Product category: Design and Development Software
News Release from: Cadence Design Systems
Edited by the Electronicstalk Editorial Team on 7 February 2005
Strong year for Cadence
Cadence Design Systems has reported strong results for the fourth quarter and the full year 2004
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Verification and custom businesses lead growth
Cadence Design Systems has reported fourth quarter 2006 revenue of US $431 million, an increase of 14% over the $378 million reported for the same period in 2005
Cadence maintains steady progress
Cadence Design Systems has reported fourth quarter 2005 revenue of $378 million, an increase of 10% over the $343 million reported for the same period in 2004
Fourth quarter revenues were $343 million, compared with $311 million for the same period last year. Full year revenues totalled $1.20 billion, an increase of 7% over 2003 total revenues of $1.12 billion. On a GAAP basis, Cadence recognised net income of $60 million, or $0.20 per share, in the fourth quarter of 2004, compared with net income of $15 million, or $0.05 per share, in the same period last year.
On a full year basis, Cadence net income for 2004 was $74 million, or $0.25 per share, compared with a net loss of $18 million and a diluted net loss per share of ($0.07) for the year 2003.
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.
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, net income in the fourth quarter 2004 was $80 million, or $0.26 per share, on a fully diluted basis as compared with $65 million, or $0.22 per share, on a fully diluted basis, in the same period last year.
On a full year basis, non-GAAP net income for 2004 was $201 million, or $0.66 per share, compared with $140 million and $0.50 per share in 2003.
Further reading
Design platform enable DDR integration at 65nm
Cadence Design Systems and Denali Software have delivered an advanced DDR-PHY implementation methodology based on the Cadence Encounter digital IC design platform
Methodology combines design with verification
Fujitsu Kyushu Network Technologies is using the Cadence Incisive plan-to-closure methodology for SystemVerilog verification in RTL logic design teams
Software takes holistic view of PCB design
System interconnect design platform adds new capabilities at all stages of printed-circuit board design
Single simulator covers all IC technologies
End-to-end simulation and verification software for custom IC uses a common database of netlists and models to simulate analogue, RF, memory and mixed-signal designs
'Cadence continued its consistent execution, in a challenging marketplace', said Mike Fister, Cadence President and CEO.
'Strong demand for wireless, consumer electronics and high-performance computing plays to our specific strengths in analogue mixed-signal and low-power digital design'.
'This quarter's performance culminates a strong year for Cadence', Fister said.
'Due to time-to-market pressures and the increased complexity of semiconductors, customers are increasingly turning to Cadence for an integrated, end-to-end solution across all design domains'.
Added Bill Porter, Senior Vice President and Chief Financial Officer: 'I'm proud of our strong balance sheet and especially pleased with our cash generation, highlighted by $371 million in operating cash flow for 2004'.
For the first quarter of 2005, the company expects total revenue in the range of $280 million to $290 million.
First quarter GAAP earnings per fully diluted share are expected to be in the range of $0.01 to $0.03.
Diluted earnings per share using our non-GAAP measure defined below are expected to be in the range of $0.13 to $0.15.
For the full year 2005, the company expects total revenue in the range of $1.24 billion to $1.30 billion.
On a GAAP basis, the company expects net income per fully diluted share for fiscal 2005 in the range of $0.23 to $0.31.
Using its non-GAAP measures, the company expects fully diluted earnings per share for fiscal 2005 to be in the range of $0.73 to $0.81.
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