For Release: September 3, 1998
Altera Recognizes Employees' Success with Special Holiday
- Employees to Receive Bonus Holiday in December 1998
- Altera Maintains Profitability in Difficult Environment
- Employees' Hard Work Credited for Company's Success
San Jose, Calif., September 3, 1998--Altera Corporation (Nasdaq: ALTR) today announced that employees will receive a bonus paid holiday this year, four additional days off during the winter holidays, spanning from December 28 to December 31, 1998. Combined with existing company holidays and weekends, this will result in ten consecutive days off for Altera's approximately 1,100 employees worldwide.
Altera Employees Responsible for Company's Continuing Success
"Business conditions have been rather challenging this year for the semiconductor industry as a whole," said Rodney Smith, Altera president, chief executive officer, and chairman of the board. "Altera has been challenged as well, to maintain profitability in this environment. Our employees have risen to the occasion admirably, making Altera exceptional among high-tech companies in that revenues and profits have increased during the first two quarters of 1998."
In the second quarter of 1998, Altera's revenues reached $160.5 million, with net income of $36.6 million, a sequential increase of 4 percent. In addition, the company expanded its lead as the number one programmable logic supplier, and increased its standing compared to the top five ASIC suppliers. With modest growth expected this year over last year's $631.1 million in revenues, Altera continues to make progress in the marketplace while successfully managing through current business conditions.
December Holiday to Recognize Employees' Contribution to Success
"Altera's dedicated employees are the heart of our company's success," stated Jack Fitzhenry, vice president of human resources. "They are indeed our most valued resource. We
hope that every employee enjoys a much-deserved ten days off at year's end." Altera employees are based at company headquarters in San Jose, Calif., as well as in research and development centers in High Wycombe, UK and Penang, Malaysia, and in sales offices worldwide.
Safe Harbor Notice
This press release contains "forward looking statements" which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward looking statements are generally preceded by words such as "expects," "believes," "anticipates," "projects," or "intends." Investors are cautioned that all forward-looking statements in this release involve risks and uncertainty, including without limitation the risk that planned products will not be introduced as currently anticipated. Please refer to the Company's Securities and Exchange Commission filings, copies of which are available from the Company without charge, for further information.
About Altera
Altera Corporation, The Programmable Solutions Company™, was founded in 1983 and is a worldwide leader in high-performance, high-density programmable logic devices and associated computer aided engineering (CAE) logic development tools. Programmable logic devices are semiconductor chips that offer on-site programmability to customers. The chips are programmed using tools that run on personal computers or engineering work stations. User benefits include ease of use, lower risk, and fast time-to-market. The company offers the broadest line of CMOS programmable logic devices that address high-speed, high-density, and low-power applications. Altera products serve a broad range of markets, including telecommunications, data communications, computer peripherals, and industrial applications. Altera common stock is traded on the Nasdaq Stock Market under the symbol ALTR. More information on Altera can be obtained on the worldwide web at http://www.altera.com.
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