The targets included in this release represent Synopsys' expectations and beliefs as of the date of this release only. Although this release will remain available on Synopsys' website through the date of Synopsys' first quarter earnings call in February 2005, its continued availability through such date does not mean that Synopsys is reaffirming or confirming its continued validity. Synopsys does not currently intend to report further on its progress during the first quarter of fiscal 2005 or comment to analysts or investors on, or otherwise update, the targets given in this release until it releases such results in February 2005. Furthermore, Synopsys is under no obligation to (and expressly disclaims any such obligation to) update or alter any of the forward-looking statements made in this earnings release whether as a result of new information, future events or otherwise unless required by law.
Synopsys, Inc. is a world leader in electronic design automation (EDA) software for semiconductor design. The company delivers technology-leading semiconductor design and verification platforms and IC manufacturing software products to the global electronics market, enabling the development and production of complex systems-on-chips (SoCs). Synopsys also provides intellectual property and design services to simplify the design process and accelerate time-to-market for its customers. Synopsys is headquartered in Mountain View, California and has offices in more than 60 locations throughout North America, Europe, Japan and Asia. Visit Synopsys online at http://www.synopsys.com/.
The statements made in this press release regarding target financial results in the second paragraph of this release and the sections entitled "First Quarter of Fiscal 2005 Targets," "Full-Year Fiscal 2005 Targets" and "GAAP Reconciliation" constitute forward-looking statements within the meaning of the safe harbor provisions of Section 21E of the Securities Exchange Act of 1934. Actual results could differ materially from those described by these statements due to a number of uncertainties, including but not limited to the risk of:
-- continued weakness or continued budgetary caution in the semiconductor or electronic systems industries;
-- lower-than-expected research and development spending by semiconductor and electronic systems companies;
-- lower-than-anticipated purchases or delays in purchases of software or consulting services by Synopsys' customers, including delays in the renewal, or non-renewal, of Synopsys' license arrangements with major customers;
-- unexpected changes in the mix of time-based licenses and upfront licenses;
-- lower-than-expected bookings of licenses on which revenue is recognized upfront;
-- lower-than-anticipated new IC design starts; -- competition in the market for Synopsys' products and services; -- failure to continue to improve Synopsys' existing products;
-- failure to successfully develop additional intellectual property blocks for Synopsys' IP business or to develop and integrate its design for manufacturing products;
-- difficulties in the ongoing integration of the products and operations of acquired companies or assets into Synopsys' products and operations;
-- adverse variations from currently projected customer payment terms; and
-- continued downward pressure on maintenance orders, adversely affecting Synopsys' future level of service revenue.
In addition, Synopsys' actual expenses and earnings per share on a GAAP basis for the fiscal quarter ending January 31, 2005 and earnings per share on a GAAP basis for full-year fiscal 2005 could differ materially from the targets stated in the second paragraph of this release and in the sections entitled "First Quarter of Fiscal 2005 Targets" and "Full-Year Fiscal 2005 Targets" above for a number of reasons, including (i) completion of the purchase accounting for Synopsys' acquisition transactions completed in the first quarter of fiscal 2005; (ii) a determination by Synopsys that any portion of its intangible assets have become impaired, (iii) changes in deferred stock compensation expenses caused by employee terminations, and (iv) integration and other acquisition-related expenses, amortization of additional intangible assets and deferred stock compensation associated with future acquisitions, if any.
For further discussion of these and other factors that may cause results to differ from those projected in this release, readers are referred to the reports which Synopsys has filed with the Securities and Exchange Commission, and which are available at http://www.sec.gov/, specifically the section contained in Part I, Item 2 of Synopsys' Quarterly Report on Form 10-Q for the third quarter of fiscal 2004 filed with the Commission on September 14, 2004 entitled "Factors That May Affect Future Results."
NOTE: Synopsys is a registered trademark of Synopsys, Inc. All other trademarks mentioned in this release are the intellectual property of their respective owners.
CONTACT: investors, Minaxi Patel of Synopsys, Inc., +1-650-584-1901
Web site: http://www.synopsys.com/