SAN JOSE, Calif.EDA vendor Cadence Design Systems Inc. Wednesday (April 28) reported first quarter results that beat consensus analyst expectations and its own guidance. The company's chief executive said Cadence is enjoying a broad-based recovery.
Cadence reported a net loss in accordance with generally accepted accounting principles (GAAP) of $12 million on revenue of $22 million for the first quarter,
First quarter sales increased by nearly 1 percent compared with the fourth quarter of 2009 and by 8 percent compared with the first quarter of 2009. The GAAP net loss, which equates to 4 cents per share, was narrowed from a net loss of $63 million in the first quarter of 2009. In the fourth quarter of 2009, Cadence posted a GAAP net income of $2 million.
On a non-GAAP basis, excluding charges, Cadence reported a first quarter net income of $6 million, or 2 cents per share, compared to a loss of $25 million, or 10 cents per share, in the same period of 2009.
Analysts were looking for Cadence to report first quarter revenue of about $215 million and non-GAAP earnings of about 1 cent per share, according to Yahoo Finance.
"Business improved in all geographies with strength in Asia and North America, and in all platform areas, especially verification, custom and digital design," said Lip-Bu Tan, Cadence president and CEO, in a statement.
For the second quarter, Cadence said it expects revenue to be between $215 million and $225 million. The company expects to report a GAAP net loss of 3 to 5 cents per share, and a non-GAAP net loss of 2 to 4 cents per share, it said.