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|Altera Announces First Quarter Results|
SAN JOSE, Calif., Apr 20, 2010 (BUSINESS WIRE) --Altera Corporation (NASDAQ: ALTR) today announced first quarter sales of $402.3 million, up 10 percent from the fourth quarter of 2009 and up 52 percent from the first quarter of 2009. New product sales increased 29 percent sequentially. First quarter net income was $153.2 million, $0.50 per diluted share, compared with net income of $103.0 million, $0.34 per diluted share, in the fourth quarter of 2009 and $44.0 million, $0.15 per diluted share, in the first quarter of 2009.
Cash flow from operating activities was $132.7 million. Altera ended the quarter with $1.7 billion in cash and short-term investments.
Altera's board of directors has declared a quarterly cash dividend of $0.05 per share payable on June 1, 2010 to shareholders of record on May 10, 2010.
"We are benefiting from growth in our 65-nm and 40-nm FPGAs as customer designs transition from prototyping into production. First quarter revenues are at an all time high for Altera," said John Daane, president, chief executive officer, and chairman of the board. "Our just announced 28-nm Stratix V FPGAs offer the potential to extend Altera's technology leadership as we continue to expand the applications that can be served by programmable logic."
Several recent accomplishments mark the company's continuing progress.
- Stratix IV GX FPGAs received AET''s Best Programmable Logic Device Award and were included in the magazine's 2009 Leading Electronic Products issue. AET readers and industry experts recognized Stratix IV GX FPGAs for achievements in performance, power, innovation and wide market application.
- Altera was presented with CEN's Leading FPGA Technology Award as part of its 2009 Editor's Choice Award selection. The magazine's editors recognized Altera for its breakthroughs in delivering the industry's first 40-nm FPGA in volume production in 2009, as well as the innovations Altera made to Cyclone(R) FPGAs and Quartus II software.
- Stratix IV FPGAs received VME and Critical Systems Magazine's Editor's Choice Award. The publication's editors recognized Altera's high-density Stratix IV EP4SE820 FPGA for its technology leadership. The FPGA features 820K logic elements and offers the highest performance and lowest power in its class.
Conference Call and Quarterly Update:
A conference call will be held today at 1:45 p.m. Pacific Time to discuss the quarter's results and management's current business outlook. The webcast and subsequent replay will be available in the Investor Relations section of the company's website at http://www.altera.com. A telephonic replay of the call may be accessed later in the day by calling (719) 457-0820 and referencing confirmation code 258712. The telephonic replay will be available for two weeks following the live call.
Altera's second quarter business update will be issued in a press release available after the market close on June 7, 2010.
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 potential sales growth of 40-nm FPGAs, the ability of 28-nm FPGAs to expand applications served by programmable logic, Stratix V sample shipping schedules and Stratix V software support availability. 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, 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(R), Arria II, Cyclone(R) II, Cyclone III, Stratix(R) II, Stratix III, Stratix IV, and Stratix V FPGAs, MAX(R) II CPLDs and HardCopy(R) 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.
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 http://www.altera.com. Follow Altera via Facebook, RSS and Twitter.
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. All other product or service names are the property of their respective holder.
SOURCE: Altera Corporation