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Technology Stocks : Semi Equipment Analysis

SOXX 306.04

0.0%

Dec 26 4:00 PM EST

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To: Cary Salsberg who wrote (9603)	4/28/2003 6:33:52 PM
From: Return to Sender	Read Replies (1) of 95640

Altera's Revenue and Earnings Up Solidly thestreet.com By K.C. Swanson Staff Reporter 04/28/2003 06:15 PM EDT Click here for more stories by K.C. Swanson Updated from 5:15 p.m. EDT Altera (ALTR:Nasdaq - news - commentary - research - analysis) turned in solid results for its first quarter, beating expectations while posting sales and earnings respectably above last year's levels. The chipmaker said June quarter sales are expected to show further growth. After the bell, shares gained 65 cents or 4.1% to $16.51. Sales of $195 million were up 13.3% from a year ago and above analysts' expectations for $187 million. Revenues also surpassed the company's own guidance given in March for sequential growth of 4%. Instead, sequential sales grew 8%. Net income of $30.1 million amounted to 8 cents a share, a penny above the Wall Street consensus and an increase from 5 cents for the same period a year ago. The company saw a $9.1 million pretax benefit from the sale of inventory it had previously written off in 2001. Gross margins were 67.1%. Altera said it repurchased 1.9 million shares of common stock in the March quarter for $21.7 million, ending the period with $985.4 million in cash and short-term investments. The company guided for 1% to 4% sequential revenue growth in the June quarter. On top of the higher-than-expected March quarter sales, the second quarter projection is at least several million dollars above analyst expectations for $192 million. "Even in a stagnant end market PLDs [programmable logic devices] can grow because they can be a higher proportion of the bill of materials of a system, displacing ASICS, or getting into new systems," said CEO John Daane. Over the next few quarters, Altera expects to see gross margins continue to be buoyed by sales of inventory that was previously written down. ALTR was actually down after hours despite a very good earnings report. The market does what it does. I hope that I have a better handle on it now than in the past but only time will tell. RtS

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