European Shorting
| New Threads Only: |  |  |  |
|
|---|---|---|---|---|
| New Threads & Replies: | | | |
|
Forum List » Business News and Headlines SEC Filings, Earing Reports, Press Releases  
Altera Corp. Reports Operating Results (10-Q)
Posted by: gurufocus (IP Logged)
Date: October 21, 2011 05:29PM
Altera Corp. (ALTR) filed Quarterly Report for the period ended 2011-09-30. Highlight of Business Operations:Selling, general, and administrative expense for the nine months ended September 30, 2011 increased by $18.2 million, or 10%, when compared with the nine months ended October 1, 2010. The increase was primarily attributable to the following factors: an $8.5 million increase in personnel-related costs to support the growth in our business, an $8.1 million increase in stock-based compensation driven by an increase in our stock price and a $4.7 million increase in professional services and consulting fees. These increases were partially offset by a $3.1 million decrease in variable compensation expense.Research and development expense for the nine months ended September 30, 2011 increased by $37.5 million, or 19% when compared with the nine months ended October 1, 2010. The increase was primarily attributable to the following factors: an $18.2 million increase in personnel-related costs due to an increase in the number of employees, a $6.7 million increase in stock-based compensation driven by an increase in our stock price, a $6.7 million increase in spending on consulting and outside services to support several strategic initiatives, and a $7.2 million increase in spending on product development activities. These increases were partially offset by a $5.0 million decrease in variable compensation expense. Research and development expense for the three months ended September 30, 2011 increased by $12.9 million, or 19%, when compared with the three months ended October 1, 2010. The increase was primarily attributable to the following factors: a $6.8 million increase in personnel-related costs due to an increase in the number of employees, a $3.3 million increase in stock-based compensation driven by an increase in our stock price, a $2.4 million increase in spending on consulting and outside services to support several strategic initiatives, and a $1.6 million increase in spending on product development activities. These increases were partially offset by a $3.6 million decrease in variable compensation expense. Our net sales of $522.5 million for the three months ended September 30, 2011 decreased by $5.0 million, or 1%, from our net sales of $527.5 million for the three months ended October 1, 2010. The decrease was primarily due to customer reaction to the changing global macroeconomic conditions, which reduced demand across the industry. Our net sales of $1,606.7 million for the nine months ended September 30, 2011 increased by $207.7 million, or 15%, from our net sales of $1,399.0 million for the nine months ended October 1, 2010. The increase was driven by a strong growth in sales, primarily during the first half of 2011, of our New and Mainstream Products. We continue to see evidence of a “tipping point” with respect to our opportunity to displace ASICs and ASSPs, as our newest products are several process generations ahead of mainstream ASICs and ASSPs, and the resulting FPGA cost advantage is accelerating ASIC and ASSP displacement. For the nine months ended September 30, 2011, our operating activities provided $739.2 million in cash, primarily attributable to net income of $624.1 million, adjusted for non-cash stock-based compensation expense of $63.1 million (net of related tax effects), depreciation and amortization of $23.4 million, and deferred income tax benefit of $9.5 million. The net change in working capital accounts (excluding cash and cash equivalents) was primarily due to a $23.2 million increase in Accounts receivable, net, a $40.0 million decrease in Accounts payable and other liabilities, a $11.1 million increase in Deferred income and allowances on sales to distributors, partially offset by a $12.5 million decrease in Inventories, and a $48.0 million decrease in Other assets.
Sorry, only registered users may post in this forum.
Please Login if you have an account or Create a Free Account if you don't 
GuruFocus Affiliate Program: Earn up to $400 per referral. ( Learn More)
Get WordPress Plugins for easy affiliate links on Stock Tickers and Guru Names 
|
Feedback
My Portfolios
Browse Gurus
RSS