Altera Announces Fourth Quarter Results

® V, Cyclone IV, Arria® V, Arria II, Stratix® V, Stratix IV FPGAs, MAX® V CPLDs and HardCopy®  IV device families, 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

Altera programmable solutions enable system and semiconductor companies to rapidly and cost-effectively innovate, differentiate and win in their markets. Find out more about Altera's FPGA, CPLD and ASIC devices at www.altera.com. Follow Altera via Facebook, RSS and Twitter.

ALTERA, ARRIA, CYCLONE, HARDCOPY, 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.

INVESTOR CONTACT


MEDIA CONTACT

Scott Wylie - Vice President


Sue Martenson - Senior Manager

Investor Relations


Public Relations

(408) 544-6996


(408) 544-8158

swylie@altera.com


newsroom@altera.com

 

 

ALTERA CORPORATION

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)








Three Months Ended


Years Ended

(In thousands, except per share amounts)


December 31, 2012


September 28, 2012


December 31, 2011


December 31,
2012


December 31,
2011












Net sales


$

439,440



$

495,010



$

457,804



$

1,783,035



$

2,064,475


Cost of sales


133,367



152,007



136,764



541,523



610,329


Gross margin


306,073



343,003



321,040



1,241,512



1,454,146


Operating expense











Research and development expense


94,162



91,606



90,295



360,421



325,733


Selling, general, and administrative expense


74,030



74,243



70,667



289,854



279,217


Total operating expense


168,192



165,849



160,962



650,275



604,950


Operating margin (1)


137,881



177,154



160,078



591,237



849,196


Compensation expense (benefit) - deferred compensation plan


358



3,274



2,962



7,055



(1,964)


(Gain) loss on deferred compensation plan securities


(358)



(3,274)



(2,962)



(7,055)



1,964


Interest income and other


(2,390)



(2,775)



(1,039)



(8,388)



(3,544)


(Gain)/loss reclassified from other comprehensive income


(205)



108



18



(268)



18


Interest expense


2,589



2,333



1,013



7,976



3,730


Income before income taxes


137,887



177,488



160,086



591,917



848,992


Income tax expense


17,082



19,999



13,475



35,110



78,281


Net income


$

120,805



$

157,489



$

146,611



$

556,807



$

770,711













Other comprehensive (loss) income:











Unrealized (loss)/gain on investments:











Unrealized holding (loss)/gain on investments arising during period, net of tax of ($11), $43, $8, $114 and ($17)


(889)



3,620



41



5,839



(149)


Less: Reclassification adjustments for (gain)/loss on investments included in net income, net of tax of $24, $1, ($2), $25 and ($2)


(44)



(41)



16



(114)



16




(933)



3,579



57



5,725



(133)


Unrealized (loss)/gain on derivatives:











Unrealized gain/(loss) on derivatives arising during period, net of tax of $9, ($6) and $45


17



(10)





84




Less: Reclassification adjustments for (gain)/loss on derivatives included in net income, net of tax of $48, ($53) and $45


(89)



97





(84)






(72)



87








Other comprehensive (loss) income:


(1,005)



3,666



57



5,725



(133)


Comprehensive income


$

119,800



$

161,155



$

146,668



$

562,532



$

770,578













Net income per share:











Basic


$

0.38



$

0.49



$

0.46



$

1.74



$

2.39


Diluted


$

0.37



$

0.49



$

0.45



$

1.72



$

2.35













Shares used in computing per share amounts:











Basic


319,765



319,870



321,553



320,830



321,892


Diluted


322,209



323,560



325,653



324,497



327,606













Cash dividends per common share


$

0.10



$

0.10



$

0.08



$

0.36



$

0.28













Tax rate


12.4

%


11.3

%


8.4

%


5.9

%


9.2

%

% of Net sales:











Gross margin


69.7

%


69.3

%


70.1

%


69.6

%


70.4

%

Research and development


21.4

%


18.5

%


19.7

%


20.2

%


15.8

%

Selling, general, and administrative


16.8

%


15.0

%


15.4

%


16.3

%


13.5

%

Operating margin (1)


31.4

%


35.8

%


35.0

%


33.2

%


41.1

%

Net income


27.5

%


31.8

%


32.0

%


31.2

%


37.3

%












Notes:











(1)We define operating margin as gross margin less research and development and selling, general and administrative expenses, as presented above. This presentation differs from income from operations as defined by U.S. Generally Accepted Accounting Principles ("GAAP"), as it excludes the effect of compensation associated with the deferred compensation plan obligations. Since the effect of compensation associated with our deferred compensation plan obligations is offset by gains and losses from related securities, we believe this presentation provides a more meaningful representation of our ongoing operating performance. A reconciliation of operating margin to income from operations follows:



Three Months Ended


Years Ended

(In thousands)


December 31, 2012


September 30, 2012


December 31, 2011


December 31,

2012


December 31,

2011

Operating margin (non-GAAP)


$

137,881



$

177,154



$

160,078



$

591,237



$

849,196


Compensation expense (benefit) — deferred compensation plan


358



3,274



2,962



7,055



(1,964)


Income from operations (GAAP)


$

137,523



$

173,880



$

157,116



$

584,182



$

851,160



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