Board of Directors, Linear Technologies Essay Example for Free

Board of Directors, Linear Technologies Essay Based on the financials to date and the forward looking capital investments required Linear should increase their dividend payout by $0.01 per share. Entering the fourth quarter of 2003 the market seems to show continued signs of improvement. The company has shown steady growth and revenues are forecasted to exceed 2002’s by 19%. The forecast shows net income coming in at $222.7m; a robust 12% increase over last year. Linear has however increased its cash holdings to be in excess of $1.5b through various management initiatives. However this $1.5b has only shown investors a 4.25% growth which translates to $0.10 earnings per share pre-tax. This is in line with the company’s history of conservatism. Looking ahead the company does seem to have requirements to build a new fabrication facility as their facility is aging and is nearing its effective use in its life cycle and will cost around $200m. Linear seems to have enough cash on hand to be able to invest their cash without leveraging the company too much in the future. They have also not spent much on capital expenditures as a percentage of sales (2.2% in FY2002) this last year and should look to increase that in the future. By looking at the information above in the table we see that Linear has had a long history of paying a dividend and has ample resources to pay out dividends; Thus making them one of the highest in their industry as noted in the table below. The other options show extremes in the industry and prove to be too â€Å"far out there† in terms of this industry. Technology companies are known for investing their cash in RD as well and Linear needs to be aggressive in using its cash reserves in a higher and better use that will in turn show investors more returns as well as provide a health dividend amongst their peers. This is in line with what their investors have come to expect over the last 3 years and any significant adjustment now would not signal well in the markets. This increase would raise their dividend payouts to over $66m (a 22% increase from FY2002). History/Analysis of the Dividend Policy at Linear Linear management started issuing dividends when they were sure of the sustainable profitability and cash flow and understood that if they started a dividend that they would have to maintain this in the long run. They understood that investors don’t react well when a company stops paying a dividend. Hence starting small at and gradually increasing the dividends over time as seen in the chart below while the dividend yield took a large hit in 2000 and rebounded in 2002. (Starting at $0.00625 dividend per share in 1992 after they went public in 1986 to a high of $.05 per share today) The Primary reasons to start issuing the dividend highlighted by the management were – Company is financially well positioned with the sustained cash flow since IPO Show investors that Linear is a less risky investment (compared to other tech firms) Tap in the investors interested in income goals along with growth goals (more attractive than the low bank interest instruments) Management feels that increasing the dividend every year even during a tough economic time was good signaling. One thing to note is that Linear did not just limit itself to dividends but also leveraged the share buyback (based on the market conditions), as a vehicle to give cash back to the investors. In 2003, company has recovered ($198m net income) from the 2001 recessionary slump but still more than 50% below the peak in 2001 ($427m net income.) Moreover, sales and profit grew at 3% and 7% respectively are still far below 2001 levels. Dividend payouts make the stocks less volatile too. On the other hand, when a technology growth company start paying dividend it can be concluded that company believes that shareholders can make higher return by investing somewhere else. Porter’s 5 Forces to date: Dividend and buyback policies at Linear Overall Market: Big market scandals, Enron and World-Com were cooking the accounting books to show growth. Every year an investor can get the real money from the dividend (a bird in hand,) but stock growth is just on paper (two birds in the bush, considering the recent big accounting scandals). Even the Fortune article in 2002 suggested that going forward a growing share of investment returns will be from the dividend income. Simple Proposal: Raise by $0.01 The goal of payout policy is to ensure that funds are allocated optimally across firms and their investors. Having said that, several facts speak in favor of raising Linear’s dividend by one cent and not swinging the pendulum in one direction or the other. Excess cash-to-operations approach for 2003 (first three quarters): Dividends paid: $47 million Operating Cash Flow: $180.1 million with the majority of cash going towards stock repurchases. ($165.7 million) while $13.2 million ended up on the firm’s balance sheet. With 312.4million shares outstanding, Linear’s additional expenditures with a $0.06 dividend would be $3.1million per quarter or $12.5million annually. Given the corporation’s financial situation, this is perfectly feasible as seen in the chart below. This would slightly change the dividend yield as seen in the charts below. The company has a very strong cash balance of over $1.5 billion in which to strategically invest In view of the upcoming changes in tax law, raising dividends enjoys support from major shareholders It could potentially help attract additional investors, such as mutual funds and European investment firms It would be consistent with the firm’s dividend payout history; the dividends have been increasing by one cent every year since 1999 The company is not planning any major acquisition for which cash would be required Middle-ground proposal: Send 1/3 FCF to Dividends, 1/3 FCF to buybacks An option to balance the historical and the path forward for dividend pay would be to adopt the idea of paying one third of their earnings per Blaine Rollins, leader portfolio manager of Janus Fund. â€Å"For companies with strong excess cash flow such as Linear, I would suggest saving a third of the cash for a ‘rainy day’ and sharing the other two-thirds with investors, split equally between dividends and buybacks.† Here’s the historical data of the actual paid and the percentage of their excess cash flow: If we follow the advice from Rollins, here’s the middle ground proposal allocating 1/3 of excess cash flow towards dividends. Assuming the Q4 will be similar to the first 3 quarters in 2003, we can estimate that the net income to be $227.5M and FCFE to be $240M. By taking 1/3, we can recommend dividend for 2003E (estimate) would be $80M. The dividend yield would increase slightly from .4% to .6% a well in the charts above. Economy Due to the recession in 2001, the overall economy is not growing strong but there’s no clear sign of a major decline. SP500 has remained steady over the past few years and with a favorable tax plan, it a signal to the investors that Linear remains a great investment opportunity when people are generally trying to hold on to their cash. Industry Although this is still higher than the industry standard, Linear has maintained a strong cash balance and by rewarding the investors, with a high dividend, it would signal strong growth and attract future investors looking for steady income revenue. This would also be a point of differentiation amongst its competitors and allow Linear to stand out amongst the crowd. However, a concern is a potential message that there is no future growth RD/projects in the pipeline. Linear’s current circumstance: Linear is in a strong financial position to pay aggressive dividends and there’s no apparent risk in increasing dividends to the company. However, some factors to consider are potentially missing out on capital growth investments and executive pay restrictions. Radical Proposal: Distribute All Cash A radical proposal for Linear Technology would be to distribute all of their cash. Taking this to the extreme, it would include the $1.5 billion cash balance they currently have as well as paying all of their cash flow for each of the subsequent years. The $1.5 billion they have on hand would provide a dividend of approximately $5.00 per share. This would represent a dividend yield of 16.2%. If they chose to continue this policy on a going forward basis it would provide a very volatile dividend. Looking at the past ten years of data, this strategy would give investors a dividend between $0.13 and $1.34 per share. Economy The economy still hasn’t rebounded from the recession of 2001. Although Linear Technologies had never had a year with negative cash flow, there was significant uncertainty in the market and by distributing all of their cash they would be in a position where they could not make a mistake if it fell further. Industry This would imply to investors that they do not have growth opportunities that would provide investors attractive returns. Investors prefer to have a predictable dividend, by doing this they would create uncertainty in their dividend policy in the future. Even if they decided not to payout all of their cash every year, by doing it one year they risk setting a precedent that if cash gets to $1.5 billion it will be used for a dividend. This would provide a dividend yield to investors of 16.2%. This is significantly higher than the 0.3% average for the Information Technology sector as a whole. Moreover, if they continued this policy moving forward they would continue to distinguish themselves from the other tech firms by having a much higher dividend yield. Linear’s current circumstance: They run the risk of missing out on opportunities for acquisitions or investment in their existing business. Even if they didn’t see opportunities at the current time, starting the year with a zero cash balance would greatly diminish their ability to finance any expansions or acquisitions. They would be forced to finance those opportunities through debt or raising new equity.

Of Mice And Men :: essays research papers

Of Mice and Men Essay:   Ã‚  Ã‚  Ã‚  Ã‚  Of Mice and Men, written by John Steinbeck, shows the struggles and hardships that two migrant farm workers experienced during the Great Depression. The dream of owning their own farm keeps them going and lightens the load of their work while it also strengthens their friendship. The dream that Lennie and George had, although unlikely to be achieved, causes a friendship to grow and thus gives a meaning to life.   Ã‚  Ã‚  Ã‚  Ã‚  Lennie and George have a mutual dependency on each other, but Lennie needs George more because he has a mental handicap and George needs to watch over him. For Example, when Lennie and George met their new boss, George told Lennie not to talk so the boss wouldn’t know how that Lennie is mentally disabled. Without George telling Lennie not to talk to their new boss Lennie might have showed how unintelligent he was and he might not have gotten the job. George is like a parent to Lennie and he shows his love not through the words he speaks to Lennie but through the way he cares for him. In addition, Lennie causes trouble wherever he goes without knowing it. They had to leave their old job because Lennie grabbed a girls dress. George likes having George around even though he says he would have it easy without him, George finds Lennie funny in some situations and George probably appreciates having a little responsibility in his life. Lennie and George have a spe cial bond between each other that most grown men don’t have, because of this bond they believe they will achieve their dream.  Ã‚  Ã‚  Ã‚  Ã‚     Ã‚  Ã‚  Ã‚  Ã‚  When Lennie has to kill George he becomes the loneliest character in the book, this is because he knows how it feels to have a friend but now that he doesn’t he is even more depressed because he knows how it feels to not be lonely. For example, the other ranch hands have never felt anything else but loneliness so they are used to the feeling. Since Lennie used to have George he knows what it feels like to not be lonely. Not only has he lost his best friend but also his dream of owning their own farm. In addition, the loneliness that George faces might not have been causes if he would have watched over Lennie and not let him roam around free. George didn’t want to kill Lennie but he did it for his own good so Lennie wouldn’t be brutally murdered by Curley and the other ranch hands.

Mcdonald’s Green Marketing Strategy

How McDonald’s Change Their Customer Perspective and Increase Their Sales with Green Marketing The green issue has became a global issue since year 1990s, peak in year 2000s. In business, it can drive people perspective to choose which brand was good or bad. McDonald’s probably is one of the company that realize this issue is very important for their business in this century. McDonald’s is the biggest fast food chain in the world with more than 32,000 outlets in 117 countries. The company has employed more than 1. 7 million people. Last year, they’ve made 1. 2 bn out from 6. 1 bn.For years, many critics came up against McDonald’s about how bad they treat world environment and questioning how far they care about people healths, especially on obesity. The most famous â€Å"attack† to this fast food company probably was a documentary film that tells a people who eat Mcdonald’s meals for a month would hasten his death. McDonald’s al so considered to have responbility of 28% waste package (littering) in UK. Public suggested the company to more persuade their customers not to do littering. And also, public critics McDonald’s happy meal which caused early obesity to child.Those critics had succeed to change people perspective, in year 2000, their income declined with some outlets shut as their new record. Started in 2000s, McDonald’s is fighting back, massively and quietly counter the critics with green marketing. It is not only to increase the company sales, but more important to change the way customers think about McDonald’s, their perspective. But how they do it? McDonald’s is not sustainable company from the beginning, they has core DNA to create delicious food, fatty foods, and sugary foods.They must be careful to take an action, the green strategy not only have to change customers willing to buy, but also it could reduce cost and generate more valuable profit. McDonald’s i s aiming to blow up their green with five criteria, there are nutrition and well-being, sustainable supply chain, environmental responbility, employee experience, and community. They started to create a new logo –switching their traditional red background with the deep green one- to promote a eco-friendlier image.McDonald’s has done a lot of things in order to prove their environmental responbility to their customers, especially by reduce the energy they used. In Germany, at less 100 McDonald’s restaurant would use the green logo by the end of year 2009. And also, some restaurant in Great Britain and France would too. They started to use eco-friendly package – 80 percent of their package was made of renewable resources-. They change white napkins with plain brown, which saves 1. 3 million dollars annualy, while reducing energy, woods and water use.In France, some restaurants has made an innovation to use eco-friendly sofware that can reduce electricity us age by 11%. In Sweden, they use CO2 detector in their restaurants to adjust ventilation, which is reduce the usage of electricity by 15% anually. Various anti-littering campaign is spread to many countries, such as Portugal, UK, France, Switzerland, Australia, and others countries. From their menu, they change a bit in the name of their customer health, they reduce French fries size, adding fruits to its food, bring more healthier salad, less sugar drinks and foods, even low fat foods.Moreover, in Germany, there are some restaurants that provide no burgers and sells salad at just 7 euros, they can choose 5 traditional salads and mix it. Another weapons is sells coffee –sustainbly grown coffee and organic milk- with brand McCafe, while they offering low-calorie foods in the other sides. This strategy was made a significant growth, in Germany there are currently 1386 reaturants with 737 integrated McCafe inside, encouraged by a worlwide revenues of 23. 5 billions dollars.They a lso made a contribution to the local communities, all supply of each restaurants is provided by the local farmers in that city, except their global sponsor drinks, Coca-Cola. They also prove that they care about woman livings, 28. 1% of worldwide top management (VP and Ups) are women, while 50% Company Owned Restaurant Managers are women too. The last but not least, more than 30 countries recognises McDonald’s as great place to work. All of green things above was successfully delivered to customers by various medias, it proved by the increasing growth 13% sales in year 2011 from year 2008.And also, the legendary Big Mac sales rose 10 percent last year, helping keep the company stock price to nearly $100 a share. In the other hand, the advertising budget has been estimated to exceed $2 billion. It shows that McDonald’s has successfully came back to winning by counter critics with the right strategic green marketing. They do the strategy without change the â€Å"fastfoo d† image, but they do with showing their will and contribution to the environment. Finally, it can change human perspective and willing to buy with the increasing sales as the success parameter.Sources Birkner, Christine. 2012. McDonald’s Scores Itself on Sustainability: Will Consumers Be ‘Lovin’ It’?. http://www. marketingpower. com/ResourceLibrary/Documents/newsletters/mne/2012/1/mne_mcdonalds_sustainability. pdf. September 3rd 2012. O Brien, Keith. 2012. How McDonald’s Came Back Bigger Than Ever. http://www. nytimes. com/2012/05/06/magazine/how-mcdonalds-came-back-bigger-than-ever. html? _r=1pagewanted=all&&pagewanted=all. September 3rd 2012 Environmental Leader. 2012.McDonald’s Counters Criticism With Green Marketing Effort. http://www. environmentalleader. com/2009/05/19/mcdonalds-serves-up-green-practices/. September 3rd 2012. Salisbury, Peter. 2011. Behind the Brand: McDonald’s. http://www. theecologist. org/green_green_li ving/behind_the_label/941743/behind_the_brand_mcdonalds. html. September 3rd 2012 Laura, Nerdy. 2011. McDonald’s going green – I’m lovin’ it. †¦?. http://businessnerds. wordpress. com/2011/05/29/mcdonald%E2%80%99s-going-green-%E2%80%93-i%E2%80%99m-lovin%E2%80%99-it/. September 3rd 2012.

Royal Caribbean Cruise Line Marketing Analysis - 1541 Words

Running Head: ROYAL CARIBBEAN CRUISE LINE 1 Royal Caribbean Cruise Line Marketing Analysis Queshaylon Pea Texas Woman’s University ROYAL CARIBBEAN CRUISE LINE 2 Royal Caribbean Cruise Line Marketing Analysis Company Overview In 1968, Royal Caribbean Cruise Line was founded and ever since then, they have been changing the way the world cruises. They have steadily rolled out innovative ships since the 1980s with our Sovereign class to today, with the introduction of the game-changing Quantum class, the first of which sailed in the fall of 2014. In 1986, they created our first exclusive destination, Labadee, on the north coast of Hispaniola. Just four years later in 1990, they developed the private island paradise of CocoCay in the Bahamas (royalcaribbean.com). It appears the Royal Caribbean Cruise Line has upheld it’s cruise line with class and prestige, and is always looking for ways to go above and beyond to satisfy the needs and wants of all its current and future customers. Product Market Analysis This cruise line offers endless dining options, casino action, shows, and nightlife activities. It also offers a little bit of everything for everybody including families with teens and small children. There are also celebrations that are aboard these amazing vessels, all types of services are very accessible. ThisShow MoreRelatedSwot Analysis1100 Words   |  5 PagesROYAL CARIBBEAN CRUISES SWOT Analysis SWOT ANALYSIS RCC is the second largest global operator of cruise ships and holds a market share of about 35% in the oligopolistic North American cruise market. The company may face a considerable decline in its earnings due to increasing fuel prices. 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