ALTERA CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(Thousands, except per share data)
(Unaudited)
THREE MONTHS ENDED
--------------------------------------------
Mar. 31 Mar. 31 Dec. 31
1996 1995 1995
---------- --------- ----------
Sales $ 137,098 $ 75,038 $ 125,316
---------- --------- ----------
Cost & Expenses:
Cost of Sales 53,054 30,051 48,451
Research and Development 12,523 6,586 10,481
Selling, General, & Administrative 23,320 15,382 21,922
---------- --------- ----------
Total Costs & Expenses 88,897 52,019 80,854
---------- --------- ----------
Income from Operations 48,201 23,019 44,462
Interest & Other Income, Net 923 945 638
---------- --------- ----------
Income before Taxes 49,124 23,964 45,100
Taxes 17,684 8,867 16,687
---------- --------- ----------
Net Income $ 31,440 $ 15,097 $ 28,413
========== ========== ==========
Net Income per Share:
Primary $ 0.68 $ 0.34 $ 0.62
========== ========== ==========
Fully diluted $ 0.66 $ 0.34 $ 0.61
========== ========== ==========
Weighted average shares and equivalents:
Primary 45,968 45,062 45,837
========== ========== ==========
Fully diluted 50,463 45,062 50,332
========== ========== ==========
Tax rate 36% 37% 37%
% of Sales:
Gross Margin 61% 60% 61%
Research & Development 9% 9% 8%
Selling, General, and Administrative 17% 20% 17%
Income from Operations 35% 31% 36%
Net Income 23% 20% 23%
ALTERA CORPORATION
CONSOLIDATED BALANCE SHEETS
(Thousands)
(Unaudited)
March 31 Dec. 31
1996 1995
----------- -----------
Assets
Current assets:
Cash and short-term investments $ 349,666 $ 365,219
Accounts receivable, net 60,362 54,518
Inventories 75,146 55,421
Other assets 48,960 42,849
----------- -----------
Total current assets 534,134 518,007
Property and equipment, net 57,935 54,846
Investments & intangibles 143,237 142,701
----------- -----------
$ 735,306 $ 715,554
=========== ===========
Liabilities and Shareholders' Equity
Current liabilities $ 205,705 $ 171,765
Long term debt 239,600 288,600
Shareholders' equity 290,001 255,189
----------- -----------
$ 735,306 $ 715,554
=========== ===========
Key Ratios & Information
Current Assets/Current Liabilities 3:1 3:1
Liabilities/Equity 2:1 2:1
Annualized Quarterly Return on Equity 46% 48%
Quarterly Depreciation Expense 3,139 2,531
Quarterly Capital Expenditures 6,228 8,174
Annualized Sales per Employee 608 591
ALTERA CORPORATION
ALTERA CORPORATION
CORPORATE PROFILE
Products:
Programmable Logic Chips (95% Dollar Volume)
Development Software and Hardware (5% Dollar Volume)
Market: General Logic Replacement
End Use Markets -
- Communications 64%
- Computer 15%
- Industrial 14%
- Military 4%
- Consumer 2%
- Other 1%
- Serve over 12,800 customers
- Three distributors in North America - 74 branch locations
- 45% of sales in export markets
- Distributors in all European countries and major Asian markets
Operations:
Corporate Offices: San Jose, CA
Employees: 923
Sales Offices: Atlanta, Austin, Baltimore, Boston, Chicago, Cleveland, Dallas, Denver,
Los Angeles, Minneapolis, New York, Portland, Raleigh, San Diego,
San Jose, Hong Kong, London, Munich, Ottawa, Paris, Seoul, Tokyo, Turin
Financial Highlights: (In thousands, except EPS)
1992 1993 1994* 1995 Q1 1996
-------- -------- -------- -------- --------
Sales $101,470 $140,279 $198,796 $401,598 $137,098
Net Income 11,539 21,195 14,608 86,871 31,440
Average Shares:
Primary 41,286 41,992 43,246 45,577 45,968
Fully Diluted 41,286 41,992 43,246 48,019 50,463
EPS:
Primary 0.28 0.51 0.34 1.91 0.68
Fully Diluted 0.28 0.51 0.34 1.90 0.66
Cash and Investments 50,578 81,637 92,594 365,219 349,666
Total Assets 114,693 155,757 213,882 715,554 735,306
ShareholdersĂ Equity 95,606 121,699 158,019 255,187 290,001
Annualized ROE 13% 20% 10% 42% 46%
*Includes Research & Development in Process Charge of $20.2 million on an after-tax basis
Ownership:
Management/Directors/Employees: 5%
Institutional Holdings: 85%
Retail/Other: 10%
Public since March 30, 1988
Nasdaq Symbol: ALTR, Avg. Trading Volume - 2.6 million shares/day
Research Coverage:
Alex Brown & Sons John Marren (415) 544-2815
Goldman Sachs Rajiv Chaudhri (212) 902-6771
Hambrecht & Quist Charles Boucher (415) 576-3376
UBS Securities Inc. Sara Zeilstra (212) 821-6903
Merrill Lynch Tom Kurlak (212) 449-2308
Montgomery Securities Brett Hodess (415) 627-2027
Needham & Co. Raj Rajaratnam (212) 371-8300
Prudential Securities Mark Edelstone (415) 395-2623
Robertson Stephens Dan Niles (415) 693-3241
Smith Barney Jim Barlage (212) 816-5818
Schroeder Wertheim Stuart Johnson (212) 492-6414
Soundview Scott Randall (203) 462-7246
Number of Market Makers: 30
