2/10/2003 - Magma® Design Automation Inc. (Nasdaq: LAVA) announced a settlement has been reached in its litigation with Prolific Inc.
"Magma has said all along that this was nothing more than a contract dispute, and the amount of the settlement confirms the contractual nature of the dispute," said Greg Walker, Magma's chief financial officer. "The court dismissed with prejudice the allegation that Magma and Rajeev Madhavan had interfered with Prolific's business prospects and engaged in trade defamation - and in fact dismissed ALL claims against Rajeev. Those were permanently rejected by the court. After that dismissal, obviously our two companies continued to have very different opinions as to the merits of the remaining contract claims. But the matter is now settled and we're pleased to be moving forward."
The settlement expense is reflected in the financial results reported for Magma's fiscal 2003 third quarter ended December 31, 2002, available in the company's Form 10-Q filed with the Securities and Exchange Commission today. The settlement expense has no impact on Magma's previously announced pro forma financial results for the quarter ended December 31, 2002. Results in accordance with generally accepted accounting principles (GAAP), including the impact of this settlement, are net income of $0.01 per share for the nine months ended December 31, 2002 and a net loss of ($0.01) per share for the quarter ended December 31, 2002. For further details please refer to the company's Form 10-Q. At this time Magma is not aware of any other legal claims against the company or its management.
About Magma Design Automation
Magma software is used to design fast, multimillion-gate integrated circuits, providing "The Fastest Path from RTL to Silicon"TM to enable chip designers to reduce the time required to produce complex ICs. Magma's products for prototyping, synthesis, and place & route provide a single executable for RTL-to-GDSII chip design. The company's Blast FusionTM, Blast Fusion APX™, Blast PlanTM, Blast Noise® and Blast RTLTM products 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 Canada, China, France, Germany, India, 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 Noise and FixedTiming are registered trademarks, and Blast Fusion, Blast Fusion APX, Blast Plan and "The Fastest Path from RTL to Silicon" are trademarks of Magma Design Automation.
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