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Altera Reports Q1 Sales of $461.1M

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SAN JOSE, Calif. -- Altera Corporation (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."

Altera Corp. (Nasdaq: ALTR)

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