Altera Announces Fourth Quarter Results

(PRNewswire) — Altera Corporation (NASDAQ: ALTR) today announced fourth quarter sales of $457.8 million, down 12 percent from the third quarter of 2011 and down 18 percent from the fourth quarter of 2010. Fourth quarter net income was $146.6 million, $0.45 per diluted share, compared with net income of $185.4 million, $0.57 per diluted share, in the third quarter of 2011 and $231.6 million, $0.72 per diluted share, in the fourth quarter of 2010.

Cash flow from operating activities in 2011 was $959.6 million. Altera ended the quarter with $3.5 billion in cash and investments.

Altera's board of directors has declared a quarterly cash dividend of $0.08 per share payable on March 1, 2012 to stockholders of record on February 10, 2012.

"While industry conditions led to sequential sales declines in the fourth quarter, Altera grew 6 percent in 2011—well ahead of most of the semiconductor industry. Our FPGA market share once again improved," said John Daane, president, chief executive officer, and chairman of the board. "As we have seen over the last several years, there are long-term technology-based trends that favor FPGAs. We continue to believe that these factors, plus ongoing FPGA share gains, give us the potential over time for sales growth twice that of the semiconductor industry."

Several recent accomplishments mark the company's continuing progress:

  • Altera has begun shipping its first mid-range 28-nm Arria® V FPGAs. Arria V devices are the lowest power mid-range FPGAs available in the market today. Offering transceiver speeds up to 10.3125-Gbps, the Arria V family was developed on TSMC's 28-nm Low-Power (28LP) process. With 50 percent lower static power and 50 percent lower transceiver power than any FPGA in its class, the Arria V FPGA delivers the lowest total power of any mid-range FPGA family. Available in four family variants, designers can choose the device that meets their exact needs, including devices that embed a dual-core ARM® Cortex™ -A9 MPCore™ processor. The Arria V family's innovative features allow designers to tailor their low-power, high-bandwidth, and low-cost requirements for next-generation shipments in wireless, broadcast, and military markets.

  • Altera has announced the industry's first OpenCL™ program for FPGAs. The OpenCL standard is a C-based open standard for parallel programming. Altera's OpenCL program combines the parallel processing performance capability of FPGAs with the OpenCL standard to enable powerful system acceleration. This combination also offers a significant time-to-market advantage compared with traditional FPGA development. Altera has expanded its university program to support the OpenCL standard for FPGA development in academia, and is actively contributing to the evolution of the Open CL standard based on customer feedback. Early results of customer evaluations show a 35X performance increase compared with multi-core CPU solutions and a 50 percent reduction in development time compared with traditional HDL-developed FPGA solutions. OpenCL FPGA-targeted applications range from high-performance computing to advanced radar systems, medical imaging, and video encoding and processing—any system that requires fast computations that can be parallelized.

  • Altera has received further industry recognition for its 28-nm FPGA portfolio. Electronics Weekly selected Altera's 28-nm portfolio as the Semiconductor Product of the Year – Digital at its annual Elektra European Electronics Industry Awards. The Elektra European Electronics Industry Awards are the most prestigious product technology and business awards in Europe. The awards recognize the achievements of individuals and companies in the electronics industry. A panel of independent industry experts and a representative from Electronics Weekly selected Altera's 28-nm FPGA portfolio as the winner of the Semiconductor Product of the Year – Digital from a pool of six nominees based on Altera's 28-nm portfolio's performance, design flexibility and suitability for applications. EDN Magazine also selected Altera's 28-nm SoC FPGA family as one of its 100 Hot Products of 2011. The 2011 EDN Hot 100 highlights the electronics industry's most significant products of the year based on innovation, significance, usefulness, and popularity as determined by the magazine's editors and readers.


INVESTOR CONTACT


MEDIA CONTACT

Scott Wylie - Vice President


Yoko Okamura - Senior Manager

Investor Relations


Public Relations

(408) 544-6996


(408) 544-6397

Email Contact


Email Contact




SELECTED FOURTH QUARTER REVENUE AND RELATED RESULTS




Key New Product Devices


Sequential Comparisons


Stratix V


49%


Stratix IV


(19)%


Arria II


(4)%


Cyclone IV


26%


HardCopy IV


(20)%




Vertical Markets


Sequential Comparisons


Comments

Telecom & Wireless


(11)%



Telecom flat and Wireless down







Industrial Automation,
Military & Automotive


(1)%



Military up, rest of vertical down







Networking, Computer & Storage


(30)%



Category decreased due to end of short-term earthquake-related ASIC replacement business







Other


(9)%



Broadly down





($ in thousands)

Key Ratios & Information      


December 31, 2011


September 30, 2011

Current Ratio


4:1


3:1

Liabilities/Equity


1:2


1:2

Quarterly Operating Cash Flows


$

220,363



$

282,873


TTM Return on Equity


28

%


34

%

Quarterly Depreciation Expense


$

7,772



$

7,428


Quarterly Capital Expenditures


$

8,634



$

13,382


Inventory MSOH (1): Altera


2.7



2.4


Inventory MSOH (1): Distribution


0.6



0.6


Cash Conversion Cycle (Days)


90



78


Turns


42

%


33

%

Book to Bill


<1.0


<1.0






Note (1): MSOH: Months Supply On Hand




ALTERA CORPORATION
NET SALES SUMMARY
(Unaudited)


Three Months Ended


Quarterly Growth Rate


Years Ended




December 31, 2011


September 30, 2011


December 31, 2010


Sequential Change


Year-

Over-Year

Change


December 31, 2011


December 31, 2010


Annual Growth

Geography
















Americas

21

%


16

%


17

%


10

%


4

%


19

%


19

%


7

%

Asia Pacific

40

%


44

%


43

%


(20)

%


(23)

%


41

%


42

%


2

%

EMEA

22

%


25

%


22

%


(22)

%


(18)

%


25

%


23

%


17

%

Japan

17

%


15

%


18

%


%


(23)

%


15

%


16

%


(1)

%

Net Sales

100

%


100

%


100

%


(12)

%


(18)

%


100

%


100

%


6

%



Product Category
















New

27

%


27

%


16

%


(13)

%


41

%


22

%


11

%


107

%

Mainstream

33

%


32

%


37

%


(10)

%


(26)

%


34

%


32

%


11

%

Mature and Other

40

%


41

%


47

%


(13)

%


(30)

%


44

%


57

%


(18)

%

Net Sales

100

%


100

%


100

%


(12)

%


(18)

%


100

%


100

%


6

%



Vertical Market
















Telecom & Wireless

43

%


42

%


47

%


(11)

%


(25)

%


43

%


44

%


4

%

Industrial Automation, Military & Automotive

24

%


22

%


19

%


(1)

%


6

%


23

%


21

%


12

%

Networking, Computer & Storage

16

%


20

%


15

%


(30)

%


(9)

%


17

%


14

%


29

%

Other

17

%


16

%


19

%


(9)

%


(29)

%


17

%


21

%


(13)

%

Net Sales

100

%


100

%


100

%


(12)

%


(18)

%


100

%


100

%


6

%



FPGAs and CPLDs
















FPGA

82

%


82

%


83

%


(12)

%


(18)

%


81

%


82

%


5

%

CPLD

9

%


9

%


10

%


(10)

%


(27)

%


10

%


12

%


(11)

%

Other Products

9

%


9

%


7

%


(17)

%


6

%


9

%


6

%


41

%

Net Sales

100

%


100

%


100

%


(12)

%


(18)

%


100

%


100

%


6

%





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