Altera Corp. today reported a 7% sequential decline in sales for the fourth quarter, but declared the downturn officially over.
"Altera bottomed in the fourth quarter," said John Daane, president and chief executive of the San Jose PLD supplier, in a conference call with analysts. "We no longer have the drag effect of a few customers pulling down overall revenue."
Net sales of $162.5 million for the December-ended quarter came in at the middle of Altera's earlier projection of a 5% to 10% decline from $174.1 million in the third quarter.
Fourth quarter pro forma income was $12.6 million, or 3 cents per diluted share, but after a $38.4 million inventory write down and $16.8 million in restructuring charges, reflected a net loss for the quarter of $34.4 million, or 9 cents per share.
For fiscal 2001, net sales were $839.4 million, down from $1.38 billion in fiscal 2000. Net loss for the year was $39.7 million, or 10 cents per diluted share, compared with net income of $496.9 million, or $1.25 per diluted share in fiscal 2001.
With renewed ordering strength from its largest communications and electronic data processing customers, Altera projected modest top-line growth in the range of 1% to 5% for the first quarter of 2002.
"Altera is not finished -- the new product pipeline is full," Daane said. "The design win momentum we garnered in 2001 will continue to pick up steam in 2002."
Daane said design activity for Mercury and ARM processor-based Excalibur devices increased dramatically during the fourth quarter, and on a revenue basis APEX-II displaced APEX 20KE as the dominant family in the advanced products category.