Product category:
Design and Development Software
News Release from: Cadence Design Systems
Edited by the Electronicstalk Editorial
Team on 31 July 2006
Cadence reports Q2 revenue up 12%
Cadence Design Systems has reported second quarter 2006 revenue of $359 million, an increase of 12 percent over the $321 million reported for the same period in 2005.
Cadence Design Systems today reported second quarter 2006 revenue of $359 million, an increase of 12 percent over the $321 million reported for the same period in 2005 On a GAAP basis, Cadence recognised net income of $30 million, or $0.10 per share on a diluted basis, in the second quarter of 2006, compared to $0.5 million, or $0.00 per share on a diluted basis, in the same period in 2005
This article was originally published on Electronicstalk on 20 Nov 2001 at 8.00am (UK)
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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, which excludes, as applicable, amortisation of intangible assets, stock-based compensation, in-process research and development charges, integration and other acquisition-related expenses, gains and expenses related to non-qualified deferred compensation plan assets, executive severance payments, restructuring charges and equity in losses (income) from investments.
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.
See "GAAP to non-GAAP Reconciliation" below for further information on the non-GAAP measure.
Using this non-GAAP measure, net income in the second quarter of 2006 was $73 million, or $0.23 per share on a diluted basis, as compared to $53 million, or $0.17 per share on a diluted basis, in the same period in 2005.
"We again had great execution during the second quarter," said Mike Fister, president and CEO of Cadence Design Systems "Our analog, mixed-signal expertise is fueling sales across all our platforms from system validation to digital implementation".
Bill Porter, executive vice president and chief financial officer added, "We had notably good performance across our broad base of business and all geographies this quarter".
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