Product category:
Design and Development Software
News Release from: Verisity Design
Edited by the Electronicstalk Editorial
Team on 30 January 2002
Increases all round for Verisity
Verisity has announced financial results for the fourth fiscal quarter and year ended 31st December 2001.
Verisity has announced financial results for the fourth fiscal quarter and year ended 31st December 2001 Revenue for the quarter was $11.4 million, a 50% increase from revenue of $7.6 million for the fourth quarter ended 31st December 2000, and a 16% increase from revenue of $9.8 million for the third quarter ended 30th September 2001
This article was originally published on Electronicstalk on 30 Jan 2002 at 8.00am (UK)
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Excluding stock-based compensation expense, pro forma net income was $2.2 million, or $0.10 per diluted share, for the fourth quarter of 2001, compared with a pro forma net income of $270,000 for the fourth quarter 2000, or a pro forma net income of $0.02 per diluted share, and pro forma net income of $1.4 million for the third quarter 2001, or $0.07 per diluted share.
The company's net income per generally accepted accounting principles (GAAP) for the quarter ended 31st December 2001 was $1.9 million, or $0.09 per diluted share, compared with a net income of $76,000, or $0.00 per share, for the quarter ended 31st December 2000 and net income of $1.3 million, or $0.06 per diluted share, for the quarter ended 30th September 2001.
Revenue for the year ended 31st December 2001, was $38.7 million, an 80% increase from revenue of $21.5 million for the year ended 31st December 2000.
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Excluding stock-based compensation expense, pro forma net income was $5.5 million, or $0.28 per diluted share, for the year ended 31st December 2001, compared with a pro forma net loss of $3.5 million for the year ended 31st December 2000, or a pro forma net loss of $0.51 per share.
For the year ended 31st December 2001, the company's net income per GAAP was $4.7 million, or $0.24 per diluted share, compared to a net loss of $4.4 million, or $0.64 per share, for the year ended 31st December 2000.
"I am extremely pleased with our accomplishments in 2001.
Our fourth quarter and annual financial performance were exceptional in a difficult global economic climate.
In particular, we posted solid increases in revenue and profits throughout the year", said Moshe Gavrielov, Chief Executive Officer of Verisity.
"Over the course of the year, we expanded our customer base and provide mission critical solutions to leading systems, semiconductor and Star IP companies".
" In the past six years, Verisity has focused on automating the solutions that verify the front-end of the design process where customers spend most of their time and efforts.
This is a very significant untapped market and provides one of the largest growth opportunities in the EDA space today.
Traditionally, customers have used their own in-house developed software to validate their designs, but as the complexity of these designs has increased, customers required a more timely and efficient method for verifying their designs and looked to Verisity to provide the solution", added Gavrielov.
"As we look forward, we are confident in our business strategy and competitive position and will continue to invest and develop leading-edge verification tools for our customers".
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