Product category: Design and Development Software
News Release from: Cadence Design Systems
Edited by the Electronicstalk Editorial Team on 22 October 2004
Cadence reports solid third quarter
Cadence has reported total revenue for the third quarter of 2004 of $302 million compared with $269 million in the same period last year
On a GAAP basis, Cadence recognised net income of $20 million, or $0.07 per share in the third quarter of 2004, compared with a net loss of $14 million, or $0.05 per share in the same period last year. In addition to using GAAP results in evaluating Cadence's business, management also believes it is useful to measure results using a non-GAAP measure of net income (loss), which excludes, as applicable, amortisation of intangible assets and deferred stock compensation, in-process research and development charges, integration and other acquisition-related expenses, restructuring charges and equity in losses (income) from investments.
This article was originally published on Electronicstalk on 22 October 2004 at 8.00am (UK)
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Solid third quarter for Cadence
Cadence Design Systems has reported third quarter pro forma diluted earnings per share of $0.15, down 30% from the third quarter of 2001, on revenue of $327 million
Emulator accelerates IC verification
Winbond Israel found that the Palladium emulator series reduced the overall verification schedule by offering prototype-like runtime performance in a live circuit environment
Non-GAAP net income (loss) is adjusted by the amount of additional taxes or tax benefit that the company would accrue if it used non-GAAP results instead of GAAP results to calculate the company's tax liability.
Using this non-GAAP measure, earnings in the third quarter were $52 million, or $0.19 per share, on a fully diluted basis as compared with $34 million, or $0.12 per share, on a fully diluted basis, in the same period last year.
"Cadence once again executed to plan, delivering consistent performance in an environment that remains challenging", said Michael J Fister, Cadence President and CEO.
"By partnering with our customers to help them tackle their biggest design challenges, we continue to gain traction with our world-class technology".
Cadence continued its advance in the digital IC design space.
Further reading
Mixed-signal verification increases coverage
Simulation enables verification of ultra-low-power sensor interface and transceiver platform for a wide range of healthcare and lifestyle management applications
Pattern-synthesis technology acquired
Invarium's pattern synthesis capabilities enable superior pattern resolution and faster yield ramp for designs targeted to 45nm process technologies and below
Logic designers get physical with floorplan data
'Design with physical' approach automatically delivers an accurate physical description of the design into the logic design stage
Cadence Encounter 4.1, introduced last quarter, has been adopted by more than half the company's digital customers.
AMI Semiconductor chose Encounter over a competitor's offerings because of the ease of integrating digital and analogue design through a common database.
NEC Electronics agreed to adopt Encounter 4.1 and the Cadence Virtuoso custom design platform.
The Cadence Palladium accelerator/emulator, an integral component in the Incisive functional verification platform, has replaced competitors' offerings at a number of companies, including ATI and Broadcom.
"Our customers are increasingly receptive to the technology and customer-centric philosophy Cadence brings to the table", Fister said.
"Our successes this past quarter have been driven by our broad product mix, deep partnerships and an outstanding global employee base passionate about customer success".
For the fourth quarter of 2004, the company expects total revenue in the range of $335 million to $345 million.
Fourth quarter GAAP earnings per fully diluted share are expected to be in the range of $0.16 to $0.18.
Diluted earnings per share using non-GAAP measures are expected to be in the range of $0.24 to $0.26.
For the full year 2004, the company expects total revenue in the range of $1.190 billion to $1.200 billion.
On a GAAP basis, the company expects net income per fully diluted share for fiscal 2004 in the range of $0.21 to $0.23.
Using non-GAAP measures, Cadence expects fully diluted earnings per share for fiscal 2004 to be in the range of $0.63 to $0.65.
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