7/11/2002 - Magma Design Automation Inc., (Nasdaq: LAVA), a provider of chip design solutions, today announced it has been added to the Russell 2000® and Russell 3000® Indexes, effective July 1. The final membership lists for the indexes were made available today to all investors at www.russell.com
On July 1 Frank Russell Company re-balanced its U.S. stock indexes. Russell adjusts its indexes annually to rank the 3,000 largest companies in the U.S. stock markets by market capitalization. The Russell Indexes are widely used as performance benchmarks for measuring fund and investment performance.
Membership in the Russell 3000, which remains in place for one year, means automatic inclusion in either the small-cap Russell 2000 Index or large-cap Russell 1000 Index as well as related style indexes. Russell constructs its indexes based on a ranking of each company's market capitalization. Russell estimates $850 billion of assets are benchmarked to Russell indexes. In addition, more than $214 billion is invested in passive index funds that use the Russell indexes as their model.
Annual reconstitution of the Russell indexes captures the 3,000 largest U.S. stocks as of the end of May, ranking them by total market capitalization to create the Russell 3000. The largest 1,000 companies in the ranking comprise the Russell 1000 Index while the remaining 2,000 companies become the widely used Russell 2000 Index.
Magma software products enable chip designers to reduce the time required to design and produce complex integrated circuits in the communications, computing, consumer electronics, networking and semiconductor industries. Magma provides a single executable for RTL-to-GDSII chip design. The company's products, Blast Fusion™, Blast Chip™, Blast Plan™ and Blast Noise™, utilize Magma's proprietary FixedTiming® methodology and single data model architecture to reduce the timing-closure iterations often required between the logic and physical processes in conventional IC design flows.
Magma maintains headquarters in Cupertino, Calif., as well as sales and support facilities in Silicon Valley, Los Angeles, Orange County and San Diego, Calif.; Boston, Mass.; Durham, N.C.; Laurys Station, Pa.; Austin and Dallas, Texas; Newcastle, Wash.; and in Germany, Israel, Japan, Korea, The Netherlands, Taiwan and the United Kingdom. The company's stock trades on Nasdaq under the ticker symbol LAVA. Visit Magma Design Automation on the Web at www.magma-da.com
Magma, Blast Chip and FixedTiming are registered trademarks and Blast Fusion, Blast Noise, Blast Plan, Blast Prototype and Diamond SI are trademarks of Magma Design Automation. All other product and company names are trademarks and registered trademarks of their respective companies.
Except for the historical information contained herein, the matters set forth in this press release, including statements about the features and benefits of Magma's system, are forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially including, but not limited to, the ability of Magma's products to produce the desired results and Magma's ability to keep pace with rapidly changing technology. Further discussion of these and other potential risk factors may be found in Magma's Form 10-K for the fiscal year ended March 31, 2002 filed with the Securities and Exchange Commission ("SEC") on June 28, 2002, and from time to time in Magma's SEC reports. These forward-looking statements speak only as of the date hereof. Magma disclaims any obligation to update these forward-looking statements.
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