EDA Industry Update December 2009 -- What did the Last Quarter Bring?


However, the number of new product licenses and upgrades sold in the (third calendar) quarter of 2009 increased by more than 90% over the previous corresponding period. Q3 2009 was the second consecutive quarter of significant growth in the number of licenses sold.

Sales in the Americas in Q3 2009 were US$3.245 million (down -21% from Q308), in Europe 2.439 million euros (-13%), in China US$ 1.571 million (-30%), and the rest of Asia Pacific US$1.024 million (-34%). Worldwide, consulting services sales were 49,000 euros (-17%).

As is current practice, earnings are not reported for calendar Q3.

"Given the current global economic environment, our (calendar Q3 2009) sales performance was close to our expectations," said Nick Martin, Altium CEO. “We expected a difficult quarter and that's exactly what we experienced. Going forward, we are working on the basis that things will remain tough (until the middle of calendar 2010), and with the tightening of our cost model over the last few months we are expecting to successfully weather the storm. The whole Altium team is working hard to stay focused on our fundamental objectives and it was great to see the growth in new license sales that began in Q2 2009 continue into Q4 2009.”

In other recent Altium news, on November 19, 2009 Altium appointed Gerry Gaffney, senior vice president and general manager of the company’s Americas operations, to regional CEO. Previously a sales and support organization, Altium’s Americas operation will grow along with the Australian-headquartered company as a whole in order to further assist electronic designers everywhere to build the next generation of electronic products. “While we’ve witnessed the forces of globalization firsthand, much of the world’s technology innovation still comes from the West Coast of the United States. Our Carlsbad office has proved to be an integral part of Altium’s efforts to help enable that innovation to happen, and we want to give them additional opportunities to continue to develop this momentum and influence,” said Nick Martin, CEO of Altium. “Since joining Altium in 2007, Gerry Gaffney has been instrumental in strengthening Altium's worldwide leadership and accelerating business growth. In his new role, Gaffney will report directly to Nick Martin, and will become a member of the executive team, thereby expanding his role in organizational partnerships and other strategic relationships to a global level.” 

                                 

On October 28, 2009, Cadence reported third quarter 2009 revenue of $216 million, compared to revenue of $232 million reported for the same period in 2008. The $216 million was right in the middle of the guidance range given last quarter. On a GAAP basis, Cadence recognized a net loss of $14 million, or $(0.05) per share on a diluted basis, in the third quarter of 2009, compared to a net loss of $171 million, or $(0.67) per share on a diluted basis in the same period in 2008.

In addition to using GAAP results in evaluating Cadence's business, Cadence management believes it is useful to measure results using a non-GAAP measure of net income or net loss. Using this non-GAAP measure, net income in the third quarter of 2009 was $7 million, or $0.03 per share on a diluted basis, as compared to a net loss of $23 million, or $(0.09) per share on a diluted basis, in the same period in 2008.

"Our (recently) increased level of R&D engagement with customers is (being) well received, and we are winning with technologies that address our customers' need for better design productivity, increased predictability of schedule and results, and faster time-to-market," said Lip-Bu Tan, president and chief executive officer.

Added Kevin S. Palatnik, senior vice president and chief financial officer, "Third quarter results represent strong operational execution by the Cadence team. Sequential revenue growth met expectations, operating profitability improved significantly and we ended the quarter with more than $570 million in cash."

For the fourth quarter of 2009, the company expects total revenue in the range of $215 million to $225 million. Fourth quarter GAAP net loss per diluted share is expected to be in the range of $(0.08) to $(0.06). Net income per diluted share using the non-GAAP measure defined below is expected to be in the range of $0.02 to $0.04.

For the full year 2009, the company expects total revenue in the range of $845 million to $855 million. On a GAAP basis, net loss per diluted share for fiscal 2009 is expected to be in the range of $(0.66) to $(0.64). Using a non-GAAP measure, net loss per diluted share for 2009 is expected to be in the range of $(0.10) to $(0.08).

                                 

On December 03, 3009 Magma reported revenue of $29.7 million for its fiscal 2010 second quarter (nominal calendar Q3 2009), ended November 01, 2009. The $29.7 million in revenue was above the top of the range of revenue guidance given last quarter.

"Traction continues to grow for our core Talus(R) platform as well as for our newer products -- just last week Hynix announced it is standardizing on FineSim(TM) for circuit simulation, Toshiba is adopting Quartz(TM) for physical verification of advanced flash memory designs, and today we announced Exar selected Titan(TM) ADX to accelerate analog design," said Rajeev Madhavan, chairman and CEO of Magma. "Second-quarter results once again included strong positive cash flow as we exceeded our guidance ranges for revenue and all other financial metrics."

In accordance with generally accepted accounting principles (GAAP), Magma reported net income of $4.3 million, or $0.09 per share (basic and diluted), for the quarter, compared to a net loss of $(26.3) million, or $(0.60) per share (basic and diluted), for the corresponding year-ago quarter. Note: The current quarter was favorably impacted by a non-recurring net tax benefit of $7.7 million, or $0.16 per share (basic), $0.13 per share (diluted), which was primarily due to a discrete adjustment reducing the reserves for foreign taxes.

Magma's non-GAAP net income was $1.7 million for the quarter, or $0.03 per share (basic and diluted), which compares to a non-GAAP net loss of $(6.3) million, or $(0.14) per share (basic and diluted), for the corresponding year-ago quarter.

In the second quarter Magma generated cash flow from operations of approximately $3.9 million.

For Magma's next quarter (ending January 31, 2010), the company expects total revenue in the range of $29.5 million to $30.0 million. GAAP net loss per share is expected to be in the range of $(0.14) to $(0.13) and non-GAAP earnings per share (EPS) are expected to be in the range of $0.02 to $0.03. 

                             

On December 03, 2009 Mentor Graphics announced results for the fiscal third quarter 2010, ending October 31, 2009. For the quarter, the company reported revenues of $189.2 million, non-GAAP earnings per share of $.05, and a GAAP loss per share of $.28. The $189.2 million in revenue was above the revenue forecast given last quarter.

“During the quarter, we saw positive signs of recovery in the semiconductor market with semiconductor unit shipments and revenue, as well as foundry revenue and utilization, up sharply,” said Walden C. Rhines, CEO and chairman of Mentor Graphics. “The diversity of our product line continues to help us weather the difficult economic environment. Embedded software and cabling solutions are both up for the quarter. Strong results from our design-to-silicon platform, including Calibre, Olympus-SoC place and route, and Tessent silicon test products, and a recovery in our emulation business also helped drive results.”

During the quarter, the company announced that its low power RTL-to-GDSII tool flow has been included in Taiwan Semiconductor Manufacturing Company, Ltd. (TSMC) Reference Flow 10.0. TSMC also selected the Calibre® physical verification platform for its Integrated Sign-Off Flow.

In October, the company signed a definitive merger agreement with Valor Computerized Systems Ltd., a world leader in printed circuit board design manufacturing software solutions.

In August, the company closed its acquisition of LogicVision Inc., a market leader in built-in-self-test silicon test solutions. In November, the company unveiled its strategy for silicon test and yield analysis solutions incorporating both the company’s existing product line and LogicVision’s technologies under the Tessent™ brand.

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