CIMdata PLM Industry Summary Online Archive

22 April 2008

Financial News

Synplicity Announces First Quarter 2008 Results

Synplicity®, Inc. announced financial results for the quarter ended March 31, 2008.

Revenue for the quarter ended March 31, 2008 was $18.6 million, compared to $14.9 million for the quarter ended March 31, 2007. On a generally accepted accounting principles (GAAP) basis, net loss was $1.9 million, or $(0.07) per diluted share for the quarter ended March 31, 2008 compared to a net income of $654,000, or $0.02 per diluted share for the quarter ended March 31, 2007. For the quarter ended March 31, 2008, GAAP net loss included $1.4 million in expenses related to the pending merger of Synplicity and Synopsys, Inc, $849,000 in amortization of intangible assets and $809,000 of stock-based compensation expense. For the quarter ended March 31, 2007, GAAP net income included $248,000 in amortization of intangible assets and $879,000 of stock-based compensation expense.

“We are pleased to report that revenue in the first quarter of 2008 came in ahead of our expectations,” said Gary Meyers, president and CEO of Synplicity. “Our ConfirmaTM product line for ASIC verification again showed substantial year over year revenue growth. Our unique combination of hardware, software and global support organization is driving market share gains in this important segment,” concluded Meyers.

On March 20, 2008, Synplicity and Synopsys announced that the companies had signed a definitive merger agreement for Synplicity to be acquired by Synopsys. The closing of the merger is subject to the satisfaction of certain conditions, including the approval of Synplicity’s shareholders and other regulatory approvals, including HSR approval.

Audio Webcast

The Company’s earnings call will be webcast today at 2:00 p.m. Pacific, and may be accessed at http://investor.synplicity.com. The Company will discuss its first quarter 2008 results. Following completion of the call, a rebroadcast of the webcast will be available at http://investor.synplicity.com through June 30, 2008. For those without access to the Internet, a replay of the call will be available from 5:00 p.m. Pacific on April 22, 2008 through May 6, 2008. To listen to a replay, call (719) 457-0820, access code 1479317.

Business Outlook

In light of the pending acquisition of Synplicity by Synopsys, Synplicity is withdrawing its 2008 business outlook and will not be providing a business outlook for the second quarter of 2008.

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