Product category:
Design and Development Software
News Release from: Cadence Design Systems
Edited by the Electronicstalk Editorial
Team on 23 April 2003
Cadence hits its Q1 targets
Cadence Design Systems has declared total revenue for the first quarter of 2003 of $256 million, with subscriptions licences accounting for approximately 82% of software product bookings.
Cadence Design Systems has declared total revenue for the first quarter of 2003 of $256 million, with subscriptions licences accounting for approximately 82% of software product bookings Pro forma diluted earnings per share were $0.04
This article was originally published on Electronicstalk on 20 Nov 2001 at 8.00am (UK)
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Including amortisation of acquired intangibles and deferred stock compensation, and write-offs of acquired in-process technology, on a GAAP basis the quarter's results were a loss per share of $0.07.
A reconciliation of GAAP to pro forma earnings is included with this press release.
"We executed against our targets in one of the toughest business climates on record and within the guidance we presented last quarter", said Ray Bingham, Cadence President and Chief Executive Officer.
"We will continue to execute with the financial discipline needed to respond to market dynamics when the market improves".
The company continued to see adoption of the Cadence Encounter platform for digital IC design and early market acceptance of the Cadence Incisive verification platform, both of which are targeted at customers' most pressing technical needs.
As a result of sales of the Incisive verification platform, Cadence also saw record sales of its emulation products.
"Our platform approach and our solutions, which address both digital and analogue design, are enabling us to take share", said Bingham.
"We delivered our new Incisive verification platform to early market success, and we continue to grow and acquire technologies that will give customers a clear path beyond legacy tools.
Ours is the most complete technology design portfolio in the world, and now it's the most advanced as well".
Subscriptions are expected to make up 80 to 90% of software product bookings for the year.
For Q2, the company expects total revenue in the range of $265 to $275 and 65 to 70% of software product revenue from ratable backlog.
Pro forma EPS is expected to be in the range of 9 to 10 cents, with GAAP EPS in the range of 0 to 1 cent.
For the full year 2003, Pro forma EPS is expected to be in the range of 50 to 55 cents.
GAAP EPS is expected to be in the range of 12 to 17 cents.
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