Altera Announces First Quarter Results


About Altera

Altera's programmable solutions enable system and semiconductor companies to rapidly and cost-effectively innovate, differentiate and win in their markets. Find out more at www.altera.com.

Altera, The Programmable Solutions Company, the stylized Altera logo, specific device designations and all other words that are identified as trademarks and/or service marks are, unless noted otherwise, the trademarks and service marks of Altera Corporation in the U.S. and other countries.
                          ALTERA CORPORATION
             CONDENSED CONSOLIDATED STATEMENTS OF INCOME
                (In thousands, except per share data)
                             (Unaudited)

                                           THREE MONTHS ENDED
                                   -----------------------------------
                                    March 30   December 29  March 31
                                      2007        2006        2006
                                   -----------------------------------

Net sales                          $  304,916  $  317,392  $  292,830
Cost of sales (1)                     104,512     107,007      97,106
                                   ----------- ----------- -----------

Gross margin                          200,404     210,385     195,724
                                   ----------- ----------- -----------

Operating expenses:
   Research and development (1)        58,455      58,355      62,857
   Selling, general, and
    administrative (1)                 71,784      73,994      76,249
                                   ----------- ----------- -----------
Total operating expenses              130,239     132,349     139,106
                                   ----------- ----------- -----------

Income from operations                 70,165      78,036      56,618
Interest and other income, net         17,113      18,842      12,433
                                   ----------- ----------- -----------

Income before income taxes             87,278      96,878      69,051
Provision (Benefit) for income
 taxes                                 12,219      (2,984)     10,358
                                   ----------- ----------- -----------

Net income                         $   75,059  $   99,862  $   58,693
                                   =========== =========== ===========

Net income per share:
   Basic                           $     0.21  $     0.28  $     0.16
                                   =========== =========== ===========
   Diluted                         $     0.21  $     0.27  $     0.16
                                   =========== =========== ===========
Shares used in computing per share
 amounts:
   Basic                              357,594     362,569     359,479
                                   =========== =========== ===========
   Diluted                            363,648     368,448     367,047
                                   =========== =========== ===========



Tax rate                                 14.0%       -3.1%       15.0%
% of Net Sales:
   Gross margin                          65.7%       66.3%       66.8%
   Research and development              19.2%       18.4%       21.5%
   Selling, general, and
    administrative                                         23.5%              23.3%              26.0%
      Income  from  operations                                23.0%              24.6%              19.3%
      Net  income                                                        24.6%              31.5%              20.0%

Note:
----------------------------------

(1)Includes  stock-based
        compensation  expenses  as
        follows:

      Cost  of  sales                                      $            333    $            369    $            523
      Research  and  development                $        5,513    $        6,549    $        7,924
      Selling,  general,  and
        administrative                                  $        7,257    $        8,583    $      10,466
 


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