Altera Announces Fourth Quarter Results

 

 



ALTERA CORPORATION

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)




Three Months Ended


Years Ended

(In thousands, except per share amounts)


December 31, 2013


September 27, 2013


December 31, 2012


December 31, 2013


December 31, 2012












Net sales


$

454,367


$

445,945


$

439,440


$

1,732,572


$

1,783,035

Cost of sales


144,024


141,525


133,367


546,736


541,523

Gross margin


310,343


304,420


306,073


1,185,836


1,241,512

Operating expense











Research and development expense


106,643


95,336


93,949


385,185


359,568

Selling, general, and administrative expense


84,692


78,907


74,030


320,068


289,854

Amortization of acquisition-related intangible assets


1,850


1,846


213


4,824


853

Total operating expense


193,185


176,089


168,192


710,077


650,275

Operating margin (1)


117,158


128,331


137,881


475,759


591,237

Compensation expense - deferred compensation plan


3,881


3,462


358


10,605


7,055

Gain on deferred compensation plan securities


(3,881)


(3,462)


(358)


(10,605)


(7,055)

Interest income and other


(4,902)


(2,214)


(2,390)


(11,553)


(8,388)

Gain reclassified from other comprehensive income


(24)


(33)


(205)


(153)


(268)

Interest expense


8,272


2,511


2,589


16,637


7,976

Income before income taxes


113,812


128,067


137,887


470,828


591,917

Income tax expense


14,878


8,635


17,082


30,763


35,110

Net income


$

98,934


$

119,432


$

120,805


$

440,065


$

556,807













Other comprehensive (loss)/ income:











Unrealized (loss)/gain on investments:











Unrealized holding (loss)/gain on investments arising during period, net of tax of ($11), $30, ($11), ($1) and $114


(26,811)


2,419


(889)


(33,424)


5,839

Less: Reclassification adjustments for gain on investments included in net income, net of tax of $2, $11, $24, $23 and $25


(22)


(22)


(44)


(130)


(114)



(26,833)


2,397


(933)


(33,554)


5,725

Unrealized gain on derivatives:











Unrealized gain on derivatives arising during period, net of tax of $9 and $45




17



84

Less: Reclassification adjustments for gain on derivatives included in net income, net of tax of $48 and $45




(89)



(84)





(72)



Other comprehensive (loss)/ income:


(26,833)


2,397


(1,005)


(33,554)


5,725

Comprehensive income


$

72,101


$

121,829


$

119,800


$

406,511


$

562,532












Net income per share:











Basic


$

0.31


$

0.37


$

0.38


$

1.37


$

1.74

Diluted


$

0.31


$

0.37


$

0.37


$

1.36


$

1.72












Shares used in computing per share amounts:











Basic


319,993


320,445


319,765


320,195


320,830

Diluted


322,018


323,505


322,209


323,018


324,497












Dividends per common share


$

0.15


$

0.15


$

0.10


$

0.50


$

0.36












Tax rate


13.1%


6.7%


12.4%


6.5%


5.9%

% of Net sales:











Gross margin


68.3%


68.3%


69.7%


68.4%


69.6%

Research and development


23.5%


21.4%


21.4%


22.2%


20.2%

Selling, general, and administrative


18.6%


17.7%


16.8%


18.5%


16.3%

Operating margin (1)


25.8%


28.8%


31.4%


27.5%


33.2%

Net income


21.8%


26.8%


27.5%


25.4%


31.2%


Notes:


(1) We define operating margin as gross margin less research and development and selling, general and administrative expenses 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 gains and losses 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


Years Ended

(In thousands)


December 31, 2013


September 27, 2013


December 31, 2012


December 31, 2013


December 31, 2012

Operating margin (non-GAAP)


$

117,158


$

128,331


$

137,881


$

475,759


$

591,237

Compensation expense — deferred compensation plan


3,881


3,462


358


10,605


7,055

Income from operations (GAAP)


$

113,277


$

124,869


$

137,523


$

465,154


$

584,182


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