Record results for Nassda

Nassda has revealed its financial results for the quarter ended 30th September 2002, the fourth quarter of Nassda's fiscal 2002.

Nassda has revealed its financial results for the quarter ended 30th September 2002, the fourth quarter of Nassda's fiscal 2002.

Revenue for the quarter ended 30th September 2002 was $9.9 million, a 49% increase from $6.6 million for the quarter ended 30th September 2001 and an 11% increase from $8.9 million for the quarter ended 30th June 2002.

Net income for the quarter ended 30th September 2002 was $2.2 million, or $0.08 per diluted share, up from $120,000, or $0.01 per diluted share, for the quarter ended 30th September 2001 and up 18% from $1.8 million, or $0.06 per diluted share, for the quarter ended 30th June 2002.

Excluding stock-based compensation expense, pro forma net income was $2.3 million, or $0.08 per diluted share, for the quarter ended 30th September 2002, up 124% from $1.0 million, or $0.05 per diluted share, for the quarter ended 30th September 2001, and up 12% from $2.1 million, or $0.07 per diluted share, for the quarter ended 30th June 2002.

Total revenue for fiscal 2002 was a record $33.9 million, a 55% increase from $21.9 million for fiscal 2001 and net income for fiscal 2002 was $6.4 million, or $0.23 per diluted share, up 206% from $2.1 million, or $0.10 per diluted share for fiscal 2001.

Excluding stock-based compensation, pro forma net income for 2002 was $7.3 million, or $0.26 per diluted share, up 96% from $3.7 million, or $0.17 per diluted share, for fiscal 2001.

"I am very pleased with our accomplishments in fiscal 2002.

We have achieved our 12th consecutive quarter of revenue growth and maintained our operating margin of 32% for the quarter, excluding stock-based compensation, despite the prolonged weakness in the semiconductor industry.

We are also very proud that we were recently recognized as a Rising Star by the Deloitte and Touche Technology Fast 500, a ranking of the fastest growing technology companies in North America", said Sang Wang, Chief Executive Officer of Nassda.

"Over the course of the fiscal year, we expanded our customer base and further penetrated our major customers at leading design and semiconductor companies".

"In the past three years, Nassda has focused on providing full-chip simulation and analysis which is a big challenge for our customers", added Wang.

"As we look forward, we intend to continue to invest and develop leading-edge tools for our customers.

I must give many thanks and the recognition that all of our talented and dedicated employees deserve as they have devoted themselves to the success of Nassda and I believe they will continue to deliver the support and innovation needed for our future growth".

Going forward, Nassda expects the global economic climate for the electronics and semiconductor industry to remain challenging despite the transition from 0.18 micron to smaller silicon geometries of 0.13 micron and 0.09 micron (90nm).

Nassda believes this shift to ever-smaller nanometer geometries is continuing, and that the requirement for full-chip transistor-level circuit simulation is becoming ever more critical.

As a result, Nassda expects revenue of $10.6 million to $10.7 million, fully diluted earnings per share of approximately $0.07 and pro forma diluted earnings per share of approximately $0.08 for the quarter ending 31st December 2002, which is the first quarter of Nassda's fiscal 2003.

For fiscal 2003, Nassda anticipates total revenue of $45 million to $47 million, fully diluted earnings per share of approximately $0.31 to $0.33 and pro forma diluted earnings per share of approximately $0.34 to $0.36.

Nassda expects sequential quarterly growth in total revenue.

Due to the expected continued penetration into major accounts and customers demanding more flexibility, Nassda expects time based license order bookings as a percent of total bookings to increase to between 40 and 50%.

As a result, time based license revenue as a percent of total revenue is expected to increase to between 35 and 40%.

Nassda expects to continue to control operating costs, but also anticipates making continued investments in Nassda's worldwide distribution channels and research and development organization.

As a result, Nassda expects quarterly operating margins of 30 to 32% during fiscal 2003.

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