Product category: Design and Development Software
News Release from: Cadence Design Systems
Edited by the Electronicstalk Editorial Team on 2 May 2005
Revenues up for Cadence
Cadence Design Systems has reported first quarter 2005 revenue of $293 million, an increase of 10% over the $266 million reported for the same period last year
On a GAAP basis, Cadence recognised net income of $1.0 million, or $0.00 per share in the first quarter of 2005, compared with a net loss of $9 million, or $(0.03) per share, in the same period last year. In addition to using GAAP results in evaluating Cadence's business, management 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 compensation, in-process research and development charges, integration and other acquisition-related expenses, restructuring charges and equity in losses (income) from investments.
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Non-GAAP net income 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 first quarter 2005 was $45 million, or $0.15 per share on a fully diluted basis as compared with $28 million, or $0.09 per share on a fully diluted basis, in the same period last year.
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