Linear Technology Reports Quarterly And Year Over Year Decreases In Revenues And Net Income, But Guides To Growth In The March Quarter And Raises Its Quarterly Dividend 4% To $0.25 Per Share
Linear Technology Corporation (NASDAQ:LLTC), a leading, independent manufacturer of high performance linear integrated circuits, today reported financial results for the quarter ended January 1, 2012. Quarterly revenues of $294.3 million for the second quarter of fiscal year 2012 decreased $35.6 million or 11% from the previous quarter's revenue of $329.9 million and decreased $89.3 million or 23% from $383.6 million reported in the second quarter of fiscal year 2011. Net income of $87.9 million decreased $20.5 million or 19% from the first quarter of fiscal year 2012 and decreased $55.9 million or 39% from the second quarter of fiscal year 2011. Diluted earnings per share of $0.38 per share in the second quarter of fiscal year 2012 decreased $0.09 per share or 19% from the first quarter of fiscal year 2012 and declined $0.24 per share or 39% from the second quarter of fiscal year 2011.
During the second quarter the Company's cash, cash equivalents and marketable securities increased by $69.8 million to $1.038 billion, net of spending $24.8 million to acquire Dust Networks. Acquisition costs in the second quarter pertaining to Dust Networks were $3.2 million or $0.01 per share. In addition, the Company announced an increase in its quarterly dividend from $0.24 per share to $0.25 per share. This marks the 20th consecutive year the Company has increased its dividend. At the current stock price the Company's dividend yield is approximately 3%. The cash dividend of $0.25 per share will be paid on February 29, 2012 to stockholders of record on February 17, 2012.
According to Lothar Maier, CEO, “This was an encouraging quarter in a difficult global economic environment. We met the mid point of our guidance and we believe that we are at an inflection point in our business. Bookings, which started slowly, strengthened in December and continued strengthening in January. In these challenging times we maintained strong profitability, reporting operating margins at 45% of sales. Given the improvement in our bookings and our current outlook for the March quarter, we are estimating that we will grow quarterly revenues sequentially in the 4% to 8% range for our fiscal third quarter. As we announced earlier, we have acquired Dust Networks, a leading provider of wireless sensor networks. Although Dust will initially have minimal impact on our quarterly financial results, we are optimistic about growth prospects for Dust in its emerging markets and the synergies between Dust and Linear in bringing rugged, low power, wireless solutions to the industrial and other end-markets.”
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV