SAN FRANCISCOEDA vendor Cadence Design Systems Inc. posted a GAAP net loss of $63 million on revenue of $206 million for the first quarter, the company said Wednesday (April 29).
Revenue declined 9 percent compared to the previous quarter and 24 percent compared with the same period of 2008. The company narrowed its GAAP net loss sequentially compared with $1.64 billion in the fourth quarter of 2008, but lost 91 percent more than it did in the first quarter of 2008.
Cadence (San Jose, Calif.) said its GAAP net loss equated to 25 cents per share, up from 13 cents per share in the first quarter of 2008.
On a non-GAAP basis, excluding charges, Cadence reported a net loss of $25 million, or 10 cents per share on a diluted basis, up from $200,000 in the same period of 2008.
Cadence said it expects second quarter revenue to be between $205 million and $215 million. The company expects to report a GAAP net loss of 22 to 24 cents per share.
Cadence said it expects revenue for the full year to be between $830 million and $870 million and forecasts a GAAP loss of 77 to 89 cents per share.
Kevin S. Palatnik, senior vice president and chief financial officer, said in a statement that the company continues to make progress toward its goal of a 90 percent ratable model, with a ratable mix above 85 percent in the fourth quarter.
"Revenue for the first quarter of 2009 met expectations, while non-GAAP net loss per share came in better than forecast," Palatnik said.