CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share data)
(Unaudited)
THREE MONTHS ENDED
-----------------------------
March 28 Dec. 28 March 30
2008 2007 2007
--------- --------- ---------
Net sales $336,071 $323,167 $304,916
Cost of sales (2) 117,250 116,051 104,512
--------- --------- ---------
Gross margin 218,821 207,116 200,404
--------- --------- ---------
Operating expenses (1) & (2)
Research and development 58,261 72,705 58,455
Selling, general, and administrative 61,037 69,280 71,784
--------- --------- ---------
Total operating expenses 119,298 141,985 130,239
--------- --------- ---------
Income from operations (Operating
Margin) 99,523 65,131 70,165
Interest and other income (2) 4,122 12,831 17,212
Interest expense (3,137) (1,434) (99)
--------- --------- ---------
Income before income taxes 100,508 76,528 87,278
Provision for income taxes 16,584 11,051 12,219
--------- --------- ---------
Net income $ 83,924 $ 65,477 $ 75,059
========= ========= =========
Net income per share:
Basic $ 0.27 $ 0.20 $ 0.21
========= ========= =========
Diluted $ 0.27 $ 0.20 $ 0.21
========= ========= =========
Shares used in computing per share
amounts:
Basic 307,418 328,084 357,594
========= ========= =========
Diluted 310,010 331,807 363,648
========= ========= =========
Cash dividends per common share $ 0.04 $ 0.04 $ -
========= ========= =========
Tax rate 16.5% 14.4% 14.0%
% of Net sales:
Gross margin 65.1% 64.1% 65.7%
Research and development 17.3% 22.5% 19.2%
Selling, general, and
administrative 18.2% 21.4% 23.5%
Income from operations (Operating
Margin) 29.6% 20.2% 23.0%
Net income 25.0% 20.3% 24.6%
Notes:
----------------------------------------
(1) Includes restructuring expenses as
follows:
Research and development $ - $ 1,767 $ -
Selling, general, and
administrative $ - $ 3,472 $ -
--------- --------- ---------
Total $ - $ 5,239 $ -
========= ========= =========
(2) Includes benefit in R&D, SG&A & COGS of $2.9 million, $2.1
million and $0.1 million respectively for losses related to the
company's non-qualified deferred compensation plan, which was
fully offset by charges in interest and other income
ALTERA CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)
March 28 Dec. 28
2008 2007
---------- ----------
Assets
Current assets:
Cash and short-term investments $ 994,632 $1,021,379
Accounts receivable, net 231,370 198,889
Inventories 71,013 74,110
Deferred compensation plan assets 67,828 74,768
Deferred income taxes and other current
assets 148,136 164,942
---------- ----------
Total current assets 1,512,979 1,534,088
Property and equipment, net 165,558 169,850
Deferred income taxes and other assets, net 71,767 65,980
---------- ----------
$1,750,304 $1,769,918
========== ==========
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable and current liabilities $ 134,262 $ 134,450
Deferred compensation plan obligations 67,828 74,768
Deferred income and allowances on sales to
distributors 349,228 280,440
---------- ----------
Total current liabilities 551,318 489,658
Income taxes payable non-current 159,093 152,010
Long-term credit facility 350,000 250,000
Other non-current liabilities 17,151 16,800
Stockholders' equity 672,742 861,450
---------- ----------
$1,750,304 $1,769,918
========== ==========
Key Ratios & Information
Current Assets/Current Liabilities 3:1 3:1
Liabilities/Equity 2:1 1:1
TTM Return on Equity 26% 21%
Quarterly Depreciation Expense $ 8,005 $ 7,693
Quarterly Capital Expenditures $ 3,713 $ 9,545
Annualized Net Sales per Employee $ 509 $ 473
Number of Employees 2,632 2,651
Inventory MSOH (a): Altera 1.8 1.9
Inventory MSOH (a): Distribution 1.2 1.1
Days Sales Outstanding 63 56
(a) MSOH: Months Supply On Hand
ALTERA CORPORATION
REVENUE SUMMARY
(Unaudited)
Q-Q Y-Y
Q1'08 Q4'07 Q1'07 Growth Growth
----- ----- ----- ------- -------
Geography
---------------------------------
North America 23% 24% 22% 0% 15%
----- ----- -----
Asia Pacific 32% 34% 33% -2% 8%
Europe 23% 23% 25% 8% 1%
Japan 22% 19% 20% 15% 19%
----- ----- -----
International 77% 76% 78% 5% 9%
----- ----- -----
Total 100% 100% 100% 4% 10%
===== ===== =====
Product Category
---------------------------------
New 40% 37% 25% 14% 77%
Mainstream 27% 27% 32% 2% -8%
Mature & Other 33% 36% 43% -5% -15%
----- ----- -----
Total 100% 100% 100% 4% 10%
===== ===== =====
Market Segment
---------------------------------
Communications 41% 41% 39% 4% 14%
Industrial 35% 34% 37% 8% 5%
Consumer 15% 16% 15% -2% 14%
Computer & Storage 9% 9% 9% 0% 12%
----- ----- -----
Total 100% 100% 100% 4% 10%
===== ===== =====
FPGAs and CPLDs
---------------------------------
FPGA 72% 71% 72% 6% 12%
CPLD 19% 19% 19% 6% 10%
Other 9% 10% 9% -11% 0%
----- ----- -----
Total 100% 100% 100% 4% 10%
===== ===== =====
Product Category Description
---------------------------------
Category Products
New Stratix II, Stratix III, Stratix II
GX, Arria GX, Cyclone II, Cyclone
III, MAX II, HardCopy and HardCopy
II
Mainstream Stratix, Stratix GX, Cyclone, and
MAX 3000A
Mature & Other Classic, MAX 7000, MAX 7000A, MAX
7000B, MAX 7000S, MAX 9000, FLEX
series, APEX series, ACEX 1K,
Mercury, Excalibur, configuration
and other devices, intellectual
property cores, and software and
other tools 
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