SAN JOSE, Calif. -- Linear Technology Corp. reported record sales amid the upturn.
Record quarterly revenues of $366.2 million for the fourth quarter of fiscal year 2010 increased 18 percent compared to the previous quarter’s revenue of $311.3 million and increased 76 percent over $208.0 million reported in the fourth quarter of fiscal year 2009.
Fourth quarter net income of $124.5 million included a non-cash charge of $10.5 million on the early retirement of a portion of the company’s senior convertible notes. Consequently, net income increased 24 percent over the third quarter of fiscal year 2010 and jumped 142 percent over the fourth quarter of fiscal year 2009.
Diluted earning per share of $0.54 in the fourth quarter increased $0.10 per share over the third quarter of fiscal year 2010 and increased $0.31 per share over the fourth quarter of fiscal year 2009.
Revenue for the year ended June 27, 2010 was $1.17 billion, an increase of 21 percent or $201.5 million over revenue of $968.5 million for the previous fiscal year. Net income of $361.3 million for fiscal year 2010 increased 25 percent over $289.2 million reported in the previous fiscal year.
Linear expects to grow 4-to-7 percent sequentially for the first quarter of fiscal 2011.