Beaverton, OR--January 28, 1997--Summit Design Inc. (Beaverton, OR) announced financial results for the fourth quarter and year ended December 31, 1996.
For the fourth quarter, revenue was $5.6 million, an increase of 30 percent over revenue of $4.3 million in the comparable period of 1995. Operating income was $991,000, an increase of 400 percent over the operating income of $198,000 in the fourth quarter 1995. Net income was $1.7 million, or $0.12 per share, compared to $65,000, or $0.01 per share, in the fourth quarter of 1995. The net income for both the 1996 fourth quarter and 1996 annual results include a tax benefit of $500,000, or $0.04 per share, related to the recognition of a deferred tax asset.
For the year ended December 31, 1996, revenue was $20.0 million, an increase of 42 percent over 1995 revenue of $14.1 million. Operating income in 1996 was $2.3 million versus an operating loss of $2.6 million in 1995. Net income was $2.7 million for the year, or $0.22 per share, compared to a net loss of $3.2 million, or a loss of $0.26 per share, in 1995.
Summit made progress in its product and service businesses in 1996. The system-level design automation (SLDA) licensed revenue grew in excess of 80 percent in 1996, the Test Development Series (TDS) license revenue remained stable, and maintenance revenue increased 60 percent over 1995.
Summit completed and shipped the 4.0 release of Visual HDL including a 32 bit Windows 95 and Windows NT VHDL version. The Design to Test division shipped release 9.0 of its TDS product line and completed beta testing of release 2.0 of Visual Testbench, its newest design analysis and manufacturing test program creation software. The Visual Testbench product is targeted to bring test and testability to the front end of the top-down design process.
9305 S.W. Gemini Dr.
Beaverton, OR 97008
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