Cadence Design Systems, Inc. announced results for the first quarter of fiscal year 2014.
Cadence reported first quarter 2014 revenue of $379 million, compared to revenue of $354 million reported for the same period in 2013. On a GAAP basis, Cadence recognized net income of $33 million, or $0.11 per share on a diluted basis, in the first quarter of 2014, compared to net income of $79 million, or $0.27 per share on a diluted basis, in the same period in 2013. GAAP net income for the first quarter of 2013 included a $34 million income tax benefit due to a release of an uncertain tax position.
Using the non-GAAP measure defined below, net income in the first quarter of 2014 was $59 million, or $0.20 per share on a diluted basis, as compared to net income of $61 million, or $0.21 per share on a diluted basis, in the same period in 2013.
“In Q1, Cadence continued to strengthen its product portfolio through internally developed products and key acquisitions,” said Lip-Bu Tan, president and chief executive officer. “We advanced our functional verification platform by releasing our new Incisive® vManager™ solution and acquiring Forte Design Systems. And today, we announced that we entered into a definitive agreement to acquire Jasper Design Automation, Inc., which will meaningfully add to our verification capabilities. We also continued to see strong customer interest and growing adoption of our digital and new sign-off products with multiple design wins.”
“Cadence produced solid operating results in Q1 while continuing to invest strategically to further our growth objectives,” added Geoff Ribar, senior vice president and chief financial officer.
To view an unabridged version of this press release, visit: http://www.cadence.com/cadence/newsroom/press_releases/Pages/pr.aspx?xml=042114_financial
