For Release: April 21, 1999
Altera Announces Stock Split
San Jose, Calif., April 21, 1999 - Altera Corporation (Nasdaq: ALTR) today announced that it will carry out a 2-for-1 stock split effected in the form of a stock dividend. The record date for the stock split will be Tuesday, May 4, 1999, and shareholders of record on that date will receive one additional share of Altera common stock for every share held.
Altera's transfer agent will mail the new stock certificates representing the additional shares on or about Wednesday, May 19, 1999. The market price for Altera common stock as reported by Nasdaq will reflect the stock split beginning Thursday, May 20, 1999.
Rodney Smith, President and CEO stated, "The stock split is in response to the increase in the market price for the Company's stock throughout this quarter. We feel this is another good opportunity to increase the availability of shares for trading, and possibly to broaden our stockholder base. Our last stock split was completed on January 6, 1997."
In connection with the stock split, the Board of Directors has authorized doubling from 6,000,000 to 12,000,000 the number of shares authorized for repurchase under the Company's share repurchase program. Under the program, which was previously authorized by the Board of Directors, the shares may be purchased in the open market from time to time at the discretion of the Company's management.
Additionally, the stock split will have the effect of doubling the existing reserves and the proposed increase to those reserves under the Company's 1996 Stock Option Plan (6,500,000 and 9,000,000, respectively) and 1987 Employee Stock Purchase Plan (3,100,000 and 3,300,000, respectively). The increase in reserves was previously approved by the Board of Directors and will be voted on by the shareholders at the Company's Annual Meeting, scheduled to be held on Wednesday, May 26, 1999.
Fax on Demand:
Copies of Altera's announcement are available from its fax-on-demand service. In the U.S. and Canada to request a copy call 1-800-789-ALTR. International users can dial their local International Access Code followed by 1-408-894-0466.
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 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. More information on Altera can be obtained on the Internet at http://www.altera.com.
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