Altera revenues up 72%; company announces 2-for-1 stock split

Altera revenues up 72%; company announces 2-for-1 stock split
By Semiconductor Business News
July 13, 2000 (6:41 p.m. EST)
URL: http://www.eetimes.com/story/OEG20000713S0046

SAN JOSE--Altera Corp. today reported record second quarter sales of $340.7 million, up 25% from the previous quarter and up 72% over the same period last year.

Regional sales growth amounted to 27% in North America, 20% in Europe, 28% in Asia/Pacific, and 25% in Japan. Nearly half of sales were from 2.5-volt devices and 3.3-volt devices, which grew 42% and 44%, respectively.

Net income totaled $98.3 million, which includes a $6.3 million in-process R&D charge related to the acquisitions of DesignPRO Inc. and Right Track CAD Corp. Excluding this charge, income was a record $102.6 million, up 37% over the previous quarter and up 101% from the same period last year.

"This quarter's record sales level and very robust growth was driven by continued strength in the communications market and the success of our new products across a wide range of applications," stated CEO Rodney Smith.

Altera continued to move ahead strongly with its system -on-a-programmable-chip solutions during the quarter.

Also today, Altera announced a 2-for-1 stock split effected in the form of a stock dividend. Record date for the stock split, which will be done as a stock dividend, will be July 26. Shareholders of record on that date will receive one additional share of Altera common stock for every share held.

"The stock split is in response to the increase in the market price for the company's stock throughout the second quarter," said CEO Smith. "We feel this is another good opportunity to increase the availability of shares for trading, and possibly to broaden our stockholder base." The chip company last split its stock on May 19, 1999.