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Altera Announces First Quarter Results

Altera(R) programmable solutions enable designers of electronic systems to rapidly and cost effectively innovate, differentiate and win in their markets. Altera offers FPGAs, SoCs, CPLDs, ASICs and complementary technologies, such as power management, to provide high-value solutions to customers worldwide. (PRNewsFoto/)

News provided by

Altera Corporation

Apr 26, 2011, 04:15 ET

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SAN JOSE, Calif., April 26, 2011 /PRNewswire/ -- Altera Corporation (NASDAQ: ALTR) today announced first quarter sales of $535.8 million, down 4 percent from the fourth quarter of 2010 and up 33 percent from the first quarter of 2010. New product sales increased 13 percent sequentially. First quarter net income was $224.1 million, $0.68 per diluted share, compared with net income of $231.6 million, $0.72 per diluted share, in the fourth quarter of 2010 and $153.2 million, $0.50 per diluted share, in the first quarter of 2010.

(Logo: http://photos.prnewswire.com/prnh/20101012/SF78952LOGO)

First quarter cash flow from operating activities was $297.0 million. Altera ended the quarter with $3.1 billion in cash and short-term investments.

Altera's board of directors has declared a quarterly cash dividend of $0.06 per share payable on

June 1, 2011 to stockholders of record on May 10, 2011.

"Despite the anticipated slow down in first quarter sales following a remarkable 2010 growth year, we experienced double-digit sequential growth in our 40-nm based devices, as these products are now entering the best part of their growth phase," said John Daane, president, chief executive officer, and chairman of the board. "Our initial 28-nm Stratix V devices, the first high-end FPGAs at this advanced node, are now shipping—giving us additional capabilities to accelerate the displacement of ASICs and ASSPs."

Several recent accomplishments mark the company's continuing progress:

  • At 3.9 billion transistors, more than any other commercially available integrated circuit, Altera has set a semiconductor industry milestone with the initial shipments of its 28-nm Stratix® V FPGAs. Stratix V devices are the only FPGAs to leverage TSMC's 28-nm high-performance (28HP) process for maximum performance and bandwidth. The 28HP process, combined with optimizations in the FPGA, enable Altera to dramatically increase the capabilities of this high-end device family. This approach also delivers better performance with lower power consumption than competing FPGAs. The level of functionality implemented in a single Stratix V FPGA, including 28-Gbps transceivers, variable-precision DSP blocks and embedded HardCopy® blocks, enable the device to be leveraged into the highest performance, highest bandwidth applications across the wide range of markets served by Altera.
  • Altera's Stratix V FPGAs have received the Application of Electronic Technique China magazine's (AET China) "2010 Top Product Award" in the programmable logic category. The Top Product Award recognizes technologies that have demonstrated the greatest innovations targeting the systems design community. This is the second consecutive year that Altera has received this award, selected by AET China readers and industry experts. In granting the award, AET China specifically recognized the key Stratix V architectural innovations that allow system designers to achieve higher bandwidth and lower power through an unprecedented level of system integration.
  • Altera's variable-precision DSP block architecture won the DesignCon 2011 DesignVision Award in the semiconductor and IC category. This unique architecture is implemented within Altera's portfolio of 28-nm FPGAs to increase system performance, reduce power consumption and reduce architectural constraints for DSP algorithm designers. The variable-precision approach allows each DSP block in the FPGA to be configured at compile time to closely match the unique level of precision called for in a customer's design. The variable-precision DSP block architecture supports high-bandwidth, high precision applications, as well as delivering more cost effective silicon usage for lower performance requirements. The DesignVision Award recognizes technologies, applications, products and services judged to be the most unique and beneficial to the industry. 
  • Altera has announced plans for optically interconnected programmable devices, allowing a wide range of applications to significantly increase their bandwidth capabilities while also reducing overall system complexity, cost and power. Because transceivers are vital for this major industry development, Altera is leveraging its technology leadership in this area to make this vision a reality. Altera's deep knowledge of system interconnect technologies will drive the creation of direct optical interfaces in future device packages, breaking through the bandwidth and signal integrity barriers inherent in copper technology. For instance, in computer and storage intensive applications such as data centers, the integration of optical interfaces into device packages could reduce power by 70 percent to 80 percent while increasing port density and bandwidth by orders of magnitude. Additional information, and a White Paper on this topic, is available at www.altera.com/optical.

Business Outlook for the Second Quarter 2011


Sequential Sales Growth

Flat to up 5%


Gross Margin

71% to 72%


Research and Development

$84 to 85 million


SG&A

$70 to 71 million


Tax Rate

10% to 12%



First Quarter Earnings Conference Call

A conference call will be held today at 1:45 p.m. Pacific Time to discuss the quarter's results and management's current business outlook. The web cast and subsequent replay will be available in the Investor Relations section of the company's website at www.altera.com. A telephonic replay of the call may be accessed later in the day by calling (719) 457-0820 and referencing confirmation code 258712. The telephonic replay will be available for two weeks following the live call.

Second Quarter Update

Altera's second quarter business update will be issued in a press release available after the market close on June 2, 2011.

Forward-Looking Statements

Statements in this press release that are not historical are "forward-looking statements" as the term is defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements are generally written in the future tense and/or preceded by words such as "will," "expects," "anticipates," or other words that imply or predict a future state. Forward-looking statements include any projection of revenue, gross margin, expense or other financial items discussed in the Business Outlook section of this press release, accelerating ASIC and ASSP displacement, and Altera's plans for optically interconnected programmable devices. Investors are cautioned that all forward-looking statements in this release involve risks and uncertainty that can cause actual results to differ from those currently anticipated, due to a number of factors, including without limitation, current global economic conditions, supply chain or demand impacts from the recent Japanese earthquake, customer business environment, customer inventory levels, vertical market mix, market acceptance of the company's products, product introduction schedules, the rate of growth of the company's new products including Cyclone® IV, Arria® II, Stratix® V,  Stratix IV FPGAs, MAX® V CPLDs and HardCopy®  IV device families, changes in the mix of our business between prototyping and production-based demand, as well as changes in economic conditions and other risk factors discussed in documents filed by the company with the Securities and Exchange Commission (SEC) from time to time. Copies of Altera's SEC filings are posted on the company's website and are available from the company without charge. Forward-looking statements are made as of the date of this release, and, except as required by law, the company does not undertake an obligation to update its forward-looking statements to reflect future events or circumstances.

About Altera

Altera programmable solutions enable system and semiconductor companies to rapidly and cost-effectively innovate, differentiate and win in their markets. Find out more about Altera's FPGA, CPLD and ASIC devices at www.altera.com. Follow Altera via Facebook, RSS and Twitter.

ALTERA, ARRIA, CYCLONE, HARDCOPY, MAX, NIOS, QUARTUS, STRATIX words and logos are trademarks of Altera Corporation and registered in the U.S. Patent and Trademark Office and in other countries. All other words and logos identified as trademarks or service marks are the property of their respective holders as described at www.altera.com/legal.  

INVESTOR CONTACT


MEDIA CONTACT

Scott Wylie - Vice President


Mark Plungy - Senior Manager

Investor Relations


Public Relations

(408) 544-6996


(408) 544-6397

[email protected]


[email protected]

ALTERA CORPORATION

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)



Three Months Ended

(In thousands, except per share amounts)


April 1,

2011


December 31,

2010


April 2,

2010








Net sales


$

535,813



$

555,378



$

402,295


Cost of sales


146,910



161,296



114,936


Gross margin


388,903



394,082



287,359


Operating expense







Research and development expense


74,408



66,788



64,340


Selling, general, and administrative expense


69,022



64,074



62,181


Total operating expense


143,430



130,862



126,521


Operating margin(1)


245,473



263,220



160,838


Compensation expense - deferred compensation plan


1,662



3,554



2,228


Gain on deferred compensation plan securities


(1,662)



(3,554)



(2,228)


Interest income and other


(885)



(936)



(592)


Interest expense


1,041



351



1,291


Income before income taxes


245,317



263,805



160,139


Income tax expense


21,248



32,192



6,966


Net income


$

224,069



$

231,613



$

153,173









Net income per share:







Basic


$

0.70



$

0.73



$

0.51


Diluted


$

0.68



$

0.72



$

0.50









Shares used in computing per share amounts:







Basic


321,020



316,440



298,566


Diluted


327,843



323,592



304,327









Cash dividends per common share


$

0.06



$

0.06



$

0.05









Tax rate


8.7

%


12.2

%


4.3

%

% of Net sales:







Gross margin


72.6

%


71.0

%


71.4

%

Research and development


13.9

%


12.0

%


16.0

%

Selling, general, and administrative


12.9

%


11.5

%


15.5

%

Operating margin(1)


45.8

%


47.4

%


40.0

%

Net income


41.8

%


41.7

%


38.1

%

Notes:







(1)We define operating margin as gross margin less research and development and selling, general and administrative expenses, as presented above. This presentation differs from income from operations as defined by U.S. Generally Accepted Accounting Principles ("GAAP"), as it excludes the effect of compensation associated with the deferred compensation plan obligations. Since the effect of compensation associated with our deferred compensation plan obligations is offset by losses (gains) from related securities, we believe this presentation provides a more meaningful representation of our ongoing operating performance. A reconciliation of operating margin to income from operations follows:



Three Months Ended

(In thousands, except per share amounts)


April 1, 2011


December 31, 2010


April 2, 2010

Operating margin (non-GAAP)


$

245,473



$

263,220



$

160,838


Compensation expense - deferred compensation plan


1,662



3,554



2,228


Income from operations (GAAP)


$

243,811



$

259,666



$

158,610



ALTERA CORPORATION

CONSOLIDATED BALANCE SHEETS

(Unaudited)

(In thousands, except par value amount)


April 1,

2011


December 31,

2010






Assets





Current assets:





Cash and cash equivalents


$

3,097,981



$

2,765,196


Accounts receivable, net


310,669



363,614


Inventories


135,760



146,524


Deferred income taxes — current


68,266



66,839


Deferred compensation plan — marketable securities


56,040



54,419


Deferred compensation plan — restricted cash equivalents


18,784



19,817


Other current assets


83,268



114,601


Total current assets


3,770,768



3,531,010


Property and equipment, net


164,400



164,155


Deferred income taxes — non-current


31,662



37,319


Other assets, net


29,971



27,353


Total assets


$

3,996,801



$

3,759,837







Liabilities and stockholders' equity





Current liabilities:





Accounts payable


$

63,676



$

86,061


Accrued liabilities


22,379



23,278


Accrued compensation and related liabilities


58,091



83,773


Deferred compensation plan obligations


74,824



74,236


Deferred income and allowances on sales to distributors


429,779



428,711


Income taxes payable


—



428


Total current liabilities


648,749



696,487


Income taxes payable — non-current


233,574



231,833


Long-term credit facility


500,000



500,000


Other non-current liabilities


7,806



7,865


Total liabilities


1,390,129



1,436,185


Commitments and contingencies





(See "Note 10 — Commitments and Contingencies")





Stockholders' equity:





Common stock: $.001 par value; 1,000,000 shares authorized; outstanding - 322,193 at April 1, 2011 and 319,493 at December 31, 2010


322



319


Capital in excess of par value


990,548



908,989


Retained earnings


1,615,802



1,414,344


Total stockholders' equity


2,606,672



2,323,652


Total liabilities and stockholders' equity


$

3,996,801



$

3,759,837







Key Ratios & Information





Current Ratio



6:1




5:1


Liabilities/Equity



1:2




1:2


Quarterly Operating Cash Flows


$

297,009



$

210,151


TTM Return on Equity


44

%


48

%

Quarterly Depreciation Expense


$

6,804



$

6,815


Quarterly Capital Expenditures


$

6,587



$

6,117


Inventory MSOH (1): Altera


2.8



2.7


Inventory MSOH (1): Distribution


0.8



0.8


Cash Conversion Cycle


90



85


Note (1): MSOH: Months Supply On Hand






ALTERA CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited, in thousands)


Three Months Ended


April 1,

2011


April 2,

2010





Cash Flows from Operating Activities:




Net income

$

224,069



$

153,173


Adjustments to reconcile net income to net cash provided by operating activities:




Depreciation and amortization

7,561



7,066


Stock-based compensation

17,233



14,062


Deferred income tax expense

700



909


Tax effect of employee stock plans

13,444



3,105


Excess tax benefit from employee stock plans

(11,334)



(1,828)


Changes in assets and liabilities:




     Accounts receivable, net

52,944



(141,991)


     Inventories

10,764



(17,614)


     Other assets

31,491



(2,694)


     Accounts payable and other liabilities

(51,169)



11,477


     Deferred income and allowances on sales to distributors

1,068



117,984


     Income taxes payable

1,312



(7,434)


     Deferred compensation plan obligations

(1,074)



(3,545)


Net cash provided by operating activities

297,009



132,670


Cash Flows from Investing Activities:




Purchases of property and equipment

(4,905)



(1,538)


Sales of deferred compensation plan securities, net

1,074



3,545


Net cash (used in) provided by investing activities

(3,831)



2,007


Cash Flows from Financing Activities:




Proceeds from issuance of common stock through various stock plans

52,739



77,482


Shares withheld for employee taxes

(5,193)



(4,784)


Payment of dividends to stockholders

(19,273)



(14,873)


Excess tax benefit from stock-based compensation

11,334



1,828


Principal payments on capital lease obligations

—



(2,627)


Net cash provided by financing activities

39,607



57,026


Net increase in cash and cash equivalents

332,785



191,703


Cash and cash equivalents at beginning of period

2,765,196



1,546,672


Cash and cash equivalents at end of period

$

3,097,981



$

1,738,375



ALTERA CORPORATION

NET SALES SUMMARY

(Unaudited)


Three Months Ended


Quarterly Growth Rate


April 1,

2011


December 31,

2010


April 2,

2010


Sequential Change


Year-

Over-Year

Change

Geography










Americas

21

%


17

%


19

%


20

%


42

%

Asia Pacific

38

%


43

%


40

%


(14)

%


29

%

EMEA

26

%


22

%


24

%


12

%


43

%

Japan

15

%


18

%


17

%


(20)

%


18

%

Net Sales

100

%


100

%


100

%


(4)

%


33

%











Product Category (1)










New

18

%


16

%


7

%


13

%


267

%

Mainstream

33

%


37

%


27

%


(15)

%


58

%

Mature and Other

49

%


47

%


66

%


—



(1)

%

Net Sales

100

%


100

%


100

%


(4)

%


33

%











Vertical Market










Telecom & Wireless

42

%


47

%


40

%


(14)

%


38

%

Industrial Automation, Military & Automotive

24

%


19

%


24

%


25

%


36

%

Networking, Computer & Storage

15

%


15

%


13

%


(4)

%


53

%

Other

19

%


19

%


23

%


(4)

%


11

%

Net Sales

100

%


100

%


100

%


(4)

%


33

%











FPGAs and CPLDs










FPGA

81

%


83

%


79

%


(6)

%


36

%

CPLD

11

%


10

%


14

%


1

%


4

%

Other Products

8

%


7

%


7

%


25

%


64

%

Net Sales

100

%


100

%


100

%


(4)

%


33

%


Product Category Description

  • New Products include the Stratix® IV (including E, GX and GT), Arria® II (including GX and GZ), Cyclone® IV (including E and GX), MAX® V, and HardCopy® IV devices. 
  • Mainstream Products include the Stratix III, Cyclone III, MAX® II, and HardCopy III devices. 
  • Mature and Other Products include the Stratix II (and GX), Stratix (and GX), Arria GX, Cyclone II, Cyclone, Classic™, MAX 3000A, MAX 7000, MAX 7000A, MAX 7000B, MAX 7000S, MAX 9000, HardCopy II, HardCopy, FLEX® series, APEX™ series, Mercury™, and Excalibur™ devices, configuration and other devices, intellectual property cores, and software and other tools.

Note:

(1) Effective January 2011, the product classification (new, mainstream and mature & other) has changed. All prior period data has been adjusted to conform to the current classification. Data calculated under both the new and former classification are available in the investor relations section of the company's website at www.altera.com.

SOURCE Altera Corporation

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