Altera Announces Second Quarter Results Sales up 6 Percent from Prior Quarter
Second quarter net income was $47.4 million, $0.16 per diluted share, up from net income of $44.0 million, $0.15 per diluted share, in the first quarter of 2009 and down from $98.0 million, $0.32 per diluted share, in the second quarter of 2008. Second quarter 2009 tax expense includes an additional $11.5 million charge as a result of a United States court ruling announced during the quarter related to worldwide equity compensation cost sharing. Altera was not a party to the case. The additional tax expense reduced second quarter earnings by $0.04 per diluted share.
Year-to-date cash flow from operating activities was $90.9 million. Altera ended the quarter with $1.3 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 September 1, 2009 to stockholders of record on August 10, 2009.
"With a more than doubling of our 40-nm sales and surging 65-nm sales, new products resumed sequential growth and drove our top line results this quarter," said John Daane, president, chief executive officer, and chairman of the board. "Combined, our three 40-nm FPGA families continue to set design win value records. We believe that these newest Altera FPGAs will be our most successful ever."
Several recent accomplishments mark the company’s continuing progress.
- With the arrival of the newest members of the Stratix® IV GT FPGA family, Altera is now shipping the industry's highest density and highest bandwidth FPGAs. These 40-nm FPGAs feature 11.3-Gbps transceivers and 530K logic elements (LEs). Stratix IV GT FPGAs support next-generation 40G/100G technologies used in communications systems, military systems, and high-end test equipment. The unprecedented density and bandwidth in Stratix IV GT FPGAs provide designers of 40G/100G applications the flexibility to incorporate traffic management, packet processing, and their own custom functionality into a single device. Telecommunications industry OEMs are quickly ramping their new 40G/100G networks to handle HDTV and Internet video broadband content. Stratix IV GT FPGAs deliver a single-chip solution that is optimized specifically to address the demanding bandwidth requirements of this emerging market.
- Altera now is shipping its third 40-nm FPGA, the Arria® II GX family. Optimized for midrange applications in broadcast, communications, and military systems, the Arria II GX family features fast core performance combined with a cost-optimized 3-Gbps transceiver architecture. With logic densities ranging from 20K–260K LEs, and over 8 Mbits of RAM, this new product offering complements the Stratix IV GX and GT flagship families.
- Altera announced the immediate availability of its latest addition to the Cyclone® FPGA series — the Cyclone III LS family. This new device family offers the lowest power FPGA that includes security features, including anti-tamper, design security, and design separation. These devices are the lowest power FPGAs at less than 0.25W of static power for 200K LEs. These devices address challenging security and power requirements in military and industrial markets. The software is publicly available, and the first devices are shipping now.
|Business Outlook for the Third Quarter 2009|
|Sequential Sales Growth||Down 1% to 5%|
|Gross Margin|| ||67% +/- .5%|
|Research and Development|| ||$67 to $69 million|
|SG&A|| ||$55 to $57 million|
|Other Income|| ||Approximately $0.5 million|
|Tax Rate|| ||13% to 14%|
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Altera programmable solutions enable system and semiconductor companies to rapidly and cost-effectively innovate, differentiate and win in their markets. Find out more about Altera’s FPGA, CPLD and ASIC devices at www.altera.com.
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