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Altera Announces Q1

SAN JOSE, Calif. — Altera Corporation (NASDAQ: ALTR) today announced first quarter sales of $535.8 million, down 4 percent from the fourth quarter of 2010 and up 33 percent from the first quarter of 2010. New product sales increased 13 percent sequentially. First quarter net income was $224.1 million, $0.68 per diluted share, compared with net income of $231.6 million, $0.72 per diluted share, in the fourth quarter of 2010 and $153.2 million, $0.50 per diluted share, in the first quarter of 2010.

First quarter cash flow from operating activities was $297.0 million. Altera ended the quarter with $3.1 billion in cash and short-term investments.

Altera's board of directors has declared a quarterly cash dividend of $0.06 per share payable on June 1, 2011 to stockholders of record on May 10, 2011.

“Despite the anticipated slow down in first quarter sales following a remarkable 2010 growth year, we experienced double-digit sequential growth in our 40-nm based devices, as these products are now entering the best part of their growth phase,” said John Daane, president, chief executive officer, and chairman of the board. “Our initial 28-nm Stratix V devices, the first high-end FPGAs at this advanced node, are now shipping—giving us additional capabilities to accelerate the displacement of ASICs and ASSPs.”

Read the full press release.

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