Exhibit 99.1

e
Contact:	Donald P. Zerio
	Vice President, Finance, Chief Financial Officer	January 17, 2017
	(408) 432-1900	NATIONAL DISTRIBUTION

LINEAR TECHNOLOGY REPORTS SEQUENTIAL INCREASES IN REVENUE, NET INCOME, AND EARNINGS PER SHARE. THE COMPANY INCREASES THE QUARTERLY DIVIDEND $0.01 TO $0.33 PER SHARE

Milpitas, California, January 17, 2017, Linear Technology Corporation (NASDAQ:LLTC), a leading, independent manufacturer of high performance linear integrated circuits, today reported financial results for the fiscal quarter ended January 1, 2017. Quarterly revenues of $375.8 million for the second quarter of fiscal year 2017 increased $1.9 million or 0.5% over the previous quarter’s revenue of $373.9 million and increased $28.7 million or 8.3% over the $347.1 million reported in the second quarter of fiscal year 2016.

On a GAAP basis, net income of $124.0 million increased $8.9 million or 7.7% over the previous quarter’s net income of $115.1 million and increased $2.5 million or 2.0% over the second quarter of fiscal year 2016. Diluted earnings per share of $0.50 per share in the second quarter of fiscal year 2017 increased $0.03 per share or 6% over the previous quarter and was unchanged from the second quarter of fiscal year 2016.

According to Lothar Maier, CEO, “Revenue for our second fiscal quarter of $375.8 million was slightly higher than we guided and is up 8.3% over the second quarter of fiscal year 2016. This is a good result in what historically has been a weaker seasonal quarter for us. On a non-GAAP basis excluding merger-related charges totaling $10.8 million, non-GAAP gross margin, operating margin and earnings per share were 76.3%, 45.5% and $0.54, respectively, all increases over the prior quarter. The increase in revenue was aided by an increase in our Communication and Industrial markets while gross margin was up slightly primarily due to a richer product mix.

Due to the pending merger with Analog Devices, Inc., we expect that this will be our final earnings release as an independent company. We would like to thank our long-term investors who trusted our long-term market and operational strategies. Finally, we would like to thank the employees of Linear Technology who together over the course of 35 years helped to create a truly special company.”

The following table summarizes the key GAAP and non-GAAP financial results:


	Non-GAAP				GAAP
(In thousands,	Q2		Q1		Q2		Q1		Q2
except per share amounts)	FY2017		FY2017		FY2017		FY2017		FY2016
Revenues	$	375,817	$	373,895	$	375,817	$	373,895	$	347,128
Gross profit	$	286,827	$	284,069	$	284,827	$	282,069	$	262,744
Gross margin		76.3%		76.0%		75.8%		75.4%		75.7%
Operating income	$	171,073	$	169,095	$	160,245	$	149,301	$	149,457
Operating margin		45.5%		45.2%		42.6%		39.9%		43.1%
Net income	$	132,242	$	130,165	$	123,986	$	115,122	$	121,532
Earnings per share - Diluted	$	0.54	$	0.53	$	0.50	$	0.47	$	0.50

Cash, cash equivalents and marketable securities increased by $88.7 million over the first quarter of fiscal year 2017 to $1.61 billion. The Company's Board of Directors approved an increase in the Company's quarterly dividend from $0.32 per share to $0.33 per share. This marked the 25th consecutive year the Company has increased its dividend. A cash dividend of $0.33 per share will be paid on March 7, 2017 to stockholders of record on February 24, 2017. During the second quarter the Company generated positive cash flows from operations of $179.5 million or 48% of total revenues. During the second quarter of fiscal year 2017 the Company paid $78.7 million to shareholders in the form of dividends, representing $0.32 per share. There were no open market stock repurchases as the Analog Merger Agreement restricts the ability of the Company to repurchase shares of its common stock.

As a result of the pending transaction with Analog Devices, the Company will not hold a quarterly earnings conference call.

In lieu of a conference call, additional supplemental financial information regarding operational performance and earnings for the fiscal second quarter of 2017, in addition to bookings by end market and revenue by geography, has been made available under the Investor Relations section of the Company’s website that can be accessed through www.linear.com

Except for historical information contained herein, the matters set forth in this press release are forward-looking statements. In particular, the statements regarding the demand for our products, our customers' ordering patterns and the anticipated trends in our revenue are forward-looking statements. The forward-looking statements are dependent on certain risks and uncertainties, including such factors, among others, as the timing, volume and pricing of new orders received and shipped, the timely introduction of new processes and products, general and country specific conditions in the world economy and financial markets and other factors described in our 10-K for the year ended July 3, 2016.

Linear Technology Corporation, a member of the S&P 500, has been designing, manufacturing and marketing a broad line of high performance analog integrated circuits for major companies worldwide for over three decades. The Company’s products provide an essential bridge between our analog world and the digital electronics in communications, networking, industrial, automotive, computer, medical, instrumentation, consumer, and military and aerospace systems. Linear Technology produces power management, data conversion, signal conditioning, RF and interface ICs, µModule® subsystems, and wireless sensor network products. For more information, visit www.linear.com

For further information contact Donald P. Zerio 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						Six Months Ended
	January 1,		October 2,		January 3,		January 1,		January 3,
	2017		2016		2016		2017		2016

Revenues	$	375,817	$	373,895	$	347,128	$	749,712	$	689,045
Cost of sales (1)(2)		90,990		91,826		84,384		182,816		169,589
Gross profit		284,827		282,069		262,744		566,896		519,456
Expenses:
Research and development (1)(2)		77,030		76,359		69,884		153,389		136,486
Selling, general and administrative (1)(2)		47,552		56,409		43,403		103,961		83,596
Total operating expenses		124,582		132,768		113,287		257,350		220,082
Operating income		160,245		149,301		149,457		309,546		299,374
Interest income and other income		2,361		2,173		1,521		4,534		2,508
Income before income taxes		162,606		151,474		150,978		314,080		301,882
Provision for income taxes		38,620		36,352		29,446		74,972		68,303
Net income	$	123,986	$	115,122	$	121,532	$	239,108	$	233,579

Earnings per share:
Basic	$	0.50	$	0.47	$	0.50	$	0.97	$	0.95
Diluted	$	0.50	$	0.47	$	0.50	$	0.97	$	0.95

Shares used in determining earnings per share:
Basic		245,804		245,271		244,591		245,561		244,831
Diluted		246,280		245,709		244,880		246,026		245,178

Includes the following non-cash charges:
(1) Stock-based compensation
Cost of sales	$	2,496	$	2,547	$	2,557	$	5,043	$	4,899
Research and development		13,572		11,868		11,731		25,440		22,653
Selling, general and administrative		6,990		6,129		5,968		13,119		11,606
Includes the following pre-tax impact of items:
(2) Merger-related charges
Cost of sales	$	2,000	$	2,000	$	—	$	4,000	$	—
Research and development		5,000		5,000		—		10,000		—
Selling, general and administrative		3,828		12,794		—		16,622		—

LINEAR TECHNOLOGY CORPORATION

CONSOLIDATED CONDENSED BALANCE SHEETS

(in thousands)

U.S. GAAP (unaudited)


	January 1,		July 3,
As of	2017		2016
Assets
Cash, cash equivalents and marketable securities	$	1,609,825	$	1,448,275
Accounts receivable, net of allowances ($1,649 as of January 1, 2017) and ($1,649 as of July 3, 2016)		145,135		157,460
Inventories		98,548		97,251
Prepaid expenses and other current assets		48,539		51,744
Total current assets		1,902,047		1,754,730

Property, plant & equipment, net		281,149		285,866
Other noncurrent assets		8,285		9,385
Total assets	$	2,191,481	$	2,049,981

Liabilities
Accounts payable	$	17,197	$	17,465
Accrued income taxes, payroll & other accrued liabilities		132,931		113,800
Deferred income on shipments to distributors		49,489		48,701
Total current liabilities		199,617		179,966

Deferred tax and other noncurrent liabilities		114,052		110,840

Stockholders’ equity
Common stock and additional paid-in capital		2,192,469		2,137,150
Accumulated deficit		(314,459)		(379,210)
Accumulated other comprehensive (loss) income, net of tax		(198)		1,235
Total stockholders’ equity		1,877,812		1,759,175
Total liabilities and stockholders’ equity	$	2,191,481	$	2,049,981

LINEAR TECHNOLOGY CORPORATION

CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS

(In thousands)

(unaudited)


		Three Months Ended					Six Months Ended
	January 1,		October 2,		January 3,		January 1,		January 3,
	2017		2016		2016		2017		2016
Cash flow from operating activities:
Net income	$	123,986	$	115,122	$	121,532	$	239,108	$	233,579
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		13,076		13,176		12,779		26,252		26,027
Stock-based compensation		23,058		20,544		20,256		43,602		39,158
Excess tax benefit from stock-based compensation		(3,131)		(3,783)		(3,053)		(6,914)		(4,680)
Change in operating assets and liabilities		22,471		22,718		5,486		45,189		38,658
Cash provided by operating activities		179,460		167,777		157,000		347,237		332,742

Cash flow from investing activities:
Net proceeds from sales and maturities and (purchases) of available-for-sale securities		22,928		(120,367)		(104,339)		(97,439)		(124,143)
Purchase of property, plant and equipment		(12,104)		(8,332)		(10,952)		(20,436)		(21,112)
Cash provided by (used in) investing activities		10,824		(128,699)		(115,291)		(117,875)		(145,255)

Cash flow from financing activities:
Excess tax benefit from stock-based compensation		3,131		3,783		3,053		6,914		4,680
Issuance of common stock under employee stock plans		7,400		—		11,976		7,400		16,229
Purchase of common stock		(9,237)		(10,800)		(22,598)		(20,037)		(79,155)
Payment of cash dividends		(78,707)		(78,608)		(73,498)		(157,315)		(146,810)
Cash used in financing activities		(77,413)		(85,625)		(81,067)		(163,038)		(205,056)

Increase (decrease) in cash and cash equivalents		112,871		(46,547)		(39,358)		66,324		(17,569)
Cash and cash equivalents, beginning of period		217,135		263,682		217,468		263,682		195,679
Cash and cash equivalents, end of period	$	330,006	$	217,135	$	178,110	$	330,006	$	178,110

LINEAR TECHNOLOGY CORPORATION

CONSOLIDATED SUPPLEMENTAL INFORMATION

(In thousands, except per share amounts)

Non-GAAP (unaudited)


	Three Months Ended
	January 1,		October 2,		January 3,
	2017		2016		2016

GAAP gross profit	$	284,827	$	282,069	$	262,744
Adjustments to reconcile GAAP gross profit to non-GAAP gross profit
Add: Merger-related charges		2,000		2,000		—
Non-GAAP gross profit		286,827		284,069		262,744

GAAP operating income		160,245		149,301		149,457
Adjustments to reconcile GAAP operating income to non-GAAP operating income
Add: Merger-related charges		10,828		19,794		—
Non-GAAP operating income		171,073		169,095		149,457

GAAP net income		123,986		115,122		121,532
Adjustments to reconcile GAAP net income to non-GAAP net income
Add: Merger-related charges		10,828		19,794		—
Less: Income tax effect of non-GAAP adjustments		(2,572)		(4,751)		—
Non-GAAP net income	$	132,242	$	130,165	$	121,532
GAAP net income per diluted share	$	0.50	$	0.47	$	0.50
Non-GAAP net income per diluted share	$	0.54	$	0.53	$	0.50

To supplement the condensed consolidated financial statements presented in accordance with GAAP, certain non-GAAP financial information is provided, which is adjusted from results based on GAAP to exclude certain costs and expenses, and adjusted for their tax effects. However, because there are no standardized or generally accepted definitions for most non-GAAP financial metrics, definitions of non-GAAP financial metrics (e.g. determining which costs and expenses to exclude when calculating such a metric) are inherently subject to judgement. The non-GAAP and supplemental information is provided to enhance the user’s overall understanding of operating performance and prospects in the future. The presentation of non-GAAP and supplemental information is not meant to be considered in isolation or as a substitute for results prepared and presented in accordance with United States GAAP. The following charges are presented as a non-GAAP financial metric as they are considered to be non-recurring by nature, and therefore are not indicative of core operating results, as they represent costs incurred as a result of the pending merger between Linear Technology and Analog Devices as announced on July 26, 2016:

Merger-related charges that are directly related to the pending merger between Linear Technology and Analog Devices. Charges primarily include costs for advisory services, appraisals, legal services, employee-related expense and auditing services. Management believes that it is appropriate to exclude these items as they are not indicative of ongoing operating results and therefore limit comparability and excluding these items helps investors compare our operating performance with our results in prior periods as well as with the performance of other companies.

Income tax effect of non-GAAP adjustments. Includes the income tax effects of the excluded item noted above. Management believes that it is appropriate to exclude the tax effects of the items noted above in order to present a more meaningful measure of non-GAAP net income.