CIMdata PLM Industry Summary Online Archive
3 December 2008
Financial News
Synopsys Posts Financial Results for Fourth Quarter and Fiscal Year 2008
Synopsys, Inc. reported results for its fourth quarter and fiscal year ended October 31, 2008.
For the fourth quarter, Synopsys reported revenue of $352.8 million, an 11.9 percent increase compared to $315.2 million for the fourth quarter of fiscal 2007. Revenue for fiscal year 2008 was $1.337 billion, an increase of 10.3 percent from $1.212 billion in fiscal 2007.
"Synopsys delivered very good financial and operational results in Q4 and 2008, despite a marked change in the economic environment," said Aart de Geus, chairman and CEO of Synopsys. "While the global economic landscape is unpredictable, and leading to more conservative consumer and business practices, Synopsys is heading into 2009 with a solid financial, technical and business foundation."
GAAP Results
On a generally accepted accounting principles (GAAP) basis, net income for the fourth quarter of fiscal 2008 was $46.4 million, or $0.32 per share, compared to $41.0 million, or $0.27 per share, for the fourth quarter of fiscal 2007.
GAAP net income for fiscal year 2008 was $190.0 million, or $1.29 per share, compared to $130.5 million, or $0.87 per share, for fiscal 2007.
Non-GAAP Results
On a non-GAAP basis, net income for the fourth quarter of fiscal 2008 was $62.7 million, or $0.43 per share, compared to non-GAAP net income of $60.0 million, or $0.40 per share, for the fourth quarter of fiscal 2007.
Non-GAAP net income for fiscal year 2008 was $252.9 million, or $1.71 per share, compared to non-GAAP net income of $204.9 million, or $1.37 per share, for fiscal 2007.
Reconciliation between GAAP and non-GAAP results is provided at the end of this press release.
Financial Targets
Synopsys also provided its financial targets for the first quarter and full fiscal year 2009. These targets constitute forward-looking information and are based on current expectations.
First Quarter of Fiscal Year 2009 Targets:
* Revenue: $332 million - $340 million
* GAAP expenses: $276 million - $291.5 million
* Non-GAAP expenses: $253 million - $263 million
* Other income and expense: $0 - $3 million
* Tax rate applied in non-GAAP net income calculations: approximately 27
percent
* Fully diluted outstanding shares: 145 million - 150 million
* GAAP earnings per share: $0.26 - $0.31
* Non-GAAP earnings per share: $0.40 - $0.42
* Revenue from backlog: greater than 90 percent
Full-Year Fiscal Year 2009 Targets:
* Revenue: $1.380 billion - $1.410 billion
* Other income and expense: $4 million - $8 million
* Tax rate applied in non-GAAP net income calculations: approximately 27
percent
* Fully diluted outstanding shares: 145 million - 150 million
* GAAP earnings per share: $1.07 - $1.26
* Non-GAAP earnings per share: $1.60 - $1.72
* Cash flow from operations: $200 million - $220 million
More complete financials are available at http://synopsys.mediaroom.com/index.php?s=43&item=632
Earnings Call Open to Investors
Synopsys will hold a conference call for financial analysts and investors today at 2:00 p.m., Pacific Time. A live webcast of the call will be available at Synopsys' corporate website at http://www.synopsys.com/ A recording of the call will be available by calling +1-800-475-6701 +1-320-365-3844 for international callers), access code 968632, beginning at 5:30 p.m. Pacific Time today. A webcast replay will also be available on the website from approximately 5:30 p.m. Pacific Time today through the time Synopsys announces its results for the first quarter fiscal 2009 in February 2009. Synopsys will post copies of the prepared remarks of Aart de Geus, chairman and chief executive officer, and Brian Beattie, chief financial officer, on its website following the call. In addition, Synopsys makes additional financial information available in a financial supplement also posted on the corporate website.
Availability of Final Financial Statements
Synopsys will include final financial statements for fiscal 2008 in its Annual Report on Form 10-K to be filed by December 31, 2008.
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