RELEASE DATE: 2009年7月17日
アルテラ、2009年度第2四半期決算を発表
- 売上は前四半期比6％増
プログラマブル・ロジック・ソリューションの世界的リーディング・カンパニーであるアルテラ・コーポレーション（本社：米国カリフォルニア州サンノゼ、社長兼CEO：ジョン・デイナ、日本法人： 東京都新宿区、代表取締役社長：日隈 寛和、NASDAQ：ALTR 以下、アルテラ）は米国時間7月14日、2009年度第2四半期決算を発表いたしました。
2009年度第2四半期の業績は、売上高が前四半期比6%増、前年同期比22%減の2億7,920万ドルとなりました。新製品の売上は、前四半期に比べて16％増加しました。
純利益は、前四半期実績の4,396万ドル（希釈化後1株当り0.15ドル）、前年同期実績の9,798万ドル（希釈化後1株当り0.32ドル）に対して、4,742万ドル（希釈化後1株当り0.16ドル）となりました。
当四半期の税金費用には、当四半期中に米国で判決が下された株式報酬費用のワールドワイドでの費用負担に関連した1,150万ドルの追加税金費用が含まれています。なお、アルテラはこの訴訟の当事者ではありません。この追加税金費用により、当四半期の利益は希釈化後1株当り0.04ドル減少しました。
2009年上半期の営業活動によるキャッシュフローは、9,090万ドルとなりました。アルテラの保有現金および短期投資額は、第2四半期末で13億ドルとなっています。
アルテラの取締役会の決定により、四半期現金配当については、2009年8月10日時点での株主に対し、1株当り0.05ドルの配当を2009年9月1日に実施いたします。
アルテラの社長兼CEO（最高経営責任者）兼会長のジョン・デイナ（John Daane）は、「40nm製品の売上が2倍以上に伸び、かつ65nm製品の売上も急上昇したことで、新製品群が引き続き成長し、当四半期の売上をドライブしました。また、3種類の40nm FPGA製品のデザイン・ウィンは、当期においても記録を更新しました。アルテラの最新のFPGA製品群は、当社にとってこれまでになく大きな成功を遂げるものと確信しています」と述べています。
アルテラの継続的な成長を示す最近の実績は、以下の通りです。
- 「Stratix® IV GT FPGA」の最新製品を市場投入し、現在業界で最も高い集積度と最も広い帯域幅を備えたFPGAを提供しています。
- 40nm FPGAであるStratix IV GT FPGAは、11.3Gbpsトランシーバと53万個のロジック・エレメント（LE）を備えています。
- 通信システム、軍用システム、ハイエンド・テスト機器などで利用される、次世代の40G/100G技術をサポートします。
- Stratix IV FPGAの優れた集積度と帯域幅により、40G/100Gアプリケーションに柔軟性をもたらし、トラフィック管理、パケット処理、ユーザー独自のカスタム機能を、１つのデバイス上に統合することが可能となります。
- 電気通信事業のOEM企業は、新しい40G/100G対応ネットワークを迅速に展開し、HDTVやインターネットを介したブロードバンド向け映像コンテンツを配信できるようになります。
- Stratix IV GT FPGAは、新しい市場で求められる厳しい帯域幅要件に対応するために最適化されたシングルチップ・ソリューションです。
- 40nm FPGA製品 第三弾となる「Arria® II GX」を出荷しました。
- Arria II GXファミリは、放送、通信、軍用システムの中でも中規模のアプリケーションに最適化されており、高速なコア性能とコストを最適化した3Gbpsトランシーバ・アーキテクチャを備えています。
- ロジック・エレメント（LE）換算で約2万個から約26万個の集積度を持ち、8Mビット以上のRAMを備えるArria II GXは、アルテラのフラッグシップ製品である「Stratix IV GX」とStratix IV GTを補完するものです。
- Cyclone® FPGAファミリの最新製品となる「Cyclone III LS」を発表しました。
- Cyclone III LS FPGAは、アンチ・タンパー（不正操作防止）、デザイン・セキュリティ（設計データの保護）、デザイン・セパレーション機能などのセキュリティ機能を備えた、低消費電力FPGAです。
- Cyclone III LS FPGAは、20万個のロジック・エレメントを備えながらも、スタティック消費電力はわずか0.25W未満に抑えられています。
- Cyclone III LSデバイスは、軍用および産業機器市場の厳しいセキュリティ要件と消費電力要件に対応します。
- Cyclone III LSの開発ソフトウェアはすでに提供されており、同ファミリの最初のデバイスは現在出荷されています
Business Outlook for the Third Quarter 2009
| Sequential Sales Growth | Down 1% to 5% |
| Gross Margin | 67% +/- .5% |
| Research and Development | $67 to 69 million |
| SG&A | $55 to 57 million |
| Other Income | approximately $0.5 million |
| Tax Rate | 13% to 14% |
Forward-Looking Statements
Statements in this press release that are not historical are "forward-looking statements" as the term is defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements are generally written in the future tense and/or preceded by words such as "will," "expects," "anticipates," or other words that imply or predict a future state. Forward-looking statements include any projection of revenue, gross margin, expense or other financial items discussed in the Business Outlook section of this press release as well as the company's future 40-nm sales. Investors are cautioned that all forward-looking statements in this release involve risks and uncertainty that can cause actual results to differ from those currently anticipated, due to a number of factors, including without limitation, current global economic conditions, customer business environment, vertical market mix, market acceptance of the company's products, product introduction schedules, the rate of growth of the company's new products including the Arria GX, Arria II GX, Cyclone II, Cyclone III, Stratix II, Stratix II GX, Stratix III, Stratix IV, Stratix IV GX, Stratix IV GT, MAX® II and HardCopy® device families, changes in the mix of our business between prototyping and production-based demand, as well as changes in economic conditions and other risk factors discussed in documents filed by the company with the Securities and Exchange Commission (SEC) from time to time. Copies of Altera's SEC filings are posted on the company's website and are available from the company without charge. Forward-looking statements are made as of the date of this release, and, except as required by law, the company does not undertake an obligation to update its forward-looking statements to reflect future events or circumstances.
アルテラ・コーポレーションについて
アルテラ・コーポレーションは、プログラマブル・ロジック・ソリューションの世界的リーディング・カンパニーです。1983年にシリコンバレーで創業した世界で最初のファブレス企業であり、1988年にNASDAQに上場しました。FPGA/CPLD、ASICなど、カスタム・ロジックの分野におけるテクノロジー・リーダーとして高成長を続け、顧客企業のイノベーションに貢献しています。世界各国に拠点を持ち、日本法人である日本アルテラ株式会社は1990年に設立されました。顧客志向のソリューションが高く評価され、日本におけるPLD市場でトップシェアを維持しています。
アルテラに関する詳細情報は、同社Webサイト（www.altera.co.jp）をご覧ください。RSS（XML）配信は、altera.simplefeed.net/subscription （英語）からご登録ください。| ALTERA CORPORATION | |||||||||||||||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF INCOME | |||||||||||||||||||||
| (In thousands, except per share data) | |||||||||||||||||||||
| (Unaudited) | |||||||||||||||||||||
| THREE MONTHS ENDED | SIX MONTHS ENDED | ||||||||||||||||||||
| June 26, | March 27, | June 27, | June 26, | June 27, | |||||||||||||||||
| 2009 | 2009 | 2008 | 2009 | 2008 | |||||||||||||||||
| Net sales | $ | 279,201 | $ | 264,602 | $ | 359,854 | $ | 543,803 | $ | 695,925 | |||||||||||
| Cost of sales | 93,588 | 94,029 | 118,337 |
|
187,617 | 235,646 | |||||||||||||||
| Gross margin | 185,613 | 170,573 | 241,517 | 356,186 | 460,279 | ||||||||||||||||
| Operating expenses(1) | |||||||||||||||||||||
| Research and development | 64,981 | 58,190 | 63,623 | 123,171 | 124,760 | ||||||||||||||||
| Selling, general, and administrative | 53,679 | 60,659 | 64,173 | 114,338 | 127,304 | ||||||||||||||||
| Total operating expenses | 118,660 | 118,849 | 127,796 | 237,509 | 252,064 | ||||||||||||||||
| Operating margin(2) | 66,953 | 51,724 | 113,721 | 118,677 | 208,215 | ||||||||||||||||
| Compensation expense (benefit) - deferred compensation plan | 3,586 | 23 | 284 | 3,609 | (4,745 | ) | |||||||||||||||
| Loss (gain) on deferred compensation plan securities | (3,586 | ) | (23 | ) | (284 | ) | (3,609 | ) | 4,745 | ||||||||||||
| Interest income and other | (1,717 | ) | (3,378 | ) | (7,530 | ) | (5,095 | ) | (16,681 | ) | |||||||||||
| Interest expense | 1,321 | 1,338 | 3,907 | 2,659 | 7,044 | ||||||||||||||||
| Income before income taxes | 67,349 | 53,764 | 117,344 | 121,113 | 217,852 | ||||||||||||||||
| Income tax expense | 19,926 | 9,803 | 19,362 | 29,729 | 35,946 | ||||||||||||||||
| Net income | $ | 47,423 | $ | 43,961 | $ | 97,982 | $ | 91,384 | $ | 181,906 | |||||||||||
| Net income per share: | |||||||||||||||||||||
| Basic | $ | 0.16 | $ | 0.15 | $ | 0.33 | $ | 0.31 | $ | 0.60 | |||||||||||
| Diluted | $ | 0.16 | $ | 0.15 | $ | 0.32 | $ | 0.31 | $ | 0.59 | |||||||||||
| Shares used in computing per share amounts: | |||||||||||||||||||||
| Basic | 293,895 | 293,105 | 300,535 | 293,511 | 304,000 | ||||||||||||||||
| Diluted | 295,503 | 294,881 | 305,868 | 295,157 | 307,950 | ||||||||||||||||
| Cash dividends per common share | $ | 0.05 | $ | 0.05 | $ | 0.05 | $ | 0.10 | $ | 0.09 | |||||||||||
| Tax rate | 29.6 | % | 18.2 | % | 16.5 | % | 24.5 | % | 16.5 | % | |||||||||||
| % of Net sales: | |||||||||||||||||||||
| Gross margin | 66.5 | % | 64.5 | % | 67.1 | % | 65.5 | % | 66.1 | % | |||||||||||
| Research and development | 23.3 | % | 22.0 | % | 17.7 | % | 22.6 | % | 17.9 | % | |||||||||||
| Selling, general, and administrative | 19.2 | % | 22.9 | % | 17.8 | % | 21.0 | % | 18.3 | % | |||||||||||
| Operating margin(2) | 24.0 | % | 19.5 | % | 31.6 | % | 21.8 | % | 29.9 | % | |||||||||||
| Net income | 17.0 | % | 16.6 | % | 27.2 | % | 16.8 | % | 26.1 | % | |||||||||||
|
Notes: |
|||||||||||||||||||||
|
(1) |
Includes restructuring expenses as follows: | ||||||||||||||||||||
| THREE MONTHS ENDED | SIX MONTHS ENDED | ||||||||||||||||||||
| June 26, | March 27, | June 27, | June 26, | June 27, | |||||||||||||||||
| 2009 | 2009 | 2008 | 2009 | 2008 | |||||||||||||||||
| Research and development | $ | - | $ | 226 | $ | - | $ | 226 | $ | - | |||||||||||
| Selling, general, and administrative | - | 4,990 | - | 4,990 | - | ||||||||||||||||
| $ | - | $ | 5,216 | $ | - | $ | 5,216 | $ | - | ||||||||||||
|
(2) |
We define operating margin as gross margin less research and development and selling, general and administrative expenses, as presented above. This presentation differs from income from operations as defined by U.S. Generally Accepted Accounting Principles (GAAP), as it excludes compensation expense (benefit) associated with deferred compensation plan obligations. Since compensation expense (benefit) associated with our deferred compensation plan obligations is offset by losses (gains) from related securities, we believe this presentation provides a more meaningful representation of our ongoing operating performance. A reconciliation of operating margin to income from operations follows: | ||||||||||||||||||||
| THREE MONTHS ENDED | SIX MONTHS ENDED | ||||||||||||||||||||
| June 26, | March 27, | June 27, | June 26, | June 27, | |||||||||||||||||
| 2009 | 2009 | 2008 | 2009 | 2008 | |||||||||||||||||
| Operating margin (non-GAAP) | $ | 66,953 | $ | 51,724 | $ | 113,721 | $ | 118,677 | $ | 208,215 | |||||||||||
| Compensation expense (benefit) - deferred compensation plan | 3,586 | 23 | 284 | 3,609 | (4,745 | ) | |||||||||||||||
| Income from operations (GAAP) | $ | 63,367 | $ | 51,701 | $ | 113,437 | $ | 115,068 | $ | 212,960 | |||||||||||
| ALTERA CORPORATION | ||||||||||||
| CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||||||
| (In thousands) | ||||||||||||
| (Unaudited) | ||||||||||||
| June 26, | March 27, | December 31, | ||||||||||
| 2009 | 2009 | 2008 | ||||||||||
| Assets | ||||||||||||
| Current assets: | ||||||||||||
| Cash and cash equivalents | $ | 1,274,975 | $ | 1,234,291 | $ | 1,216,743 | ||||||
| Accounts receivable, net | 196,070 | 182,120 | 83,430 | |||||||||
| Inventories | 66,219 | 63,333 | 84,637 | |||||||||
| Deferred compensation plan assets | 60,865 | 59,340 | 55,990 | |||||||||
| Deferred income taxes and other current assets | 170,068 | 167,916 | 186,361 | |||||||||
| Total current assets | 1,768,197 | 1,707,000 | 1,627,161 | |||||||||
| Property and equipment, net | 185,307 | 191,628 | 192,262 | |||||||||
| Deferred income taxes and other assets, net | 52,752 | 57,389 | 60,484 | |||||||||
| $ | 2,006,256 | $ | 1,956,017 | $ | 1,879,907 | |||||||
| Liabilities and Stockholders' Equity | ||||||||||||
| Current liabilities: | ||||||||||||
| Accounts payable and current liabilities | $ | 104,656 | $ | 119,125 | $ | 124,358 | ||||||
| Deferred compensation plan obligations | 60,865 | 59,340 | 55,990 | |||||||||
| Deferred income and allowances on sales to distributors | 232,834 | 245,582 | 205,674 | |||||||||
| Total current liabilities | 398,355 | 424,047 | 386,022 | |||||||||
| Income taxes payable, non-current | 201,685 | 180,786 | 173,880 | |||||||||
| Long-term credit facility | 500,000 | 500,000 | 500,000 | |||||||||
| Other non-current liabilities | 7,392 | 7,554 | 20,128 | |||||||||
| Stockholders' equity | 898,824 | 843,630 | 799,877 | |||||||||
| $ | 2,006,256 | $ | 1,956,017 | $ | 1,879,907 | |||||||
| Key Ratios & Information | ||||||||||||
| Current Assets/Current Liabilities | 4:1 | 4:1 | 4:1 | |||||||||
| Liabilities/Equity | 1:1 | 1:1 | 1:1 | |||||||||
| TTM Return on Equity | 32 | % | 40 | % | 45 | % | ||||||
| Quarterly Depreciation Expense | $ | 7,149 | $ | 7,457 | $ | 7,625 | ||||||
| Quarterly Capital Expenditures | $ | 2,299 | $ | 4,553 | $ | 11,354 | ||||||
| Annualized Net Sales per Employee | $ | 400 | $ | 386 | $ | 508 | ||||||
| Number of Employees | 2,684 | 2,717 | 2,760 | |||||||||
| Inventory MSOH (1): Altera | 2.1 | 2.0 | 2.6 | |||||||||
| Inventory MSOH (1): Distribution | 1.1 | 1.0 | 1.0 | |||||||||
| Days Sales Outstanding | 64 | 59 | 25 | |||||||||
| (1) MSOH: Months Supply On Hand | ||||||||||||
| ALTERA CORPORATION | ||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||
| (In thousands) | ||||||||
| (Unaudited) | ||||||||
| Six Months Ended | ||||||||
| June 26, | June 27, | |||||||
| 2009 | 2008 | |||||||
| Cash Flows from Operating Activities: | ||||||||
| Net income | $ | 91,384 | $ | 181,906 | ||||
| Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
| Depreciation and amortization | 14,714 | 15,220 | ||||||
| Stock-based compensation | 30,435 | 24,232 | ||||||
| Deferred income tax benefit | (6,286 | ) | (8,232 | ) | ||||
| Tax effect of employee stock plans | (1,897 | ) | 7,517 | |||||
| Excess tax benefit from employee stock plans | (231 | ) | (4,457 | ) | ||||
| Gain on sale of land | - | (112 | ) | |||||
| Gain on substantive termination of retiree medical plan | (6,488 | ) | - | |||||
| Changes in assets and liabilities: | ||||||||
| Accounts receivable, net | (112,640 | ) | (58,350 | ) | ||||
| Inventories | 18,418 | (1,896 | ) | |||||
| Other assets | 30,018 | (5,460 | ) | |||||
| Accounts payable and other liabilities | (21,019 | ) | 568 | |||||
| Deferred income and allowances on sales to distributors | 27,160 | 55,201 | ||||||
| Income taxes payable | 26,037 | 22,370 | ||||||
| Deferred compensation plan obligations | 1,266 | (1,749 | ) | |||||
| Net cash provided by operating activities | 90,871 | 226,758 | ||||||
| Cash Flows from Investing Activities: | ||||||||
| Purchases of property and equipment | (6,852 | ) | (11,094 | ) | ||||
| Proceeds from the maturities and sales of available-for-sale investments | - | 81,497 | ||||||
| Proceeds from sale of land | - | 9,063 | ||||||
| Sales (purchases) of deferred compensation plan securities, net | (1,266 | ) | 1,749 | |||||
| Purchases of intangible assets | (510 | ) | - | |||||
| Net cash provided by (used for) investing activities | (8,628 | ) | 81,215 | |||||
| Cash Flows from Financing Activities: | ||||||||
| Proceeds from issuance of common stock through various stock plans | 11,933 | 38,601 | ||||||
| Shares withheld for employee taxes | (4,655 | ) | (3,745 | ) | ||||
| Repurchases of common stock | - | (276,680 | ) | |||||
| Payment of dividends to stockholders | (29,370 | ) | (27,368 | ) | ||||
| Excess tax benefit from stock-based compensation | 231 | 4,457 | ||||||
| Decrease in book overdrafts | - | (320 | ) | |||||
| Proceeds from long-term credit facility | - | 250,000 | ||||||
| Principal payments on capital lease obligations | (2,150 | ) | (669 | ) | ||||
| Net cash used for financing activities | (24,011 | ) | (15,724 | ) | ||||
| Net increase in cash and cash equivalents | 58,232 | 292,249 | ||||||
| Cash and cash equivalents at beginning of period | 1,216,743 | 890,095 | ||||||
| Cash and cash equivalents at end of period | $ | 1,274,975 | $ | 1,182,344 | ||||
| Non-cash Investing and Financing Activities: | ||||||||
| Assets acquired under capital leases | $ | - | $ | 11,155 | ||||
| ALTERA CORPORATION | |||||||||||||||
| REVENUE SUMMARY | |||||||||||||||
| (Unaudited) | |||||||||||||||
| THREE MONTHS ENDED | Quarterly Growth Rate | ||||||||||||||
| Year- | |||||||||||||||
| June 26, | March 27, | June 27, | Sequential | Over-Year | |||||||||||
| 2009 | 2009 | 2008 | Change | Change | |||||||||||
|
Geography |
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| North America | 20 | % | 19 | % | 24 | % | 13 | % | -37 | % | |||||
| Asia Pacific | 43 | % | 38 | % | 35 | % | 19 | % | -2 | % | |||||
| Europe | 21 | % | 24 | % | 23 | % | -6 | % | -29 | % | |||||
| Japan | 16 | % | 19 | % | 18 | % | -14 | % | -34 | % | |||||
| Total | 100 | % | 100 | % | 100 | % | 6 | % | -22 | % | |||||
|
Product Category |
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| New | 58 | % | 53 | % | 42 | % | 16 | % | 6 | % | |||||
| Mainstream | 21 | % | 24 | % | 27 | % | -6 | % | -39 | % | |||||
| Mature & Other | 21 | % | 23 | % | 31 | % | -5 | % | -47 | % | |||||
| Total | 100 | % | 100 | % | 100 | % | 6 | % | -22 | % | |||||
|
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Market Segment |
|||||||||||||||
| Telecom & Wireless | 48 | % | 46 | % | 37 | % | 10 | % | 1 | % | |||||
| Industrial Automation, Military & Auto | 21 | % | 21 | % | 22 | % | 7 | % | -28 | % | |||||
| Networking, Computer & Storage | 13 | % | 15 | % | 16 | % | -10 | % | -39 | % | |||||
| Other | 18 | % | 18 | % | 25 | % | 7 | % | -42 | % | |||||
| Total | 100 | % | 100 | % | 100 | % | 6 | % | -22 | % | |||||
|
FPGAs and CPLDs |
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| FPGA | 76 | % | 77 | % | 74 | % | 4 | % | -20 | % | |||||
| CPLD | 16 | % | 14 | % | 18 | % | 14 | % | -33 | % | |||||
| Other | 8 | % | 9 | % | 8 | % | 3 | % | -20 | % | |||||
| Total | 100 | % | 100 | % | 100 | % | 6 | % | -22 | % | |||||
|
Product Category Description |
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| Category | Products | ||||||||||||||
| New | Stratix II (and GX), Stratix III, Stratix IV (and GX/GT), Arria GX, Arria II GX, Cyclone II, Cyclone III, MAX II, HardCopy, and Hardcopy II devices | ||||||||||||||
| Mainstream | Stratix (and GX), Cyclone, and MAX 3000A devices | ||||||||||||||
| Mature & Other | Classic™, MAX 7000, MAX 7000A, MAX 7000B, MAX 7000S, MAX 9000, FLEX® series, APEX™ series, Mercury™, Excalibur™, configuration and other devices, intellectual property cores, and software and other tools | ||||||||||||||
| プレスコンタクト： | ||
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広報 岡村・渋谷 日本アルテラ株式会社 03-3340-9480 jpnewsrm@altera.com |
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