For Release: January 21, 1999
Altera Pays Employees $8.75 Million In Profit Sharing and Bonuses
- Employees' Efforts Result in Outstanding Year
- Profit Sharing Payout Totals $7,387 per Employee
- Bonuses Top $2.35 Million
San Jose, Calif., January 21, 1999--Altera Corporation (Nasdaq: ALTR) today announced that it has paid out a total $8.75 million in profit sharing and bonuses to its employees worldwide, based on the company's net income of $154.4 million in 1998. The payout reflects the company's continued recognition of the hard work and outstanding sales volume achieved by employees in a tough market.
The profit sharing portion of the payout totaled $6.40 million, or about $7,387 for each employee who worked the entire year. Those employees eligible for bonuses as part of their compensation shared in an additional $2.35 million distribution.
On January 20, Altera reported total 1998 sales of $654.3 million, an increase of 4 percent from 1997's $631.1 million total. Net income was $ 154.4 million, an increase of 2 percent from $152 million in 1997 (excluding the cumulative effect of a change in accounting principle).
"In a year when much of the semiconductor industry was depressed, Altera managed not only to increase sales over 1997 levels, but to increase its profitability," said Rodney Smith, Altera's chairman, president and CEO. "This achievement was due entirely to the efforts of our many hardworking employees worldwide."
About Altera
Altera Corporation, The Programmable Solutions Company™, was founded in 1983 and is a leading supplier of programmable logic devices and associated logic development software tools. Programmable logic devices are semiconductor chips that can be programmed on-site, using software tools that run on personal computers or engineering workstations. User benefits include ease of use, lower risk, and fast time-to-market. Altera's CMOS-based programmable logic devices address high-speed, high-density and low-power applications in the telecommunications, data communications, computer peripheral, and industrial markets. Altera common stock is traded on the Nasdaq Stock Market under the symbol ALTR.
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