Altera Announces Third Quarter Results

Product Category Description


  • New Products include the Stratix® V, Stratix IV, Arria® V, Arria II, Cyclone® V, Cyclone IV, MAX® V, HardCopy® IV devices and Enpirion PowerSoCs.
  • Mainstream Products include the Stratix III, Cyclone III, MAX II and HardCopy III devices.
  • Mature and Other Products include the Stratix II, Stratix, Arria GX, Cyclone II, Cyclone, Classic™, MAX 3000A, MAX 7000, MAX 7000A, MAX 7000B, MAX 7000S, MAX 9000, HardCopy II, HardCopy, FLEX® series, APEX™ series, Mercury™, Excalibur™ devices, configuration and other devices, intellectual property cores, and software and other tools.

 

Business Outlook for the Fourth Quarter 2013


Sales and Income Statement



Sequential Sales

Down 3% to Up 1%

Gross Margin

68.5% +/- .5%

Research and Development

$110 to $111 million

SG&A

$82 to $83 million

Tax Rate

11% to 12%

Diluted Share Count

Approximately 323 million (assumes no share repurchases)

Turns

Mid 40's

MSOH

Low 4's

 

Vertical Market



Telecom & Wireless

Flat

Industrial Automation, Military & Automotive

Flat

Networking, Computer & Storage

Up

Other

Down

 

Third Quarter Earnings Conference Call

A conference call will be held today at 1:45 p.m. Pacific time to discuss the quarter's results and management's current business outlook. The web cast and subsequent replay will be available in the Investor Relations section of the company's website at www.altera.com. A telephonic replay of the call may be accessed later in the day by calling (719) 457-0820 and referencing confirmation code 258712. The telephonic replay will be available for two weeks following the live call.


Forward-Looking Statements

Statements in this press release that are not historical are "forward-looking statements" as the term is defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements are generally written in the future tense and/or preceded by words such as "will," "expects," "anticipates," or other words that imply or predict a future state. Forward-looking statements include, but are not limited to, statements regarding new product growth momentum, the competitive advantage related to the use of Intel's 14 nm process, product performance parameters, new product sales momentum, and any projection of revenue, gross margin, expense or other financial items discussed in the Business Outlook section or elsewhere in this press release. Investors are cautioned that all forward-looking statements in this release involve risks and uncertainty that can cause actual results to differ from those currently anticipated, due to a number of factors, including without limitation, current global economic conditions, including uncertainty arising from United States budget and debt ceiling legislation, customer business environment, customer inventory levels, vertical market mix, market acceptance of the company's products, product introduction schedules, the rate of growth of the company's new products including Cyclone® V, Cyclone IV, Arria® V, Arria II, Stratix® V, Stratix IV FPGAs, MAX® V CPLDs, HardCopy®  IV device families and Enpirion PowerSoCs, as well as changes in economic conditions and other risk factors discussed in documents filed by the company with the Securities and Exchange Commission (SEC) from time to time. Copies of Altera's SEC filings are posted on the company's website and are available from the company without charge. Forward-looking statements are made as of the date of this release, and, except as required by law, the company does not undertake an obligation to update its forward-looking statements to reflect future events or circumstances.

 

Mobile Device Investor Information

Altera now provides highlights of its investor relations web page optimized for mobile users. Investors can equip their mobile devices with this new capability by linking to http://phx.corporate-ir.net/Mobile.view?c=83265.

About Altera

Altera® programmable solutions enable designers of electronic systems to rapidly and cost effectively innovate, differentiate and win in their markets. Altera offers FPGAs, SoCs, CPLDs, ASICs and complementary technologies, such as power management, to provide high-value solutions to customers worldwide. Follow Altera via Facebook, Twitter, LinkedIn, Google+ and RSS, and subscribe to product update emails and newsletters. Visit www.altera.com.

ALTERA, ARRIA, CYCLONE, HARDCOPY, MAX, MEGACORE, NIOS, QUARTUS and STRATIX words and logos are trademarks of Altera Corporation and registered in the U.S. Patent and Trademark Office and in other countries. All other words and logos identified as trademarks or service marks are the property of their respective holders as described at www.altera.com/legal.

 


ALTERA CORPORATION
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)




Three Months Ended


Nine Months Ended

(In thousands, except per share amounts)


September 27,
2013


June 28,
2013


September 28,
2012


September 27,
2013


September 28,
2012












Net sales


$

445,945



$

421,759



$

495,010



$

1,278,205



$

1,343,595


Cost of sales


141,525



135,104



152,007



402,712



408,156


Gross margin


304,420



286,655



343,003



875,493



935,439


Operating expense











Research and development expense


95,336



95,489



91,393



278,542



265,619


Selling, general, and administrative expense


78,907



77,869



74,243



235,376



215,824


Amortization of acquisition-related intangible assets


1,846



915



213



2,974



640


Total operating expense


176,089



174,273



165,849



516,892



482,083


Operating margin (1)


128,331



112,382



177,154



358,601



453,356


Compensation expense/(benefit) — deferred compensation plan


3,462



(160)



3,274



6,724



6,697


(Gain)/loss on deferred compensation plan securities


(3,462)



160



(3,274)



(6,724)



(6,697)


Interest income and other


(2,214)



(2,778)



(2,775)



(6,651)



(5,997)


(Gain)/loss reclassified from other comprehensive income


(33)



(42)



108



(129)



(63)


Interest expense


2,511



3,389



2,333



8,365



5,386


Income before income taxes


128,067



111,813



177,488



357,016



454,030


Income tax expense


8,635



10,304



19,999



15,885



18,028


Net income


119,432



101,509



157,489



341,131



436,002













Other comprehensive income/(loss):











Unrealized gain/(loss) on investments:











Unrealized holding gain/(loss) on investments arising during period, net of tax of $30, ($47), $43, ($12) and $108


2,419



(9,031)



3,620



(6,613)



6,723


Less: Reclassification adjustments for gain on investments included in net income, net of tax of $11, $5, $1, $21 and $6


(22)



(37)



(41)



(108)



(64)




2,397



(9,068)



3,579



(6,721)



6,659


Unrealized (loss)/gain on derivatives:











Unrealized (loss)/gain on derivatives arising during period, net of tax of ($6) and $36






(10)





67


Less: Reclassification adjustments for loss on derivatives included in net income, net of tax of $53 and $2






97





5








87





72


Other comprehensive income/(loss)


2,397



(9,068)



3,666



(6,721)



6,731


Comprehensive income


$

121,829



$

92,441



$

161,155



$

334,410



$

442,733













Net income per share:











Basic


$

0.37



$

0.32



$

0.49



$

1.07



$

1.36


Diluted


$

0.37



$

0.31



$

0.49



$

1.05



$

1.34













Shares used in computing per share amounts:











Basic


320,445



320,472



319,870



320,266



321,200


Diluted


323,505



323,527



323,560



323,355



325,275













Dividends per common share


$

0.15



$

0.10



$

0.10



$

0.35



$

0.26













Tax rate


6.7

%


9.2

%


11.3

%


4.4

%


4.0

%

% of Net sales:











Gross margin


68.3

%


68.0

%


69.3

%


68.5

%


69.6

%

Research and development


21.4

%


22.6

%


18.5

%


21.8

%


19.8

%

Selling, general, and administrative


17.7

%


18.5

%


15.0

%


18.4

%


16.1

%

Operating margin (1)


28.8

%


26.6

%


35.8

%


28.1

%


33.7

%

Net income


26.8

%


24.1

%


31.8

%


26.7

%


32.5

%

















Notes:

(1) We define operating margin as gross margin less research and development expense, selling, general and administrative expense and amortization of acquisition-related intangible assets, as presented above. This presentation differs from income from operations as defined by U.S. Generally Accepted Accounting Principles ("GAAP"), as it excludes the effect of compensation associated with the deferred compensation plan obligations. Since the effect of compensation associated with our deferred compensation plan obligations is offset by losses/(gains) from related securities, we believe this presentation provides a more meaningful representation of our ongoing operating performance. A reconciliation of operating margin to income from operations follows:




Three Months Ended


Nine Months Ended

(In thousands, except per share amounts)


September 27,
2013


June 28,
2013


September 28,
2012


September 27,
2013


September 28,
2012

Operating margin (non-GAAP)


$

128,331



$

112,382



$

177,154



$

358,601



$

453,356


Compensation expense/(benefit) — deferred compensation plan


3,462



(160)



3,274




6,724



6,697


Income from operations (GAAP)


$

124,869



$

112,542



$

173,880



$

351,877



$

446,659

























« Previous Page 1 | 2 | 3 | 4 | 5 | 6  Next Page »



Review Article Be the first to review this article

Aldec

Featured Video
Editorial
Peggy AycinenaWhat Would Joe Do?
by Peggy Aycinena
Real Intent: Leveraging on Investments
More Editorial  
Jobs
Technical Support Engineer EU/Germany/UK for EDA Careers at N/A, United Kingdom
Senior Front-End RTL Design AE for EDA Careers at San Jose, CA
FPGA Engineer for Teradyne Inc at San Jose, CA
Senior R&D Engineer...Timing Closure Specialist for EDA Careers at San Jose or Anywhere, CA
Analog Hardware Engineer for Teradyne Inc at San Jose, CA
Field Application Engineer for Teradyne Inc at San Jose, CA
Upcoming Events
CODES+ISSS 2017, Oct 15-20, 2017, Lotte Hotel, Seoul, South Korea at Lotte Hotel Seoul Korea (North) - Oct 15 - 20, 2017
DVCon 2017 Europe, Oct 16 - 17, 2017, Munich, Germany at Holiday Inn Munich City Centre Munich Germany - Oct 16 - 17, 2017
11th International Symposium on Networks-on-Chip (NOCS 2017) at Seoul Korea (South) - Oct 19 - 20, 2017



Internet Business Systems © 2017 Internet Business Systems, Inc.
25 North 14th Steet, Suite 710, San Jose, CA 95112
+1 (408) 882-6554 — Contact Us, or visit our other sites:
AECCafe - Architectural Design and Engineering TechJobsCafe - Technical Jobs and Resumes GISCafe - Geographical Information Services  MCADCafe - Mechanical Design and Engineering ShareCG - Share Computer Graphic (CG) Animation, 3D Art and 3D Models
  Privacy PolicyAdvertise