RELEASE DATE: 2006年11月6日
アルテラ、2006年度第3四半期決算を発表
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：東京都新宿区西新宿、代表取締役社長：日隈 寛和、NASDAQ：ALTR）は本年11月6日、2006年度第3四半期の売上が、2006度第2四半期実績の2％増、2005年度第3四半期実績の17％増となる3億4,121万ドルであったことを発表しました。また、アルテラの新製品の売上は、前四半期実績を26％、前年同期実績を142％上回りました。
GAAP（一般会計原則）ベースの2006度第3四半期の純利益は、2005年度第3四半期実績の7,782万ドル（希釈化後1株当り0.21ドル）に対して、8,742万ドル（希釈化後1株当り0.24ドル）でした。株式に基づく報酬費用の影響を除外した非GAAPベースの2006年度第3四半期の純利益は、9,783万ドル（希釈化後1株当り0.27ドル）でした。
アルテラは、以前発表した通り、本年5月に自社株再購入プログラムを一時停止しました。そのため、当四半期中に自社株の買い戻しを行いませんでした。アルテラの第3四半期末の保有現金および投資額は16億ドルでした。
アルテラの社長、CEO（最高経営責任者）、兼会長のジョン・デイナ（John Daane）は、「2006年度第3四半期の堅調な新製品の売上増は、当社の最先端デバイスに対する支持を引き続き実証しています。HardCopy® デバイス・ファミリを含む新製品カテゴリの全製品が、連続して売上成長を示し、今四半期で過去最高の売上を達成しました。当社の新製品は過去何年間にもわたり成功を収めてきましたが、それはソリューションの魅力を高め、競争力を強化する独自のプログラマブル・ロジック・イノベーションによるものです」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。
- 当社は当四半期初めに、Huawei Technologies Co., Ltd より『Excellent Supplier Award』を受賞しました。この賞は、アルテラの技術力、製品の品質、および顧客への対応能力が評価されたものです。同賞は、Huawei社から2005年のプログラマブル・ロジック・サプライヤに贈られる最高の賞です。当社は、Huawei社の固定ネットワークおよび伝送製品向けに、アルテラ独自のHardCopyストラクチャードASICソリューションを含む、幅広い製品をHuawei社に提供しています。マーケット分野にかかわらず当社の顧客は、Huawei社のように、アルテラのFPGA ベースのプロトタイプから低コストで低消費電力な量産向けHardCopyデバイスへのシームレスな移行手段をますます活用するようになっています。アルテラは、ハイエンドFPGA と量産向けストラクチャードASICの両方を提供する唯一の企業です。
またHuawei社は、アルテラを表彰する中で、当社の総合的な品質およびサプライ・チェーン・マネジメントにも触れました。顧客に対する高水準な対応能力は、アルテラの顧客のことを第一に考えるという業務戦略において重要な要素であり、過去数年間に渡るアルテラのFPGA 市場におけるシェア拡大に大きく貢献しています。
- MAX® II CPLDファミリは、従来のCPLDより低いコストおよび消費電力を提供するアルテラ独自のアーキテクチャを備えており、アルテラのプログラマブル・ロジックの市場機会を引き続き拡大させています。東芝は先日、同社のポータブル・デジタル・オーディオプレーヤー 「gigabeat®」の最新製品に、MAX II CPLD 鉛フリー・バージョンを採用しました。東芝は、MAX II ファミリにより、低コストおよび低消費電力の利点を活用しただけでなく、製品の開発期間を短縮したことで、日本のワンセグ・テレビに対応する初のデジタル・オーディオ・プレーヤーを実現しました。ワンセグ放送により、ユーザーは携帯電話や他の携帯端末を通じて地上デジタルテレビ放送の視聴が可能になります。MAX II デバイスは、gigabeatのようなポータブル・アプリケーション向けに、従来の多くのASICやASSP、個別デバイスより、非常に魅力ある優れた柔軟性と低い総ソリューション・コストを提供します。これまでバッテリ駆動型システムでは、プログラマブル・ロジックの役割は限られたものでしたが、低コスト・低消費電力MAX II ファミリのような新製品により、アルテラはこれまでプログラマブル・ソリューションが採用されることのなかったgigabeat のようなアプリケーションにまで、市場を拡大することが可能になります。
Business Outlook for the Fourth Quarter 2006
Altera provides guidance on both a GAAP and a non-GAAP basis, excluding stock-based compensation expenses. Inclusion of stock-based compensation charges in GAAP-based operating expense adds significantly to the volatility of actual versus expected expense due to volatility in our stock price, which we cannot predict. Additionally, these forecasts assume that the impact of the company's non-qualified deferred compensation plan will be nil.
GAAP Non-GAAP
---------------- --------------
Sequential Sales decline of
2% to 5% -
Gross Margin 65% to 67% -
Research and Development $61 million $55 million
SG&A $76 million $68 million
Other Income $16 million -
Tax Rate 15% 17%
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 and comments relating to new products. 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, customer business environment, market acceptance of the company's products, the rate of growth of the company's new products including the Stratix(R) II, Stratix II GX, Cyclone(R) II, 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 from time to time. Copies of Altera's SEC filings are posted on the company's web site 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.
Use of Non-GAAP Financial Information
In addition to disclosing financial results calculated in accordance with U.S. GAAP, this release and accompanying financial tables contain non-GAAP financial measures to exclude the effects of the non-cash stock-based compensation expense and the related tax effects of SFAS 123R, "Share-based Payment." The non-GAAP financial measures are neither in accordance with, nor an alternative for, generally accepted accounting principles and may be different from similarly titled non-GAAP financial measures used by other companies. Accordingly, the reconciliations of the non-GAAP financial measures to the most directly comparable GAAP financial measures included below should be carefully evaluated. Altera believes that the use of these non-GAAP financial measures, when shown in conjunction with corresponding GAAP financial measures, provide useful information to management and investors regarding financial and business trends relating to Altera's financial condition and results of operations. Altera management uses these non-GAAP financial measures, in addition to the corresponding GAAP financial measures, to review Altera's financial performance. Non-GAAP reporting represents relevant and useful information that is widely used by financial analysts, investors and other interested parties in our industry. Altera's management believes this presentation is useful to investors in evaluating performance on a basis that is consistent and comparable with periods prior to the adoption of SFAS 123R. Since expensing stock-based compensation expense does not require cash expenditures by the company, the company's non-GAAP presentation that excludes these expenses may be a useful measure of the company's performance. A reconciliation between GAAP and non-GAAP financial results is provided on pages 6 to 8 of this release.
アルテラ・コーポレーションについて
アルテラのプログラマブル・ソリューションは、顧客企業に迅速かつコスト効率に優れた技術革新、他社製品との差別化をもたらし、顧客最終製品の市場におけるシェア拡大を実現します。アルテラに関する詳細情報は、同社Webサイト（ www.altera.com 日本語： www.altera.co.jp ）に掲載されています。
ALTERA CORPORATION
GAAP AND NON-GAAP CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share data and note)
(Unaudited)
THREE MONTHS ENDED
---------------------------------------------------
September 29 September 30
2006 2005
-------------------------------------- ------------
GAAP (2) Adjustments (1) Non-GAAP (2) GAAP (2)
--------- --------------- ------------ ------------
Net sales $341,213 $ - $341,213 $291,530
Cost of sales 110,527 (422) 110,105 97,647
--------- --------------- ------------ ------------
Gross margin 230,686 422 231,108 193,883
--------- --------------- ------------ ------------
Operating
expenses:
Research and
development 63,604 (6,116) 57,488 49,443
Selling, general,
and
administrative 80,773 (8,483) 72,290 57,289
--------- --------------- ------------ ------------
Total operating
expenses 144,377 (14,599) 129,778 106,732
--------- --------------- ------------ ------------
Income from
operations 86,309 15,021 101,330 87,151
Interest and other
income, net 16,539 - 16,539 11,368
--------- --------------- ------------ ------------
Income before
income taxes 102,848 15,021 117,869 98,519
Provision for
income taxes 15,427 4,611 20,038 20,704
--------- --------------- ------------ ------------
Net income $ 87,421 $ 10,410 $ 97,831 $ 77,815
========= =============== ============ ============
Net income per
share:
Basic $ 0.24 $ 0.27 $ 0.21
========= ============ ============
Diluted $ 0.24 $ 0.27 $ 0.21
========= ============ ============
Shares used in
computing per
share amounts:
Basic 361,840 361,840 372,690
========= ============ ============
Diluted (as
restated for
2005) 367,313 367,313 379,080
========= ============ ============
Tax rate 15.0% 17.0% 21.0%
% of Net Sales:
Gross margin 67.6% 67.7% 66.5%
Research and
development 18.6% 16.8% 17.0%
Selling,
general, and
administrative 23.7% 21.2% 19.7%
Income from
operations 25.3% 29.7% 29.9%
Net income 25.6% 28.7% 26.7%
Notes:
------------------
(1) Adjustments consist of non-cash stock-based compensation expenses
and related tax effects.
(2) The GAAP and Non-GAAP income statements above include amounts
related to our Nonqualified Deferred Compensation Plan (NQDC Plan).
The NQDC Plan had gains of $2.1 million for the three month periods
ended September 29, 2006 and September 30, 2005. Gains or (losses)
were included in interest and other income, net, as well as operating
expenses. There was no net impact in any period presented on income
before income taxes or net income arising from this plan.
THREE MONTHS ENDED
-------------------------
September 29 September 30
NQDC Impact (In Millions) 2006 2005
-------------------------------------------- ------------ ------------
Increase in R&D Expense $ 1.2 $ 0.7
Increase in SG&A Expense 0.9 1.4
------------ ------------
Increase in Interest and other income, net $ 2.1 $ 2.1
============ ============
ALTERA CORPORATION
GAAP AND NON-GAAP CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share data and note)
(Unaudited)
THREE MONTHS ENDED
------------------------------------------------
June 30 July 1
2006 2005
-------------------------------------- ---------
GAAP (2) Adjustments (1) Non-GAAP (2) GAAP (2)
--------- --------------- ------------ ---------
Net sales $334,100 $ - $ 334,100 $285,477
Cost of sales 113,335 (554) 112,781 90,592
--------- --------------- ------------ ---------
Gross margin 220,765 554 221,319 194,885
--------- --------------- ------------ ---------
Operating expenses:
Research and
development 63,904 (7,977) 55,927 55,340
Selling, general,
and administrative 76,749 (10,158) 66,591 55,895
--------- --------------- ------------ ---------
Total operating
expenses 140,653 (18,135) 122,518 111,235
--------- --------------- ------------ ---------
Income from
operations 80,112 18,689 98,801 83,650
Interest and other
income, net 10,781 - 10,781 8,058
--------- --------------- ------------ ---------
Income before income
taxes 90,893 18,689 109,582 91,708
Provision for income
taxes 13,633 4,996 18,629 24,142
--------- --------------- ------------ ---------
Net income $ 77,260 $ 13,693 $ 90,953 $ 67,566
========= =============== ============ =========
Net income per share:
Basic $ 0.21 $ 0.25 $ 0.18
========= ============ =========
Diluted $ 0.21 $ 0.25 $ 0.18
========= ============ =========
Shares used in
computing per share
amounts:
Basic 360,501 360,501 373,040
========= ============ =========
Diluted (as restated
for 2005) 367,092 367,092 379,693
========= ============ =========
Tax rate 15.0% 17.0% 26.3%
% of Net Sales:
Gross margin 66.1% 66.2% 68.3%
Research and
development 19.1% 16.7% 19.4%
Selling, general,
and administrative 23.0% 19.9% 19.6%
Income from
operations 24.0% 29.6% 29.3%
Net income 23.1% 27.2% 23.7%
Notes:
---------------------
(1) Adjustments consist of non-cash stock-based compensation expenses
and related tax effects.
(2) The GAAP and Non-GAAP income statements above include amounts
related to our Nonqualified Deferred Compensation Plan (NQDC Plan).
The NQDC Plan had a loss of $1.0 million and a gain of $0.7 million,
respectively, for the three month periods ended June 30, 2006 and
July 1, 2005. Gains or (losses) were included in interest and other
income, net, as well as operating expenses. There was no net impact
in any period presented on income before income taxes or net income
arising from this plan.
THREE MONTHS ENDED
-------------------
June 30 July 1
NQDC Impact (In Millions) 2006 2005
-------------------------------------------------- --------- --------
(Decrease)Increase in R&D Expense $ (0.4) $0.4
(Decrease)Increase in SG&A Expense (0.6) 0.3
--------- --------
(Decrease)Increase in Interest and other income,
net $ (1.0) $0.7
========= ========
ALTERA CORPORATION
GAAP AND NON-GAAP CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share data and note)
(Unaudited)
NINE MONTHS ENDED
---------------------------------------------------
September 29 September 30
2006 2005
-------------------------------------- ------------
GAAP (2) Adjustments (1) Non-GAAP (2) GAAP (2)
--------- --------------- ------------ ------------
Net sales $968,143 $ - $ 968,143 $ 841,829
Cost of sales 320,968 (1,499) 319,469 272,129
--------- --------------- ------------ ------------
Gross margin 647,175 1,499 648,674 569,700
--------- --------------- ------------ ------------
Operating
expenses:
Research and
development 190,365 (22,017) 168,348 156,172
Selling, general,
and
administrative 233,771 (29,107) 204,664 167,518
--------- --------------- ------------ ------------
Total operating
expenses 424,136 (51,124) 373,012 323,690
--------- --------------- ------------ ------------
Income from
operations 223,039 52,623 275,662 246,010
Interest and other
income, net 39,753 - 39,753 23,924
--------- --------------- ------------ ------------
Income before
income taxes 262,792 52,623 315,415 269,934
Provision for
income taxes 39,418 14,195 53,613 60,787
--------- --------------- ------------ ------------
Net income $223,374 $ 38,428 $ 261,802 $ 209,147
========= =============== ============ ============
Net income per
share:
Basic $ 0.62 $ 0.73 $ 0.56
========= ============ ============
Diluted $ 0.61 $ 0.71 $ 0.55
========= ============ ============
Shares used in
computing per
share amounts:
Basic 360,607 360,607 372,870
========= ============ ============
Diluted (as
restated for
2005) 367,151 367,151 379,448
========= ============ ============
Tax rate 15.0% 17.0% 22.5%
% of Net Sales:
Gross margin 66.8% 67.0% 67.7%
Research and
development 19.7% 17.4% 18.6%
Selling,
general, and
administrative 24.1% 21.1% 19.9%
Income from
operations 23.0% 28.5% 29.2%
Net income 23.1% 27.0% 24.8%
Notes:
------------------
(1) Adjustments consist of non-cash stock-based compensation expenses
and related tax effects.
(2) The GAAP and Non-GAAP income statements above include amounts
related to our Nonqualified Deferred Compensation Plan (NQDC Plan).
The NQDC Plan had gains of $3.4 million and $1.6 million,
respectively, for the nine month periods ended September 29, 2006 and
September 30, 2005. Gains or (losses) were included in interest and
other income, net, as well as operating expenses. There was no net
impact in any period presented on income before income taxes or net
income arising from this plan.
NINE MONTHS ENDED
---------------------------
September 29 September 30
NQDC Impact (In Millions) 2006 2005
------------------------------------------ ------------- -------------
Increase in R&D Expense $ 1.7 $ 0.7
Increase in SG&A Expense 1.7 0.9
------------- -------------
Increase in Interest and other income, net $ 3.4 $ 1.6
============= =============
ALTERA CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(Dollars in thousands)
(Unaudited)
September 29 June 30 December 30
2006 2006 2005
------------ ----------- -------------
(as restated)
Assets
Current assets:
Cash and short-term
investments $1,307,038 $1,256,809 $1,166,588
Accounts receivable, net 126,543 200,604 80,509
Inventories 93,437 77,819 70,711
Deferred compensation plan
assets 66,021 63,004 61,567
Other current assets 144,072 133,272 115,826
------------ ----------- -------------
Total current assets 1,737,111 1,731,508 1,495,201
Long-term investments 267,899 203,841 115,965
Property and equipment, net 174,804 171,951 165,999
Deferred income taxes and other
assets, net 56,853 53,454 50,531
------------ ----------- -------------
$2,236,667 $2,160,754 $1,827,696
============ =========== =============
Liabilities and Stockholders'
Equity
Current liabilities:
Accounts payable and current
liabilities $ 285,534 $ 284,988 $ 244,385
Deferred compensation plan
obligations 66,021 63,004 61,567
Deferred income and
allowances on sales to
distributors 330,944 367,806 258,285
------------ ----------- -------------
Total current liabilities 682,499 715,798 564,237
Capital lease obligations 1,486 3,484 3,871
Stockholders' equity 1,552,682 1,441,472 1,259,588
------------ ----------- -------------
$2,236,667 $2,160,754 $1,827,696
============ =========== =============
Key Ratios & Information
Current Assets/Current
Liabilities 3:1 2:1 3:1
Liabilities/Equity 1:2 1:2 1:2
Annualized YTD Return on Equity 21% 20% 21%
Quarterly Depreciation Expense $ 6,744 $ 7,418 $ 7,038
Quarterly Capital Expenditures $ 9,597 $ 8,062 $ 7,665
Annualized Sales per Employee $ 514 $ 508 $ 498
Number of Employees 2,649 2,594 2,361
Inventory MSOH (a): Altera 2.5 2.1 2.3
Inventory MSOH (a):
Distribution 1.3 1.5 1.4
Days Sales Outstanding 34 55 26
(a) MSOH: Months Supply On Hand
ALTERA CORPORATION
REVENUE SUMMARY
(Unaudited)
Q-Q Y-Y
Q3'06 Q2'06 Q3'05 Growth Growth
----- ----- ----- ------ ------
Geography
---------------------------------
North America 23% 25% 24% -6% 12%
----- ----- -----
Europe 27% 24% 25% 13% 27%
Japan 22% 24% 25% -4% 5%
Asia Pacific 28% 27% 26% 6% 24%
----- ----- -----
International 77% 75% 76% 5% 19%
----- ----- -----
Total 100% 100% 100% 2% 17%
===== ===== =====
Product Category
---------------------------------
New 21% 17% 10% 26% 142%
Mainstream 36% 36% 38% 1% 10%
Mature & Other 43% 47% 52% -6% -2%
----- ----- -----
Total 100% 100% 100% 2% 17%
===== ===== =====
Market Segment
---------------------------------
Communications 41% 44% 40% -3% 21%
Industrial 33% 34% 33% -2% 15%
Consumer 15% 13% 16% 11% 5%
Computer & Storage 11% 9% 11% 27% 25%
----- ----- -----
Total 100% 100% 100% 2% 17%
===== ===== =====
FPGAs and CPLDs
---------------------------------
FPGA 71% 70% 70% 5% 19%
CPLD 19% 21% 19% -11% 16%
Other 10% 9% 11% 14% 7%
----- ----- -----
Total 100% 100% 100% 2% 17%
===== ===== =====
Product Category Description
----------------------------------------------------------------------
Category Products
New Stratix II, Stratix II GX, Cyclone II, MAX II,
HardCopy and HardCopy II
Mainstream Stratix, Stratix GX, Cyclone, and MAX 3000A
Mature & Other Classic, MAX 7000, MAX 7000A, MAX 7000B, MAX 7000S,
MAX 9000, FLEX 6000, FLEX 8000, FLEX 10K, FLEX
10KA, FLEX 10KE, APEX 20K, APEX 20KE, APEX 20KC,
APEX II, ACEX 1K, Mercury, Excalibur, configuration
and other devices, intellectual property cores, and
software and other tools
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