Professional Documents
Culture Documents
Selected Linear Financial Data in Millions of Dollars (Except Share Data), 199220
1992
1993
1994
1995
1996
Income Statement
Sales
119.4
150.9
200.5
265
377.8
49.5
57
67.6
83.3
106.8
12.3
14.8
18.4
23.9
31.1
-Other Expenses
19.1
23.3
28
29.4
36
38.5
55.7
86.5
128.5
203.9
13.5
19.3
29.7
43.8
69.9
25
36.4
56.8
84.7
134
280.2
285.4
290.5
294.3
298.6
$0.09
$0.13
$0.20
$0.29
$0.45
0.0
0.0
0.0
0.0
0.0
0.0
5.3
8.3
9.8
11.9
$2.36
$3.61
$5.50
$8.25
$7.50
Payout Ratio
0.00%
14.59%
14.56%
11.61%
8.85%
$0.00
$0.02
$0.03
$0.03
$0.04
21%
24%
28%
32%
35%
16%
23%
23%
31%
25%
8.2%
5.0%
8.1%
8.3%
18.6%
Net Income
25
36.4
56.8
84.7
134
4.5
5.8
6.3
8.6
10.3
-Capital Expenditure
9.8
7.6
16.2
22.1
70.4
7.2
2.6
6.8
-4.5
-9.1
+Tax Adjustmentb
6.4
2.8
6.1
6.2
11.3
19
34.8
46.3
81.8
94.3
+Stock Issuance
11.7
9.1
13.7
7.6
12.7
-Stock Purchases
0.7
1.2
1.3
6.1
22.9
-Dividends Paid
5.3
8.3
9.8
11.9
-Other Itemsc
4.7
1.5
30
32.6
48.9
73.4
72.3
95.3
127.9
176.8
250.2
322.5
Net Income
Profitability
Investment
CAPEX ( as % of sales)
Cash Flow Statement
The difference between the exercise price and the market value of LLTC stock could be expensed for tax purposes, leading to large tax adjustments on the cash
Other Items includes long-term investments and acquisitions (other than capital expenditure), extraordinary items, and other adjustments to net income.
1998
1999
2000
2001
2002
2003a
379.3
484.8
506.7
705.9
972.6
512.3
440.8
109.8
137.8
139.8
179
231.1
144.7
114.6
35.4
46.2
54.7
78.3
102.5
79.8
67
29.6
29.6
26.5
31.4
28.4
9.4
18.9
204.5
271.3
285.7
417.3
610.7
278.4
240.3
70.2
90.4
91.4
129.4
183.2
80.7
69.7
134.4
180.9
194.3
287.9
427.5
197.6
170.6
303.8
307.3
307.5
315.2
318.9
316.2
312.4
$0.44
$0.59
$0.63
$0.91
$1.34
$0.63
$0.55
$ 0.01 change
0.0
0.0
0.0
0.0
0.0
0.0
0.0
15.0
18.3
22.1
28.0
41.2
54.0
47.0
$12.94
$15.08
$33.63
$63.94
$44.22
$31.43
$30.87
11.13%
10.12%
11.37%
9.71%
9.63%
27.33%
27.56%
32.96%
$0.05
$0.06
$0.07
$0.09
$0.13
$0.17
$0.15
$0.24
35%
37%
38%
41%
44%
39%
39%
34%
50%
48%
51%
44%
47%
41%
5.8%
5.0%
7.7%
11.4%
13.2%
3.5%
2.2%
134.4
180.9
194.3
287.9
427.5
197.6
170.6
12.4
20.1
22
25
35.8
46.3
33.5
21.9
24.4
39.1
80.3
127.9
17.9
9.8
21.2
-7.4
-9.6
-26.6
19.2
42
14.9
25.3
58.6
54.6
102.9
115.5
55.2
0.7
129.1
242.6
241.3
362
431.7
239.3
180.1
18.5
26.6
38.3
54.8
52.7
39.3
27.4
11.6
56.5
108.7
69.8
221.6
165.7
15
18.3
22.1
28
41.2
54
47
-18.4
121
194.5
148.8
388.9
373.4
13.2
443.4
637.9
786.7
1,175.60
1,549.00
1,552.00
1,565.20
75.0
Exhibit 3
Fiscal
Quarter
Stock RePurchase
($M)
Dividends
Per Sharea
($)
Q1 93
0.00000
Q2 93
0.00625
Q3 93
1.2
2:1 (11/3)
Dividendb
13-Oct
Earningsb
2.70
281.3
3.19
283.1
12-Jan
14-Oct
0.00625
3.16
283.4
13-Apr
Q4 93
0.00625
3.61
285.4
20-Jul
Q1 94
0.00625
4.28
294.1
Q2 94
0.00750
4.84
287.7
19-Jan
19-Apr
12-Oct
12-Oct
Q3 94
0.5
0.00750
5.28
289.6
Q4 94
0.8
0.00750
5.50
290.5
Q1 95
6.1
0.00750
5.54
290.0
Q2 95
0.00875
6.19
290.5
Q3 95
0.00875
7.00
293.2
Q4 95
0.00875
8.25
294.3
Q1 96
0.01000
10.38
295.2
17-Oct
2:1(8/11)
17-Oct
17-Oct
18-Jan
18-Apr
25-Jul
27-Jul
Q2 96
3.5
0.01000
9.81
296.3
17-Jan
Q3 96
5.0
0.01000
10.44
299.3
16-Apr
Q4 96
14.4
0.01000
7.50
298.6
Q1 97
11.6
0.01250
9.22
297.5
16-Oct
Q2 97
0.01250
10.97
299.5
15-Jan
Q3 97
0.01250
11.06
301.6
Q4 97
0.01250
12.94
303.8
Q1 98
23-Jul
23-Jul
16-Apr
23-Jul
22-Jul
0.01500
17.19
306.0
14-Oct
Q2 98
50.5
0.01500
14.41
303.0
13-Jan
Q3 98
5.9
0.01500
17.25
306.0
0.01500
15.08
307.3
Q4 98
14-Apr
21-Jul
21-Jul
Q1 99
100.0
0.01750
12.50
300.7
13-Oct
Q2 99
8.8
0.01750
22.39
301.3
12-Jan
Q3 99
0.01750
25.63
306.1
Q4 99
0.02000
2:1(1/29)
33.63
307.5
13-Apr
13-Apr
20-Jul
Q1 00
0.02000
29.39
308.5
12-Oct
Q2 00
0.02000
Q3 00
0.02000
Q4 00
Q1 01
35.78
311.1
55.00
313.1
0.03000
63.94
315.2
25-Jul
0.03000
64.75
316.6
17-Oct
2:1(3/6)
18-Jan
18-Apr
18-Apr
Q2 01
52.3
0.03000
46.25
316.0
Q3 01
11.0
0.03000
41.06
317.8
16-Jan
Q4 01
6.5
0.04000
44.22
318.9
24-Jul
Q1 02
114.8
0.04000
32.80
316.3
16-Oct
Q2 02
3.0
0.04000
39.04
317.2
Q3 02
37.3
0.04000
44.22
317.1
Q4 02
66.5
0.05000
31.43
316.2
23-Jul
Q1 03
125.0
0.05000
20.72
311.8
15-Oct
Q2 03
1.5
0.05000
25.72
313.4
14-Jan
Q3 03
39.2
0.05000
30.87
312.4
17-Apr
17-Apr
15-Jan
16-Apr
17-Apr
0.06
Adjusted for splits.
Announcement date. The quarterly earnings announcement date for Q4 1994 is not available from Compustat.
Return on the day before, the day of, and the day after the earnings announcement. The SOX index begins in October 1994.
Source: Adapted from Compustat, the Center for Research on Security Prices, Datastream
Market Reaction
LLTC
Returnc(%)
SOX
Returnc(%)
-1.6
-1
11
-1.2
11.7
0.6
-4.1
2.2
4.7
0.5
1.8
-5
11.7
0.2
14.3
7.3
10.6
3.6
-14.3
4.6
-1.4
-5.8
-11
-1.3
11.4
2.3
-2.3
-0.7
8.3
3.9
5.4
-4
6.6
6.4
13.3
6.8
-15.5
-5
11.9
7.9
3.1
0.3
-6.2
-10.7
-6.4
-3.5
-1.4
6.1
-0.5
15.2
13.5
-2
-4.5
-18.3
-14.6
8.8
8.5
7.2
-11.3
-3.6
-10.1
-9.5
-1.1
-6.5
4.9
3.7
0.5
-2.9
4.3
-0.3
-2.4
-4.2
Exhibit 4
Institution
Janus Capital Management
Capital Research and Management Company
State Farm Mutual Automobile Insurance
Fidelity Management & Research (FMR)
Barclays Bank
Oak Associates
State Street
Northern Trust
AXA Financial
Massachusetts Financial Services
Source: Adapted from Thomson Financial Spectrum Database
Shares
34,151,384
23,807,150
14,599,700
10,902,153
10,561,160
9,754,731
9,468,226
7,473,564
7,429,952
7,309,046
Exhibit 5
Dividend Policy for the S&P 500, Annual Data from 1993-2002
Dividend Yield
Earnings Yield
Return on Book
Equity
Utilities
Telecommunications Services
Materials
Energy
Financials
Industrials
Consumer Staples
Consumer Discretionary
Health Care
Information Technology
4.80%
2.30%
2.20%
1.80%
2.30%
1.80%
1.80%
1.40%
0.90%
0.30%
7.10%
5.20%
5.40%
5.20%
7.00%
5.60%
4.60%
5.40%
3.90%
3.60%
11.40%
14.40%
12.20%
9.80%
16.50%
15.20%
21.10%
15.50%
16.90%
14.90%
Weighted Average
1.80%
5.40%
15.10%
Sector
The sample includes S&P 500 firms in 2002. Not all firms have data back to 1993.
Source: Adapted from Goldman Sachs Portfolio Strategy (July 1, 2003 Research Report)
Exhibit 6
Company
Linear
Technology
Name (CEO
Year)
Robert
Swanson
John
Chambers
Cisco Systems (1995)
Salary ($M)
Stock
Options
Bonus ($M) Grantsa (000)
Value
Realized
from
Exercise
($M)
Stock
Options
Exercisea,b
(000)
Options
Ownedc
(000)
2.6
12.6
3,000
1,297
29.1
1,003
2.3
3.3
45,840
43,090
344.9
35,400
Intel
Craig Barrett
(1998)
4.3
17.8
5,005
10,752
196.6
5,005
Maxim
John Gifford
2.7
12
10,913
10,522
206.3
4,946
Microsoft
Steven A.
Ballmer (2000)
3.5
As reported in the proxy statement in 2002. In 2002, Robert Swanson and John Chambers forfeited 700,000 options and 2 million options, respectively.
Shares
Ownedc
(000)
Common
Shares (M)
530
316
2,047
7,303
2,732
6,575
2,047
320
410,968
5,359
Exhibit 8
Year
Bloomberg 1-year
AAA Muni Debt
6.25
5.89
5.94
5.44
5.73
6.71
3.87
2.37
0.6672
0.646859
0.659933
0.676471
0.635253
0.669151
0.75969
0.78903
33.28%
35.31%
34.01%
32.35%
36.47% <--max
33.08%
24.03%
21.10%
Data on Companies in the Semiconductor Index (SOX) in Millions of Dollars (Except Sha
Exhibit 11
Company
Ticker
Share Pricea
AMD
ALTR
AMAT
BRCM
INTC
KLAC
LLTC
LSI
MXIM
MU
MOT
NSM
NVLS
STM
TSM
TER
TXN
XLNX
6.18
13.54
12.58
12.35
16.28
35.94
30.87
4.52
36.12
8.14
8.26
17.04
27.27
18.90
6.84
11.64
16.37
23.41
Compustat operating cash flow (Item 308) less capital expenditures (Item 128).
Shares (M)
344.5
383.5
1648.0
277.8
6575.0
189.8
316.2
375.1
320.1
602.9
2315.3
183.8
149.1
887.5
3703.2
183.2
1730.6
339.0
Net Income
-1303.0
91.3
269.0
-2236.6
3117.0
216.2
197.6
-292.4
259.2
-907.0
-2485.0
-33.3
22.9
429.0
413.8
-718.5
-344.0
125.7
Cash Flowb
-794.1
237.8
75.1
-144.4
4426.0
215.4
239.3
115.1
313.4
-181.8
732.0
49.8
188.1
718.0
951.3
-80.6
1190.0
299.0
Cashc
1037.7
942.7
4929.5
502.7
12587.0
673.3
1552.0
990.0
765.5
985.7
6566.0
915.4
1019.7
2564.0
1113.0
325.4
3012.0
675.6
Long-Term
Debt
1779.8
0.0
573.9
1.2
929.0
0.0
0.0
1241.2
0.0
360.8
7674.0
19.9
0.0
2797.0
1701.7
450.6
833.0
0.0
Dividends
0.0
0.0
0.0
0.0
533.0
0.0
54.0
0.0
0.0
0.0
364.0
0.0
0.0
36.0
0.0
0.0
147.0
0.0
Stock Repurchases
0.0
139.5
125.0
0.0
4014.0
123.2
221.6
0.0
864.0
0.0
0.0
0.0
78.2
115.0
0.0
0.0
370.0
60.8
Dividend
Initiation
Date
Apr-95d
Sep-92
Oct-92
2-Oct
Sep-91e
Nov-46
May-99
26-Apr
Exhibit 12
1999
2000
2001
2002
Sales
8,458.8
12,154.0
18,928.0
22,293.0
18,915.0
2,302.5
3,316.0
4,343.0
-874.0
2,710.0
952.4
1,220.0
1,675.0
140.0
817.0
1,350.1
2,096.0
2,668.0
-1,014.0
1,893.0
327.3
486.0
863.0
2,236.0
1,957.0
-Capital Expenditure
414.8
584.0
1,086.0
2,271.0
2,641.0
-688.7
-937.0
-1,262.0
-5,078.0
-2,829.0
514.4
919.0
1,348.0
92.0
-92.0
2,465.7
3,854.0
5,055.0
4,121.0
3,946.0
488.5
740.0
1,564.0
1,262.0
655.0
0.0
0.0
0.0
0.0
1,854.0
Net Income
0.0
0.0
0.0
0.0
0.0
2,538.3
4,269.5
3,110.0
4,001.0
-3,002.0
415.9
324.5
3,509.0
1,382.0
5,749.0
1,691.5
2,016.0
5,525.0
6,907.0
12,656.0
1,041.7
3,271.0
7,138.0
7,324.0
7,303.0
$95.75
$62.13
$65.44
$19.22
$13.19
-Other Itemsa
Net Cash Flow
26,273.0
29,389.0
33,726.0
26,539.0
26,764.0
9,137.0
11,228.0
15,141.0
2,183.0
4,204.0
3,069.0
3,914.0
4,606.0
892.0
1,087.0
Net Income
6,068.0
7,314.0
10,535.0
1,291.0
3,117.0
2,807.0
3,186.0
4,807.0
6,052.0
5,042.0
-Capital Expenditure
3,557.0
3,403.0
6,674.0
7,309.0
4,703.0
-31.0
180.0
2,912.0
-1,627.0
-358.0
285.0
1,015.0
397.0
-316.0
612.0
5,634.0
7,932.0
6,153.0
1,345.0
4,426.0
+Stock Issuance
2,127.0
543.0
797.0
762.0
681.0
-Stock Purchases
6,785.0
4,612.0
4,007.0
4,008.0
4,014.0
168.0
366.0
470.0
538.0
533.0
-Dividends Paid
3,109.0
-665.0
438.0
-166.0
-477.0
-2,301.0
4,162.0
2,035.0
-2,273.0
1,037.0
7,626.0
11,788.0
13,823.0
11,550.0
12,587.0
1,658.0
3,334.0
6,721.0
6,690.0
6,575.0
$118.56
$82.31
$30.06
$31.45
$15.57
-Other Items
560.2
607.0
864.9
1,576.6
1,025.1
269.9
297.2
425.2
505.0
386.8
91.8
101.0
144.6
170.0
127.7
178.1
196.1
280.6
334.9
259.2
15.1
17.6
19.7
90.9
56.3
-Capital Expenditure
109.4
54.3
176.1
336.5
90.4
-18.8
-34.8
-26.2
-235.6
48.4
83.5
57.7
157.3
148.3
136.8
186.1
251.9
307.7
473.1
313.4
+Tax Adjustment
Operating Cash Flow
+Stock Issuance
37.2
51.1
79.3
114.3
109.3
-Stock Purchases
123.1
113.9
257.0
250.7
864.0
-Dividends Paid
0.0
0.0
0.0
6.0
0.0
-Other Itemsa
1.2
-2.7
3.7
-248.7
13.5
99.0
191.8
126.2
579.4
-454.9
322.9
514.7
640.9
1,220.4
765.5
130.8
135.8
282.8
330.2
320.1
$31.69
$66.50
$67.94
$44.21
$38.33
14,484.0
19,747.0
22,956.0
25,296.0
28,365.0
7,117.0
11,891.0
14,275.0
11,525.0
11,513.0
2,627.0
4,106.0
4,854.0
3,804.0
3,684.0
Net Income
4,490.0
7,785.0
9,421.0
7,721.0
7,829.0
528.0
483.0
668.0
1,536.0
1,014.0
-Capital Expenditure
656.0
583.0
879.0
1,103.0
770.0
-3,882.0
-335.0
1,470.0
182.0
-1,661.0
+Tax Adjustment
1,527.0
3,232.0
4,054.0
2,504.0
1,784.0
6,224.0
9,447.0
13,082.0
12,319.0
13,739.0
+Stock Issuance
2,512.0
4,457.0
2,245.0
1,620.0
1,497.0
-Stock Purchases
2,468.0
2,950.0
4,896.0
6,074.0
6,069.0
28.0
28.0
13.0
0.0
0.0
-Other Itemsa
1,279.0
7,617.0
3,856.0
63.0
2,115.0
4,961.0
3,309.0
6,562.0
7,802.0
7,052.0
13,927.0
17,236.0
23,798.0
31,600.0
38,652.0
2,470.0
5,109.0
5,283.0
5,383.0
5,359.0
$108.38
$90.19
$80.00
$73.00
$54.70
-Dividends Paid
Other Items includes long-term investments and acquisitions, extraordinary items, and other adjustments to net income.
On April 11, 2001, Maxim acquired Dallas Semiconductor Corporation with 41 million shares of stock.
Walter Model
Current
New
r
k
E
D
P
D
P
Declining Firm
10%
15%
4
4
26.667
2
22.22
Current
New
Gordon Model
r
k
E
b
P
b
P
Growth Firm
20%
15%
4
0.25
30.0
0.5
40.0
Normal Firm
15%
15%
4
0.25
26.7
0.5
26.7
Declining Firm
10%
15%
4
0.25
24.0
0.5
20.0