-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, WcUbYXBpERG/0hUZ6UJAnY94kW4Tjf2gNweyLEwodHdoFBJCMbEhys5QHPJcVBQy MiBjXeGh6VUtSHgeHnDxog== 0000891618-01-000013.txt : 20010122 0000891618-01-000013.hdr.sgml : 20010122 ACCESSION NUMBER: 0000891618-01-000013 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20001227 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 20010108 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ALTERA CORP CENTRAL INDEX KEY: 0000768251 STANDARD INDUSTRIAL CLASSIFICATION: SEMICONDUCTORS & RELATED DEVICES [3674] IRS NUMBER: 770016691 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 000-16617 FILM NUMBER: 1503732 BUSINESS ADDRESS: STREET 1: 101 INNOVATION DR CITY: SAN JOSE STATE: CA ZIP: 95134 BUSINESS PHONE: 4085448000 MAIL ADDRESS: STREET 1: 101 INNOVATION DR CITY: SAN JOSE STATE: CA ZIP: 95134 8-K 1 f68345e8-k.txt FORM 8-K 1 SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 December 27, 2000 --------------------------------- (Date of earliest event reported) ALTERA CORPORATION ------------------------------------------------------ (Exact name of Registrant as specified in its charter) Delaware 0-16617 77-0016691 - --------------- --------------------- ---------------------------- (State or Other (Commission File No.) (IRS Employer Identification Jurisdiction of No.) Incorporation)
101 Innovation Drive, San Jose, California 95134 ------------------------------------------------------------ (Address of principal executive offices, including zip code) (408) 544-7000 ---------------------------------------------------- (Registrant's telephone number, including area code) 1 2 Item 2. Acquisition or Disposition of Assets. On December 27, 2000, Altera Corporation (referred to as "we" and "our") sold our 23% equity ownership interest in WaferTech, LLC, or WaferTech, to a subsidiary of Taiwan Semiconductor Manufacturing Company, or TSMC, for $350 million in cash. This sale was consummated in accordance with the terms of the Assignment and Assumption Agreement dated as of November 15, 2000 between TSMC's subsidiary and us, which is filed as Exhibit 2.1 to our Form 8-K dated December 14, 2000. For more information, please see our press release attached as Exhibit 99.1 to our December 14th Form 8-K. Item 7. Financial Statements, Pro Forma Financial Information and Exhibits. (b) Pro Forma Financial Information. The following pro forma condensed consolidated balance sheet as of September 30, 2000, and the condensed consolidated statements of operations for the nine months ended September 30, 2000 and the year ended December 31, 1999 give effect to the sale of our 23% equity ownership interest in WaferTech to TSMC's subsidiary for $350 million in cash. The adjustments related to the pro forma condensed consolidated balance sheet assume the transaction was consummated at September 30, 2000, while the adjustments to the pro forma condensed consolidated statements of operations assume the transaction was consummated at the beginning of the periods presented. The pro forma information is based on our historical condensed consolidated financial statements. The pro forma adjustments required are to eliminate our net assets, and to reflect the cash proceeds and the associated tax and retained earnings impacts of the sale. The gain on the sale of our interest in WaferTech as previously reported in our press release is not considered in the pro forma condensed consolidated statements of operations. These pro forma statements are not necessarily indicative of the results that actually would have occurred if the sale had been in effect as of and for the periods presented or what may be achieved in the future. 2 3 ALTERA CORPORATION PRO FORMA CONDENSED CONSOLIDATED BALANCE SHEET SEPTEMBER 30, 2000 (UNAUDITED, IN THOUSANDS)
HISTORICAL FINANCIAL PRO FORMA PRO FORMA STATEMENTS ADJUSTMENTS RESULTS ----------- ----------- ----------- ASSETS Current assets: Cash and cash equivalents $ 296,788 $ 350,384(1) $ 647,172 Short-term investments 726,017 726,017 ----------- ----------- ----------- Total cash, cash equivalents, and short-term investments 1,022,805 350,384 1,373,189 Other current assets 499,088 1,767(2) 500,855 ----------- ----------- ----------- Total current assets 1,521,893 352,151 1,874,044 Property and equipment, net 197,916 197,916 Investments and other assets 202,207 (175,537)(3) 26,670 ----------- ----------- ----------- $ 1,922,016 $ 176,614 $ 2,098,630 =========== =========== =========== LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Deferred income on sales to distributors $ 366,202 $ -- $ 366,202 Other current liabilities 170,014 70,159(4) 240,173 ----------- ----------- ----------- Total current liabilities 536,216 70,159 606,375 ----------- ----------- ----------- Stockholders' equity: Capital in excess of par value 478,032 478,032 Retained earnings 953,263 106,455(5) 1,059,718 Other stockholders' equity (45,495) (45,495) ----------- ----------- ----------- Total stockholders' equity 1,385,800 106,455 1,492,255 ----------- ----------- ----------- $ 1,922,016 $ 176,614 $ 2,098,630 =========== =========== ===========
(1) Reflects the cash proceeds received from the sale of our 23% equity ownership interest in WaferTech. (2) Increase in inventory resulting from the removal of intercompany profit in inventory we had previously purchased from WaferTech. (3) Eliminates the net assets of our 23% equity ownership interest in WaferTech. (4) Estimated income tax liability on gain on sale of our 23% equity ownership interest in WaferTech. (5) Estimated retained earnings impact of the sale of our 23% equity ownership interest in WaferTech. 3 4 ALTERA CORPORATION PRO FORMA CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2000 (IN THOUSANDS, EXCEPT PER SHARE AMOUNTS) (UNAUDITED)
HISTORICAL FINANCIAL PRO FORMA PRO FORMA STATEMENTS ADJUSTMENTS RESULTS ----------- ----------- ----------- Sales $ 1,008,862 $ -- $ 1,008,862 Costs and expenses: Cost of sales 341,969 341,969 Research and development 121,813 121,813 Selling, general and administrative 149,490 149,490 Acquired in-process research and development 6,305 6,305 ----------- ----------- ----------- Total costs and expenses 619,577 -- 619,577 ----------- ----------- ----------- Income from operations 389,285 -- 389,285 Interest and other income, net 33,858 33,858 ----------- ----------- ----------- Income before income taxes and equity investment 423,143 -- 423,143 Provision for income taxes (131,175) (131,175) Equity in income (loss) of WaferTech (563) 563(1) -- ----------- ----------- ----------- Net income $ 291,405 $ 563 $ 291,968 =========== =========== =========== Income per share: Basic $ 0.73 $ 0.73 =========== =========== Diluted $ 0.70 $ 0.70 =========== =========== Weighted shares outstanding: Basic 398,267 398,267 =========== =========== Diluted 419,232 419,232 =========== ===========
(1) Elimination of equity in loss of WaferTech. 4 5 ALTERA CORPORATION PRO FORMA CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS FOR THE YEAR ENDED DECEMBER 31, 1999 (IN THOUSANDS, EXCEPT PER SHARE AMOUNTS) (UNAUDITED)
HISTORICAL FINANCIAL PRO FORMA PRO FORMA STATEMENTS ADJUSTMENTS RESULTS ---------- ----------- --------- Sales $ 836,623 $ -- $ 836,623 Costs and expenses: Cost of sales 301,322 301,322 Research and development 86,065 86,065 Selling, general and administrative 143,214 143,214 --------- --------- --------- Total costs and expenses 530,601 -- 530,601 --------- --------- --------- Income from operations 306,022 -- 306,022 Interest and other income, net 37,055 37,055 --------- --------- --------- Income before income taxes and equity investment 343,077 -- 343,077 Provision for income taxes (111,499) (111,499) Equity in income (loss) of WaferTech (7,584) 7,584(1) -- --------- --------- --------- Net income $ 223,994 $ 7,584 $ 231,578 ========= ========= ========= Income per share: Basic $ 0.57 $ 0.58 ========= ========= Diluted $ 0.54 $ 0.56 ========= ========= Weighted shares outstanding: Basic 396,158 396,158 ========= ========= Diluted 414,928 414,928 ========= =========
(1) Elimination of equity in loss of WaferTech. 5 6 (c) Exhibit. 2.1 Assignment and Assumption Agreement dated as of November 15, 2000 between Altera Corporation and TSMC Development, Inc. (incorporated by reference to the same-numbered exhibit filed with the Form 8-K dated December 14, 2000). 6 7 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. ALTERA CORPORATION BY: /s/ NATHAN SARKISIAN ------------------------------------------------- Nathan Sarkisian, Senior Vice President and Chief Financial Officer Date: January 4, 2001 7 8 EXHIBIT INDEX 2.1 Assignment and Assumption Agreement dated as of November 15, 2000 between Altera Corporation and TSMC Development, Inc. (incorporated by reference to the same-numbered exhibit filed with the Form 8-K dated December 14, 2000).
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