Beaverton, OR--July 23, 1996--OrCAD (Beaverton, OR) reported its revenue increased 25 percent to $5.3 million, up from $4.2 million for the second quarter of 1995, on a pro forma basis. On the same basis, compared to the second quarter of 1995, net income increased 432 percent to $1.1 million, up from $202,000, and earnings per share increased $0.11 per share to $0.15 per share.
Pro forma financial results reported in this release assume that Massteck Ltd. and Intelligent Systems Japan K.K., were acquired on January 1, 1995. Massteck Ltd. was actually acquired on June 1, 1995 and Intelligent Systems Japan K.K. on December 2, 1995, so that actual results for 1995 do not include revenue prior to the dates of acquisition for these entities. Actual revenue for the second quarter of 1995 was $3.4 million. For the same period, the company incurred an actual net loss of $599,000 which included a one-time in-process research and development charge of $971,000 in connection with the Massteck Ltd. acquisition.
Revenue for the first half of 1996 increased 26 percent to $10.2 million, compared to $8.2 million for the first half of 1995, on a pro forma basis. On the same basis, compared to the first half of 1995, net income increased 404 percent to $1.9 million, up from $369,000, and earnings per share increased $0.22 per share to $0.30 . The company currently estimates the tax rate for 1996 at 21 percent, primarily as a result of utilizing net operating loss tax carryforwards.
The exercise of the company's underwriters' over-allotment option in April 1996 resulted in net proceeds of $3.9 million
9300 S.W. Nimbus Ave.
Beaverton, OR 97008
Fax: (800) 448-8647
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