COMPANY PRESS RELEASE: Altera Corporation has reported 2001 pro forma income of $132.4 million, $0.33 per diluted share, versus $394.1 million, $0.95 per diluted share, pro forma earnings in the prior year.
These results exclude the effects of previously announced restructuring and inventory write down charges in 2001 and a $102.8 million net after-tax gain reported in 2000 from the sale of the company’s interest in WaferTech, LLC. Including the effects of the restructuring and inventory charges in 2001, the company’s net loss was $39.8 million or $0.10 per diluted share. Revenues in 2001 were $839 million compared with $1.38 billion in 2000.
Fourth quarter pro forma income was $12.6 million, $0.03 per diluted share, down from $102.7 million, $0.25 per diluted share, pro forma results in the fourth quarter of 2000. Fourth quarter results met First Call estimates. Including the quarter’s previously announced $38.4 million inventory write down and $16.8 million restructuring charges, fourth quarter net loss was $34.4 million, $0.09 per share. Fourth quarter revenues were $162.5 million, down 7% from the previous quarter and down 56% from the same period last year, consistent with prior guidance.
Altera ended the quarter with an $805.7 million cash position.
Despite the challenges created by the difficult business environment, Altera’s competitive position improved significantly during the year, said John Daane, president and CEO. We stepped up the performance of our design software and introduced a series of innovative, first-to-market products including APEX(TM) 20KC, APEX II, Mercury(TM), ARM9(R)-based Excalibur(TM), and HardCopy(TM) devices. The next several months will see the arrival of more market-leading new products that greatly expand the opportunities for Altera PLDs and further accelerate our future growth. We believe that the fourth quarter will mark the bottom of this cycle and expect to see modest sequential growth in the March quarter.