MILPITAS, Calif .-- Add Linear Technology Corp. to the list of chip companies reporting quarterly sales and profits records.
The IC maker's net sales for the first fiscal quarter of 2000 were $147.5 million, an increase of 27% over $116.0 million for the first quarter of fiscal 1999. Linear's sales increased 5% and profits 8% sequentially over the previous quarter.
Net income for the quarter, ended Sept. 26, was $58.4 million, or 36 cents per share (diluted), an increase of 32% over $44.3 million, or 28 cents per diluted share a year ago. "We achieved a record level of return on sales of 39.6%," said Robert H. Swanson, chairman and CEO.
"Demand from our customers continued strong increasing across all major end markets," Swanson continued. He cited the demand for linear and analog circuits spurred by the convergence of computer and communications technologies. "Given these positive business conditions, we expect the December quarter to have continuing sequential sales and profit growth."
Earlier this year, Linear announced it was reorganizing its corporate structure to position itself to reach $1 billion sales (see April 26 story). On the basis of the first quarter, the company would achieve $600 million in the current fiscal year.