Altera Pays Employees $8.75 Million in Profit Sharing and Bonuses.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)--Jan. 21, 1999--Altera Corporation (Nasdaq:ALTR) today announced that it has paid out a total $8.75 million in 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 and bonuses to its employees worldwide, based on the company's net income of $154.4 million in 1998. The payout pay·out n. 1. The act or an instance of paying out. 2. A percentage of corporate earnings that is paid as dividends to shareholders. reflects the company's continued recognition of the hard work and outstanding sales volume achieved by employees in a tough market. The profit sharing portion of the payout totaled $6.40 million, or about $7,387 for each employee who worked the entire year. Those employees eligible for bonuses as part of their compensation shared in an additional $2.35 million distribution. On January 20, Altera reported total 1998 sales of $654.3 million, an increase of 4 percent from 1997's $631.1 million total. Net income was $154.4 million, an increase of 2 percent from $152 million in 1997 (excluding the cumulative effect of a change in accounting principle). "In a year when much of the semiconductor industry was depressed, Altera managed not only to increase sales over 1997 levels, but to increase its profitability," said Rodney Smith, Altera's chairman, 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 achievement was due entirely to the efforts of our many hardworking employees worldwide." About Altera Altera Corporation, The Programmable Solutions Company(TM), was founded in 1983 and is a leading supplier of programmable logic devices See PLD. and associated logic development software tools. Programmable logic devices are semiconductor chips that can be programmed on-site, using software tools that run on personal computers or engineering workstations. User benefits include ease of use, lower risk, and fast time-to-market. Altera's CMOS-based programmable logic devices address high-speed, high-density and low-power applications in the telecommunications, data communications data communications, application of telecommunications technology to the problem of transmitting data, especially to, from, or between computers. In popular usage, it is said that data communications make it possible for one computer to "talk" with another. , computer peripheral, and industrial markets. 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. under the symbol ALTR. More information on Altera can be obtained on the Internet at http://www.altera.com. Note to Editors: Altera, The Programmable Solutions Company are trademarks and/or service marks of Altera Corporation in the U.S. and other countries. |
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