Mentor Graphics Corporation announced financial results for the company’s fiscal third quarter ended October 31, 2013. The company reported revenues of $275.6 million, non-GAAP earnings per share of $0.32, and GAAP earnings per share of $0.20.
“Third-quarter results substantially exceeded our guidance and reflect the continuing strength in our business,” said Walden C. Rhines, chairman and CEO of Mentor Graphics. “Core EDA business such as design to silicon and scalable verification, along with strength in transportation, drove third-quarter business. Design-to-silicon growth was powered by the Calibre family of physical verification and analysis tools and the Tessent design-for-test products. Scalable verification strength, including our Veloce2 emulator, stems from the ongoing industry move from simulation to emulation for the largest integrated circuit designs. Traditional integrated electrical design of wiring systems and growth of GENIVI automotive applications drove transportation strength in the quarter.”
During the quarter the company delivered three emulation solutions to accelerate the verification of high-definition multimedia interface (HDMI) version 2.0 products: the iSolve™ Multimedia for a “plug-and-play” hardware interface to the Veloce® emulators; the Veloce VirtuaLAB Multimedia, supported by the Testbench Xpress (TBX) co-modeling technology, for use in a pure software-based environment; and a verification IP (VIP) solution. Designers can now develop and stress-test their software and hardware with billions of verification cycles before silicon is available.
Mentor also announced the latest release of FloEFD™, its award-winning computational fluid dynamics (CFD) product, with advanced radiation modeling and multicore meshing capabilities. The company also launched the Mentor® Embedded Hypervisor product for in-vehicle infotainment systems, telematics, advanced driver assistance systems and instrumentation. In other news, Mentor Graphics® tools were included in TSMC’s reference flows for 3D-IC and 16 nm FinFET process technology.
“Bookings were up 30% for the quarter and 60% year to date,” said Gregory K. Hinckley, president of Mentor Graphics. “The third quarter was our fourth consecutive quarter of a positive book to bill. As a result of rigorous expense control, the fiscal year 2014 non-GAAP earnings growth rate is expected to be double the revenue growth rate and we are on track to achieve our 20% non-GAAP operating margin target. We see our technology, products and market positions stronger now than at the beginning of the year. We look to next year with optimism.”
To view an unabridged version of this press release, visit: http://s3.mentor.com/public_documents/news_article/company/news/Q3FY2014-earnings.pdf
