Altera Reports Quarterly and Annual Results; Fourth Quarter Sales Increase 10% Sequentially and 38% Annually; Total Year Sales Increase 28%.Business Editors/High-Tech WritersSAN 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. 19, 2000 Altera Altera Corporation (NASDAQ: ALTR) is a leading manufacturer of programmable logic devices. It is a member of the NASDAQ-100 group of technology stocks and the S&P 500. Corporation (Nasdaq:ALTR) today reported record fourth quarter sales of $237.3 million, up 10% from the previous quarter and up 38% over the same period last year. Total year sales were $836.6 million, an increase of 28% from 1998. Fourth quarter sales growth of 10% was achieved by record sales in all geographic channels with sequential gains of 9% in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. , 18% in Europe Europe (y  r`əp), 6th largest continent, c.4,000,000 sq mi (10,360,000 sq km) including adjacent islands (1992 est. pop. 512,000,000). , 10% in Japan and
4% in Asia/Pacific. New and mainstream products made up 73% of sales for
the quarter. New products were 38% of sales, grew 25% sequentially and
increased 200% from the same period last year. Mainstream products were
35% of sales and grew 10% sequentially. Mature product sales declined 9%
sequentially.
Fourth quarter net income of $70.4 million, or $0.34 per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share, included a $10.3 million pre-tax pre-tax adj → anterior al impuesto pre-tax adj → avant impôt(s) pre-tax adj → al lordo d'imposta gain on the sale of the MAX(R) 5000 family to Cypress Semiconductor Cypress Semiconductor is a semiconductor design and manufacturing company. It began operations in 1982 and listed publicly in 1986. Two years later, the company shifted over to the New York Stock Exchange under the symbol, (NYSE: CY). Corp. and also a $1.0 million pre-tax charge for the write-down Write-Down Reducing the book value of an asset because it is overvalued compared to the market value. Notes: This is usually reflected in the company's income statement as an expense, thereby reducing net income. of certain fixed assets fixed assets npl → activo sg fijo fixed assets npl → immobilisations fpl fixed assets fix npl → . Excluding these one-time one-time adj. 1. or one·time a. Occurring or undertaken only once: a one-time winner in 1995. b. effects, income was a record $64.0 million or 27% of sales; an increase of 15% from the prior quarter and a 51% increase over the fourth quarter of 1998. Income, excluding the one-time effects was $0.31 per diluted share up $0.04 from the $0.27 reported in the third quarter of 1999 and up $0.10 from the $0.21 reported in the fourth quarter of 1998. Fourth quarter earnings included after-tax af·ter-tax also af·ter·tax adj. Relating to or being that which remains after payment, especially of income taxes: after-tax profits. charges of $1.3 million representing the Company's share in the start-up Start-up The earliest stage of a new business venture. losses of WaferTech. Altera added $59.5 million of cash to its balance sheet during the quarter after the repurchase re·pur·chase tr.v. re·pur·chased, re·pur·chas·ing, re·pur·chas·es To buy (something) again. n. The act of buying something that one previously sold or owned. Noun 1. of 1.3 million shares of its common stock for $59.9 million, an additional investment in WaferTech of $23.0 million, and routine capital expenditures of $10.8 million. For the year, new products grew 222% to 30% of total sales and mainstream products increased 35% to 36% of total sales. For the year, Asia/Pacific sales increased 76%, Japan increased 34%, North America increased 31% and Europe increased 7%. Total year net income was $224.0 million or $1.08 per diluted share, up from $0.78 per diluted share in 1998. Altera continued to enhance its leadership position in System-on-a-Programmable-Chip(TM) (SOPC SOPC System on a Programmable Chip SOPC Special Operations Preparation Course SOPC Second-Order Power Control SOPC Shuttle Operations and Planning Center SOPC 1-Stearoyl-2-Oleoyl-Sn-Glycero-3-Phosphatidylcholine SOPC Shaastra Online Programming Contest (TM)) solutions:
-- Altera initiated the rollout of the 1.8-volt APEX(TM)20KE family
with the introduction of the EP20K400E device, which provides
400,000 usable gates (one million maximum system gates) including
212,992 bits of embedded RAM. It features on-chip
content-addressable memory (CAM), low-voltage differential
signaling (LVDS), and phase locked loops (PLLs), enabling
designers to create true System-on-a-Programmable-Chip (SOPC)
silicon for leading-edge communications applications such as
Layer 3 routers and switches, wideband CDMA baseband signal
processing, and ATM cell processing and traffic management.
-- Altera became the first semiconductor company to introduce a
PCI-X intellectual property (IP) core for programmable logic
devices. The PCI-X technology is a compatible extension of the
existing PCI (peripheral component interface) bus. The 64-bit
PCI-X architecture runs at speeds up to 133-MHz, providing
transfer rates above one gigabyte per second, up to four times
the speed of the most common PCI bus technology. Additionally,
Altera was selected as the first programmable logic company to
participate in the Compaq Computer Corporation (NYSE: CPQ) Golden
Master Program which guarantees Altera early access to Compaq's
PCI-X technology.
Also in the fourth quarter, Altera announced the opening of its Programmable eStore web site. This site allows customers to purchase the full range of Altera software subscriptions, and license Intellectual Property MegaCore(TM) functions through the Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the . IP customers can download To receive a file transmitted over a network. In any communications session, "download" means receive, and "upload" means send. The download/upload often implies a big/little scenario, in which data is being downloaded from the "big" server into the "little" user's computer. both the function and the license file for immediate deployment in designs. Rodney Rodney may refer to: Surnames
-- excluding the MAX(R) 5000 family, which was sold to Cypress Cypress, city, United States Cypress (sī`prəs), city (1990 pop. 42,655), Orange co., S Calif. near Long Beach; inc. 1956. Forest Lawn–Cypress, a branch of the famous cemetery in Glendale, Calif. in October October: see month. , our sequential sales growth was 12%. We experienced strong growth and achieved record results in all of our sales channels. New product sales growth was 25% and balanced across the new product families. We introduced the first member of the APEX apex (a´peks) pl. apexes, a´pices [L.] tip; the pointed end of a conical part; the top of a body, organ, or part.ap´ical apex of lung the rounded upper extremity of either lung. 20KE family, and our customers are embracing the features and performance of this family using the latest release of our Quartus Quartus (Latin "fourth") was a Corinthian Christian who sent messages to friends in Rome through Paul of Tarsus. He is mentioned in Rom. 16:23. This entry incorporates text from the public domain Easton's Bible Dictionary, originally published in 1897. development software." Fax on Demand: Copies of Altera's announcement are available from its fax-on-demand service. In the U.S. and Canada to request a copy call 1-800-789-ALTR. International users may dial their local International Access Code followed by 1-408-894-0466. 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 may 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 Communicating information, including data, text, pictures, voice and video over long distance. See communications. , 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 may be obtained on the Internet at http://www.altera.com.
ALTERA CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
(Unaudited)
THREE MONTHS ENDED YEAR ENDED
Dec. 31 Dec. 31 Sept. 30 Dec. 31 Dec. 31
1999 1998 1999 1999 1998
-------- -------- -------- -------- --------
Net sales $237,320 $172,432 $215,121 $836,623 $654,342
Costs & expenses:
Cost of sales 83,193 65,182 76,707 301,322 249,474
Research and
development 25,967 16,001 23,213 86,065 59,864
Selling, general
and administrative 40,369 29,309 36,784 143,214 113,161
-------- -------- -------- -------- --------
Total costs
and expenses 149,529 110,492 136,704 530,601 422,499
-------- -------- -------- -------- --------
Income from
operations 87,791 61,940 78,417 306,022 231,843
Interest &
other income, net 18,445 5,458 7,987 37,055 12,340
-------- -------- -------- -------- --------
Income before
income taxes and
equity investment 106,236 67,398 86,404 343,077 244,183
Provision for
income taxes 34,526 21,905 28,081 111,499 79,356
-------- -------- -------- -------- --------
Income before
equity investment 71,710 45,493 58,323 231,578 164,827
Equity in loss
of WaferTech (1,341) (3,000) (2,751) (7,584) (10,440)
-------- -------- -------- -------- --------
Net income $ 70,369 $ 42,493 $ 55,572 $223,994 $154,387
======== ======== ======== ======== ========
Earnings per share:
Basic $ 0.35 $ 0.22 $ 0.28 $ 1.13 $ 0.83
======== ======== ======== ======== ========
Diluted $ 0.34 $ 0.21 $ 0.27 $ 1.08 $ 0.78
======== ======== ======== ======== ========
Shares used
in computation:
Basic 199,390 194,828 198,880 198,079 186,986
======== ======== ======== ======== ========
Diluted 208,913 203,798 208,175 207,464 203,178
======== ======== ======== ======== ========
Tax rate 32.5% 32.5% 32.5% 32.5% 32.5%
% of Sales:
Gross margin 65% 62% 64% 64% 62%
Research and
development 11% 9% 11% 10% 9%
Selling, general
& administrative 17% 17% 17% 17% 17%
Income from operations 37% 36% 36% 37% 36%
Net income 30% 25% 26% 27% 24%
Note: Earnings per share and shares used in computation reflect the
two-for-one stock split effective May 4, 1999 for all periods
presented.
ALTERA CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)
Dec. 31 Sept. 30 Dec. 31
1999 1999 1998
Assets
Current assets:
Cash and
short-term investments $ 845,666 $ 786,169 $ 579,106
Accounts receivable, net 90,101 91,164 56,138
Inventories 64,027 58,835 69,869
Other assets 107,091 100,409 94,420
---------- ---------- ----------
Total current assets 1,106,885 1,036,577 799,533
Property and equipment, net 155,217 152,082 152,320
Investments & intangibles 177,497 156,541 141,478
---------- ---------- ----------
$1,439,599 $1,345,200 $1,093,331
========== ========== ==========
Liabilities and
Stockholders' Equity
Accounts payable and
current liabilities $ 93,766 $ 54,518 $ 50,450
Deferred income on
sales to distributors 227,760 204,867 161,160
---------- ---------- ----------
Total current
liabilities 321,526 259,385 211,610
Stockholders' equity 1,118,073 1,085,815 881,721
---------- ---------- ----------
$1,439,599 $1,345,200 $1,093,331
========== ========== ==========
Key Ratios & Information
Current Assets/
Current Liabilities 3:1 4:1 4:1
Liabilities/Equity 1:4 1:4 1:4
Annualized Quarterly
Return on Equity 26% 21% 20%
Quarterly Depreciation
Expense, Net 7,639 6,633 6,249
Quarterly Capital
Expenditures 10,774 8,094 5,587
Annualized Sales
per Employee 689 645 605
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