SAN JOSE, Calif., July 23, 2013 /PRNewswire/ -- Altera Corporation (NASDAQ: ALTR) today announced second quarter sales of $421.8 million, up 3 percent from the first quarter of 2013 and down 9 percent from the second quarter of 2012. Second quarter net income was $101.5 million, $0.31 per diluted share, compared with net income of $120.2 million, $0.37 per diluted share, in the first quarter of 2013 and $162.7 million, $0.50 per diluted share, in the second quarter of 2012.
(Logo: http://photos.prnewswire.com/prnh/20101012/SF78952LOGO)
Year-to-date cash flow from operating activities was $214.0 million. Altera repurchased 1.7 million shares of its common stock during the quarter at a cost of $55.0 million. Altera ended the quarter with $3.6 billion in cash and investments.
As previously announced, Altera's board of directors has declared a quarterly cash dividend of $0.15 per share, to be paid on September 3, 2013 to stockholders of record on August 12, 2013.
"As anticipated, the pace of business picked up, and backlog has increased," said John Daane, president, chief executive officer, and chairman of the board. "We have announced our next generation of FPGAs sourced by TSMC for 20 nm devices and, for the first time, Intel, for 14 nm FinFET devices. This combination gives us an ideal blend of manufacturing processes to optimize performance across our next generation of FPGAs. As the only major FPGA company with access to the generation-ahead Intel FinFET technology for our high end devices, which typically are about half of the FPGA market, our competitive advantage is substantial."
Several recent accomplishments mark the company's continuing progress:
- Altera has announced its Generation 10 FPGAs and SoCs, offering system developers breakthrough levels of performance and power efficiencies. Stratix® 10 FPGAs and SoCs leverage Intel's 14 nm Tri-Gate process and an enhanced architecture to deliver core performance two times higher than current high-end Altera FPGAs, while enabling an up to 70 percent power savings. Stratix 10 FPGAs and SoCs provide more than 4 million logic elements (LEs) on a single die, 56-Gbps transceivers, a third-generation ultra-high-performance processor system, and multi-die 3D solutions capable of integrating SRAM, DRAM and ASICs.
Arria® 10 FPGAs and SoCs use TSMC's 20 nm process and reinvent the midrange by simultaneously surpassing Altera's current high-end FPGAs in performance while delivering 40 percent lower power than today's midrange devices. Reflecting the industry trend toward silicon convergence, Arria 10 FPGAs and SoCs offer the highest degree of system integration available in midrange devices, including 1.15 million LEs, integrated hard intellectual property and a second-generation processor system that features a 1.5 GHz dual-core ARM® Cortex™-A9 processor. Arria 10 FPGAs and SoCs also provide four times greater bandwidth compared to the current generation, including 28-Gbps transceivers, and three times higher system performance.
Early access customers are using the Quartus® II software today for Arria 10 product development.
Initial samples of Arria 10 devices will be available in early 2014 with 14 nm Stratix 10 FPGA test chips coming in 2013. - Altera acquired Enpirion, Inc., the industry's leading provider of high-efficiency, integrated power conversion products known as PowerSoCs (power system-on-chip). The combination of Altera's FPGAs with Enpirion's PowerSoCs offers customers higher performance, lower system power, higher reliability, smaller footprint and faster time-to-market. Enpirion's key enabling power technologies—high-frequency switching, magnetics and packaging—are engineered into complete power system-on-chip products. Enpirion's portfolio of DC-DC converter PowerSoCs with integrated inductors enable the industry's smallest solution footprints and are recognized for their high efficiency, low noise, exceptional thermal performance, high reliability and ease-of-use. Unlike discrete power products, Enpirion's turnkey solutions give designers complete power systems that are fully simulated, characterized, validated and production qualified. Enpirion's technology, when used with an Altera FPGA, increases Altera's share of the customer's bill of materials while, at the same time, reducing the customer's overall bill of materials cost.
| SELECTED SECOND QUARTER REVENUE AND RELATED RESULTS |
|||
| Key New Product Devices |
Sequential Comparisons |
||
| Stratix V |
(22) |
% |
|
| Stratix IV |
11 |
% |
|
| Arria II |
(13) |
% |
|
| Arria V |
113 |
% |
|
| Cyclone IV |
17 |
% |
|
| Cyclone V |
73 |
% |
|
| HardCopy IV |
64 |
% |
|
| ($ in thousands) Key Ratios & Information |
June 28, 2013 |
March 29, 2013 |
||||||
| Current Ratio |
6:1 |
7:1 |
||||||
| Liabilities/Equity |
1:2 |
1:3 |
||||||
| Quarterly Operating Cash Flows |
$ |
64,565 |
$ |
149,478 |
||||
| TTM Return on Equity |
15 |
% |
17 |
% |
||||
| Quarterly Depreciation Expense |
$ |
10,285 |
$ |
10,175 |
||||
| Quarterly Capital Expenditures |
$ |
7,221 |
$ |
5,984 |
||||
| Inventory MSOH (1): Altera |
3.0 |
3.3 |
||||||
| Inventory MSOH (1): Distribution |
0.5 |
0.6 |
||||||
| Cash Conversion Cycle (Days) |
149 |
117 |
||||||
| Turns |
49 |
% |
43 |
% |
||||
| Book to Bill |
>1.0 |
<1.0 |
||||||
| Note (1): MSOH: Months Supply On Hand |
||||||||
| ALTERA CORPORATION NET SALES SUMMARY (Unaudited) |
||||||||||||||
| Three Months Ended |
Quarterly Growth Rate |
|||||||||||||
| June 28, 2013 |
March 29, 2013 |
June 29, 2012 |
Sequential |
Year- Over-Year Change |
||||||||||
| Geography |
||||||||||||||
| Americas |
17 |
% |
20 |
% |
17 |
% |
(14) |
% |
(12) |
% |
||||
| Asia Pacific |
39 |
% |
38 |
% |
46 |
% |
4 |
% |
(22) |
% |
||||
| EMEA |
28 |
% |
27 |
% |
23 |
% |
7 |
% |
11 |
% |
||||
| Japan |
16 |
% |
15 |
% |
14 |
% |
13 |
% |
2 |
% |
||||
| Net Sales |
100 |
% |
100 |
% |
100 |
% |
3 |
% |
(9) |
% |
||||
| Product Category |
||||||||||||||
| New |
41 |
% |
39 |
% |
31 |
% |
6 |
% |
20 |
% |
||||
| Mainstream |
28 |
% |
29 |
% |
30 |
% |
0 |
% |
(14) |
% |
||||
| Mature and Other |
31 |
% |
32 |
% |
39 |
% |
1 |
% |
(28) |
% |
||||
| Net Sales |
100 |
% |
100 |
% |
100 |
% |
3 |
% |
(9) |
% |
||||
| Vertical Market |
||||||||||||||
| Telecom & Wireless |
42 |
% |
41 |
% |
45 |
% |
4 |
% |
(16) |
% |
||||
| Industrial Automation, Military & Automotive |
22 |
% |
22 |
% |
19 |
% |
3 |
% |
2 |
% |
||||
| Networking, Computer & Storage |
18 |
% |
18 |
% |
18 |
% |
0 |
% |
(6) |
% |
||||
| Other |
18 |
% |
19 |
% |
18 |
% |
2 |
% |
(8) |
% |
||||
| Net Sales |
100 |
% |
100 |
% |
100 |
% |
3 |
% |
(9) |
% |
||||
| FPGAs and CPLDs |
||||||||||||||
| FPGA |
83 |
% |
85 |
% |
85 |
% |
1 |
% |
(11) |
% |
||||
| CPLD |
9 |
% |
8 |
% |
9 |
% |
9 |
% |
(10) |
% |
||||
| Other Products |
8 |
% |
7 |
% |
6 |
% |
22 |
% |
19 |
% |
||||
| Net Sales |
100 |
% |
100 |
% |
100 |
% |
3 |
% |
(9) |
% |
||||
Product Category Description
- New Products include the Stratix® V, Stratix IV, Arria® V, Arria II, Cyclone® V, Cyclone IV, MAX® V, HardCopy® IV devices and Enpirion PowerSoCs.
- Mainstream Products include the Stratix III, Cyclone III, MAX II and HardCopy III devices.
- Mature and Other Products include the Stratix II, Stratix, 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™, Excalibur™ devices, configuration and other devices, intellectual property cores, and software and other tools.
| Business Outlook for the Third Quarter 2013 |
|
| Sales and Income Statement |
|
| Sequential Sales |
5% to 9% |
| Gross Margin |
Approximately 68% |
| Research and Development |
$99 to 101 million |
| SG&A |
$80 to 82 million |
| Tax Rate |
12% to 13% |
| Diluted Share Count |
Approximately 323 million |
| Turns |
Low 40's |
| MSOH |
Mid 3's |
| Vertical Market |
|
| Telecom & Wireless |
Up |
| Industrial Automation, Military & Automotive |
Up |
| Networking, Computer & Storage |
Up |
| Other |
Flat |
Second 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.
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, but are not limited to, statements regarding the competitive advantage related to the use of Intel's 14 nm process, product performance parameters, the availability of Arria 10 samples in 2014, and any projection of revenue, gross margin, expense or other financial items discussed in the Business Outlook section or elsewhere in this press release. 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, 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® V, Cyclone IV, Arria® V, Arria II, Stratix® V, Stratix IV FPGAs, MAX® V CPLDs, HardCopy® IV device families and Enpirion PowerSoCs, 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.
Mobile Device Investor Information
Altera now provides highlights of its investor relations web page optimized for mobile users. Investors can equip their mobile devices with this new capability by linking to http://phx.corporate-ir.net/Mobile.view?c=83265.
About Altera
Altera® 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. Follow Altera via Facebook, Twitter, LinkedIn, Google+ and RSS, and subscribe to product update emails and newsletters. Visit www.altera.com.
ALTERA, ARRIA, CYCLONE, HARDCOPY, MAX, MEGACORE, NIOS, QUARTUS and 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 |
Sue Martenson - Senior Manager |
|
| Investor Relations |
Public Relations |
|
| (408) 544-6996 |
(408) 544-8158 |
|
| ALTERA CORPORATION CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) |
||||||||||||||||||||
| Three Months Ended |
Six Months Ended |
|||||||||||||||||||
| (In thousands, except per share amounts) |
June 28, 2013 |
March 29, 2013 |
June 29, 2012 |
June 28, 2013 |
June 29, 2012 |
|||||||||||||||
| Net sales |
$ |
421,759 |
$ |
410,501 |
$ |
464,831 |
$ |
832,260 |
$ |
848,585 |
||||||||||
| Cost of sales |
135,104 |
126,083 |
141,315 |
261,187 |
256,149 |
|||||||||||||||
| Gross margin |
286,655 |
284,418 |
323,516 |
571,073 |
592,436 |
|||||||||||||||
| Operating expense |
||||||||||||||||||||
| Research and development expense |
95,489 |
87,717 |
92,143 |
183,206 |
174,227 |
|||||||||||||||
| Selling, general, and administrative expense |
77,869 |
78,600 |
71,796 |
156,469 |
141,581 |
|||||||||||||||
| Amortization of acquisition-related intangible assets |
915 |
213 |
213 |
1,128 |
426 |
|||||||||||||||
| Total operating expense |
174,273 |
166,530 |
164,152 |
340,803 |
316,234 |
|||||||||||||||
| Operating margin (1) |
112,382 |
117,888 |
159,364 |
230,270 |
276,202 |
|||||||||||||||
| Compensation (benefit)/expense — deferred compensation plan |
(160) |
3,422 |
(2,313) |
3,262 |
3,423 |
|||||||||||||||
| Loss/(gain) on deferred compensation plan securities |
160 |
(3,422) |
2,313 |
(3,262) |
(3,423) |
|||||||||||||||
| Interest income and other |
(2,778) |
(1,659) |
(1,415) |
(4,437) |
(3,222) |
|||||||||||||||
| Gain reclassified from other comprehensive income |
(42) |
(54) |
(69) |
(96) |
(171) |
|||||||||||||||
| Interest expense |
3,389 |
2,465 |
2,116 |
5,854 |
3,053 |
|||||||||||||||
| Income before income taxes |
111,813 |
117,136 |
158,732 |
228,949 |
276,542 |
|||||||||||||||
| Income tax expense/(benefit) |
10,304 |
(3,053) |
(3,947) |
7,251 |
(1,971) |
|||||||||||||||
| Net income |
101,509 |
120,189 |
162,679 |
221,698 |
278,513 |
|||||||||||||||
| Other comprehensive (loss)/income: |
||||||||||||||||||||
| Unrealized (loss)/gain on investments: |
||||||||||||||||||||
| Unrealized holding (loss)/gain on investments arising during period, net of tax of ($47), ($5), $8 ($41) and $66 |
(9,031) |
(1) |
2,799 |
(9,032) |
3,103 |
|||||||||||||||
| Less: Reclassification adjustments for gain on investments included in net income, net of tax of $5, $5, $1, $10 and $6 |
(37) |
(49) |
(3) |
(86) |
(23) |
|||||||||||||||
| (9,068) |
(50) |
2,796 |
(9,118) |
3,080 |
||||||||||||||||
| Unrealized gain on derivatives: |
||||||||||||||||||||
| Unrealized gain on derivatives arising during period, net of tax of $34 and $42 |
— |
— |
63 |
— |
77 |
|||||||||||||||
| Less: Reclassification adjustments for gain on derivatives included in net income, net of tax of $23 and $50 |
— |
— |
(42) |
— |
(92) |
|||||||||||||||
| — |
— |
21 |
— |
(15) |
||||||||||||||||
| Other comprehensive (loss)/income |
(9,068) |
(50) |
2,817 |
(9,118) |
3,065 |
|||||||||||||||
| Comprehensive income |
$ |
92,441 |
$ |
120,139 |
$ |
165,496 |
$ |
212,580 |
$ |
281,578 |
||||||||||
| Net income per share: |
||||||||||||||||||||
| Basic |
$ |
0.32 |
$ |
0.38 |
$ |
0.51 |
$ |
0.69 |
$ |
0.87 |
||||||||||
| Diluted |
$ |
0.31 |
$ |
0.37 |
$ |
0.50 |
$ |
0.69 |
$ |
0.85 |
||||||||||
| Shares used in computing per share amounts: |
||||||||||||||||||||
| Basic |
320,472 |
319,867 |
321,218 |
320,175 |
321,898 |
|||||||||||||||
| Diluted |
323,527 |
323,021 |
325,285 |
323,279 |
326,172 |
|||||||||||||||
| Cash dividends paid per common share |
$ |
0.10 |
$ |
0.10 |
$ |
0.08 |
$ |
0.20 |
$ |
0.16 |
||||||||||
| Tax rate |
9.2 |
% |
(2.6) |
% |
(2.5) |
% |
3.2 |
% |
(0.7) |
% |
||||||||||
| % of Net sales: |
||||||||||||||||||||
| Gross margin |
68.0 |
% |
69.3 |
% |
69.6 |
% |
68.6 |
% |
69.8 |
% |
||||||||||
| Research and development |
22.6 |
% |
21.4 |
% |
19.8 |
% |
22.0 |
% |
20.5 |
% |
||||||||||
| Selling, general, and administrative |
18.5 |
% |
19.1 |
% |
15.4 |
% |
18.8 |
% |
16.7 |
% |
||||||||||
| Operating margin(1) |
26.6 |
% |
28.7 |
% |
34.3 |
% |
27.7 |
% |
32.5 |
% |
||||||||||
| Net income |
24.1 |
% |
29.3 |
% |
35.0 |
% |
26.6 |
% |
32.8 |
% |
||||||||||
| Notes: |
||||||||||||||||||||
| (1) We define operating margin as gross margin less research and development expense, selling, general and administrative expense and amortization of acquisition-related intangible assets, 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 |
Six Months Ended |
|||||||||||||||||||
| (In thousands, except per share amounts) |
June 28, 2013 |
March 29, 2013 |
June 29, 2012 |
June 28, 2013 |
June 29, 2012 |
|||||||||||||||
| Operating margin (non-GAAP) |
$ |
112,382 |
$ |
117,888 |
$ |
159,364 |
$ |
230,270 |
$ |
276,202 |
||||||||||
| Compensation (benefit) expense — deferred compensation plan |
(160) |
3,422 |
(2,313) |
3,262 |
3,423 |
|||||||||||||||
| Income from operations (GAAP) |
$ |
112,542 |
$ |
114,466 |
$ |
161,677 |
$ |
227,008 |
$ |
272,779 |
||||||||||
| ALTERA CORPORATION CONSOLIDATED BALANCE SHEETS (Unaudited) |
||||||||
| (In thousands, except par value amount) |
June 28, 2013 |
December 31, 2012 |
||||||
| Assets |
||||||||
| Current assets: |
||||||||
| Cash and cash equivalents |
$ |
2,788,844 |
$ |
2,876,627 |
||||
| Short-term investments |
164,835 |
140,958 |
||||||
| Total cash, cash equivalents, and short-term investments |
2,953,679 |
3,017,585 |
||||||
| Accounts receivable, net |
472,597 |
323,708 |
||||||
| Inventories |
134,298 |
152,721 |
||||||
| Deferred income taxes — current |
87,270 |
59,049 |
||||||
| Deferred compensation plan — marketable securities |
55,753 |
60,321 |
||||||
| Deferred compensation plan — restricted cash equivalents |
18,984 |
17,116 |
||||||
| Other current assets |
40,095 |
49,852 |
||||||
| Total current assets |
3,762,676 |
3,680,352 |
||||||
| Property and equipment, net |
200,823 |
206,148 |
||||||
| Long-term investments |
689,301 |
704,758 |
||||||
| Deferred income taxes — non-current |
5,009 |
17,082 |
||||||
| Other assets, net |
221,594 |
49,488 |
||||||
| Total assets |
$ |
4,879,403 |
$ |
4,657,828 |
||||
| Liabilities and stockholders' equity |
||||||||
| Current liabilities: |
||||||||
| Accounts payable |
$ |
39,571 |
$ |
50,036 |
||||
| Accrued liabilities |
31,072 |
29,005 |
||||||
| Accrued compensation and related liabilities |
37,654 |
40,606 |
||||||
| Dividends payable |
47,937 |
— |
||||||
| Deferred compensation plan obligations |
74,737 |
77,437 |
||||||
| Deferred income and allowances on sales to distributors |
399,630 |
345,993 |
||||||
| Total current liabilities |
630,601 |
543,077 |
||||||
| Income taxes payable — non-current |
291,656 |
272,000 |
||||||
| Long-term debt |
500,000 |
500,000 |
||||||
| Other non-current liabilities |
8,948 |
9,304 |
||||||
| Total liabilities |
1,431,205 |
1,324,381 |
||||||
| Stockholders' equity: |
||||||||
| Common stock: $.001 par value; 1,000,000 shares authorized; outstanding - 319,580 shares at June 28, 2013 and 319,564 shares at December 31, 2012 |
320 |
320 |
||||||
| Capital in excess of par value |
1,180,183 |
1,122,555 |
||||||
| Retained earnings |
2,271,221 |
2,204,980 |
||||||
| Accumulated other comprehensive (loss) income |
(3,526) |
5,592 |
||||||
| Total stockholders' equity |
3,448,198 |
3,333,447 |
||||||
| Total liabilities and stockholders' equity |
$ |
4,879,403 |
$ |
4,657,828 |
||||
| ALTERA CORPORATION CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited, in thousands) |
||||||||
| Six Months Ended |
||||||||
| (In thousands) |
June 28, 2013 |
June 29, 2012 |
||||||
| Cash Flows from Operating Activities: |
||||||||
| Net income |
$ |
221,698 |
$ |
278,513 |
||||
| Adjustments to reconcile net income to net cash provided by operating activities: |
||||||||
| Depreciation and amortization |
22,449 |
16,323 |
||||||
| Amortization of acquisition-related intangible assets |
1,128 |
426 |
||||||
| Stock-based compensation |
47,274 |
46,200 |
||||||
| Deferred income tax benefit |
(21,767) |
(12,090) |
||||||
| Tax effect of employee stock plans |
1,280 |
16,500 |
||||||
| Excess tax benefit from employee stock plans |
(1,148) |
(16,434) |
||||||
| Changes in assets and liabilities, net of effects of acquisitions: |
||||||||
| Accounts receivable, net |
(147,407) |
(192,994) |
||||||
| Inventories |
21,649 |
(23,811) |
||||||
| Other assets |
29,351 |
6,019 |
||||||
| Accounts payable and other liabilities |
(19,585) |
(19,066) |
||||||
| Deferred income and allowances on sales to distributors |
50,886 |
94,299 |
||||||
| Income taxes payable |
14,196 |
(16,658) |
||||||
| Deferred compensation plan obligations |
(5,961) |
(1,925) |
||||||
| Net cash provided by operating activities |
214,043 |
175,302 |
||||||
| Cash Flows from Investing Activities: |
||||||||
| Purchases of property and equipment |
(23,337) |
(31,312) |
||||||
| Proceeds from sales of deferred compensation plan securities, net |
5,961 |
1,925 |
||||||
| Purchases of available-for-sale securities |
(175,642) |
(576,568) |
||||||
| Proceeds from sale and maturity of available-for-sale securities |
155,981 |
92,643 |
||||||
| Acquisitions, net of cash acquired |
(145,313) |
— |
||||||
| Purchases of other investments |
(176) |
— |
||||||
| Net cash used in investing activities |
(182,526) |
(513,312) |
||||||
| Cash Flows from Financing Activities: |
||||||||
| Proceeds from issuance of common stock through various stock plans |
27,296 |
26,086 |
||||||
| Shares withheld for employee taxes |
(6,722) |
(6,562) |
||||||
| Payment of dividends to stockholders |
(64,048) |
(51,558) |
||||||
| Payment of debt assumed in acquisitions |
(22,000) |
— |
||||||
| Proceeds from issuance of long term debt |
— |
500,000 |
||||||
| Repayment of credit facility |
— |
(500,000) |
||||||
| Long-term debt and credit facility issuance costs |
— |
(5,244) |
||||||
| Repurchases of common stock |
(54,974) |
(129,016) |
||||||
| Excess tax benefit from employee stock plans |
1,148 |
16,434 |
||||||
| Net cash used in financing activities |
(119,300) |
(149,860) |
||||||
| Net decrease in cash and cash equivalents |
(87,783) |
(487,870) |
||||||
| Cash and cash equivalents at beginning of period |
2,876,627 |
3,371,933 |
||||||
| Cash and cash equivalents at end of period |
$ |
2,788,844 |
$ |
2,884,063 |
||||
SOURCE Altera Corporation
WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?
Newsrooms &
Influencers
Digital Media
Outlets
Journalists
Opted In
Share this article