Exhibit 99.1
INVESTOR CONTACT | MEDIA CONTACT | |
Scott Wylie – Vice President | Mark Plungy – Senior Manager | |
Investor Relations | Corporate Communications | |
(408) 544-6996 | (408) 544-6397 | |
swylie@altera.com | newsroom@altera.com |
ALTERA ANNOUNCES 2008 RESULTS
San Jose, Calif., January 27, 2009—Altera Corporation (NASDAQ: ALTR) today announced 2008 sales of $1.37 billion, up 8 percent compared with $1.26 billion in 2007. New product sales increased 51 percent. Net income rose 24 percent to $359.7 million, $1.18 per diluted share, versus net income of $290.0 million, $0.82 per diluted share, in 2007.
Fourth quarter sales were $314.5 million, down 3 percent from the fourth quarter of 2007 and down 12 percent from the third quarter of 2008. Fourth quarter net income was $83.0 million, $0.28 per diluted share, up from net income of $65.5 million, $0.20 per diluted share, in the fourth quarter of 2007.
Altera repurchased 26.6 million shares of its common stock during 2008 at a cost of $473.2 million, with 9.0 million shares repurchased during the fourth quarter at a cost of $154.2 million. Altera ended the quarter with $1.2 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 March 2, 2009 to shareholders of record on February 10, 2009.
“While we experienced the effects of a global economic-driven slowdown in the fourth quarter, we increased our market share in the programmable logic industry for the sixth year in a row. Net income growth substantially outpaced sales growth as a result of our sustained focus on improving efficiencies across the company. We will apply these simplification and cost reduction skills in this current challenging business environment to help protect shareholder value,” said John Daane, president, chief executive officer, and chairman of the board.” As previously committed, we shipped our first 40-nm Stratix IV FPGAs in the fourth quarter, placing us in a leadership position that will strengthen our competitive position in 2009 and beyond.”
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Several recent accomplishments mark the company’s continuing progress.
• | Following the introduction of development software in May 2008, Altera began shipping Stratix® IV FPGAs in December. As the only supplier of 40-nm FPGAs in the industry, Altera’s customers will benefit from the industry’s largest density, highest performance, highest system bandwidth, and lowest power among high-end FPGA solutions. With increasing demand for services such as video over Internet, high-speed wireless data and digital TV, designers need to deliver solutions that provide higher data rates, higher interface bandwidths, and increased data processing all in a power-efficient manner. To address these design challenges, Stratix IV FPGAs leverage Altera’s innovations in transceivers, memory interfaces, low-power technology and FPGA core architecture to offer new capabilities in its 40-nm devices. For designers faced with sharply increased ASIC design costs and otherwise limited to lagging node technology, the comparative economics and performance advantages of advanced-node FPGAs are compelling. As the industry leader at the 40-nm node, Altera is in a unique position to compete for these new design wins and gain increased share in the FPGA market, which will continue to be the fastest growing portion of the programmable logic industry. |
• | Even though just launched, the combination of process node and architectural leadership represented by Stratix IV FPGAs has already led to broad industry recognition: |
• | China Electronics News selected Stratix IV FPGAs as its “2008 Editor’s Choice Award” winner in the FPGA category. Winners of this award demonstrated a significant leap in innovation. |
• | EDN named Stratix IV FPGAs to its annual list of “Hot 100 Electronic Products.” This list encompasses the 100 most significant products of 2008, as determined by the magazine’s editors and readers. |
• | Stratix IV FPGAs receivedEDN China’s “Leading Products Award” in the digital IC and programmable logic category. Winners of this award were chosen by a panel of technical experts and professors that selects products having the greatest impact on the electronics industry. |
• | Stratix IV FPGAs receivedElectronic Products’ 2008 “Product of the Year” award in the digital ICs category. Award winners are selected by the magazine’s editors based on innovative design, significant advancement in technology or application and substantial achievement in price and performance. |
• | Recognizing Altera’s overall business performance,Forbes.comidentified Altera as the best managed company in the semiconductor category. Altera was selected fromForbes.com’s Platinum 400 and chosen based on sales and earnings growth, debt to total capital, earnings outlook and stock market returns. |
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Business Outlook for the First Quarter 2009
Sequential Sales Growth | Down 15% to 25% | |
Gross Margin | 67% +/– .5% | |
Research and Development | $62 to $64 million | |
SG&A | $58 to $60 million | |
Other Income | approximately $3 million | |
Tax Rate | 13% - 15% |
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 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 first quarter business update will be issued in a press release available after the market close on March 2, 2009.
Forward-Looking Statements
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, as well as statements regarding future competitive position and shareholder value creation. 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 the Arria® GX, Cyclone® II, Cyclone III, Stratix II, Stratix II GX, Stratix III, Stratix IV, MAX® II and HardCopy® device families, changes in the mix of our business between prototyping and production-based demand, as well as changes in
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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 atwww.altera.com.
#####
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.
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ALTERA CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share data)
(Unaudited)
THREE MONTHS ENDED | YEARS ENDED | |||||||||||||||||||
December 31, 2008 | September 26, 2008 | December 28, 2007 | December 31, 2008 | December 28, 2007 | ||||||||||||||||
Net sales | $ | 314,544 | $ | 356,755 | $ | 323,167 | $ | 1,367,224 | $ | 1,263,548 | ||||||||||
Cost of sales | 96,699 | 117,405 | 116,062 | 449,750 | 447,969 | |||||||||||||||
Gross margin | 217,845 | 239,350 | 207,105 | 917,474 | 815,579 | |||||||||||||||
Operating expenses | ||||||||||||||||||||
Research and development | 68,846 | 64,111 | 72,428 | 257,717 | 261,786 | |||||||||||||||
Selling, general, and administrative | 62,757 | 65,330 | 69,211 | 255,391 | 272,141 | |||||||||||||||
Total operating expenses | 131,603 | 129,441 | 141,639 | 513,108 | 533,927 | |||||||||||||||
Operating margin(1) | 86,242 | 109,909 | 65,466 | 404,366 | 281,652 | |||||||||||||||
Compensation expense (benefit) - deferred compensation plan | (10,184 | ) | (3,177 | ) | 335 | (18,106 | ) | 6,699 | ||||||||||||
Loss (gain) on deferred compensation plan securities | 10,184 | 3,177 | (335 | ) | 18,106 | (6,699 | ) | |||||||||||||
Interest income and other expense (income) | (6,118 | ) | (7,501 | ) | (12,505 | ) | (30,300 | ) | (57,681 | ) | ||||||||||
Interest expense | 4,456 | 3,992 | 1,443 | 15,492 | 1,705 | |||||||||||||||
Income before income taxes | 87,904 | 113,418 | 76,528 | 419,174 | 337,628 | |||||||||||||||
Income tax expense | 4,863 | 18,714 | 11,051 | 59,523 | 47,605 | |||||||||||||||
Net income | $ | 83,041 | $ | 94,704 | $ | 65,477 | $ | 359,651 | $ | 290,023 | ||||||||||
Net income per share: | ||||||||||||||||||||
Basic | $ | 0.28 | $ | 0.31 | $ | 0.20 | $ | 1.20 | $ | 0.84 | ||||||||||
Diluted | $ | 0.28 | $ | 0.31 | $ | 0.20 | $ | 1.18 | $ | 0.82 | ||||||||||
Shares used in computing per share amounts: | ||||||||||||||||||||
Basic | 294,803 | 301,337 | 328,084 | 300,951 | 345,382 | |||||||||||||||
Diluted | 296,298 | 306,528 | 331,807 | 304,604 | 351,906 | |||||||||||||||
Cash dividends per common share | $ | 0.05 | $ | 0.05 | $ | 0.04 | $ | 0.19 | $ | 0.12 | ||||||||||
Tax rate | 5.5 | % | 16.5 | % | 14.4 | % | 14.2 | % | 14.1 | % | ||||||||||
% of Net sales: | ||||||||||||||||||||
Gross margin | 69.3 | % | 67.1 | % | 64.1 | % | 67.1 | % | 64.5 | % | ||||||||||
Research and development | 21.9 | % | 18.0 | % | 22.4 | % | 18.8 | % | 20.7 | % | ||||||||||
Selling, general, and administrative | 20.0 | % | 18.3 | % | 21.4 | % | 18.7 | % | 21.5 | % | ||||||||||
Operating margin(1) | 27.4 | % | 30.8 | % | 20.3 | % | 29.6 | % | 22.3 | % | ||||||||||
Net income | 26.4 | % | 26.5 | % | 20.3 | % | 26.3 | % | 23.0 | % |
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 compensation expense (benefit) associated with deferred compensation plan obligations. Since compensation expense (benefit) associated with our deferred compensation plan obligations is offset by losses (gains) 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 | |||||||||||||||||
December 31, 2008 | September 26, 2008 | December 28, 2007 | December 31, 2008 | December 28, 2007 | ||||||||||||||
Operating margin (non-GAAP) | $ | 86,242 | $ | 109,909 | $ | 65,466 | $ | 404,366 | $ | 281,652 | ||||||||
Compensation expense (benefit) - deferred compensation plan | (10,184 | ) | (3,177 | ) | 335 | (18,106 | ) | 6,699 | ||||||||||
Income from operations (GAAP) | $ | 96,426 | $ | 113,086 | $ | 65,131 | $ | 422,472 | $ | 274,953 | ||||||||
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ALTERA CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share data)
(Unaudited)
THREE MONTHS ENDED | ||||||||||||||||
March 28, 2008 | June 27, 2008 | September 26, 2008 | December 31, 2008 | |||||||||||||
Net sales | $ | 336,071 | $ | 359,854 | $ | 356,755 | $ | 314,544 | ||||||||
Cost of sales | 117,309 | 118,337 | 117,405 | 96,699 | ||||||||||||
Gross margin | 218,762 | 241,517 | 239,350 | 217,845 | ||||||||||||
Operating expenses | ||||||||||||||||
Research and development | 61,137 | 63,623 | 64,111 | 68,846 | ||||||||||||
Selling, general, and administrative | 63,131 | 64,173 | 65,330 | 62,757 | ||||||||||||
Total operating expenses | 124,268 | 127,796 | 129,441 | 131,603 | ||||||||||||
Operating margin(1) | 94,494 | 113,721 | 109,909 | 86,242 | ||||||||||||
Compensation expense (benefit) - deferred compensation plan | (5,029 | ) | 284 | (3,177 | ) | (10,184 | ) | |||||||||
Loss (gain) on deferred compensation plan securities | 5,029 | (284 | ) | 3,177 | 10,184 | |||||||||||
Interest income and other expense (income) | (9,151 | ) | (7,530 | ) | (7,501 | ) | (6,118 | ) | ||||||||
Interest expense | 3,137 | 3,907 | 3,992 | 4,456 | ||||||||||||
Income before income taxes | 100,508 | 117,344 | 113,418 | 87,904 | ||||||||||||
Income tax expense | 16,584 | 19,362 | 18,714 | 4,863 | ||||||||||||
Net income | $ | 83,924 | $ | 97,982 | $ | 94,704 | $ | 83,041 | ||||||||
THREE MONTHS ENDED | ||||||||||||||||
March 30, 2007 | June 29, 2007 | September 28, 2007 | December 28, 2007 | |||||||||||||
Net sales | $ | 304,916 | $ | 319,682 | $ | 315,783 | $ | 323,167 | ||||||||
Cost of sales | 104,494 | 113,052 | 114,361 | 116,062 | ||||||||||||
Gross margin | 200,422 | 206,630 | 201,422 | 207,105 | ||||||||||||
Operating expenses | ||||||||||||||||
Research and development | 57,884 | 61,505 | 69,969 | 72,428 | ||||||||||||
Selling, general, and administrative | 71,216 | 66,436 | 65,278 | 69,211 | ||||||||||||
Total operating expenses | 129,100 | 127,941 | 135,247 | 141,639 | ||||||||||||
Operating margin(1) | 71,322 | 78,689 | 66,175 | 65,466 | ||||||||||||
Compensation expense (benefit) - deferred compensation plan | 1,157 | 3,034 | 2,173 | 335 | ||||||||||||
Loss (gain) on deferred compensation plan securities | (1,157 | ) | (3,034 | ) | (2,173 | ) | (335 | ) | ||||||||
Interest income and other expense (income) | (16,055 | ) | (15,045 | ) | (14,076 | ) | (12,505 | ) | ||||||||
Interest expense | 99 | 94 | 69 | 1,443 | ||||||||||||
Income before income taxes | 87,278 | 93,640 | 80,182 | 76,528 | ||||||||||||
Income tax expense | 12,219 | 13,110 | 11,225 | 11,051 | ||||||||||||
Net income | $ | 75,059 | $ | 80,530 | $ | 68,957 | $ | 65,477 | ||||||||
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 compensation expense (benefit) associated with deferred compensation plan obligations. Since compensation expense (benefit) associated with our deferred compensation plan obligations is offset by losses (gains) 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 | |||||||||||||||
March 28, 2008 | June 27, 2008 | September 26, 2008 | December 31, 2008 | ||||||||||||
Operating margin (non-GAAP) | $ | 94,494 | $ | 113,721 | $ | 109,909 | $ | 86,242 | |||||||
Compensation expense (benefit) - deferred compensation plan | (5,029 | ) | 284 | (3,177 | ) | (10,184 | ) | ||||||||
Income from operations (GAAP) | $ | 99,523 | $ | 113,437 | $ | 113,086 | $ | 96,426 | |||||||
THREE MONTHS ENDED | |||||||||||||||
March 30, 2007 | June 29, 2007 | September 28, 2007 | December 28, 2007 | ||||||||||||
Operating margin (non-GAAP) | $ | 71,322 | $ | 78,689 | $ | 66,175 | $ | 65,466 | |||||||
Compensation expense (benefit) - deferred compensation plan | 1,157 | 3,034 | 2,173 | 335 | |||||||||||
Income from operations (GAAP) | $ | 70,165 | $ | 75,655 | $ | 64,002 | $ | 65,131 | |||||||
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ALTERA CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)
December 31, 2008 | September 26, 2008 | December 28, 2007 | ||||||||||
Assets | ||||||||||||
Current assets: | ||||||||||||
Cash and short-term investments | $ | 1,216,743 | $ | 1,283,172 | $ | 1,021,379 | ||||||
Accounts receivable, net | 83,430 | 221,331 | 198,889 | |||||||||
Inventories | 84,637 | 74,230 | 74,110 | |||||||||
Deferred compensation plan assets | 55,990 | 65,593 | 74,768 | |||||||||
Deferred income taxes and other current assets | 186,361 | 171,880 | 164,942 | |||||||||
Total current assets | 1,627,161 | 1,816,206 | 1,534,088 | |||||||||
Property and equipment, net | 192,262 | 188,532 | 169,850 | |||||||||
Deferred income taxes and other assets, net | 60,484 | 70,530 | 65,980 | |||||||||
$ | 1,879,907 | $ | 2,075,268 | $ | 1,769,918 | |||||||
Liabilities and Stockholders’ Equity | ||||||||||||
Current liabilities: | ||||||||||||
Accounts payable and current liabilities | $ | 124,358 | $ | 144,107 | $ | 134,450 | ||||||
Deferred compensation plan obligations | 55,990 | 65,593 | 74,768 | |||||||||
Deferred income and allowances on sales to distributors | 205,674 | 299,781 | 280,440 | |||||||||
Total current liabilities | 386,022 | 509,481 | 489,658 | |||||||||
Income taxes payable, non-current | 173,880 | 172,499 | 152,010 | |||||||||
Long-term credit facility | 500,000 | 500,000 | 250,000 | |||||||||
Other non-current liabilities | 20,128 | 20,095 | 16,800 | |||||||||
Stockholders’ equity | 799,877 | 873,193 | 861,450 | |||||||||
$ | 1,879,907 | $ | 2,075,268 | $ | 1,769,918 | |||||||
Key Ratios & Information | ||||||||||||
Current Assets/Current Liabilities | 4:1 | 4:1 | 3:1 | |||||||||
Liabilities/Equity | 1:1 | 1:1 | 1:1 | |||||||||
TTM Return on Equity | 45 | % | 38 | % | 21 | % | ||||||
Quarterly Depreciation Expense | $ | 7,625 | $ | 7,006 | $ | 7,693 | ||||||
Quarterly Capital Expenditures | $ | 11,354 | $ | 17,825 | $ | 9,545 | ||||||
Annualized Net Sales per Employee | $ | 508 | $ | 524 | $ | 473 | ||||||
Number of Employees | 2,760 | 2,730 | 2,651 | |||||||||
Inventory MSOH(1): Altera | 2.6 | 1.9 | 1.9 | |||||||||
Inventory MSOH(1): Distribution | 1.0 | 1.1 | 1.1 | |||||||||
Days Sales Outstanding | 25 | 56 | 56 |
(1) | MSOH: Months Supply On Hand |
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ALTERA CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
THREE MONTHS ENDED | YEARS ENDED | |||||||||||||||||||
December 31, 2008 | September 26, 2008 | December 28, 2007 | December 31, 2008 | December 28, 2007 | ||||||||||||||||
Cash Flows from Operating Activities: | ||||||||||||||||||||
Net income | $ | 83,041 | $ | 94,704 | $ | 65,477 | $ | 359,651 | $ | 290,023 | ||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||||||||
Depreciation and amortization | 7,684 | 7,065 | 7,752 | 29,969 | 31,082 | |||||||||||||||
Stock-based compensation | 13,743 | 10,655 | 12,497 | 48,630 | 50,203 | |||||||||||||||
Deferred income tax expense (benefit) | 21,147 | (12,179 | ) | (2,402 | ) | 737 | (14,367 | ) | ||||||||||||
Tax expense (benefit) from stock-based compensation | (12,860 | ) | 6,654 | 1,152 | 1,311 | 12,871 | ||||||||||||||
Gross tax benefit from stock-based compensation | (194 | ) | (2,116 | ) | (1,841 | ) | (6,767 | ) | (13,177 | ) | ||||||||||
Gain on sale of land | — | — | — | (112 | ) | — | ||||||||||||||
Changes in assets and liabilities: | ||||||||||||||||||||
Accounts receivable, net | 137,901 | 35,908 | (17,819 | ) | 115,459 | (105,626 | ) | |||||||||||||
Inventories | (10,407 | ) | 1,776 | 10,873 | (10,527 | ) | 4,367 | |||||||||||||
Other assets | (25,896 | ) | 5,183 | (3,449 | ) | (26,173 | ) | (14,505 | ) | |||||||||||
Accounts payable and other liabilities | (11,202 | ) | 13,446 | (15,740 | ) | 2,810 | 6,250 | |||||||||||||
Deferred income and allowances on sales to distributors | (94,107 | ) | (35,862 | ) | 10,926 | (74,766 | ) | (17,638 | ) | |||||||||||
Income taxes payable | (1,601 | ) | (11,052 | ) | 9,896 | 9,717 | 43,419 | |||||||||||||
Deferred compensation plan obligations | 581 | 495 | 638 | (673 | ) | (1,309 | ) | |||||||||||||
Net cash provided by operating activities | 107,830 | 114,677 | 77,960 | 449,266 | 271,593 | |||||||||||||||
Cash Flows from Investing Activities: | ||||||||||||||||||||
Purchases of property and equipment | (11,354 | ) | (17,825 | ) | (9,545 | ) | (40,273 | ) | (31,171 | ) | ||||||||||
Purchases of available-for-sale investments | — | — | (20,627 | ) | — | (113,540 | ) | |||||||||||||
Proceeds from the maturities and sales of available-for-sale investments | 3,776 | 45,787 | 399,251 | 131,060 | 864,853 | |||||||||||||||
Proceeds from sale of land | — | — | — | 9,063 | — | |||||||||||||||
Sales (purchases) of deferred compensation plan securities, net | (581 | ) | (495 | ) | (638 | ) | 673 | 1,309 | ||||||||||||
Purchases of intangible assets | — | — | — | — | (240 | ) | ||||||||||||||
Net cash provided by (used for) investing activities | (8,159 | ) | 27,467 | 368,441 | 100,523 | 721,211 | ||||||||||||||
Cash Flows from Financing Activities: | ||||||||||||||||||||
Proceeds from issuance of common stock through various stock plans | 11,289 | 12,764 | 13,013 | 58,908 | 165,624 | |||||||||||||||
Repurchases of common stock | (154,201 | ) | (42,348 | ) | (509,287 | ) | (473,229 | ) | (1,226,343 | ) | ||||||||||
Payment of dividends to stockholders | (14,626 | ) | (15,057 | ) | (13,330 | ) | (57,051 | ) | (41,277 | ) | ||||||||||
Gross tax benefit from stock-based compensation | 194 | 2,116 | 1,841 | 6,767 | 13,177 | |||||||||||||||
Increase (decrease) in book overdrafts | — | — | (179 | ) | (320 | ) | 319 | |||||||||||||
Proceeds from long-term credit facility | — | — | 250,000 | 250,000 | 250,000 | |||||||||||||||
Principal payments on capital lease obligations | (4,980 | ) | (2,567 | ) | (212 | ) | (8,216 | ) | (2,621 | ) | ||||||||||
Net cash used for financing activities | (162,324 | ) | (45,092 | ) | (258,154 | ) | (223,141 | ) | (841,121 | ) | ||||||||||
Net increase (decrease) in cash and cash equivalents | (62,653 | ) | 97,052 | 188,247 | 326,648 | 151,683 | ||||||||||||||
Cash and cash equivalents at beginning of period | 1,279,396 | 1,182,344 | 701,848 | 890,095 | 738,412 | |||||||||||||||
Cash and cash equivalents at end of period | $ | 1,216,743 | $ | 1,279,396 | $ | 890,095 | $ | 1,216,743 | $ | 890,095 | ||||||||||
Cash paid during the period for: | ||||||||||||||||||||
Income taxes paid, net | $ | 20,658 | $ | 31,788 | $ | 5,034 | $ | 66,411 | $ | 8,240 | ||||||||||
Interest paid | $ | 4,556 | $ | 4,260 | $ | 22 | $ | 15,666 | $ | 1,433 | ||||||||||
Non-cash transactions: | ||||||||||||||||||||
Assets acquired under capital leases | $ | — | $ | 716 | $ | — | $ | 11,871 | $ | — | ||||||||||
Land reclassified from fixed assets to other current assets | $ | — | $ | — | $ | 8,951 | $ | — | $ | 8,951 |
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ALTERA CORPORATION
REVENUE SUMMARY
(Unaudited)
THREE MONTHS ENDED | Quarterly Growth Rate | YEARS ENDED | ||||||||||||||||||||||
December 31, 2008 | September 26, 2008 | December 28, 2007 | Sequential Change | Year- Over-Year Change | December 31, 2008 | December 28, 2007 | Annual Growth Rate | |||||||||||||||||
Geography | ||||||||||||||||||||||||
North America | 23 | % | 23 | % | 24 | % | -10 | % | -6 | % | 23 | % | 22 | % | 13 | % | ||||||||
Asia Pacific | 36 | % | 35 | % | 34 | % | -11 | % | 3 | % | 35 | % | 34 | % | 12 | % | ||||||||
Europe | 23 | % | 23 | % | 23 | % | -13 | % | -1 | % | 23 | % | 24 | % | 3 | % | ||||||||
Japan | 18 | % | 19 | % | 19 | % | -15 | % | -10 | % | 19 | % | 20 | % | 4 | % | ||||||||
Total | 100 | % | 100 | % | 100 | % | -12 | % | -3 | % | 100 | % | 100 | % | 8 | % | ||||||||
Product Category | ||||||||||||||||||||||||
New | 48 | % | 46 | % | 37 | % | -8 | % | 28 | % | 44 | % | 32 | % | 51 | % | ||||||||
Mainstream | 25 | % | 25 | % | 27 | % | -12 | % | -11 | % | 26 | % | 30 | % | -7 | % | ||||||||
Mature & Other | 27 | % | 29 | % | 36 | % | -18 | % | -28 | % | 30 | % | 38 | % | -15 | % | ||||||||
Total | 100 | % | 100 | % | 100 | % | -12 | % | -3 | % | 100 | % | 100 | % | 8 | % | ||||||||
Market Segment | ||||||||||||||||||||||||
Communications | 44 | % | 44 | % | 41 | % | -11 | % | 6 | % | 43 | % | 40 | % | 16 | % | ||||||||
Industrial | 36 | % | 36 | % | 34 | % | -13 | % | 3 | % | 35 | % | 35 | % | 11 | % | ||||||||
Consumer | 14 | % | 14 | % | 16 | % | -11 | % | -15 | % | 15 | % | 16 | % | -3 | % | ||||||||
Computer & Storage | 6 | % | 6 | % | 9 | % | -16 | % | -36 | % | 7 | % | 9 | % | -15 | % | ||||||||
Total | 100 | % | 100 | % | 100 | % | -12 | % | -3 | % | 100 | % | 100 | % | 8 | % | ||||||||
FPGAs and CPLDs | ||||||||||||||||||||||||
FPGA | 75 | % | 75 | % | 71 | % | -12 | % | 2 | % | 74 | % | 71 | % | 13 | % | ||||||||
CPLD | 16 | % | 17 | % | 19 | % | -16 | % | -13 | % | 18 | % | 19 | % | 2 | % | ||||||||
Other | 9 | % | 8 | % | 10 | % | -6 | % | -16 | % | 8 | % | 10 | % | -11 | % | ||||||||
Total | 100 | % | 100 | % | 100 | % | -12 | % | -3 | % | 100 | % | 100 | % | 8 | % | ||||||||
Product Category Description
Category | Products | |
New | Stratix II (and GX), Stratix III, Stratix IV, Arria GX, Cyclone II, Cyclone III, MAX II, HardCopy, and Hardcopy II devices | |
Mainstream | Stratix (and GX), Cyclone, and MAX 3000A devices | |
Mature & Other | Classic™, MAX 7000, MAX 7000A, MAX 7000B, MAX 7000S, MAX 9000, FLEX® series, APEX™ series, Mercury™, Excalibur™, configuration and other devices, intellectual property cores, and software and other tools |
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