|
|
|
|
|
|
|
| ||||||
|
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 |
% | |||
