Linear Technology Corporation (NASDAQ:LLTC), a leading, independent manufacturer of high performance linear integrated circuits, today reported financial results for the quarter ended September 30, 2012. Quarterly revenues of $335.1 million for the first quarter of fiscal year 2013 increased $5.1 million or 1.6% over the previous quarter's revenue of $330.0 million and increased $5.2 million or 1.6% over $329.9 million reported in the first quarter of fiscal year 2012. Net income of $105.2 million increased $1.9 million or 2% over the fourth quarter of fiscal year 2012 and decreased $3.2 million or 3% from the first quarter of fiscal year 2012. Diluted earnings per share of $0.45 per share in the first quarter of fiscal year 2013 increased $0.01 per share or 2% over the fourth quarter of fiscal year 2012 and declined $0.02 per share or 4% from the first quarter of fiscal year 2012.
During the first quarter the Company's cash, cash equivalents and marketable securities increased by $116.9 million to $1.3 billion. A cash dividend of $0.25 per share will be paid on November 28, 2012 to stockholders of record on November 16, 2012. The Board of Directors authorized the Company to purchase, depending on market conditions, up to 10 million shares of its outstanding common stock in the open market over the next two years.
According to Lothar Maier, CEO, “We met the midpoint of our revenue guidance for our first fiscal quarter of 2013, as sales grew 1.6% compared to the preceding fourth quarter of fiscal 2012. In addition, net income improved and operating income as a percent of sales improved to 46.3%. Though we are pleased with these results, external global market conditions have continued to weaken. While the automotive market continues to show strength on higher bookings, this increase was offset by lower bookings in our other major markets, particularly the industrial and computer markets. Forecasting continues to be difficult in the current environment. Though customer inventory levels appear to be at reasonable levels, demand continues to be sluggish and orders have not shown signs of improvement as we begin the second quarter. Given this weakness, we expect that this will be a difficult quarter as we remain cautious about the economy and the global market. As a result, we currently are forecasting our revenues to decline sequentially in the 5% - 10% range in our second fiscal quarter of 2013.”
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