SAN FRANCISCOEDA vendor Magma Design Automation Inc. again topped its own sales target for the quarter ended May 2, but the company posted another loss in accordance with generally accepted accounting principles (GAAP). The company's annual loss for the fiscal year narrowed sharply compared with the previous year.
Magma (San Jose, Calif.) reported sales of $33.6 million for its fiscal fourth quarter, topping guidance of $32.5 million issued by the company in February. Sales improved by 8 percent compared with the previous quarter, but declined by 1 percent compared with the year-ago quarter.
Magma reported a fiscal fourth quarter GAAP net loss of $700,000, or about 1 cent per share, compared with a GAAP net loss of $2.6 million in the previous quarter and a GAAP net loss of $9.9 million in the year-ago quarter.
For fiscal 2010, also ended May 2, Magma posted sales of $123.1 million, down 16 percent from fiscal 2009. The company recorded a GAAP net loss for the year of $3.3 million, or 7 cents per share, compared with a GAAP net loss of $129.2 million for fiscal 2009.
"Magma is in a much stronger position than a year ago, both in terms of products and financial performance," said Rajeev Madhavan, Magma chairman and CEO, in a statement.
On a non-GAAP basis, excluding charges, Magma reported a net income for the fiscal fourth quarter of $3.7 million, or 7 cents per share, up from $3.3 million, or 7 cents per share, in the fourth quarter of fiscal 2009.
Magma said it expects revenue for the current quarter, scheduled to close Aug. 1, to decline to between $31 million and $31.5 million. The company said it expects to report a GAAP net loss per share of 6 to 7 cents for the quarter. For fiscal 2011, Magma said it expects revenue to grow to between $130 million and $133 million. The company said it expects bookings growth for the year in the range of 22 to 30 percent.