Altera Reports Record First Quarter 2000 Results; Sales Increase 15% Sequentially & 46% Annually.Business Editors
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)--April 12, 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 first quarter sales of $272.8 million, up 15% from the previous quarter and up 46% over the same period last year. First quarter sales growth of 15% was achieved through gains of 17% 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. , 30% in Europe Europe (yr`əp), 6th largest continent, c.4,000,000 sq mi (10,360,000 sq km) including adjacent islands (1992 est. pop. 512,000,000). , and 12% in Asia/Pacific; sales declined 6% in Japan. New and mainstream products made up 75% of sales for the quarter. New product revenues were 42% of sales, grew 28% sequentially and 187% over the same period last year. Mainstream product revenues were 33% of sales, grew 10% sequentially and 29% over the first quarter of last year. Mature product sales grew 2% sequentially.
First quarter net income of $75.2 million, or $0.36 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, was a record. Net income increased 17% over the previous quarter's income excluding the effect of one-time one-time
1. or one·time
a. Occurring or undertaken only once: a one-time winner in 1995.
b. events in that quarter, principally the gain on the sale of the MAX(R) 5000 product family. Diluted earnings per share diluted earnings per share
An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of of $0.36 increased $0.05 from the $0.31 reported in the prior quarter excluding the one-time items. First quarter earnings included after-tax af·ter-tax also af·ter·tax
Relating to or being that which remains after payment, especially of income taxes: after-tax profits. charges of $1.4 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 $85.0 million of cash to its balance sheet during the quarter with routine capital expenditures of $15.5 million.
Rodney Rodney may refer to:
apex of lung the rounded upper extremity of either lung. (TM) E product family roll-out continued, the ACEX ACEX Arctic Coring Expedition
ACEX Asheron's Call Explorer (TM) family of products for low-cost high-volume applications began shipping, and we introduced the first member of the MAX(R) 7000B family, the most advanced product-term device available on the market. We continue to step up our pace to address rapidly growing customer demand for the flexibility and fast time-to-market advantages available through Altera's industry leading programmable logic devices See PLD. ."
Altera continued to advance its leadership position in system-on-a-programmable-chip solutions.
-- Continuing the roll-out of 1.8-V APEX 20KE products, four new family members shipped during the first quarter. The APEX 20KE family features on-chip content addressable memory (CAM), low-voltage differential signaling (LVDS), and phased-locked loops (PLLs), enabling designers to create true system-on-a-programmable-chip silicon for leading-edge communications applications. Additional APEX 20KE family members will ship by mid-year, providing a density range from 60,000 to 1,500,000 usable gates. -- Altera began shipping the EPM7128B, the first member of the MAX 7000B family -- the industry's most advanced product-term device family. The MAX 7000B devices are the industry's first 0.22-micron, 2.5-V product-term devices and provide as low as 3.5-nanosecond pin-to-pin performance and support several new high bandwidth I/O features, making them ideal for communications applications. An additional MAX 7000B device, the EPM7256B, began customer sampling in the quarter with entire family rollout to be completed during the second quarter. -- Altera's new ACEX device family, aimed at low-cost, high-volume applications, was introduced, and three members of the 2.5-V ACEX 1K family shipped this quarter. These look-up table (LUT)-based devices provide the industry's lowest cost structure while offering density and performance levels that enable designers to replace ASICs and ASSPs in high-volume, price-sensitive communications applications, including low-cost switches, cable modems, and xDSL modems. -- Version 2000.02 of Altera's Quartus(TM) development software was released. This update provides enhanced capabilities that improve design performance of high-density APEX devices by an average of more than 40 percent. Altera's Quartus software meets the challenges of designing for multi-million-gate devices and enables system-on-a-programmable-chip design methodology and fast time-to-market. -- Altera entered into strategic partnerships with Mentor Graphics (Nasdaq: MENT) and Synopsys Inc. (Nasdaq: SNPS). Altera customers now have easy access to two of the world's leading synthesis tools--Mentor Graphics LeonardoSpectrum(TM) and Synopsys FPGA Express(TM)--as well as Mentor Graphics ModelSim(TM) advanced hardware description language simulation tools, all at no additional cost to customers. These leading-edge capabilities give customers a robust design platform with seamless Altera integration.
This press release contains "forward-looking statements forward-looking statement
A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. " which are made pursuant to the safe harbor Safe Harbor
1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated.
2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Forward-looking statements are generally written in the future tense future tense
A verb tense expressing future time.
Noun 1. future tense - a verb tense that expresses actions or states in the future
future and/or and/or
Used to indicate that either or both of the items connected by it are involved.
Usage Note: And/or is widely used in legal and business writing. preceded by words such as "will", "provides", or "creating". Investors are cautioned that all forward-looking statements in the release involve risks and uncertainty, including without limitation the risk that future performance is dependent on APEX, ACEX, and MAX 7000B product development schedules and market acceptance, the design performance of 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. software tools, as well as the company's development technology and manufacturing capabilities. Please refer to the company's Securities and Exchange Commission filings, copies of which are available from the company without charge.
Fax on Demand:
Copies of Altera's announcement are available from its fax-on-demand service. In the U.S. and Canada Canada (kăn`ədə), independent nation (2001 pop. 30,007,094), 3,851,787 sq mi (9,976,128 sq km), N North America. Canada occupies all of North America N of the United States (and E of Alaska) except for Greenland and the French islands of to request a copy call 1-800-789-ALTR. International users can 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 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 can be obtained on 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 at http://www.altera.com.
ALTERA CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share data) (Unaudited) THREE MONTHS ENDED Mar. 31 Mar. 31 Dec. 31 2000 1999 1999 Net sales $272,781 $186,399 $237,320 Costs & expenses: Cost of sales 94,590 69,154 83,193 Research and development 34,442 17,023 25,967 Selling, general and administrative 43,378 32,320 40,369 Total costs and expenses 172,410 118,497 149,529 Income from operations 100,371 67,902 87,791 Interest & other income, net 10,548 4,618 18,445 Income before income taxes and equity investment 110,919 72,520 106,236 Provision for income taxes 34,386 23,569 34,526 Income before equity investment 76,533 48,951 71,710 Equity in loss of WaferTech (1,379) (1,976) (1,341) Net income $ 75,154 $ 46,975 $ 70,369 Earnings per share: Basic $ 0.38 $ 0.24 $ 0.35 Diluted $ 0.36 $ 0.23 $ 0.34 Shares used in computation: Basic 199,269 195,866 199,390 Diluted 209,776 205,374 208,913 Tax rate 31.0% 32.5% 32.5% % of Sales: Gross margin 65.3% 62.9% 64.9% Research and development 12.6% 9.1% 10.9% Selling, general & administrative 15.9% 17.4% 17.0% Income from operations 36.8% 36.4% 37.0% Net income 27.6% 25.2% 29.7% 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) Mar. 31 Dec. 31 2000 1999 Assets Current assets: Cash and short-term investments $ 930,701 $ 845,666 Accounts receivable, net 119,334 90,101 Inventories 81,597 64,027 Other assets 118,739 107,091 Total current assets 1,250,371 1,106,885 Property and equipment, net 163,375 155,217 Investments & intangibles 175,903 177,497 $ 1,589,649 $ 1,439,599 Liabilities and Stockholders' Equity Accounts payable and current liabilities $ 103,546 $ 93,766 Deferred income on sales to distributors 259,696 227,760 Total current liabilities 363,242 321,526 Stockholders' equity 1,226,407 1,118,073 $ 1,589,649 $ 1,439,599 Key Ratios & Information Current Assets/Current Liabilities 3:1 3:1 Liabilities/Equity 1:3 1:4 Annualized Quarterly Return on Equity 26% 26% Quarterly Depreciation Expense, Net 7,334 7,639 Quarterly Capital Expenditures 15,487 10,774 Annualized Sales per Employee 753 689