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Technology Stocks : Altera -- Ignore unavailable to you. Want to Upgrade?

To: Proud_Infidel who wrote (2266)	1/22/2003 5:50:26 PM
From: Proud_Infidel	Read Replies (1) \| Respond to of 2389

UPDATE - Altera posts 4th-qtr profit as sales rise 11 pct Wednesday January 22, 5:26 pm ET (Updates with CEO statement, background, share price SAN JOSE, Calif., Jan 22 (Reuters) - Altera Corp. (NasdaqNM:ALTR - News), a maker of programmable semiconductors, reported on Wednesday a it swung to a fourth-quarter net profit from a year-earlier loss as sales of new products helped push revenues up 11 percent. Altera reported a net profit of $27.1 million, or 7 cents a share, which included an $11.2 million pretax benefit resulting from the release of reserves associated with the sale of previously reserved inventory. Altera a year earlier reported a net loss of $34.4 million, or 9 cents a share. Revenues rose to $180.6 million from $162.5 million a year earlier, said Altera, a rival of Lattice Semiconductor Corp. (NasdaqNM:LSCC - News), Xilinx Inc. (NasdaqNM:XLNX - News) and the semiconductor making arm of International Business Machines Corp. (NYSE:IBM - News) Analysts had, on average, expected San Jose, California-based Altera to post earnings of 6 cents a share and revenues of $180.3 million, according to tracking service Thomson First Call. Altera last month forecast fourth-quarter revenues in a range of $177 million to $184 million and said its new Stratix chip line continued to see a smooth roll-out. Shares in Altera rose to $11.78 in after-market trade, up from a close of $11.55 close on the Nasdaq market. The chipmaker, whose products are used in the telecommunications, networking, storage and industrial sectors, in October reported third-quarter sales of $180.1 million. "In the fourth quarter, new product revenues more than doubled from year ago levels," John Daane, Altera's president and chief executive, said in a statement. The global semiconductor industry is trying to shake off its worst-ever slump, which has gripped chipmakers for two years amid a sharp drop in spending for information technology products in which semiconductors are pervasive. The Philadelphia Semiconductor Index (Philadelphia:^SOXX - News) is down nearly 79 percent from its all-time high in March 2000, and the tech-laced Nasdaq Composite Index (NasdaqSC:^IXIC - News) has dropped almost 74 percent from its March 2000 record high.