1/28/2003 - Mentor Graphics Corporation (Nasdaq: MENT) reported fourth quarter 2002 earnings and provided outlook for the first quarter and the year 2003.
Bookings are expected to increase 35 percent over the first quarter of 2002. Based on the strength of our business, Mentor is raising our guidance for first quarter 2003. Incremental increases for first quarter 2003 add to the full year 2003 numbers for both revenue and earnings. All other quarters are unchanged.
For first quarter 2003, Mentor expects revenues of approximately $160 million, up approximately $5 million from our prior guidance. Gross margin is expected to be in the range of 82 percent to 83 percent. Operating expense should be approximately $121 million, a 3 percent to 4 percent sequential reduction. These gross margin and expense numbers exclude amortization of intangibles and special charges. Other income and expense (OI&E) is expected to be about a $2.5 million expense. The earnings before goodwill (EBG) tax rate remains unchanged at 20 percent and diluted shares outstanding are expected to be 69 million. Cash flow from operations is expected to be about $10 million in the first quarter, increasing throughout the year.
An archive copy of the webcast of the conference call is available on the Mentor website at: www.mentor.com/investor_relations. The webcast will be available until January 29, 2003.
About Mentor Graphics
Mentor Graphics Corporation (Nasdaq: MENT) is a world leader in electronic hardware and software design solutions, providing products, consulting services and award-winning support for the world's most successful electronics and semiconductor companies. Established in 1981, the company reported revenues over the last 12 months of about $600 million and employs approximately 3,500 people worldwide. Corporate headquarters are located at 8005 S.W. Boeckman Road, Wilsonville, Oregon 97070-7777; Silicon Valley headquarters are located at 1001 Ridder Park Drive, San Jose, California 95131-2314. World Wide Web site: www.mentor.com.
Mentor Graphics is a registered trademark of Mentor Graphics Corporation.
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