Nassda starts its year with Q1 milestones

A Nassda Corp product story

Edited by the Electronicstalk editorial team Jan 21, 2002

Nassda Corp has announced financial results for the quarter ended 31st December 2001, the first quarter of its fiscal 2002.

Nassda Corp has announced financial results for the quarter ended 31st December 2001, the first quarter of its fiscal 2002.

Revenue for the quarter ended 31st December 2001 was $7.1 million, a 77% increase from revenue of $4.0 million for the quarter ended 31st December 2000 and a 7% increase sequentially from revenue of $6.6 million for the quarter ended 30th September 2001.

Net income for the quarter ended 31st December 2001 was $1.0 million, or $0.04 per diluted share, up 92% from $532,000, or $0.03 per diluted share, for the quarter ended 31st December 2000 and up from $120,000, or $0.01 per diluted share, for the quarter ended 30th September 2001.

Excluding stock-based compensation expense, pro forma net income was $1.3 million, or $0.05 per diluted share for the quarter ended 31st December 2001, up 96% from $649,000, or $0.03 per diluted share, for the quarter ended 31st December 2000, and up 23% from $1.0 million, or $0.05 per diluted share, for the quarter ended 30th September 2001.

"We accomplished several important milestones in the first quarter of fiscal 2002", said Sang Wang, Chief Executive Officer of Nassda.

"The most significant event was, of course, the completion of our initial public offering and initiation of trading of Nassda shares on the Nasdaq market on 13th December 2001.

We raised over $50 million to implement our long term growth strategies".