7/25/2002 - Magma Design Automation Inc., (Nasdaq: LAVA), a provider of chip design solutions, today reported it achieved record revenue, and its first quarterly net income, in the first quarter of its fiscal year 2003, which ended June 30, 2002.
For the first quarter of fiscal 2003, Magma reported revenue of $18.1 million, compared to $6.6 million for the year-ago first quarter ended June 30, 2001, an increase of 174 percent. In accordance with GAAP, Magma reported net income of $58,000, or $0.00 per share, for the first quarter of fiscal 2003, compared to a net loss of $7.8 million, or $0.76 per share, for the same period ended June 30, 2001.
For the first quarter of fiscal 2003, Magma reported pro forma net income, excluding certain non-cash charges, of $2.0 million, or $0.06 per share on a diluted basis, compared to a pro forma net loss of $6.7 million, or $0.65 per share, for the first quarter of fiscal 2002. Pro forma net income (loss) reflects reported net income (loss) excluding stock-based compensation charges.
"We take great satisfaction in the increased success our customers are experiencing by using Magma's design software, which enabled us to achieve record revenue - and our first quarterly net profit - for the first quarter," said Rajeev Madhavan, chairman and CEO of Magma. "We will continue to focus on delivering superior technology to our customers so they can get to market faster with more-complex chips."
Magma will discuss the financial results for its fiscal year 2003 first quarter during a live Webcast earnings call today at 5 p.m. EDT (2 p.m. PDT). The Webcast will be available on Magma's Web site at www.magma-da.com. Following completion of the call a replay of the Webcast will be available at www.magma-da.com through July 31, 2002. Those without Internet access may listen to a replay of the call by telephone:
United States & Canada: 800-642-1687, conference number 4569499
Outside U.S. & Canada: 706-645-9291, conference number 4569499
The telephone replay will be available from 9 p.m. EDT today through July 31, 2002.
Except for the historical information contained herein, the matters set forth in this press release, including statements regarding Magma's expectations, beliefs or intentions regarding the ability of Magma's technology to help customers get their products to market, are forward-looking statements within the meaning of the "safe harbor" provision 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 from Magma's current expectations. Factors that could cause or contribute to such differences include but are not limited to: changes in accounting rules; the impact recent terrorist activities may have on Magma, its customers and industry; the ability to successfully manage the company's expanding operations; the ability to attract and retain the key management and technical personnel needed to operate Magma successfully; the ability to compete successfully in the integrated circuit design automation software market; the ability to continue to deliver products to customers to help them get their products to market; and the difficulty of predicting quarterly operating results. Further discussion of these and other potential risk factors may be found in Magma's Form 10-K for the 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. Magma disclaims any obligation to update these forward-looking statements.
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's Diamond SI™ also leverages the single data model architecture to provide an integrated, standalone platform for post-layout, sign-off quality signal integrity verification.
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 Belgium, Canada, 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, Blast Noise and FixedTiming are registered trademarks and Blast Fusion, Blast Plan and Diamond SI are trademarks of Magma Design Automation. All other product and company names are trademarks and registered trademarks of their respective companies.
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