Altera Announces Second Quarter Results

Product Category Description

  • New Products include the Arria® 10, Stratix® V, Stratix IV, Arria V, Arria II, Cyclone® V, Cyclone IV, MAX® 10, 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, 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.

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 absolute and relative product performance and features, Stratix® 10 FPGA competitive advantages and market expansion potential, future product availability, and the potential benefits that may be delivered through the pending acquisition of Altera by Intel. Investors are cautioned that all forward-looking statements in this release involve risks and uncertainty that can cause actual results to differ materially from those currently anticipated, due to a number of factors, including without limitation, the risk that the acquisition of Altera by Intel will not be completed, current global economic conditions, customer business environment, customer inventory levels, product availability, vertical market mix, market acceptance of the company's products, the performance of products once introduced, product introduction schedules, the rate of growth of the company's new products including Cyclone® V, Cyclone IV, Arria® 10, Arria V, Arria II, Stratix V, Stratix IV, MAX® 10 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.

About Altera

Altera® programmable solutions enable designers of electronic systems to rapidly and cost effectively innovate, differentiate and win in their markets. Altera offers FPGA, SoC, CPLD products, and complementary technologies, such as power solutions, to provide high-value solutions to customers worldwide. Visit www.altera.com.

ALTERA, ARRIA, CYCLONE, ENPIRION, 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.

INVESTOR CONTACT


MEDIA CONTACT

Scott Wylie - Vice President


Sue Martenson - Senior Manager

Investor Relations


Public Relations

(408) 544-6996


(408) 544-8158

swylie@altera.com


newsroom@altera.com

 

ALTERA CORPORATION

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)

























Three Months Ended


Six Months Ended

(In thousands, except per share amounts)


June 26, 
 2015


March 27, 
 2015


June 27, 
 2014


June 26, 
 2015


June 27, 
 2014












Net sales


$

414,162



$

435,485



$

491,517



$

849,647



$

952,609


Cost of sales


126,590



156,263



162,391



282,853



314,259


Gross margin


287,572



279,222



329,126



566,794



638,350


Operating expense











Research and development expense


105,345



103,231



101,121



208,576



198,778


Selling, general, and administrative expense


75,011



70,506



78,974



145,517



153,481


Amortization of acquisition-related intangible assets


2,427



2,464



2,464



4,891



4,929


Merger expenses


18,458







18,458




Total operating expense


201,241



176,201



182,559



377,442



357,188


Operating margin (2)


86,331



103,021



146,567



189,352



281,162


Compensation expense — deferred compensation plan


2,732



27



3,126



2,759



4,580


Gain on deferred compensation plan securities


(2,732)



(27)



(3,126)



(2,759)



(4,580)


Interest income and other


(8,495)



(6,596)



(7,819)



(15,091)



(13,804)


Gain reclassified from other comprehensive income


(1,463)



(2,506)



(43)



(3,969)



(91)


Interest expense


10,859



10,408



10,877



21,267



21,365


Income before income taxes


85,430



101,715



143,552



187,145



273,692


Income tax expense


15,091



6,863



16,548



21,954



30,174


Net income


70,339



94,852



127,004



165,191



243,518













Other comprehensive (loss)/income:











Unrealized (loss)/gain on investments:











Unrealized holding (loss)/gain on investments arising during period, net of tax of ($460), $41, $23, ($419) and $46


(24,805)



16,785



14,471



(8,020)



27,031


Less: Reclassification adjustments for gain on investments included in net income, net of tax of $9, $6, $6, $15 and $10


(1,454)



(2,500)



(37)



(3,954)



(81)


Other comprehensive (loss)/income


(26,259)



14,285



14,434



(11,974)



26,950


Comprehensive income


$

44,080



$

109,137



$

141,438



$

153,217



$

270,468













Net income per share:











Basic


$

0.23



$

0.31



$

0.41



$

0.55



$

0.78


Diluted


$

0.23



$

0.31



$

0.41



$

0.54



$

0.77













Shares used in computing per share amounts:











Basic


301,799



301,308



311,000



301,561



313,713


Diluted


304,604



303,285



313,513



303,951



316,145













Dividends per common share


$

0.18



$

0.18



$

0.15



$

0.36



$

0.30













Tax rate


17.7

%


6.7

%


11.5

%


11.7

%


11.0

%

% of Net sales:











Gross margin


69.4

%


64.1

%


67.0

%


66.7

%


67.0

%

Research and development (1)


26.0

%


24.3

%


21.1

%


25.1

%


21.4

%

Selling, general, and administrative


18.1

%


16.2

%


16.1

%


17.1

%


16.1

%

Operating margin (2)


20.8

%


23.7

%


29.8

%


22.3

%


29.5

%

Net income


17.0

%


21.8

%


25.8

%


19.4

%


25.6

%












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, amortization of acquisition-related intangible assets, and merger expenses, 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


Six Months Ended

(In thousands, except per share amounts)


June 26, 
 2015


March 27, 
 2015


June 27, 
 2014


June 26, 
 2015


June 27, 
 2014

Operating margin (non-GAAP)


$

86,331



$

103,021



$

146,567



$

189,352



$

281,162


Compensation expense — deferred compensation plan


2,732



27



3,126



2,759



4,580


Income from operations (GAAP)


$

83,599



$

102,994



$

143,441



$

186,593



$

276,582



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