Structured ASIC line stars for Synplicity

Synplicity has announced financial results for the quarter ended 30th June 2005.

Synplicity has announced financial results for the quarter ended 30th June 2005.

Revenue for the quarter ended 30th June 2005 was $15.2 million, a 7% increase from revenue of $14.2 million for the quarter ended 30th June 2004 and a 4% sequential increase from revenue of $14.6 million for the quarter ended 31st March 2005.

On a generally accepted accounting principles (GAAP) basis, net income was $921,000, or $0.03 per diluted share, for the quarter ended 30th June 2005, as compared with GAAP net income of $469,000, or $0.02 per diluted share, for the quarter ended 30th June 2004, and GAAP net income of $515,000, or $0.02 per diluted share, for the quarter ended 31st March 2005.

GAAP net income amounts include $222,000 in amortisation of intangible assets from acquisitions and $6,000 in stock-based compensation expense for the quarter ended 30th June 2005, $222,000 in amortisation of intangible assets from acquisitions and $57,000 in stock-based compensation expense for the quarter ended 30th June 2004, and $223,000 in amortisation of intangible assets from acquisitions and $9,000 in stock-based compensation expense for the quarter ended 31st March 2005.

Pro forma net income was $1.1 million, or $0.04 per diluted share, for the quarter ended 30th June 2005, compared with pro forma net income of $748,000, or $0.03 per diluted share, for the quarter ended 30th June 2004, and pro forma net income of $747,000, or $0.03 per diluted share, for the quarter ended 31st March 2005.

Pro forma figures exclude the impact of amortisation of intangible assets and stock-based compensation expense.

For the six months ended 30th June 2005, revenue was $29.7 million, a 7% increase from revenue of $27.7 million for the six months ended 30th June 2004.

For the six months ended 30th June 2005, Synplicity had GAAP net income of $1.4 million, or $0.05 per diluted share, as compared with GAAP net income of $765,000, or $0.03 per diluted share, for the six months ended 30th June 2004.

Pro forma net income was $1.9 million, or $0.07 per diluted share, for the six months ended 30th June 2005, compared with pro forma net income of $1.3 million, or $0.05 per diluted share, for the six months ended 30th June 2004.

Pro forma figures exclude the impact of amortisation of intangible assets and stock-based compensation expense.

"In the second quarter, we continued to grow revenues and profits".

"In the FPGA line of business we had strong sequential and year over year bookings growth of the Synplify Pro and Identify product lines".

"We also had more than 100% year over year bookings growth for the structured ASIC product line and sold a record number of structured ASIC licences", said Gary Meyers, President and CEO.

"As we look to the remainder of 2005, we are focused on continuing to drive growth and profitability", Meyers concluded.

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