Cadence Reports Financial Results and Guidance

August 17, 2005 by Jeff Shepard

Cadence Design Systems Inc. (San Jose, CA) reported second-quarter revenue of $321 million, 12 percent over $287 million in second-quarter 2004, and 9.6 percent above $293 million in the first quarter. On a GAAP basis, Cadence recognized net income of just $500,000, or $0.00 per share, in the second quarter, compared to $4 million, or $0.01 per share, in second-quarter 2004.

Looking ahead to the third quarter, Cadence expects revenue to reach between $320 million and $330 million, with GAAP earnings per fully diluted share expected to be in the range of $0.05 to $0.07. Cadence also updated full-year expectations for revenue between $1.275 billion and $1.315 billion, with GAAP net income per fully diluted share between $0.21 to $0.27.