Key Developments For Linear Technology Corp
Linear Technology Corp (LLTC.O) (Nasdaq)
Linear Technology Corporation Issues Q2 2010 Revenue Outlook Above Analysts' Estimates
Linear Technology Corporation announced that for the second quarter of 2010, it expects revenue growth in the range of 2% to 5% over first quarter of 2010. The Company reported revenue of $236.1 million in the first quarter of 2010. According to Reuters Estimates, analysts on an average were expecting the Company to report revenue of $221 million for the second quarter of 2010.
ITC Judge Issues Consent Order Prohibiting Advanced Analogic Technologies Incorp. From Importing 69 Voltage Regulator Into US In Proceeding Directed to Linear Technology Corporation Burst Mode Patent
Linear Technology Corporation announced that the judge issued a consent order against Advanced Analogic Technologies Incorp. (AATI) in Linear`s enforcement proceeding at the U.S. International Trade Commission (ITC). The ITC previously found that AATI violated Section 337 of the Tariff Act by importing voltage regulator chips that infringe claims 2, 3, and 34 of Linear`s U.S. Patent No. 6,580, 258 (258 patent). ITC determined that AATI`s infringing products. The Commission then issued an exclusion order barring importation of the named semiconductor products and any other AATI chips that infringe Linear`s patent claims. Thereafter, Linear and AATI cross-appealed the ITC`s decision and the Court of Appeals for the Federal Circuit. The Federal Circuit affirmed the ITC`s decision that the AATI 1143 family of products infringe the Linear patent and that claims 2, 3, and 34 are valid and enforceable. Further, the Federal Circuit determined that the AATI 1146 family also infringe the Linear patent and are subject to the exclusion order. The Federal Circuit also vacated the Commission`s non-infringement finding regarding the three remaining products at issue-the AAT1151, AAT1156, and AAT1265. The ITC also instituted, at Linear`s request, an enforcement proceeding to determine whether AATI has violated the exclusion order. The order forbids AATI from importing, selling for importation, or selling after importation into the United States any of the infringed products.
Linear Technology Corporation Issues Q1 2010 Revenue Outlook Above Analysts' Estimates
Linear Technology Corporation announced that for the first quarter of 2010, it expects revenues to be up 2% to 5% over the fourth quarter of 2009. The Company reported revenue of $208 million in the fourth quarter of 2009. According to Reuters Estimates, analysts on an average were expecting the Company to report revenue of $209 million for the first quarter of 2010.
Linear Technology Corporation Issues Q4 2009 Revenue Guidance Above Analysts' Estimate-Conference Call
Linear Technology Corporation announced that for fourth quarter of 2009, it expects revenues to be in the range of down 2% to up 4% over the third quarter of 2009. The Company reported revenue of $297.87 million in third quarter of 2009. According to Reuters Estimates, analysts were expecting the Company to report revenues of $203.52 million for the same period.
Linear Technology Corporation Revises Charge Taken for Accelerating Vesting of All Out-of-the-Money Stock Options
Linear Technology Corporation announced that its previously reported results for the second quarter of 2009 have been revised to exclude a non-cash charge of $15.0 million pertaining to accelerating the vesting of stock options for 1.4 million shares representing all of the out-of-the-money stock options previously awarded to its non-officer and non-director employees under its stock option plans. The effect of this change in the Consolidated Statements of Income for the second quarter and the first six month period of fiscal 2009 was to increase GAAP operating income by $15.0 million, GAAP net income by $11.0 million and to increase GAAP diluted earnings per share (EPS) by $0.05. These revised results will be included in the Company's Quarterly Report on Form 10-Q for the quarterly period ended December 28, 2008, filed this afternoon. In its release the Company stated that it accelerated the vesting of all out-of-the-money stock options previously awarded to its non-officer and non-director employees under its stock option plans. The unvested options to purchase approximately 1.4 million shares became exercisable as a result of the vesting acceleration on December 17, 2008. The additional non-cash charge to the income statement as a result of the acceleration totaled $15.0 million. This incremental charge increased Cost of Sales by $2.3 million; Research and Development expense by $7.5 million; and Selling, General and Administrative expense by $5.2 million.
