Linear Technology Reports a 17% Increase in Revenues and a 38% Increase in Earnings Per Share Over the Prior Year

For further information contact Paul Coghlan at Linear Technology Corporation, 1630 McCarthy Blvd., Milpitas, California 95035-7417, (408) 432-1900.

LINEAR TECHNOLOGY CORPORATION

CONSOLIDATED STATEMENTS OF INCOME

(In thousands, except per share amounts)

GAAP (unaudited)

Three Months Ended Nine Months Ended
March 30, Dec. 30, April 1, March 30, April 1,
2008 2007 2007 2008 2007
Revenues $ 297,865 $ 288,720 $ 254,992 $ 868,073 $ 814,962
Cost of sales (1) 66,939 66,212 56,535 197,212 180,175
Gross profit 230,926 222,508 198,457 670,861 634,787
Expenses:
Research & development (1) 49,613 47,799 45,364 145,192 136,844
Selling, general & administrative (1) 35,423 33,557 32,807 101,761 100,829
85,036 81,356 78,171 246,953 237,673
Operating income 145,890 141,152 120,286 423,908 397,114
Interest expense (14,435 ) (14,474 ) (422 ) (43,371 ) (1,298 )
Interest income 7,334 7,258 17,011 21,026 49,791
Income before Income taxes 138,789 133,936 136,875 401,563 445,607
Provision for Income taxes 39,555 40,181 38,325 117,099 129,656
Net income $ 99,234 $ 93,755 $ 98,550 $ 284,464 $ 315,951
Earnings per share:
Basic $ 0.45 $ 0.42 $ 0.33 $ 1.28 $ 1.05
Diluted $ 0.44 $ 0.41 $ 0.32 $ 1.26 $ 1.03
Shares used in the calculation of earnings per share:
Basic 222,046 223,494 299,455 221,979 300,212
Diluted 224,489 227,119 304,640 225,842 305,677
(1) Includes stock-based compensation charges as follows:
Cost of sales $ 1,996 $ 1,972 $ 2,933 $ 5,865 $ 8,535
Research & development 8,360 8,182 9,563 24,289 27,746
Sales, general & administrative 4,675 4,528 5,839 13,503 16,901
LINEAR TECHNOLOGY CORPORATION
CONSOLIDATED CONDENSED BALANCE SHEETS
(Dollars in thousands)
March 30, July 1,
2008 2007
(unaudited) (audited)
ASSETS:
Current assets:
Cash, cash equivalents and
short-term investments $ 907,939 $ 633,307

Accounts receivable, net of allowance for doubtful accounts of $1,759 ($1,775 at July 1, 2007)

150,233

130,546

Inventories 54,375 51,075

Deferred tax assets and other current assets

48,885

46,176

Total current assets 1,161,432 861,104
Property, plant & equipment, net 251,487 266,600
Other noncurrent assets 90,738 91,153
Total assets $ 1,503,657 $ 1,218,857

LIABILITIES & STOCKHOLDERS EQUITY:

Current liabilities:
Accounts payable $ 12,616 $ 11,161

Accrued income taxes, payroll & other accrued liabilities

107,272

128,762

Deferred income on shipments to distributors

37,672

39,946

Total current liabilities 157,560 179,869
Convertible senior notes 1,700,000 1,700,000
Deferred tax and other long-term liabilities
133,669 46,953
Stockholders equity:
Common stock 1,007,039 902,135
Accumulated Deficit (1,498,968 ) (1,609,453 )
Accumulated other
Comprehensive income 4,357 (647 )
Total stockholders deficit (487,572 ) (707,965 )
$ 1,503,657 $ 1,218,857

LINEAR TECHNOLOGY CORPORATION

RECONCILIATION OF GAAP NET INCOME TO NON-GAAP NET INCOME

(In thousands, except per share amounts)

Three Months Ended Nine Months Ended
March 30, Dec. 30, April 1, March 30, April 1,
2008 2007 2007 2008 2007
Reported net income
(GAAP basis) $ 99,234 $ 93,755 $ 98,550 $ 284,464 $ 315,951
Stock-based compensation (1) 15,031 14,682 18,335 43,657 53,182
Income tax effect of
non-GAAP adjustments (4,284) (4,405) (5,134) (12,731) (15,474)
Non-GAAP net income $ 109,981 $ 104,032 $ 111,751 $ 315,390 $ 353,659
Non-GAAP earnings per share excluding the effects of stock-based compensation:
Basic $ 0.50 $ 0.47 $ 0.37 $ 1.42 $ 1.18
Diluted $ 0.49 $ 0.46 $ 0.37 $ 1.41 $ 1.17
Shares used in the calculation of Non-GAAP earnings per share:
Basic 222,046 223,494 299,455 221,979 300,212
Diluted 223,119 (2) 225,647 (2) 302,924 (2) 224,385 (3) 303,065 (3)




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