SAN FRANCISCO—EDA vendor Magma Design Automation Inc. said Thursday (Aug. 26) it met or exceeded all financial guidance for the quarter ended Aug. 1, posting a net loss in accordance with generally accepted accounting principles (GAAP) of $3.3 million on revenue of $32.6 million.
Magma's quarterly sales increased 13 percent year-to-year, the company said. The GAAP net loss, which equates to 6 cents per diluted share, was narrowed from a GAAP net loss of $4.3 million in the year-ago quarter, Magma (San Jose, Calif.) said.
"We're pleased that we again met or exceeded all our financial guidance and are off to a good start for the year," said Rajeev Madhavan, Magma chairman and CEO, in a statement.
On a non-GAAP basis, excluding charges, Magma reported a net income of $2.9 million, or 6 cents per share, up from a non-GAAP net income of $1.7 million for the year-ago quarter.
A consensus of three analysts surveyed by Yahoo Finance estimated that Magma's quarterly sales would be $31.1 million with non-GAAP earnings of 3 cents per share.
For the current quarter, ending Oct. 31, Magma said it expects to report revenue of between $33 million and $33.5 million with a GAAP net loss of 6 to 7 cents per share. For its current fiscal year, ending May 1, 2011, Magma expects revenue of $132 million to $135 million and a GAAP net loss of 17 to 18 cents per share.