Altera Reports Record Quarterly Results; Third Quarter Sales Increase 122%; Net Income Up 181%.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)--Oct. 10, 1995--Altera Corporation (Nasdaq: ALTR) today reported record levels of sales, operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. , net income, and earnings per share for the quarter ended September September: see month. 30, 1995. Third quarter sales of $109.1 million were up 122% over the same period last year, and 18% over the previous quarter. Operating margin Operating Margin A ratio used to measure a company's pricing strategy and operating efficiency. Calculated by: as a percentage of sales for the third quarter was 33.8%, up 7.6 percentage points over the same period last year and 1.3 percentage points over the previous quarter. Gross margin as a percentage of sales for the third quarter was 60.7%, up 1.4 percentage points over the previous quarter. Gross margin improvements are attributed to a greater proportion of newer product shipments at higher margins and to improved yields on newer products. Net income was a record $23.7 million, up 181% over the third quarter of 1994 and 21% above the previous quarter. Third quarter earnings per share were $0.52, an increase of $0.32 from the same period last year and up $0.09 from the previous quarter. 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. added $18.2 million of cash to its balance sheet during the quarter, after capital expenditures of $6.9 million. Annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. return on equity was 46% for the quarter. Rodney Rodney may refer to: Surnames
Mr. Smith continued, "Quarterly sales growth was driven by our MAX 7000 and FLEX 8000 product families. These products, which are sole-sourced, account for the major portion of our business and continue to be the fastest growing of our product offerings." Mr. Smith concluded, "The communications marketplace continues to lead the strong demand for our products. The Company's backlog Backlog The total value of sales orders waiting to be fulfilled. Notes: This figure is used mainly in the manufacturing industry. Increases or decreases in a company's backlog indicate the future direction of sales and earnings. increased by over $22 million from the prior quarter." Fax on Demand: Copies of Altera's quarterly earnings 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 can dial their local International Access Code followed by 1-408-894-0466. Altera Corporation, founded in 1983, is a world-wide leader in high-performance, high-density programmable logic devices See PLD. 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 with tools that run on personal computers or engineering workstations. User benefits include ease of use, lower risk, and fast 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 market areas, including 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. , 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. -0-
ALTERA CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(Thousands, except per share data)
(Unaudited)
THREE MONTHS ENDED NINE MONTHS ENDED
Sept. 30, Sept. 30, June 30, Sept. 30, Sept. 30,
1995 1994 1995 1995 1994
Sales $109,079 $49,051 $92,165 $276,282 $139,622 Costs & Expenses: Cost of Sales 42,817 18,871 37,489 110,357 54,057 Research and Development 9,105 5,829 7,677 23,368 15,728 Selling, General, & Administrative 20,340 11,501 17,014 52,736 32,580 Total Costs & Expenses 72,262 36,201 62,180 186,461 102,365 Income from Operations 36,817 12,850 29,985 89,821 37,257 Interest Income, Net 848 559 1,177 2,970 1,469 Income before Taxes 37,665 13,409 31,162 92,791 38,726 Taxes 13,936 4,961 11,530 34,333 14,329 Net Income $23,729 $8,448 $19,632 $58,458 $24,397 Net Income per Share $0.52 $0.20 $0.43 $1.28 $0.57 Avg. shares and equivalents used in calculation of net income per share 45,852 42,718 45,524 45,527 42,766 Tax rate 37% 37% 37% 37% 37% % of Sales Gross Margin 61% 62% 59% 60% 61% Research & Development 8% 12% 8% 8% 11% Selling, General and Administrative 19% 24% 18% 19% 23% Income from Operations 34% 26% 33% 33% 27% Net Income 22% 17% 21% 21% 17%
ALTERA CORPORATION
CONSOLIDATED BALANCE SHEETS
(Thousands)
(Unaudited)
Sept. 30, June 30,
1995 1995
Assets
Current assets:
Cash and short-term investments $341,833 $323,653
Accounts receivable, net 65,497 52,903
Inventories 42,369 38,283
Other assets 26,671 20,919
Total Current Assets 476,370 435,758
Property and equipment, net 49,203 44,480
Investments & Intangibles 37,624 23,601
_________ _________
$563,197 $503,839
Liabilities and Shareholders' Equity
Current Liabilities $ 97,688 $ 78,486
Long Term Debt 244,400 230,000
Shareholders' Equity 221,109 195,353
_________ _________
$563,197 $503,839
Key Ratios & Information Current assets/current liabilities 5:1 6:1 Liabilities/Equity 2:1 2:1 Annualized Quarterly Return on 46% 42% Equity Quarterly Depreciation Expense 2,182 2,175 Quarterly Capital Expenditures 6,905 25,499 Annualized Sales per Employee 556 505 CONTACT: Altera Corporation Thomas (language) Thomas - A language compatible with the language Dylan(TM). Thomas is NOT Dylan(TM). The first public release of a translator to Scheme by Matt Birkholz, Jim Miller, and Ron Weiss, written at Digital Equipment Corporation's Cambridge Research Laboratory runs J. Nicoletti, 408/894-7000 |
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