the prior fiscal year.
During the fourth quarter the Company's cash, cash equivalents and marketable securities increased by $112 million to $922.5 million. A cash dividend of $0.24 will be paid on August 31, 2011 to stockholders of record on August 19, 2011.
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