Altera Announces First Quarter Results

 









ALTERA CORPORATION

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)

















Three Months Ended

(In thousands, except per share amounts)


March 27,
 2015


December 31,
 2014


March 28,
 2014








Net sales


$

435,485



$

479,873



$

461,092


Cost of sales


156,263



168,172



151,868


Gross margin


279,222



311,701



309,224


Operating expense







    Research and development expense


103,231



107,314



97,657


    Selling, general, and administrative expense


70,506



81,044



74,507


    Amortization of acquisition-related intangible assets


2,464



2,465



2,465


Total operating expense


176,201



190,823



174,629


Operating margin (2)


103,021



120,878



134,595


Compensation expense — deferred compensation plan


27



1,934



1,454


Gain on deferred compensation plan securities


(27)



(1,934)



(1,454)


Interest income and other


(6,596)



(5,714)



(5,985)


(Gain)/loss reclassified from other comprehensive income


(2,506)



10



(48)


Interest expense


10,408



11,410



10,488


Income before income taxes


101,715



115,172



130,140


Income tax expense


6,863



4,041



13,626


Net income


94,852



111,131



116,514









Other comprehensive income:







Unrealized gain on investments:







    Unrealized holding gain on investments arising during period, net of tax of $41, ($55), and $24


16,785



15,623



12,560


    Less: Reclassification adjustments for (gain)/loss on investments included in net income, net of tax of $6, $1 and $4


(2,500)



11



(44)


Other comprehensive income


14,285



15,634



12,516


Comprehensive income


$

109,137



$

126,765



$

129,030









Net income per share:







    Basic


$

0.31



$

0.37



$

0.37


    Diluted


$

0.31



$

0.36



$

0.37









Shares used in computing per share amounts:







    Basic


301,308



303,848



316,552


    Diluted


303,285



305,614



318,901









Dividends per common share


$

0.18



$

0.18



$

0.15









Tax rate


6.7

%


3.5

%


10.5

%

% of Net sales:







    Gross margin


64.1

%


65.0

%


67.1

%

    Research and development (1)


24.3

%


22.9

%


21.7

%

    Selling, general, and administrative


16.2

%


16.9

%


16.2

%

    Operating margin (2)


23.7

%


25.2

%


29.2

%

    Net income


21.8

%


23.2

%


25.3

%


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