Altera Reports Q4

Altera announces first-quarter results; sales up 10% sequentially

April 25, 2005

2 Min Read

SAN JOSE, Calif. -- Altera Corporation (Nasdaq:ALTR) today announced first quarter 2005 sales of $264.8 million, up 10% from the fourth quarter of 2004 and up 9% from the first quarter of 2004. Sales of the company's new products grew 16% sequentially and were up 96% from the prior year's first quarter.

First quarter net income was $63.8 million, $0.17 per diluted share, compared to net income of $58.8 million, $0.15 per diluted share, in the first quarter of 2004. Gross profit margin was 68.3% for the first quarter of 2005 versus 68.8% for the first quarter of 2004.

Altera repurchased 2.3 million shares of its common stock during the quarter at a cost of $43.4 million. Altera's tax rate for the first quarter was 20%, in line with the company's expected annual tax rate for 2005, and 1% lower than prior guidance. Altera ended the quarter with $1.2 billion in cash and short-term investments.

"Stratix(R) II FPGA revenues more than doubled sequentially and this family remains, by a wide margin, the best selling high-density FPGA for customers in the development phase today. This success builds on the market-leading position we previously established with our high-density Stratix and low-cost Cyclone(TM) families," said John Daane, president, chief executive officer, and chairman of the board. "We believe that the peak revenues for Cyclone and Stratix devices are still well ahead of us and that our overall competitive position for securing design wins at the leading edge is increasing with the Stratix II and Cyclone II families. On the CPLD side of our business, the MAX(R) II family is now completely rolled out. We expect that this family, with its innovative low-cost architecture, will further expand our position as the world's leader in CPLDs."

Altera Corp.

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