Altera Announces First Quarter Results

 

 





ALTERA CORPORATION

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)






Three Months Ended

(In thousands, except per share amounts)


March 28,

 2014


December 31,

 2013


 

March 29,

 2013








Net sales


$

461,092


$

454,367


$

410,501

Cost of sales


151,868


144,024


126,083

Gross margin


309,224


310,343


284,418

Operating expense






   Research and development expense


97,657


106,643


87,717

   Selling, general, and administrative expense


74,507


84,692


78,600

   Amortization of acquisition-related intangible assets


2,465


1,850


213

Total operating expense


174,629


193,185


166,530

Operating margin (1)


134,595


117,158


117,888

Compensation expense — deferred compensation plan


1,454


3,881


3,422

Gain on deferred compensation plan securities


(1,454)


(3,881)


(3,422)

Interest income and other


(5,985)


(4,902)


(1,659)

Gain reclassified from other comprehensive income


(48)


(24)


(54)

Interest expense


10,488


8,272


2,465

Income before income taxes


130,140


113,812


117,136

Income tax expense/(benefit)


13,626


14,878


(3,053)

Net income


116,514


98,934


120,189








Other comprehensive income/(loss):







Unrealized gain/(loss) on investments:







   Unrealized holding gain/(loss) on investments arising during period, net of tax of $24, ($11) and ($5)


12,560


(26,811)


(1)

   Less: Reclassification adjustments for gain on investments included in net income, net of tax of $4, $2 and $5


(44)


(22)


(49)

Other comprehensive income/(loss)


12,516


(26,833)


(50)

Comprehensive income


$

129,030


$

72,101


$

120,139




Net income per share:



   Basic


$

0.37


$

0.31


$

0.38

   Diluted


$

0.37


$

0.31


$

0.37








Shares used in computing per share amounts:







   Basic


316,552


319,993


319,867

   Diluted


318,901


322,018


323,021








Dividends per common share


$

0.15


$

0.15


$

0.10




Tax rate


10.5%


13.1%


(2.6)%

% of Net sales:







   Gross margin


67.1%


68.3%


69.3%

   Research and development (1)


21.7%


23.9%


21.4%

   Selling, general, and administrative


16.2%


18.6%


19.1%

   Operating margin (2)


29.2%


25.8%


28.7%

   Net income


25.3%


21.8%


29.3%


Notes:


(1) Research and development expense as a percentage of Net sales includes amortization of acquisition-related intangible assets.

 

(2) 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

(In thousands, except per share amounts)


March 28,

  2014


December 31,

 2013


March 29,

 2013

Operating margin (non-GAAP)


$

134,595


$

117,158


$

117,888

Compensation expense — deferred compensation plan


1,454


3,881


3,422

Income from operations (GAAP)


$

133,141


$

113,277


$

114,466


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