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Altera Announces Record Fourth Quarter Results

SAN JOSE, Calif. Jan. 25, 2011 $555.4 million $231.6 million $0.72 $217.5 million $0.69 $103.0 million $0.34

http://photos.prnewswire.com/prnh/20101012/SF78952LOGO

$856.7 million $2.8 billion

$0.06 March 1, 2011 February 10, 2011

John Daane

Several recent accomplishments mark the company’s continuing progress:

  • Altera announced its portfolio of 28-nm devices that will deliver the industry’s most diverse product offering designed to effectively address the different needs of customers across the varied markets Altera serves. With this 28-nm portfolio, Altera leverages advantages in transceiver technology, product architecture, intellectual property (IP) integration, and process technology. Included in this announcement are the recently expanded Stratix® V and the new Cyclone® V and Arria® V FPGAs as well as the previously announced HardCopy® V ASIC family. Stratix V FPGAs address a broad range of high-bandwidth applications such as advanced LTE basestations, high-end RF cards and military radar. Arria V FPGAs target applications that require a balance of cost, low power and high performance, such as remote radio units, in-studio mixers and 10G/40G line cards. Cyclone V FPGAs are designed for applications where low power and board space are concerns, such as motor controls, displays and software-defined radios.
  • OTN IP
  • Altera also announced the availability of the MAX® V CPLD family, expanding the company’s market-leading MAX CPLD series of devices. The MAX V family uses half the total power of competitive CPLDs while maintaining the instant-on, single chip, non-volatile characteristics of earlier MAX series devices. The combination of low power and high performance make MAX V CPLDs ideal for general-purpose and portable designs in a wide variety of the vertical markets served by Altera. Altera has long been the market leader in CPLDs. The first MAX V family members are available now with the entire family shipping in full production during the second quarter of this year.
  • The Global Semiconductor Alliance (GSA) has named Altera the "Best Financially Managed Semiconductor Company." With member companies in 25 countries across the world, the GSA’s mission is to accelerate the growth and increase the return on invested capital of the semiconductor industry by fostering a more effective fabless ecosystem. Altera received this award based on a number of financial metrics such as revenue, net income, return on investment, return on equity, inventory turns, days sales outstanding, cash per share, cash burn, gross profit margin, operating margin and current ratio.

Business Outlook for the First Quarter 2011

Sequential Sales Growth

Down 1% to 5%

Gross Margin

71% to 72%

Research and Development

$76 to 77 million

SG&A

$69 to 70 million

Tax Rate

10% to 12%

Fourth Quarter Earnings Conference Call

1:45 p.m. Pacific Time www.altera.com

March 1, 2011

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 any projection of revenue, gross margin, expense or other financial items discussed in the Business Outlook section of this press release, the timing of MAX V shipments and the potential for continued technology leadership at 28 nm. Investors are cautioned that all forward-looking statements in this release involve risks and uncertainty that can cause actual results to differ from those currently anticipated, due to a number of factors, including without limitation, current global economic conditions, customer business environment, customer inventory levels, vertical market mix, market acceptance of the company’s products, product introduction schedules, the rate of growth of the company’s new products including Arria® II, Cyclone® III, Cyclone IV, Stratix® III,  Stratix IV FPGAs, MAX® II and MAX V CPLDs and HardCopy® device families, changes in the mix of our business between prototyping and production-based demand, 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

www.altera.com

www.altera.com/legal

ALTERA CORPORATION

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

Three Months Ended

Years Ended

(In thousands, except per share amounts)

December 31,  

2010

October 1, 2010

December 31,  

2009

December 31,  

2010

December 31,  

2009

Net sales

$

555,378

$

527,453

$

364,998

$

1,954,426

$

1,195,413

Cost of sales

161,296

157,899

115,281

566,942

396,584

Gross margin

394,082

369,554

249,717

1,387,484

798,829

Operating expense

Research and development expense

66,788

67,896

66,940

264,649

260,208

Selling, general, and administrative expense

64,074

63,473

63,404

254,495

234,074

Total operating expense

130,862

131,369

130,344

519,144

494,282

Operating margin (1)

263,220

238,185

119,373

868,340

304,547

Compensation expense — deferred compensation plan

3,554

4,699

2,629

6,839

11,776

Gain on deferred compensation plan securities

(3,554)

(4,699)

(2,629)

(6,839)

(11,776)

Interest income and other

(936)

(1,092)

(248)

(3,330)

(6,083)

Interest expense

351

1,098

1,208

3,843

5,092

Income before income taxes

263,805

238,179

118,413

867,827

305,538

Income tax expense

32,192

20,688

15,439

84,943

54,476

Net income

$

231,613

$

217,491

$

102,974

$

782,884

$

251,062

Net income per share:

Basic

$

0.73

$

0.70

$

0.35

$

2.55

$

0.85

Diluted

$

0.72

$

0.69

$

0.34

$

2.49

$

0.84

Shares used in computing per share amounts:

Basic

316,440

309,766

296,036

307,302

294,493

Diluted

323,592

317,069

300,613

313,912

297,180

Cash dividends per common share

$

0.06

$

0.06

$

0.05

$

0.22

$

0.20

Tax rate

12.2

%

8.7

%

13.0

%

9.8

%

17.8

%

% of Net sales:

Gross margin

71.0

%

70.1

%

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