Product category: Design and Development Software
News Release from: Cadence Design Systems
Edited by the Electronicstalk Editorial Team on 1 August 2005
Custom ICs drive Cadence growth
Cadence Design Systems has reported second quarter 2005 revenue of $321 million, an increase of 12% over the $287 million reported for the same period last year
On a GAAP basis, Cadence recognised net income of $0.5 million, or $0.00 per share in the second quarter of 2005, compared with $4 million, or $0.01 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, nonrecurring executive severance payments, restructuring charges and equity in losses (income) from investments.
This article was originally published on Electronicstalk on 1 August 2005 at 8.00am (UK)
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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 second quarter 2005 was $53 million, or $0.17 per share on a fully diluted basis as compared with $42 million, or $0.14 per share on a fully diluted basis, in the same period last year.
'We saw good growth in both our global accounts and geographic regions during the second quarter, confirming for us that both our technologies and our strategies are well positioned to help all types of customers meet their market demands', said Mike Fister, President and CEO of Cadence Design Systems.
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'We are looking forward to CDNLive!, our new expanded user group meeting in September, where we will share more about our new technology and products with our customers'.
Added Bill Porter, Senior Vice President and Chief Financial Officer: 'Once again in the second quarter, we saw good results across our product portfolio with particular strength in custom IC as well as digital and verification'.
'Our diversified portfolio is a significant driver of our consistent results'.
For the third quarter of 2005, the company expects total revenue in the range of $320 million to $330 million.
Third quarter GAAP earnings per fully diluted share are expected to be in the range of $0.05 to $0.07.
Diluted earnings per share using the company's non-GAAP measure are expected to be in the range of $0.18 to $0.20.
For the full year 2005, the company expects total revenue in the range of $1.275 billion to $1.315 billion.
On a GAAP basis, net income per fully diluted share for fiscal 2005 is expected in the range of $0.21 to $0.27.
Using the company's non-GAAP measure defined below, fully diluted earnings per share for fiscal 2005 are expected to be in the range of $0.75 to $0.81.
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