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Altera sales up 14% in 2006

Posted: 22 Feb 2007 ?? ?Print Version ?Bookmark and Share

Keywords:Altera? sales? FPGA? programmable logic?

Altera Corp. announced that its 2006 sales reached $1.29 billion, up 14%, compared with $1.12 billion in 2005. New product sales increased also 150 percent while Net income was $323.2 million, 88 cents per diluted share, versus net income of $278.8 million, 74 cents per diluted share, in 2005. Non-GAAP net income in 2006, excluding the effects of stock-based compensation expense, was $371.2 million, $1.01 per diluted share.

According to the company, Q4 sales were $317.4 million, up 13 percent from Q4 of 2005 and down 7 percent from Q3 of 2006. Fourth quarter net income was $99.9 million, 27 cents per diluted share, up 43 percent compared with net income of $69.7 million, 19 censt per diluted share, in Q4 of 2005. Gross profit margin was 66.3 percent for the fourth quarter of 2006 versus 66.7 percent for the fourth quarter of 2005.

During Q4, Altera reduced its 2006 effective tax rate from 15 percent to 10 percent resulting in a net income benefit of $18 million or 5 cents per diluted share. The tax benefit in Q4 arose primarily from the reinstatement in December 2006 of the federal R&D tax credit and the favorable impact of a tax audit settlement.

Altera also repurchased 7.1 million shares of its common stock during 2006 at a cost of $140.4 million, with 4.4 million shares repurchased during Q4 at a cost of $87.4 million. The company ended the quarter with $1.6 billion in cash and investments.

"Our 2006 results show an acceleration in top line growth for Altera as we once again outpaced semiconductor industry growth. We aim to capitalize on this momentum and drive for additional sales growth and market share gains," said John Daane, president, chief executive officer, and chairman of the board. "We are in the final development stage for our high-end Stratix III FPGA devices and are completing work on several new products that we will introduce in 2007, making 2007 a very ambitious year for us."

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