Cadence Reports Second-Quarter 2003 Results

July 15, 2003 by Jeff Shepard

Cadence Design Systems Inc. (San Jose, CA) announced total revenue for the second quarter of 2003 of $276 million, with subscription licenses approximately 82% of software product bookings. Pro-forma earnings were $25 million, or $0.09 per share, based on fully diluted shares outstanding. On a GAAP basis, including amortization of acquired intangibles, deferred stock compensation and other charges, the results were a net loss of $8 million, or a net loss of $0.03 per share.

"I am pleased with these results, which reflect the good progress we've made in driving the new generation of EDA technologies into the market," said Ray Bingham, Cadence president and CEO. "We continue to develop and integrate advanced, market-proven technologies that enable our customers to compete in an increasingly challenging technical and economic environment."