Altera Announces Third Quarter Results

(PRNewswire) —  Altera Corporation (NASDAQ: ALTR) today announced third quarter sales of $399.6 million, down 4 percent from the second quarter of 2015 and down 20 percent from the third quarter of 2014. Third quarter net income was $61.5 million, $0.20 per diluted share, compared with net income of $70.3 million, $0.23 per diluted share, in the second quarter of 2015 and $118.0 million, $0.38 per diluted share, in the third quarter of 2014.

Altera(R) 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.

Year-to-date cash flow from operating activities was $392.9 million. Altera's board of directors has declared a quarterly cash dividend of $0.18 per share, to be paid on December 1, 2015 to shareholders of record on November 10, 2015.

"Market conditions globally were quite varied this quarter as some vertical markets produced good growth while others were weak. In spite of these headwinds we saw double-digit new product growth plus continued strength in data center demand," said John Daane, president, chief executive officer, and chairman of the board.

Third Quarter Business Summary

The quarter's sequential sales decline reflects choppy conditions across the company's vertical markets. Telecom and Wireless sales grew as wireless equipment demand rebounded from the prior quarter. Industrial market weakness was the major contributor  to a decline in sales in the  Industrial Automation, Military & Auto vertical market. Networking, Computer & Storage sales grew, led by gains in computer and storage, as data center customers increasingly leverage the performance and low power benefits of Altera FPGAs. Gross margin was 66.5 percent, down from the second quarter, due to unfavorable changes in vertical market mix. Reduced merger-related expenses led to a sequential decline in the quarter's operating expenses. The company's tax rate was 21.4 percent, up from the prior quarter, largely the result of continuing adverse geographic mix and reduced acquisition-related costs in the quarter.

SELECTED THIRD QUARTER RATIOS AND RELATED RESULTS


($ in thousands) 
Key Ratios & Information


September 25, 2015


June 26, 2015

Current Ratio


4:1



5:1


Liabilities/Equity


3:4



3:4


Quarterly Operating Cash Flows


$

167,018



$

89,220


TTM Return on Equity


10

%


12

%

Quarterly Depreciation Expense


$

12,183



$

11,985


Quarterly Capital Expenditures


$

10,190



$

7,696


Inventory MSOH (1): Altera


3.6



4.2


Inventory MSOH (1): Distribution


0.8



0.7


Cash Conversion Cycle (Days)


168



162


Turns


48

%


46

%

Book to Bill


<1.0



<1.0







Note (1): MSOH: Months Supply On Hand






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