Cadence Reports Solid Third Quarter Results


Management believes that non-GAAP net income (loss) provides useful supplemental information to management and investors regarding the performance of the company's business operations and facilitates comparisons to our historical operating results. Management also uses this information internally for forecasting and budgeting. Non-GAAP financial measures should not be considered as a substitute for measures of financial performance prepared in accordance with GAAP. Investors and potential investors are encouraged to review the reconciliation of non-GAAP financial measures contained within this press release with their most directly comparable GAAP financial results.

The following table reconciles the specific items excluded from GAAP in the calculation of non-GAAP net income for the periods shown below:

Statement of Operations Reconciliation                Quarter Ended
                                                  -------------------
                                                             Restated
                                                   Oct. 2,   Sept. 27,
                                                    2004       2003
                                                  --------   --------
(in thousands)
Net income (loss) on a GAAP basis                 $ 19,631   $(14,456)
     Amortization of intangible assets              26,660     27,790
     Amortization of deferred stock compensation     5,772     11,626
     Legal settlements                                   -    (14,500)
     Restructuring charges                           1,036     62,874
     In-process research and development charges     2,000      2,000
     Integration and other acquisition-related
      expenses                                         694          -
     Equity in losses from investments               4,912      1,641
     Tax effect                                     (9,194)   (43,277)
                                                  --------   --------
Net income on a non-GAAP basis                    $ 51,511   $ 33,698
                                                  ========   ========


Statement of Operations Reconciliation per Share      Quarter Ended
                                                  -------------------
                                                             Restated
                                                   Oct. 2,   Sept. 27,
                                                    2004        2003
                                                  --------   --------
(in thousands, except per share data)

Diluted net income (loss) per share on a 
 GAAP basis                                       $   0.07   $  (0.05)
     Amortization of intangible assets                0.10       0.10
     Amortization of deferred stock compensation      0.02       0.04
     Legal settlements                                   -      (0.05)
     Restructuring charges                               -       0.23
     In-process research and development charges      0.01       0.01
     Integration and other acquisition-related
      expenses                                           -          -
     Equity in losses from investments                0.02       0.01
     Tax effect                                                                   (0.03)          (0.17)
                                                                                                    --------      --------
Diluted  net  income  per  share  on  a  non-GAAP  
  basis                                                                                        $      0.19      $      0.12
                                                                                                    ========      ========

Shares  used  in  calculation  of  net  (loss)  
  -  GAAP                                                                                        274,877        266,755
Shares  used  in  calculation  of  net  income  -  
  non-GAAP(A)                                                                              274,877        274,889

(A)  Shares  used  in  the  calculation  of  GAAP  earnings  per  share  are
expected  to  be  the  same  as  shares  used  in  the  calculation  of  non-GAAP
earnings  per  share  except  when  the  company  reports  a  GAAP  loss  and
non-GAAP  income,  or  GAAP  income  and  a  non-GAAP  loss.

 


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