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CNNfn after the bell
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July 15, 1999: 7:14 p.m. ET
Altera matches, Seagate misses, and Texas Instruments splits it stock
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NEW YORK (CNNfn) - Earnings season rumbled on after the bell rang Thursday, with at least two companies from Texas joining the herd in the stampede to post numbers.
Altera Corp.
Altera Corp. (ALTR), a leading maker of programmable logic devices and other products, programmed some matching numbers for Wall Street.
The San Jose, Calif.-based company reported second-quarter earnings of 25 cents per share, up 6 cents from the same period last year, and matching the estimates of analysts polled by First Call Corp.
Second-quarter net income was $51 million, a record that was 40 percent higher than the year ago figure of $36.6 million. Altera also reported record second-quarter sales of $197.8 million, up 23 percent from the $160 million reported in the second quarter of 1998.
Second-quarter earnings include after-tax charges of $1.5 million, representing the company's share in the start-up losses of WaferTech. Altera added $84.9 million of cash to its balance sheet during the quarter after routine capital expenditures of $5.3 million.
Seagate Technology Inc.
Seagate Technology Inc. (SEG) ran dry with the Street, as the world's leading independent maker of storage drives for computers missed analysts' expectations.
Excluding all items related to a May transaction, the Scotts Valley, Calif.-based company reported net income of $69 million or 30 cents per diluted share. First Call's estimate had put the company's earnings at 34 cents per share.
Revenue for the quarter was $1.64 billion compared to $1.57 billion in the year-ago period.
Including items related to the May 28 transaction where Seagate contributed its NSMG business to a newly formed company combining NSMG and Veritas Software Corp. (VRTS), net income was $1.02 billion or $4.11 per share.
Net income and diluted net income per share for the comparable year-ago quarter was $22 million and 9 cents respectively.
For the year ended July 2, 1999, net income and diluted net income per share were $1.18 billion and $4.53, respectively, compared with a loss of $530 million or $2.17 per share, respectively, for the year ago period ended July 3, 1998.
Dallas Semiconductor Corp.
Dallas Semiconductor Corp. (DS) was riding side-by-side with Wall Street, matching the analysts' expectations in the big earnings round-up.
Net income for the second quarter was $16 million or 52 cents per share, matching First Call's estimate, up 14 percent from $14 million, or 47 cents per share, recorded in the year ago period.
Net sales reached $94 million, up 8 percent from the $87 million reported in the year ago period.
Vin Prothro, chairman and chief executive officer, said in a statement, said the several product areas supported the higher quarter sales. He also said the company would be expanding its use of subcontractors in the Philippines, with 25 percent of final test and module assembly operations being performed there in the upcoming quarter.
Texas Instruments Inc.
Texas Instruments Inc. (TXN) declared a Texas-sized two-for-one stock split in the form of a 100 percent stock dividend on the common stock, payable Aug. 16 to shareholders of record on July 30. For every one share of the company's common stock, the stockholder will receive an additional share.
The Dallas-based semiconductor company said it made the decision to split the stock in order to broaden its ownership base and increase the number of shares available for trading. The company's last stock split was in November 1997.
The board also declared a quarterly cash dividend of 8.5 cents per share of common stock, payable Aug. 16 to stockholders of record July 30. The cash dividend will be $4.25 cents per share when adjusted for the stock split.
Texas Instruments is also the world's leading supplier of digital signal processing and analog technologies.
Phoenix International Inc.
Phoenix International Inc. (PHXX) showed no sign of rising from the ashes as the financial-services software provider said it expected to miss analysts' earning expectations.
The Orlando, Fla.-based company blamed the shortfall on a slowdown as banks put off software purchases while they address Year 2000 issues. Also, Phoenix said it has been the target of defamatory and false allegations post on Yahoo's (YHOO) Internet message board since early 1999.
Phoenix said it expects to report a second-quarter loss of $1.4 million or 17 cents per diluted share, missing First Call's estimate of 2 cents per share. Revenues will be about $6 million.
The company said it had filed a civil complaint on Thursday against a former employee it believes was responsible for a significant number of the messages. In addition, Phoenix claimed it had evidence that an officer of a primary competitor also posted false messages.
Phoenix International also said it entered into a letter of intent to acquire majority control of Servers On-Line Inc., its service bureau affiliate in New York.
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