5/2/2005 - Cadence Design Systems, Inc. (NYSE: CDN) (Nasdaq: CDN) reported first quarter, 2005 revenue of $293 million, an increase of 10 percent over the $266 million reported for the same period last year. On a GAAP basis, Cadence® recognized net income of $1.0 million, or $0.00 per share in the first quarter of 2005, compared to a net loss of $9 million, or $(0.03) per share, in the same period last year.
In addition to using GAAP results in evaluating Cadence's business, management believes it is useful to measure results using a non-GAAP measure of net income (loss), which excludes, as applicable, amortization of intangible assets and deferred compensation, in-process research and development charges, integration and other acquisition-related expenses, restructuring charges and equity in losses (income) from investments. Non-GAAP net income is adjusted by the amount of additional taxes or tax benefit that the company would accrue if it used non-GAAP results instead of GAAP results to calculate the company's tax liability. See "GAAP to non-GAAP Reconciliation" below for further information on our non-GAAP measure.
Using this non-GAAP measure, net income in the first quarter 2005 was $45 million, or $0.15 per share on a fully diluted basis as compared to $28 million, or $0.09 per share on a fully diluted basis, in the same period last year.
"Once again this quarter, we executed to plan," said Mike Fister, president and CEO of Cadence Design Systems, Inc. "Cadence performed well because of the strength of our technology, the diversity of our products and our relentless focus on what makes our customers successful."
Cadence (NYSE and NASDAQ:CDN) enables global electronic design innovation and plays an essential role in the creation of today's integrated circuits and electronics. Customers use Cadence software and hardware, methodologies, and services to make advanced semiconductors, consumer electronics, networking and telecommunications equipment, and computer systems. Cadence reported 2004 revenues of approximately $1.2 billion, and has approximately 4,700 employees. The company is headquartered in San Jose, Calif., with sales offices, design centers, and research facilities around the world to serve the global electronics industry. More information about the company, its products, and services is available at www.cadence.com.
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