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Altera to Initiate a Dividend and Repurchase Additional Shares
San Jose, Calif., March 28, 2007—Altera Corporation (NASDAQ: ALTR) today announced that its board of directors has authorized a common stock dividend and an increase in the number of shares that may be repurchased under the company’s ongoing share repurchase program. Altera will pay a quarterly dividend of $0.04 per share on June 1, 2007 to shareholders of record on May 10, 2007. Altera’s board of directors has approved a 50 million share increase in the number of shares authorized for repurchase under the company’s share repurchase program. Combined with the remaining shares previously authorized, there are now 57 million shares authorized by the board of directors for repurchase. The company intends to repurchase shares in the open market or through structured transactions. As of March 27, 2007, the company has repurchased 7.2 million shares year-to-date at a cost of $145 million. Since the initiation of the company’s share repurchase program in 1996, Altera has repurchased 101 million shares at a cost of $2.1 billion. “Today’s announcement to pay a dividend and to increase our share repurchase authorization demonstrates our commitment to use the company’s strong cash flow for the benefit of our shareholders. Including the shares we have repurchased year-to-date, we expect to spend up to $1 billion to repurchase our shares during 2007 and the first half of 2008. Our newly announced dividend reinforces our view that Altera’s future remains bright and that our cash flow generation will remain strong,” said John Daane, president, chief executive officer, and chairman of the board. 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 at www.altera.com.
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