Altera Employees Cash in on Record Profit Sharing; Record Profits Result in Record Profit Sharing; $4.7 Million Distributed to Employees.SAN JOSE San Jose, city, United States San Jose (sănəzā`, săn hōzā`), city (1990 pop. 782,248), seat of Santa Clara co., W central Calif.; founded 1777, inc. 1850. , Calif.--(BUSINESS WIRE)--Feb. 3, 1997--Altera Corporation (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :ALTR) today paid out a record $4.7 million to its employees as part of its profit sharing profit sharing, arrangement by which employees receive, in addition to their wages, a share of the net profits of a business. The purpose is to give them an incentive to increase their output through enhanced morale, less wasteful use of materials, better care of program. The $4.7 million was divided equally among the eligible employees. Employees who were eligible for the entire year received over $6,500 in profit sharing. In 1996, the overall semiconductor industry declined by 7 percent according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Dataquest. In contrast, Altera grew its revenues 24 percent in 1996 and became the world's most profitable programmable logic company. "During a difficult year in the semiconductor industry, Altera increased its profits 26 percent to a record $109 million," stated Rodney Smith, Altera's president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . "This dramatic growth could not have been accomplished without the dedication and hard work of our employees. Each individual contributed to Altera's success, and it is fitting that our employees share in the company's prosperity." The maximum profit sharing payment is equivalent to 12 percent of the average annual salary of the eligible employee base. Altera's profit sharing program is based upon the overall profitability of the company, with a certain percentage of its quarterly profits earmarked for distribution to eligible employees. The profit sharing pool is divided equally among the eligible employees, without regard to position or salary. Employees who work for the entire quarter are eligible for that quarter's pay out. The profit sharing program is part of Altera's total compensation package including health benefits, educational assistance, and an employee stock purchase program. About Altera Altera Corporation, founded in 1983, is a world-wide leader in high-performance, high-density programmable logic devices and associated computer aided engineering (application) Computer Aided Engineering - (CAE) Use of computers to help with all phases of engineering design work. Like computer aided design, but also involving the conceptual and analytical design steps. (CAE (1) (Computer-Aided Engineering) Software that analyzes designs which have been created in the computer or that have been created elsewhere and entered into the computer. ) logic development tools. Programmable logic devices are semiconductor chips that offer on-site programmability to customers. The chips are programmed using tools that run on personal computers or engineering work stations. User benefits include ease of use, lower risk, and faster time-to-market. The Company offers the broadest line of CMOS (Complementary Metal Oxide Semiconductor) Pronounced "c-moss." The most widely used integrated circuit design. It is found in almost every electronic product from handheld devices to mainframes. programmable logic devices that address high-speed, high-density, and lower power applications. Altera products serve a broad range of markets, including telecommunications, data communications, computers, and industrial applications. Altera common stock is traded on The Nasdaq Stock Market Nasdaq stock market The first electronic stock market listing over 5000 companies. The Nasdaq stock market comprises two separate markets, namely the Nasdaq National Market, which trades large, active securities and the Nasdaq Smallcap Market that trades emerging growth companies. using the symbol ALTR. More information on Altera can be obtained on the World Wide Web at http://www.altera.com . -0- Note To Editors: Altera and specific device designations are trademarks and/or service marks of Altera Corporation in the United States and other countries. All other trademarks are the property of their respective holders. CONTACT: Altera Corporation Robert K. Beachler, 408/894-7000 or Cain Communications Susan Cain, 408/341-8960 |
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