Current Report Filing (8-k)
July 29 2015 - 4:28PM
Edgar (US Regulatory)
UNITED STATES
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
Date of Report (Date of earliest event reported): July 29, 2015
ALTERA CORPORATION
(Exact name of registrant as specified in its charter)
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Delaware | | 0-16617 | | 77-0016691 |
(State or Other Jurisdiction of Incorporation) | | (Commission File Number) | | (IRS Employer Identification No.) |
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101 Innovation Drive, San Jose, California | | 95134 |
(Address of principal executive offices) | | (Zip Code) |
Registrant's telephone number, including area code: (408) 544-7000
Not Applicable
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
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o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 8.01. Other Events.
On July 29, 2015, Altera Corporation (the “Company”) issued a press release regarding the U.S. Tax Court’s opinion in the Company’s ongoing litigation with the Internal Revenue Service. A copy of the press release is furnished as Exhibit 99.1 to this report and incorporated herein by reference.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
99.1 Press release of Altera Corporation, dated July 29, 2015
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.
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ALTERA CORPORATION |
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/s/ RONALD J. PASEK
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Ronald J. Pasek Senior Vice President, Finance and Chief Financial Officer
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Dated: July 29, 2015
EXHIBIT INDEX
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99.1 | Press release of Altera Corporation, dated July 29, 2015 |
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INVESTOR CONTACT | | MEDIA CONTACT |
Scott Wylie - Vice President | | Sue Martenson - Senior Manager |
Investor Relations | | Public Relations |
(408) 544-6996 | | (408) 544-8158 |
swylie@altera.com | | newsroom@altera.com |
Altera Receives Favorable Opinion on Cost-Sharing Litigation
SAN JOSE, Calif., July 29, 2015 — Altera Corporation (NASDAQ: ALTR) today announced that the United States Tax Court (the "Court”) has issued a favorable opinion with respect to Altera's litigation with the Internal Revenue Service ("IRS") filed with the Court in 2012. The litigation relates to the treatment of stock-based compensation expense in an inter-company cost-sharing arrangement with Altera’s wholly owned subsidiary, Altera International, Inc., for fiscal years 2004 through 2007 among other issues. In its opinion issued on July 27, 2015, the Court accepted Altera’s position and concluded that the company is not liable for any tax or interest associated with the cost-sharing issue.
There are other outstanding issues that need to be resolved and other procedural formalities that need to be completed in this litigation before a decision is issued by the Court. We are not able to predict the timing of when the decision will be issued by the Court. Once the Court has issued a decision in the case, the IRS will have a 90-day period to appeal. If the decision stands as set forth in the opinion and upon a final adjudication, Altera currently expects to record, based upon its preliminary estimates, an aggregate favorable impact of $40 to $50 million to net income for fiscal years 2004 through 2007 for the reversal of previously recorded reserves related to the stock-based compensation cost-sharing issue.
Forward-Looking Statements
Statements in this press release that are not historical are "forward-looking statements" as the term is defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements are generally written in the future tense and/or preceded by words such as "will," "expects," "anticipates," or other words that imply or predict a future state. Forward-looking statements include, but are not limited to, statements regarding the effect on Altera’s net income of a favorable ruling in ongoing litigation. Investors are cautioned that all forward-looking statements in this release involve risks and uncertainty that can cause actual results to differ materially from those currently anticipated, due to a number of factors, including without limitation, the risk that any favorable ruling in ongoing litigation is reversed on appeal, as well as other risk factors discussed in documents filed by the company with the Securities and Exchange Commission (“SEC”) from time to time. Copies of Altera's SEC filings are posted on the company's website and are available from the company without charge. Forward-looking statements are made as of the date of this release, and, except as required by law, the company does not undertake an obligation to update its forward-looking statements to reflect future events or circumstances.
About Altera
Altera® programmable solutions enable designers of electronic systems to rapidly and cost effectively innovate, differentiate and win in their markets. Altera offers FPGA, SoC, CPLD, and complementary technologies, such as power solutions, to provide high-value solutions to customers worldwide. Visit www.altera.com.
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ALTERA, ARRIA, CYCLONE, ENPIRION, MAX, MEGACORE, NIOS, QUARTUS and STRATIX words and logos are trademarks of Altera Corporation and registered in the U.S. Patent and Trademark Office and in other countries. All other words and logos identified as trademarks or service marks are the property of their respective holders as described at www.altera.com/legal.
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