Linear Technology Reports Quarterly and Fiscal Year Increases in

Linear Technology Reports Quarterly and Fiscal Year Increases in Revenues and Net Income

® subsystems, and wireless sensor network products. For more information, visit www.linear.com

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)
U.S. GAAP (unaudited)

	Three Months Ended									Twelve Months Ended
	June 29,			March 30,			June 30,			June 29,			June 30,
	2014			2014			2013			2014			2013

Revenues	$	365,428		$	348,006		$	327,265		$	1,388,386		$	1,282,236
Cost of sales ⁽¹⁾		87,579			84,479			81,314			338,580			322,516
Gross profit		277,849			263,527			245,951			1,049,806			959,720
Expenses:
Research and development ⁽¹⁾		64,785			62,129			60,560			250,434			235,184
Selling, general and administrative ⁽¹⁾		41,419			40,693			38,308			159,642			151,382
Total operating expenses		106,204			102,822			98,868			410,076			386,566
Operating income		171,645			160,705			147,083			639,730			573,154
Interest expense		(2,271	)		(6,813	)		(6,812	)		(22,710	)		(27,314	)
Amortization of debt discount ⁽²⁾		(1,885	)		(5,603	)		(5,370	)		(18,458	)		(21,029	)
Interest income and other income		452			581			1,020			2,706			4,070
Income before income taxes		167,941			148,870			135,921			601,268			528,881
Provision for income taxes		38,206			31,263			33,980			141,307			121,956
Net income	$	129,735		$	117,607		$	101,941		$	459,961		$	406,925

Earnings per share:
Basic	$	0.53		$	0.49		$	0.43		$	1.91		$	1.72
Diluted	$	0.53		$	0.48		$	0.43		$	1.90		$	1.71

Shares used in determining earnings per share:
Basic		243,279			240,669			237,947			240,498			236,703
Diluted		244,935			243,992			238,925			242,551			237,753

Includes the following non-cash charges:
⁽¹⁾ Stock-based compensation
Cost of sales	$	2,043		$	1,961		$	1,960		$	8,074		$	7,912
Research and development		9,513			9,133			9,129			37,624			36,904
Selling, general and administrative		4,913			4,718			4,714			19,430			19,049
⁽²⁾ Amortization of debt discount (non-cash interest expense)		1,885			5,603			5,370			18,458			21,029

LINEAR TECHNOLOGY CORPORATION
CONSOLIDATED CONDENSED BALANCE SHEETS
(in thousands)
U.S. GAAP (unaudited)

	June 29, 2014			June 30, 2013
ASSETS:
Current assets:
Cash, cash equivalents and marketable securities	$	1,012,787		$	1,524,741
Accounts receivable, net of allowance for doubtful accounts of $1,653 ($1,891 at June 30, 2013)		173,340			145,274
Inventories		91,310			87,229
Deferred tax assets and other current assets		87,276			36,646
Total current assets		1,364,713			1,793,890

Property, plant & equipment, net		277,080			288,466
Other noncurrent assets		13,785			15,985
Total assets	$	1,655,578		$	2,098,341

LIABILITIES & STOCKHOLDERS’ EQUITY:
Current liabilities:
Accounts payable	$	28,221		$	10,258
Accrued income taxes, payroll & other accrued liabilities		141,275			109,426
Deferred income on shipments to distributors		45,619			44,088
Convertible senior notes		—			826,629
Deferred tax liabilities- current portion		—			35,479
Total current liabilities		215,115			1,025,880

Deferred tax and other noncurrent liabilities		109,094			90,553

Stockholders’ equity:
Common stock		1,948,006			1,736,729
Accumulated deficit		(616,992	)		(754,555	)
Accumulated other comprehensive loss		355			(266	)
Total stockholders’ equity		1,331,369			981,908
	$	1,655,578		$	2,098,341

LINEAR TECHNOLOGY CORPORATION
RECONCILIATION OF U.S. GAAP NET INCOME TO NON-GAAP NET INCOME
(In thousands, except per share amounts)
(unaudited)

	Three Months Ended									Twelve Months Ended
	June 29,			March 30,			June 30,			June 29,			June 30,
	2014			2013			2013			2014			2013
Reported net income	$	129,735		$	117,607		$	101,941		$	459,961		$	406,925
(GAAP basis)

Stock-based compensation		16,469			15,812			15,803			65,128			63,865
Amortization of debt discount ⁽¹⁾		1,885			5,603			5,370			18,458			21,029
Income tax effect of non-GAAP adjustments		(4,175	)		(4,497	)		(5,293	)		(19,644	)		(19,576	)

Non-GAAP net income	$	143,914		$	134,525		$	117,821		$	523,903		$	472,243

Non-GAAP earnings per share
Basic	$	0.59		$	0.56		$	0.50		$	2.18		$	2.00
Diluted	$	0.59		$	0.55		$	0.49		$	2.16		$	1.99

⁽¹⁾ Amortization of debt discount is non-cash interest expense related to the Company’s Convertible Senior Notes.

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