Cash flow from operating activities was $136.6 million. Altera repurchased approximately 1.6 million shares during the quarter at a cost of approximately $57.5 million.
Altera's board of directors has declared a quarterly cash dividend of $0.18 per share, to be paid on June 1, 2015 to shareholders of record on May 11, 2015.
"While we had anticipated a weak start to the year, the first quarter was more challenging than expected," said John Daane, president, chief executive officer, and chairman of the board. "There continues to be solid market acceptance of our Generation 10 devices, with record opportunities for our high-end 14 nm FinFET Stratix 10 FPGAs. The combination of our HyperFlex architecture and the FinFET manufacturing process delivers substantial competitive advantages and market expansion potential."
Recent accomplishments mark Altera's continuing progress:
- At this year's Mobile World Congress, Altera and China Mobile demonstrated jointly a Centralized/Coordinated/Cloud Radio Access Network (C-RAN) platform targeting the next generation of virtualized 5G wireless networks. This approach will dramatically improve the user experience, achieving much higher channel capacity and spectrum efficiency, reducing network power consumption, while supporting flexible and agile network deployments. C-RAN offers the potential for new network operator business models and support for numerous new end user 5G wireless network applications. This strategic collaboration, formally established between Altera and China Mobile Research Institute (CMRI) in 2014, has achieved a significant milestone with this innovative wireless network solution. To accelerate the development and deployment of such next-generation wireless networks, FPGA technologies play a key role in data processing acceleration, component connectivity, and front-haul data transportation in the C-RAN system.
- Altera has strengthened its leadership position in SoC FPGA products by shipping initial devices of its second-generation SoC family. These Arria® 10 SoC devices are the industry's only programmable devices that combine ARM® processors with a 20 nm FPGA fabric. Arria 10 SoCs bring across-the-board improvements to enable higher performing, lower power, and more feature rich embedded systems compared to previous generation SoC FPGAs. Arria 10 SoCs provide up to 50 percent higher performance and up to 40 percent lower power than the previous generation. Arria 10 SoCs are optimized to deliver the performance, power, security and cost requirements for next-generation embedded applications within wireless infrastructure, wireline communications, computer and storage, and broadcast equipment. Altera's SoC portfolio will also include a 3rd-generation 14 nm Stratix® 10 SoC with a 64-bit quad-core ARM CortexTM-A53 processor for embedded developers that demand the highest performance and power efficiency.
|
|
|
|
|
| ||||
|
SELECTED FIRST QUARTER RATIOS AND RELATED RESULTS | ||||||||
|
|
|
|
|
| ||||
|
($ in thousands) Key Ratios & Information |
|
March 27, 2015 |
|
December 31, 2014 | ||||
|
Current Ratio |
|
5:1 |
|
|
6:1 |
| ||
|
Liabilities/Equity |
|
3:4 |
|
|
3:4 |
| ||
|
Quarterly Operating Cash Flows |
|
$ |
136,633 |
|
|
$ |
150,778 |
|
|
TTM Return on Equity |
|
13 |
% |
|
14 |
% | ||
|
Quarterly Depreciation Expense |
|
$ |
12,777 |
|
|
$ |
12,099 |
|
|
Quarterly Capital Expenditures |
|
$ |
33,245 |
|
|
$ |
9,836 |
|
|
Inventory MSOH (1): Altera |
|
3.0 |
|
|
2.7 |
| ||
|
Inventory MSOH (1): Distribution |
|
0.7 |
|
|
0.5 |
| ||
|
Cash Conversion Cycle (Days) |
|
149 |
|
|
144 |
| ||
|
Turns |
|
41 |
% |
|
41 |
% | ||
|
Book to Bill |
|
<1.0 |
|
|
<1.0 |
| ||
|
|
|
|
|
| ||||
|
Note (1): MSOH: Months Supply On Hand |
|
|
|
| ||||
|
|
|
|
| |||||||||||
|
ALTERA CORPORATION NET SALES SUMMARY (Unaudited) | ||||||||||||||
|
|
|
|
| |||||||||||
|
|
Three Months Ended |
|
Quarterly Growth Rate | |||||||||||
|
|
March 27,
|
|
December 31,
|
|
March 28,
|
|
Sequential Change |
|
Year- Over-Year Change | |||||
|
Geography |
|
|
|
|
|
|
|
|
| |||||
|
Americas |
17 |
% |
|
15 |
% |
|
15 |
% |
|
(1) |
% |
|
4 |
% |
|
Asia Pacific |
45 |
% |
|
41 |
% |
|
43 |
% |
|
(2) |
% |
|
(1) |
% |
|
EMEA |
27 |
% |
|
30 |
% |
|
26 |
% |
|
(17) |
% |
|
(3) |
% |
|
Japan |
11 |
% |
|
14 |
% |
|
16 |
% |
|
(26) |
% |
|
(32) |
% |
|
Net Sales |
100 |
% |
|
100 |
% |
|
100 |
% |
|
(9) |
% |
|
(6) |
% |
|
Product Category |
|
|
|
|
|
|
|
|
| |||||
|
New |
59 |
% |
|
59 |
% |
|
49 |
% |
|
(9) |
% |
|
15 |
% |
|
Mainstream |
19 |
% |
|
18 |
% |
|
23 |
% |
|
(5) |
% |
|
(20) |
% |
|
Mature and Other |
22 |
% |
|
23 |
% |
|
28 |
% |
|
(14) |
% |
|
(29) |
% |
|
Net Sales |
100 |
% |
|
100 |
% |
|
100 |
% |
|
(9) |
% |
|
(6) |
% |
|
Vertical Market |
|
|
|
|
|
|
|
|
| |||||
|
Telecom & Wireless |
42 |
% |
|
42 |
% |
|
45 |
% |
|
(8) |
% |
|
(12) |
% |
|
Industrial Automation, Military & Automotive |
21 |
% |
|
22 |
% |
|
22 |
% |
|
(13) |
% |
|
(7) |
% |
|
Networking, Computer & Storage |
17 |
% |
|
16 |
% |
|
15 |
% |
|
(8) |
% |
|
2 |
% |
|
Other |
20 |
% |
|
20 |
% |
|
18 |
% |
|
(8) |
% |
|
7 |
% |
|
Net Sales |
100 |
% |
|
100 |
% |
|
100 |
% |
|
(9) |
% |
|
(6) |
% |
|
FPGAs and CPLDs |
|
|
|
|
|
|
|
|
| |||||
|
FPGA |
84 |
% |
|
84 |
% |
|
83 |
% |
|
(9) |
% |
|
(4) |
% |
|
CPLD |
8 |
% |
|
8 |
% |
|
9 |
% |
|
(8) |
% |
|
(10) |
% |
|
Other Products |
8 |
% |
|
8 |
% |
|
8 |
% |
|
(15) |
% |
|
(14) |
% |
|
Net Sales |
100 |
% |
|
100 |
% |
|
100 |
% |
|
(9) |
% |
|
(6) |
% |
Product Category Description
- New Products include the Arria® 10, Stratix® V, Stratix IV, Arria V, Arria II, Cyclone® V, Cyclone IV, MAX® 10, MAX V, HardCopy® IV devices and Enpirion PowerSoCs.
- Mainstream Products include the Stratix III, Cyclone III, MAX II and HardCopy III devices.
- Mature and Other Products include the Stratix II, Stratix, Arria GX, Cyclone II, Cyclone, MAX 3000A, MAX 7000, MAX 7000A, MAX 7000B, MAX 7000S, MAX 9000, HardCopy II, HardCopy, FLEX® series, APEX™ series, Mercury™, Excalibur™ devices, configuration and other devices, intellectual property cores, and software and other tools.
Business Outlook for the Second Quarter 2015
|
Sales and Income Statement | |
|
|
|
|
Sequential Sales |
-4% to -8% |
|
Gross Margin |
66.5% - 67.5% |
|
Research and Development (1) |
$110 - $112 million |
|
SG&A |
$73 - $75 million |
|
Other Income/Expense, Net (2) |
Net expense of approximately $2 million |
|
Tax Rate |
12% - 14% |
|
Diluted Share Count |
Approximately 300 million |
|
Turns |
Mid 40's |
|
Inventory MSOH |
Approximately 4 |
|
| |
|
Note (1): The business outlook for Research and Development expense includes amortization of acquisition-related intangible assets | |
|
Note (2): Other Income/Expense, Net includes Interest income and other and Interest expense in our consolidated statements of comprehensive income. |
|
|
|
|
Vertical Market | |
|
|
|
|
Telecom & Wireless |
Down |
|
Industrial Automation, Military & Automotive |
Up |
|
Networking, Computer & Storage |
Flat |
|
Other |
Down |
First Quarter Earnings Conference Call
A conference call will be held today at 1:45 p.m. Pacific time to discuss the quarter's results and management's current business outlook. The web cast and subsequent replay will be available in the Investor Relations section of the company's website at www.altera.com. A telephonic replay of the call may be accessed later in the day by calling (719) 457-0820 and referencing confirmation code 258712. The telephonic replay will be available for two weeks following the live call.
Forward-Looking Statements
Statements in this press release that are not historical are "forward-looking statements" as the term is defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements are generally written in the future tense and/or preceded by words such as "will," "expects," "anticipates," or other words that imply or predict a future state. Forward-looking statements include, but are not limited to, statements regarding absolute and relative product performance and features, Stratix® 10 FPGA competitive advantages and market expansion potential, any projection of revenue, gross margin, expense or other financial items discussed in the Business Outlook section or elsewhere in this press release. Investors are cautioned that all forward-looking statements in this release involve risks and uncertainty that can cause actual results to differ materially from those currently anticipated, due to a number of factors, including without limitation, current global economic conditions, customer business environment, customer inventory levels, product availability, vertical market mix, market acceptance of the company's products, the performance of products once introduced, product introduction schedules, the rate of growth of the company's new products including Cyclone® V, Cyclone IV, Arria® 10, Arria V, Arria II, Stratix V, Stratix IV, MAX® 10 FPGAs, MAX V CPLDs, HardCopy® IV device families and Enpirion PowerSoCs, as well as changes in economic conditions and other risk factors discussed in documents filed by the company with the Securities and Exchange Commission (SEC) from time to time. Copies of Altera's SEC filings are posted on the company's website and are available from the company without charge. Forward-looking statements are made as of the date of this release, and, except as required by law, the company does not undertake an obligation to update its forward-looking statements to reflect future events or circumstances.
About Altera
Altera® programmable solutions enable designers of electronic systems to rapidly and cost effectively innovate, differentiate and win in their markets. Altera offers FPGA, SoC, CPLD products, and complementary technologies, such as power solutions, to provide high-value solutions to customers worldwide. Visit www.altera.com.
ALTERA, ARRIA, CYCLONE, ENPIRION, MAX, MEGACORE, NIOS, QUARTUS and STRATIX words and logos are trademarks of Altera Corporation and registered in the U.S. Patent and Trademark Office and in other countries. All other words and logos identified as trademarks or service marks are the property of their respective holders as described at www.altera.com/legal.
|
INVESTOR CONTACT |
|
MEDIA CONTACT |
|
Scott Wylie - Vice President |
|
Sue Martenson - Senior Manager |
|
Investor Relations |
|
Public Relations |
|
(408) 544-6996 |
|
(408) 544-8158 |
|
|
|
|
|
|
|
|
|
| ||||||
|
ALTERA CORPORATION CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) | ||||||||||||
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
| ||||||
|
|
|
Three Months Ended | ||||||||||
|
(In thousands, except per share amounts) |
|
March 27,
|
|
December 31,
|
|
March 28,
| ||||||
|
|
|
|
|
|
|
| ||||||
|
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 |
% | |||
|
|
|
|
|
|
|
| ||||||
|
Notes: |
|
|
|
|
|
| ||||||
|
(1) Research and development expense as a percentage of Net sales includes amortization of acquisition-related intangible assets.
(2) We define operating margin as gross margin less research and development expense, selling, general and administrative expense and amortization of acquisition-related intangible assets, as presented above. This presentation differs from income from operations as defined by U.S. Generally Accepted Accounting Principles ("GAAP"), as it excludes the effect of compensation associated with the deferred compensation plan obligations. Since the effect of compensation associated with our deferred compensation plan obligations is offset by losses/(gains) from related securities, we believe this presentation provides a more meaningful representation of our ongoing operating performance. A reconciliation of operating margin to income from operations follows: | ||||||||||||
|
|
|
| ||||||||||
|
|
|
Three Months Ended | ||||||||||
|
(In thousands, except per share amounts) |
|
March 27,
|
|
December 31,
|
|
March 28,
| ||||||
|
Operating margin (non-GAAP) |
|
$ |
103,021 |
|
|
$ |
120,878 |
|
|
$ |
134,595 |
|
|
Compensation expense — deferred compensation plan |
|
27 |
|
|
1,934 |
|
|
1,454 |
| |||
|
Income from operations (GAAP) |
|
$ |
102,994 |
|
|
$ |
118,944 |
|
|
$ |
133,141 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
|
|
|
|
| ||||
|
ALTERA CORPORATION CONSOLIDATED BALANCE SHEETS (Unaudited) | ||||||||
|
|
|
|
|
| ||||
|
(In thousands, except par value amount) |
|
March 27,
|
|
December 31,
| ||||
|
|
|
|
|
| ||||
|
Assets |
|
|
|
| ||||
|
Current assets: |
|
|
|
| ||||
|
Cash and cash equivalents |
|
$ |
2,207,101 |
|
|
$ |
2,426,367 |
|
|
Short-term investments |
|
168,849 |
|
|
151,519 |
| ||
|
Total cash, cash equivalents, and short-term investments |
|
2,375,950 |
|
|
2,577,886 |
| ||
|
Accounts receivable, net |
|
433,690 |
|
|
377,964 |
| ||
|
Inventories |
|
155,353 |
|
|
153,387 |
| ||
|
Deferred income taxes — current |
|
62,144 |
|
|
56,048 |
| ||
|
Deferred compensation plan — marketable securities |
|
65,075 |
|
|
69,367 |
| ||
|
Deferred compensation plan — restricted cash equivalents |
|
20,226 |
|
|
14,412 |
| ||
|
Other current assets |
|
42,336 |
|
|
39,479 |
| ||
|
Total current assets |
|
3,154,774 |
|
|
3,288,543 |
| ||
|
Property and equipment, net |
|
215,309 |
|
|
194,840 |
| ||
|
Long-term investments |
|
2,139,810 |
|
|
1,942,343 |
| ||
|
Deferred income taxes — non-current |
|
20,258 |
|
|
20,077 |
| ||
|
Goodwill |
|
74,341 |
|
|
74,341 |
| ||
|
Acquisition-related intangible assets, net |
|
69,827 |
|
|
72,291 |
| ||
|
Other assets, net |
|
92,746 |
|
|
81,791 |
| ||
|
Total assets |
|
$ |
5,767,065 |
|
|
$ |
5,674,226 |
|
|
|
|
|
|
| ||||
|
Liabilities and stockholders' equity |
|
|
|
| ||||
|
Current liabilities: |
|
|
|
| ||||
|
Accounts payable |
|
$ |
46,918 |
|
|
$ |
49,140 |
|
|
Accrued liabilities |
|
33,727 |
|
|
28,384 |
| ||
|
Accrued compensation and related liabilities |
|
60,234 |
|
|
69,837 |
| ||
|
Deferred compensation plan obligations |
|
85,301 |
|
|
83,779 |
| ||
|
Deferred income and allowances on sales to distributors |
|
411,558 |
|
|
344,168 |
| ||
|
Total current liabilities |
|
637,738 |
|
|
575,308 |
| ||
|
Income taxes payable — non-current |
|
326,700 |
|
|
313,447 |
| ||
|
Long-term debt |
|
1,493,082 |
|
|
1,492,759 |
| ||
|
Other non-current liabilities |
|
6,798 |
|
|
6,886 |
| ||
|
Total liabilities |
|
2,464,318 |
|
|
2,388,400 |
| ||
|
Stockholders' equity: |
|
|
|
| ||||
|
Common stock: $.001 par value; 1,000,000 shares authorized; outstanding - 301,025 shares at March 27, 2015 and 302,430 shares at December 31, 2014 |
|
301 |
|
|
302 |
| ||
|
Capital in excess of par value |
|
1,170,315 |
|
|
1,165,259 |
| ||
|
Retained earnings |
|
2,108,201 |
|
|
2,110,620 |
| ||
|
Accumulated other comprehensive income |
|
23,930 |
|
|
9,645 |
| ||
|
Total stockholders' equity |
|
3,302,747 |
|
|
3,285,826 |
| ||
|
Total liabilities and stockholders' equity |
|
$ |
5,767,065 |
|
|
$ |
5,674,226 |
|
|
|
|
|
|
| ||||
|
|
|
| ||||||
|
|
|
| ||||||
|
ALTERA CORPORATION CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited, in thousands) | ||||||||
|
|
|
| ||||||
|
|
|
Three Months Ended | ||||||
|
(In thousands) |
|
March 27,
|
|
March 28,
| ||||
|
|
|
|
|
| ||||
|
Cash Flows from Operating Activities: |
|
|
|
| ||||
|
Net income |
|
$ |
94,852 |
|
|
$ |
116,514 |
|
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
| ||||
|
Depreciation and amortization |
|
14,453 |
|
|
14,628 |
| ||
|
Amortization of acquisition-related intangible assets |
|
2,464 |
|
|
2,465 |
| ||
|
Amortization of debt discount and debt issuance costs |
|
779 |
|
|
779 |
| ||
|
Stock-based compensation |
|
20,325 |
|
|
23,347 |
| ||
|
Net gain on sale of available-for-sale securities |
|
(2,506) |
|
|
(48) |
| ||
|
Amortization of investment discount/premium |
|
2,129 |
|
|
685 |
| ||
|
Deferred income tax benefit |
|
(651) |
|
|
(1,711) |
| ||
|
Tax effect of employee stock plans |
|
— |
|
|
(217) |
| ||
|
Excess tax benefit from employee stock plans |
|
(203) |
|
|
(326) |
| ||
|
Changes in assets and liabilities: |
|
|
|
| ||||
|
Accounts receivable, net |
|
(55,726) |
|
|
39,623 |
| ||
|
Inventories |
|
(1,966) |
|
|
5,743 |
| ||
|
Other assets |
|
(9,098) |
|
|
(5,185) |
| ||
|
Accounts payable and other liabilities |
|
(2,998) |
|
|
(3,425) |
| ||
|
Deferred income and allowances on sales to distributors |
|
67,390 |
|
|
(73,227) |
| ||
|
Income taxes payable and receivable, net |
|
5,894 |
|
|
10,111 |
| ||
|
Deferred compensation plan obligations |
|
1,495 |
|
|
674 |
| ||
|
Net cash provided by operating activities |
|
136,633 |
|
|
130,430 |
| ||
|
Cash Flows from Investing Activities: |
|
|
|
| ||||
|
Purchases of property and equipment |
|
(38,593) |
|
|
(12,622) |
| ||
|
Purchases of deferred compensation plan securities, net |
|
(1,495) |
|
|
(674) |
| ||
|
Purchases of available-for-sale securities |
|
(625,960) |
|
|
(103,982) |
| ||
|
Proceeds from sale of available-for-sale securities |
|
387,985 |
|
|
35,562 |
| ||
|
Proceeds from maturity of available-for-sale securities |
|
37,472 |
|
|
41,548 |
| ||
|
Purchases of intangible assets |
|
(257) |
|
|
— |
| ||
|
Purchases of other investments |
|
(2,000) |
|
|
— |
| ||
|
Net cash used in investing activities |
|
(242,848) |
|
|
(40,168) |
| ||
|
Cash Flows from Financing Activities: |
|
|
|
| ||||
|
Proceeds from issuance of common stock through stock plans |
|
1,408 |
|
|
6,082 |
| ||
|
Shares withheld for employee taxes |
|
(2,994) |
|
|
(3,048) |
| ||
|
Payment of dividends to stockholders |
|
(54,161) |
|
|
(47,554) |
| ||
|
Long-term debt and credit facility issuance costs |
|
— |
|
|
(1,321) |
| ||
|
Repurchases of common stock |
|
(57,507) |
|
|
(161,794) |
| ||
|
Excess tax benefit from employee stock plans |
|
203 |
|
|
326 |
| ||
|
Net cash used in financing activities |
|
(113,051) |
|
|
(207,309) |
| ||
|
Net decrease in cash and cash equivalents |
|
(219,266) |
|
|
(117,047) |
| ||
|
Cash and cash equivalents at beginning of period |
|
2,426,367 |
|
|
2,869,158 |
| ||
|
Cash and cash equivalents at end of period |
|
$ |
2,207,101 |
|
|
$ |
2,752,111 |
|
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To view the original version on PR Newswire, visit: http://www.prnewswire.com/news-releases/altera-announces-first-quarter-results-300071296.html
SOURCE Altera Corporation
| Contact: |
| Altera Corporation
Web: http://www.altera.com |