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/C O R R E C T I O N — Altera Corporation/

19-Jul-2011

Altera Announces Second Quarter Results

INCREASES QUARTERLY DIVIDEND

(CORRECTED VERSION)

SAN JOSE, Calif. July 19, 2011 July 1, 2011

$548.4 million $214.6 million $0.65 $224.1 million $0.68 $180.6 million $0.58

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

$456.4 million $3.3 billion

$0.08 $0.06 September 1, 2011 August 10, 2011

John Daane

Several recent accomplishments mark the company’s continuing progress:

  • EE Times EE Times EE Times
  • Application of Electronic Technique China AET China AET China AET China AET China

Business Outlook for the Third Quarter 2011

Sequential Sales Growth

Up 2% to 6%

Gross Margin

69% to 70%

Research and Development

$87 to 89 million

SG&A

$71 to 73 million

Tax Rate

10% to 11%

Second Quarter Earnings Conference Call

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

Third Quarter Update

September 6, 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 or elsewhere in this press release. 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, supply chain or demand impacts from the recent Japanese earthquake, 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 Cyclone® IV, Arria® II, Stratix® V, Stratix IV FPGAs, MAX® V CPLDs and HardCopy® IV 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

INVESTOR CONTACT

MEDIA CONTACT

Scott Wylie – Vice President

Yoko Okamura – Senior Manager

Investor Relations

Public Relations

(408) 544-6996

(408) 544-6397

[email protected]

[email protected]

ALTERA CORPORATION

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

Three Months Ended

Six Months Ended

(In thousands, except per share amounts)

July 1,
2011

April 1,
2011

July 2,
2010

July 1,
2011

July 2,
2010

Net sales

$

548,383

$

535,813

$

469,300

$

1,084,196

$

871,595

Cost of sales

159,716

146,910

132,811

306,626

247,747

Gross margin

388,667

388,903

336,489

777,570

623,848

Operating expense

Research and development expense

80,260

74,408

65,625

154,668

129,965

Selling, general, and administrative expense

70,182

69,022

64,767

139,204

126,948

Total operating expense

150,442

143,430

130,392

293,872

256,913

Operating margin (1)

238,225

245,473

206,097

483,698

366,935

Compensation expense/(benefit) — deferred compensation plan

54

1,662

(3,642 )

1,716

(1,414 )

(Gain)/loss on deferred compensation plan securities

(54 )

(1,662 )

3,642

(1,716 )

1,414

Interest income and other

(957 )

(885 )

(710 )

(1,842 )

(1,302 )

Interest expense

870

1,041

1,103

1,911

2,394

Income before income taxes

238,312

245,317

205,704

483,629

365,843

Income tax expense

23,685

21,248

25,097

44,933

32,063

Net income

$

214,627

$

224,069

$

180,607

$

438,696

$

333,780

Net income per share:

Basic

$

0.66

$

0.70

$

0.59

$

1.36

$

1.11

Diluted

$

0.65

$

0.68

$

0.58

$

1.33

$

1.09

Shares used in computing per share amounts:

Basic

323,271

321,020

304,531

322,145

301,532

Diluted

329,904

327,843

310,757

328,874

307,526

Cash dividends per common share

$

0.06

$

0.06

$

0.05

$

0.12

$

0.10

Tax rate

9.9

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