...Dividend Policy at Linear Technology | Finance 2013 Page 2 of 13 1. Linear Technology’s Dividend Pay-out Policy Linear Tech announced its first dividend in Oct 13, 1992, and paid the first dividend in Q2 1993. The amount of the dividend is $0.00625/share per quarter (adjusted to stock split). The rationale behind the dividend policy is to show investors that owning Linear’s shares is not as risky as owning shares of most technology companies, and on top of that, to attract dividend income investors. Quarterly dividend has been consistently increased every year by an average of 23.52% (Exhibit 1). The highest hike was in the fourth quarter of 2000, where the company increased the quarterly dividend from $0.02/share to $0.03/share (50% increase). Over the time, the average dividend yield is 0.46%. When the share price was at its peak, the dividend yield was at the lowest (0.15% - 0.19%). In contrast, the dividend yield was nearly 1% in the Q1 2003 when the share price dropped to $20.72 (Exhibit 2). Most of the companies in the Semiconductor Index (SOX) do not pay dividend. Linear Tech is one of the few companies that pays dividend, along with Intel, Motorola, STMicroelectronics, and Texas Instruments. Maxim recently announced to start offering quarterly dividend of $0.02 per share, yielding about 0.21%. Therefore, Linear Tech’s dividend yield is comparable to those dividend paying companies (Exhibit 3). Historically, Linear Tech paid out between...
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...Executive Summary Entering the 4th quarter of Linear Technology’s fiscal year 2003 the market continues to show signs of improvement. The company has shown steady growth in the last year and revenues are estimated to increase 19% over FY 2002. Based on this estimate, FY 2003 net income will hit $222.7 million ($0.71 earnings per share); a 12.6% growth from the previous year. Operating cash flow; while lower than 2000 and 2001 has shown a modest increase since 2002 and continues to be positive due to the company’s variable cost structure. This is in-part is due to more efficient working capital investments and “other” adjustments to income, awarding the company a 10% increase in net cash flow year-over-year. Linear Technology has increased its cash holdings to excess of $1.5 billion through employing cost savings initiatives, though these holdings have only shown investors modest returns in the neighborhood of 4.25% ($0.10 earnings per share). While modest, investors have come to expect this form of conservativeness and there has been little outcry of agency issues. Looking ahead, based on an analog “fabs” life expectancy of 10 plus years, capital investments, for a new “fab”, will be required in the next one or two years in excess of $200 million; leaving more than sufficient cash holdings while requiring no leveraging. Based on these financials, Linear Technology should look to increase its dividend payout by $0.01 per share. This has become the expected trend over the last...
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...Executive Summary Entering the 4th quarter of Linear Technology’s fiscal year 2003 the market continues to show signs of improvement. The company has shown steady growth in the last year and revenues are estimated to increase 19% over FY 2002. Based on this estimate, FY 2003 net income will hit $222.7 million ($0.71 earnings per share); a 12.6% growth from the previous year. Operating cash flow; while lower than 2000 and 2001 has shown a modest increase since 2002 and continues to be positive due to the company’s variable cost structure. This is in-part is due to more efficient working capital investments and “other” adjustments to income, awarding the company a 10% increase in net cash flow year-over-year. Linear Technology has increased its cash holdings to excess of $1.5 billion through employing cost savings initiatives, though these holdings have only shown investors modest returns in the neighborhood of 4.25% ($0.10 earnings per share). While modest, investors have come to expect this form of conservativeness and there has been little outcry of agency issues. Looking ahead, based on an analog “fabs” life expectancy of 10 plus years, capital investments, for a new “fab”, will be required in the next one or two years in excess of $200 million; leaving more than sufficient cash holdings while requiring no leveraging. Based on these financials, Linear Technology should look to increase its dividend payout by $0.01 per share. This has become the expected trend over the last...
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...• Student reflection – students will reflect on how they feel about the activities. • Class data on Unit 3 Linear Functions assessments 7) Professional standards addressed: (2 points) 1. Facilitate and Inspire Student Learning and Creativity – project based learning include solving real world problems and providing students choices of how they will present the knowledge they gain using different digital technologies. Students will also collaborate and reflect on their thinking, planning and creative process 2. Design and Develop Digital-Age Learning and experiences and Assessments – the project includes technology-enriched learning experiences that incorporate digital tools and resources. Students will manage their own learning and assess their own progress. 3. Model Digital-Age Work and Learning – the use of current and emerging digital tools is an important aspect for the implementation of the project based...
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...When Radiation therapy Kills? Case Study Mar, 5, 2012 Submitted To: DR. Hassan M. Selim Prepared by: Group 4 Khaled Al Qubaisi Waleed Al Zaabi Ali Al Tamimi Mohamed Al Jefri Summary The new radiation therapy comes with high expected from manufacturers, doctors and technicians a long with the hospitals and state oversight agencies to cure people illness from cancers; however, what if these complex machines show the negative impact of technology and its power to kill people and steal the hope of having a healthy life! Also, in many cases, low software design, poor human – machine interfaces and lack proper training are other reasons of hospital failing to cure people who have cancer. This case study illustrates how bad radiation therapy machines are and the carelessness of technicians using these machines; both cause people death. Some examples regarding the awry of radiation treatment are the death of Scott Jerome-Parks and Jn-Charles. Jerome-Parks has tongue cancer and after getting dosages of radiation, his illness becomes worse. This is because of machine malfunctions and technicians error in using it. What has happened to him is that his brain and neck has exposed to a big amount of the radiation because of a computer error as technician uses the new multi-leaf collimator. As a result, he has deafness, near blindness, teeth falling out and difficulty in breathing and eventually he died. The other patient, Jn-Charles, was having aggressive breast cancer and...
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...Case Analysis 3: Linear Technologies Payout Policy, Tax Considerations, Cash Retention and Information Asymmetry Christopher Mafi 22996 Karl Bokvist 23020 Oscar Bjurviken 23082 Edwin Olsson 23106 Executive Summary Linear Technologies has throughout the years experienced high growth in both revenue, net income and in cash. Despite declining sales, margins have remained high and Linear by comparison to other companies has the financial possibility to increase its dividend to higher levels than what it currently is today due to a current cash-to-market cap of 16,23%, zero long-term debt and a low dividend yield of 0,49%. The cash balance has a current effective tax disadvantage of 23,50% while investors would prefer to have the cash distributed through a share repurchase due to the tax being paid later on when the investor’s capital gain is realized. An increased dividend would be a credible signal to investors of a strong belief in future success while a clientele effect from paying a dividend would attract certain investors such as European mutual funds. Agency problems are also reduced through a dividend since less cash is available for unattractive investments while CEO Robert Swanson’s options decrease in value, hence indicating CEO’s belief of long-term company success above shortterm option value. Linear should therefore reduce its cash balance by paying out 1/3 in dividends and 1/3 in share repurchases while keeping 1/3 for future investments. Payout...
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...THE UNIVERSITY OF NORTH CAROLINA AT GREENSBORO Joseph M. Bryan School of Business and Economics Department of Accounting and Finance Fall 2008 I. Meeting Time and Place FIN 625.01, Corporate Strategy and the Finance Function 6:30 pm – 9:20 pm M, Bryan School (Room 204 Bryan Bldg.)[1] II. Instructor Daniel T. Winkler Office: 324 Bryan Bldg. Phone: 256-0122 E-mail: dt_winkler@uncg.edu Blackboard: http://blackboard.uncg.edu Office Hours: 5:15 pm – 6:15 pm M, 11:15 am – 12:15 pm W, or by appointment III. Prerequisites Prerequisites: MBA 605, 617; Co-requisite is MBA 620 IV. Course Materials Douglas R. Emery, John D. Finnerty, and John D. Stowe. Corporate Financial Management, 3rd Ed., Prentice Hall Publishing (Pearson), 2007. ISBN: 9780132278720. Harvard Business Review Cases (HC) purchased and downloaded online at: http://harvardbusinessonline.hbsp.harvard.edu/b02/en/cases/cases_home.jhtml. Case ordering numbers are given in parentheses next to each case in the Tentative Schedule. HP (Hewlett Packard) 10 B II, 17BII financial calculator or the equivalent. V. Course Description and Purpose The UNCG Graduate Bulletin describes MBA 625 as follows: "Finance in the strategic management process; corporate strategies and shareholder value creation, financing...
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...Overview and examples from Finite Mathematics Using Microsoft Excel® Revathi Narasimhan Saint Peter's College An electronic supplement to Finite Mathematics and Its Applications, 6th Ed. , by Goldstein, Schneider, and Siegel, Prentice Hall, 1997 Introduction In any introductory mathematics course designed for non-mathematics majors, it is important for the student to understand and apply mathematical ideas in a variety of contexts. With the increased use of advanced software in all fields, it is also important for the student to effectively interact with the new technology. Our goal is to integrate these two objectives in a supplement for the text Finite Mathematics and Its Applications, by Goldstein, Schneider, and Siegel. The package consists of interactive tutorials and projects in an Excel workbook format. The software platform used is the Microsoft Excel 5.0 spreadsheet. It was chosen for the following reasons: • • • suited to applications encountered in a finite math course widespread use outside of academia ease of creating reports with a professional look Use of Excel 5.0 was put into effect in the author's sections of the Finite Mathematics II course in the Spring 1996 semester. It was expanded to cover the Finite Mathematics I course for the Fall semester of 1996. Using a combination of specially designed projects and tutorials, students are able to analyze data, draw conclusions, and present their analysis in a professional format. The mathematical...
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...AMBA 640 / AMBA 640 HYBRID COURSE MATERIALS ASSIGNMENTS Acme Mexico City and Application of World-Class Operations and Information Systems Management Techniques and Production Planning and Strategy for Toyota North America (Version 06/01/15) Background Information for Acme Mexico City Acme Home Improvements, Inc. was founded in 1982 in Raleigh, North Carolina, USA. By mid 2015, the company had 125 stores along the US East Coast from Florida to Maine. Its annual sales are currently ~$5,400,000,000 with $280,000,000 net income. The average store is about 100,000 square feet with an additional 10,000 square feet of outside garden center. The stores typically carry 40,000 different products from 5,000 vendors worldwide. Major US competitors include Ace, Home Depot, Lowe's, and TruValue. All four operate already in Mexico. 1 In the interests of seeking greater profits and buffering against downturns in the US market, Acme has determined to follow these and other competitors to Canada and Mexico. In the latter, it has established, in accordance with Mexican law, a joint venture with local interests, known as Acme Home Improvements de México, SA de CV ("Acme de México" or "Acme Mexico City"). (SA de CV = Sociedad Anónima de Capital Variable, a Mexican corporate form.) There are five major product groups within each Acme store: plumbing and electrical supplies, building materials, hardware and tools, seasonal and garden/yard items, and paint, flooring and wall coverings. Each store...
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...This page intentionally left blank R E V I S E D T H I R T E E N T H E D I T I O N AN INTRODUCTION TO MANAGEMENT SCIENCE QUANTITATIVE APPROACHES TO DECISION MAKING David R. Anderson University of Cincinnati Dennis J. Sweeney University of Cincinnati Thomas A. Williams Rochester Institute of Technology Jeffrey D. Camm University of Cincinnati Kipp Martin University of Chicago Australia • Brazil • Japan • Korea • Mexico • Singapore • Spain • United Kingdom • United States This is an electronic version of the print textbook. Due to electronic rights restrictions, some third party content may be suppressed. Editorial review has deemed that any suppressed content does not materially affect the overall learning experience. The publisher reserves the right to remove content from this title at any time if subsequent rights restrictions require it. For valuable information on pricing, previous editions, changes to current editions, and alternate formats, please visit www.cengage.com/highered to search by ISBN#, author, title, or keyword for materials in your areas of interest. An Introduction to Management Science: Quantitative Approaches to Decision Making, Revised Thirteenth Edition David R. Anderson, Dennis J. Sweeney, Thomas A. Williams, Jeffrey D. Camm, & Kipp Martin VP/Editorial Director: Jack W. Calhoun Publisher: Joe Sabatino Senior Acquisitions Editor: Charles McCormick, Jr. Developmental Editor: Maggie Kubale Editorial Assistant:...
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...ns/ Upton, Martin, Ulysses, & Clapper (UMUC) is a medium-sized financial analysis firm specializing in conducting independent economic and market assessments for banks, insurance companies, mortgage lenders, and government regulatory agencies. UMUC also provides independent verification and validation (IV&V) services for assessments and reports that were developed internally by these entities. The firm is highly respected for its unbiased, politics neutral, objective, accurate financial and economic products and services. You are a Senior IT Specialist & Systems Analyst at UMUC. One of your responsibilities is to identify and recommend computer equipment for technology refreshes and new initiatives. The Senior Manager, Revolving Debt Analysis (RDA) has come to you because it is time for a technology refresh and there is a new initiative to conduct more complex, national-level analysis of credit card fraud, default, and write-off data. Specifically, banks, credit card companies, and some law enforcement entities want to see if this analysis will assist in targeting identity thieves. The Senior Manager explains that RDA will need to refresh 35 desktop personal computers (PC). The new PCs will need to run complex calculations based on statistical models that use large amounts of data. Due to the unique nature of the datasets, data models, queries, formulas and equations and the individuality of the financial analysts and economists (many hold a PhD), the actual...
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... Dissertation Committee: Professor Matt Eastin, Adviser Professor Prabu David Professor Thomas McCain Approved by _____________________ Adviser Communication Graduate Program UMI Number: 3177152 UMI Microform 3177152 Copyright 2005 by ProQuest Information and Learning Company. All rights reserved. This microform edition is protected against unauthorized copying under Title 17, United States Code. ProQuest Information and Learning Company 300 North Zeeb Road P.O. Box 1346 Ann Arbor, MI 48106-1346 ABSTRACT How people understand and learn information is changing due to an increased reliance on technology. The Internet is creating a complex environment where the lines between media and information are blurring. This switch can be seen in mass media, classroom learning applications and the work environment. Along with this reliance on technology comes access to an almost unlimited amount of information presented in a multitude of ways. This presentation can be overwhelming to information seekers and online learners alike. By taking advantage of the inherent properties of new media, namely the ability to present content in different forms to a variety of learners, online learning can be structured to improve recall and satisfaction for multimedia learners. This research presents the results of an experimentally designed research study that examines the effects of learning style, content delivery method, and pre-instructional strategy on recall and satisfaction...
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...Desktop 3rd Generation Intel® Core™ Processor Family Specification Update March 2014 Revision 017 Reference Number: 326766 By using this document, in addition to any agreements you have with Intel, you accept the terms set forth below. You may not use or facilitate the use of this document in connection with any infringement or other legal analysis concerning Intel products described herein. You agree to grant Intel a non-exclusive, royalty-free license to any patent claim thereafter drafted which includes subject matter disclosed herein. INFORMATION IN THIS DOCUMENT IS PROVIDED IN CONNECTION WITH INTEL PRODUCTS. NO LICENSE, EXPRESS OR IMPLIED, BY ESTOPPEL OR OTHERWISE, TO ANY INTELLECTUAL PROPERTY RIGHTS IS GRANTED BY THIS DOCUMENT. EXCEPT AS PROVIDED IN INTEL'S TERMS AND CONDITIONS OF SALE FOR SUCH PRODUCTS, INTEL ASSUMES NO LIABILITY WHATSOEVER AND INTEL DISCLAIMS ANY EXPRESS OR IMPLIED WARRANTY, RELATING TO SALE AND/OR USE OF INTEL PRODUCTS INCLUDING LIABILITY OR WARRANTIES RELATING TO FITNESS FOR A PARTICULAR PURPOSE, MERCHANTABILITY, OR INFRINGEMENT OF ANY PATENT, COPYRIGHT OR OTHER INTELLECTUAL PROPERTY RIGHT. A “Mission Critical Application” is any application in which failure of the Intel Product could result, directly or indirectly, in personal injury or death. SHOULD YOU PURCHASE OR USE INTEL'S PRODUCTS FOR ANY SUCH MISSION CRITICAL APPLICATION, YOU SHALL INDEMNIFY AND HOLD INTEL AND ITS SUBSIDIARIES, SUBCONTRACTORS AND AFFILIATES, AND THE DIRECTORS, OFFICERS...
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...estimate β from variables measurable. The most difficult forβestimation is that the strong non-linear characteristics of vehicle, especially non-linear characteristics of tire force makes vehicle model parameters change greatly as vehicle running in nonlinear conditions. This paper proposes an observer based on nonlinear tire model which can describe the tire lateral force in its nonlinear region. Simulation and experimental analysis demonstrate the observer’s effectiveness, especially when the vehicle running in nonlinear cornering regions. Key words: electric vehicle, vehicle stabilization control, body slip angle, nonlinear observer, nonlinear tire model 1. Introduction In recent years, considering environmental protection and energy conservation, electric vehicles (EVs) are intensively developed. Due to the improvement of motor design and control technology, modern configurations are developed for EV. One of the latest configurations is motor-in-wheels, which means motors can be fitted into all the driving wheels of EV independently. For vehicle chassis control, such configuration brings much more advantages. All the wheel motors torque can be measured and controlled independently. Also, electric motor can generate driving torque quickly and accurately. Hence, it can provide more flexible and novel ideas for vehicle motion control [1]. One of such motion control technologies is Direct Yaw Moment Control (DYC), which is much more conveniently implemented in motor-in-wheel...
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...Mahindra Case 1. Mahindra is a multinational company that conducts business in many different industries, such as aerospace, automobiles, farm equipment, finance, hospitality and information technology. Under the “Mahindra Tractor” name they are a manufacturer and producer of tractors and other agricultural equipment. The main dilemma facing Mahindra is in regards to their fulfillment to dealers. The supply chain is as follows: first the company manufactures the tractors, and then has them sent to their stockyards. At the stockyards they are available to the dealers, who in turn sell them to customers. Mahindra’s dilemma is that their stockyards frequently have an irregular and short supply available to dealers. Since the dealers have difficulty in receiving the proper tractors, they had an accuracy level of only 63% in fulfilling sales demands. Besides for Mahindra’s issues causing a decrease sales fulfillment, their sales information is also reported to the media and impacts the companies share price. 2. -Even with their issues, by analyzing yearly data it is clear that revenue has grown steadily. Sales revenue has grown yearly from 87,768,000 in 2004 to 228,305,000 in 2011. This can be linked to improvements in crop yield and irrigation causing an increase in demand. Mahindra likely would have grown even more if they were able to provide the proper tractors to dealers. In fact, by analyzing the data from months January 2004-Decemeber 2011 we see that the tractor industry...
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