Beaverton, OR--April 24, 1997--OrCAD (Beaverton, OR) reported the highest revenue recorded for any quarter in the company's history. Revenue for first quarter 1997 was 20 percent higher than for first quarter 1996 and 10 percent higher than the preceding quarter.
Revenue for first quarter 1997 increased to $5.9 million from $4.9 million for the same period in 1996. Operating income for first quarter 1997 increased 21 percent to $1.0 million from $857,000 for the same period in 1996. Net income for first quarter 1997 increased 16 percent to $911,000 from $783,000 for the same period in 1996. The company's estimated effective tax rate increased from 19 percent for first quarter 1996 to 35 percent for first quarter 1997.
Earnings per share for first quarter 1997 were $0.13 compared with $0.14 for the same period in 1996. Earnings per share for first quarter 1997 were negatively affected by the increase in the weighted average number of common shares outstanding, due to the initial public offering on March 1, 1996.
Associated with the recent acquisition of TEAM Corp.'s technology, OrCAD anticipates a non-recurring in-process research and development charge of approximately $1.8 million in the second quarter of 1997.
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