Altera Announces First Quarter Results
(ENP Newswire Via Acquire Media NewsEdge) ENP Newswire - 28 April 2014
Release date- 25042014 - SAN JOSE, Calif. - Altera Corporation (NASDAQ: ALTR) today announced first quarter sales of $461.1 million, up 1 percent from the fourth quarter of 2013 and up 12 percent from the first quarter of 2013.
First quarter net income was $116.5 million, $0.37 per diluted share, compared with net income of $98.9 million, $0.31 per diluted share, in the fourth quarter of 2013 and $120.2 million, $0.37 per diluted share, in the first quarter of 2013.
Cash flow from operating activities was $130.4 million. Altera repurchased approximately 4.6 million shares during the quarter at a cost of $161.8 million.
Altera's board of directors has declared a quarterly cash dividend of $0.15 per share, to be paid on June 2, 2014 to stockholders of record on May 12, 2014.
'The quarter exceeded our expectations as stronger than anticipated Chinese LTE deployments drove wireless sales,' said John Daane, president, chief executive officer, and chairman of the board. 'We are now shipping Arria 10 FPGAs that offer more logic capacity than any other 20 nm FPGA and speeds that exceed the prior generation high end. Simultaneously, we are making solid progress in the development of our Stratix 10 devices, which use Intel's 14 nm Tri-gate process plus a new FPGA logic architecture to deliver performance twice that of our current high-end FPGA, with vastly more logic resources, lower power and cost.'
Several recent accomplishments mark the company's continuing progress: Altera and Intel have extended their manufacturing partnership to include development of multi-die devices. This collaboration is an extension of the foundry relationship between Altera and Intel, in which Intel is manufacturing Altera's Stratix 10 FPGAs and SoCs using Intel's 14 nm Tri-Gate process. Altera's work with Intel will enable the development of multi-die devices that efficiently integrate monolithic 14 nm Stratix 10 FPGAs and SoCs with other advanced components, which may include DRAM, SRAM, ASICs, processors and analog components, in a single package.
Intel's 14 nm Tri-Gate process density advantage and Altera's patented FPGA redundancy technology enable Altera to deliver the industry's highest density monolithic FPGA die, offering greater integration of system components on a single die. Altera is leveraging this leadership and Intel's packaging technology to integrate even more capabilities into a single system-in-a-package solution.
Intel's manufacturing process is co-optimized to offer manufacturing simplicity consisting of turnkey foundry services that include the manufacturing, assembly and testing of heterogeneous multi-die devices. Intel and Altera are currently developing test vehicles aimed at streamlining manufacturing and integration flows to support this expanded collaboration.
In recognition of the technological innovations the company has brought to market in the past year, Alteratook top honors for Design Team of the Year and Ultimate Product - Software at this year's EE Times and EDN Annual Creativity in Electronics (ACE) Awards competition. The Design Team of the Year award honors the company with a design team whose collaborative efforts made a significant contribution to furthering technology innovation and whose project management abilities were creative, efficient and inspiring.
The Altera and Micron Technology design teams were jointly recognized for their work in achieving interoperability between Altera's Stratix V FPGAs with Micron's Hybrid Memory Cube, which enables the development of advanced communications and computing designs. The Ultimate Product - Software award recognizes the company with the most innovative software product of the year. Altera's software development kit (SDK) for OpenCL was recognized for this prestigious award for its ability to allow software programmers to access the performance and low-power advantages of FPGAs. Altera is the industry's first company to offer an SDK for Open CL that targets FPGAs.
Altera received two DesignVision Awards at DesignCon 2014 for its innovations in FPGA and SoC technology. Altera's next-generation, 14 nm Stratix 10 FPGAs and SoCs won for best semiconductor and IP, and the ARM Development Studio 5 (DS-5) Altera Edition toolkit won for best design verification tool. The DesignVision Award recognizes technologies, applications, products and services judged to be the most unique and beneficial to the industry. Altera's next-generation high-performance Stratix 10 FPGAs and SoCs were recognized by the judges for offering breakthrough advantages in performance, power savings and system integration.
Altera's ARM DS-5 Altera Edition toolkit was recognized by judges for its ability to remove the debugging barrier between the integrated dual-core CPU subsystem and FPGA fabric in Altera SoC devices. The DS-5 Altera Edition toolkit combines the most advanced multi-core debugger for the ARM architecture with the ability to adapt to the logic contained in the FPGA. The toolkit provides embedded software developers an unprecedented level of full-chip visibility and control through the standard DS-5 user interface.
Product Category Description
New Products include the Stratix V, Stratix IV, Arria V, Arria II, Cyclone V, Cyclone IV, MAX V, HardCopy IV devices and Enpirion PowerSoCs.
Mainstream Products include the Stratix III, Cyclone III, MAX II and HardCopy III devices.
Mature and Other Products include the Stratix II, Stratix, Arria GX, Cyclone II, Cyclone, MAX 3000A, MAX 7000, MAX 7000A, MAX 7000B, MAX 7000S, MAX 9000, HardCopy II, HardCopy, FLEX series, APEX series, Mercury, Excalibur devices, configuration and other devices, intellectual property cores, and software and other tools.
First Quarter Earnings Conference Call
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 web cast and subsequent replay will be available in the Investor Relations section of the company's website at 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.
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, but are not limited to, statements regarding product development, the effect of Altera's agreement with Intel Corporation, product performance parameters, and 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 materially from those currently anticipated, due to a number of factors, including without limitation, current global economic conditions, customer business environment, customer inventory levels, product availability, 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 V, Cyclone IV, Arria V, Arria II, Stratix V, Stratix IV FPGAs, MAX V CPLDs, HardCopy IV device families and Enpirion PowerSoCs, 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 designers of electronic systems to rapidly and cost effectively innovate, differentiate and win in their markets. Altera offers FPGAs, SoCs, CPLDs, ASICs and complementary technologies, such as power management, to provide high-value solutions to customers worldwide. Visit www.altera.com.
ALTERA, ARRIA, CYCLONE, ENPIRION, 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.
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