Altera Announces Third 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 data center application growth potential. 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, changing global 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.

ALTERA CORPORATION

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)















Three Months Ended


Nine Months Ended

(In thousands, except per share amounts)


September 25, 
2015


June 26, 
2015


September 26, 
2014


September 25, 
2015


September 26, 
2014












Net sales


$

399,567



$

414,162



$

499,606



$

1,249,214



$

1,452,216


Cost of sales


133,667



126,590



166,019



416,520



480,279


Gross margin


265,900



287,572



333,587



832,694



971,937


Operating expense











Research and development expense


100,481



105,345



112,078



309,057



310,856


Selling, general, and administrative expense


74,745



75,011



77,724



220,262



231,205


Amortization of acquisition-related intangible assets


2,491



2,427



2,465



7,382



7,394


Merger expenses


10,421



18,458





28,879




Total operating expense


188,138



201,241



192,267



565,580



549,455


Operating margin (2)


77,762



86,331



141,320



267,114



422,482


Compensation (benefit)/expense — deferred compensation plan


(4,468)



2,732



(487)



(1,709)



4,093


Loss/(gain) on deferred compensation plan securities


4,468



(2,732)



487



1,709



(4,093)


Interest income and other


(9,590)



(8,495)



(4,558)



(24,681)



(18,362)


Gain reclassified from other comprehensive income


(1,644)



(1,463)



(59)



(5,613)



(150)


Interest expense


10,772



10,859



10,774



32,039



32,139


Income before income taxes


78,224



85,430



135,163



265,369



408,855


Income tax expense


16,706



15,091



17,154



38,660



47,328


Net income


61,518



70,339



118,009



226,709



361,527













Other comprehensive income/(loss):











Unrealized gain/(loss) on investments:











Unrealized holding gain/(loss) on investments arising during period, net of tax of $190, ($460), ($6), ($228) and $41


13,058



(24,805)



(4,929)



5,038



22,102


Less: Reclassification adjustments for gain on investments included in net income, net of tax of ($1), $9, $11, $15 and $21


(1,644)



(1,454)



(48)



(5,598)



(129)


Other comprehensive income/(loss)


11,414



(26,259)



(4,977)



(560)



21,973


Comprehensive income


$

72,932



$

44,080



$

113,032



$

226,149



$

383,500













Net income per share:











Basic


$

0.20



$

0.23



$

0.38



$

0.75



$

1.16


Diluted


$

0.20



$

0.23



$

0.38



$

0.74



$

1.15













Shares used in computing per share amounts:











Basic


302,707



301,799



308,215



301,950



311,853


Diluted


305,337



304,604



310,184



304,421



314,130













Dividends per common share


$

0.18



$

0.18



$

0.18



$

0.54



$

0.48













Tax rate


21.4

%


17.7

%


12.7

%


14.6

%


11.6

%

% of Net sales:











Gross margin


66.5

%


69.4

%


66.8

%


66.7

%


66.9

%

Research and development (1)


25.8

%


26.0

%


22.9

%


25.3

%


21.9

%

Selling, general, and administrative


18.7

%


18.1

%


15.6

%


17.6

%


15.9

%

Operating margin (2)


19.5

%


20.8

%


28.3

%


21.4

%


29.1

%

Net income


15.4

%


17.0

%


23.6

%


18.1

%


24.9

%


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