San Jose, CA--January 22, 1997--Altera Corp. (San Jose, CA) reported fourth quarter sales of $127.2 million were up 1 percent over the same period last year, and up 9 percent over the prior quarter. Total year 1996 sales were a record $497.3 million, an increase of 24 percent from 1995.
Gross margin, as a percentage of sales for the fourth quarter, was 61.5 percent, up 0.2 percentage point over the same period last year and up 0.1 percentage point over the previous quarter. Gross margin, as a percentage of sales for 1996, was 61.4 percent, an increase of 0.9 percentage point from 1995. Wafer price reductions, improved yields, and technology advancements have offset price reductions through the year.
Net income for the fourth quarter was $29.3 million, up 3 percent over the fourth quarter of 1995 and 22 percent above the previous quarter. Fourth quarter earnings per share, on a fully diluted basis, were $0.31, an increase of $0.01 from the same period last year and up $0.05 from the previous quarter. 1996 earnings per share were a record $1.15, an increase of $0.20 from 1995. On a primary basis, earnings per share for the December quarter were $0.32 and for the year 1996 were $1.19. Altera completed a 2-for-1 stock split effective on Dec. 18, 1996.
Quarterly cash activity includes a payment of $42 million for Wafertech, a joint venture with TSMC and other partners to manufacture wafers in a state-of-the-art facility in Camas, WA, an expenditure of $15.6 million toward the construction of the new San Jose headquarters facility, and $3.0 million for routine capital expenditures.
San Jose, CA
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