Nassda (NASDAQ:NSDA)
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Nassda Announces Revenue of $11.0 Million for the Quarter Ended
June 30, 2004
Net Income of $1.1 Million, or $0.04 per Diluted Share
SANTA CLARA, Calif., July 14 /PRNewswire-FirstCall/ -- Nassda Corporation
(NASDAQ:NSDA), a leading provider of full-chip circuit simulation and analysis
software for the design and verification of complex semiconductors, today
announced financial results for the quarter ended June 30, 2004, the third
quarter of Nassda's fiscal 2004. Revenue for the quarter ended June 30, 2004
was $11.0 million, a 46% increase from $7.5 million for the quarter ended June
30, 2003 and a 12% increase from $9.8 million for the quarter ended March 31,
2004. Time-based license bookings as a percent of total bookings was 68% and
56% for the three months and nine months ended June 30, 2004, respectively.
Net income for the quarter ended June 30, 2004 was $1.1 million, or $0.04 per
diluted share, an increase of 444% from $196,000, or $0.01 per diluted share,
for the quarter ended June 30, 2003 and an increase of 42% from $752,000, or
$0.03 per diluted share, for the quarter ended March 31, 2004.
For the nine months ended June 30, 2004, revenue was $30.5 million, a 14%
increase from $26.6 million for the nine months ended June 30, 2003. Net
income for the nine months ended June 30, 2004 was $2.4 million, or $0.08 per
diluted share, a decrease from $3.2 million, or $0.11 per diluted share, for
the nine months ended June 30, 2003.
"We are very excited to have achieved our highest level of revenue and met our
earnings target. In addition, our cash, cash equivalents and short-term
investments increased by approximately $3.7 million during the quarter and
totaled $99.9 million as of June 30, 2004," said Sang Wang, Chief Executive
Officer. "On the product development front, we also released our new HSIMplus
platform during the quarter and now offer a suite of options to help address
the major stumbling blocks to the success of large and complex IC designs at
130 nanometer and below, such as reliability of power and signal networks, the
timing impact of dynamic voltage drop and the effects of crosstalk noise."
Business Outlook
Over the last few fiscal quarters, there have been some improvements in the
global economy and the semiconductor industry. However, we believe that our
customers will continue to spend conservatively in the second half of calendar
2004 with tight controls on their electronic design automation tools' budgets.
As a result, for the quarter ending September 30, 2004, Nassda expects total
revenue of $10.8 million to $11.0 million and fully diluted earnings per share
of approximately $0.00 to $0.01. Due to the seasonality of renewals, budget
constraints and the market and competitive environment, Nassda expects that
time-based license bookings as a percent of total bookings will be between 50%
to 70% for the fourth quarter of fiscal 2004. As a result, time-based license
revenue as a percent of total revenue is expected to be between 50% to 60% for
the fourth quarter of fiscal 2004.
Nassda intends to continue to control operating costs, but also anticipates
making additional investments in Nassda's worldwide sales, support, and
research and development organizations. Additionally, Nassda expects the legal
fees related to its on-going litigation with Synopsys, Inc. to increase as the
cases get closer to trial. As a result, Nassda expects overall operating
expenses to increase 10% to 15% for the fourth quarter of fiscal 2004 as
compared to the third quarter of fiscal 2004.
For fiscal 2004, Nassda anticipates total revenue of $41.2 million to $41.5
million and fully diluted earnings per share of approximately $0.08 to $0.09.
Nassda will hold a conference call that includes business outlook with
financial analysts and investors at 2:00 p.m. PDT today. A live webcast of the
call will be available on Nassda's Web site at http://www.nassda.com/ or
http://www.fulldisclosure.com/. Following completion of the call, a
rebroadcast of the webcast will be available at http://www.nassda.com/ or
http://www.fulldisclosure.com/ through July 21, 2004.
Those without Internet access may listen to a replay of the call by dialing
(719) 457-0820, access code 769790. The replay will be available from 5:00
p.m. PDT on July 14, 2004 through July 21, 2004.
About Nassda
Nassda Corporation is a leading provider of full-chip circuit verification
software for complex nanometer semiconductors. Headquartered in Santa Clara,
California, the company develops and markets simulation and analysis solutions
for advanced ICs, especially for analog, memory, high-performance digital, and
mixed-signal SoC designs. Nassda's products enable first silicon success and
improve product quality and production yield for its consumer, communication,
computer and memory customers. The company has sales and distribution offices
throughout the world. For more information about Nassda, please visit the
company's website at http://www.nassda.com/ .
Forward Looking Statements
This press release contains forward-looking statements regarding future product
releases, anticipated revenue, operating expenses, diluted earnings per share,
time-based license bookings as a percent of total bookings and total revenue
that are made pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. Investors are cautioned that all
forward-looking statements in this release involve risks and uncertainty,
including without limitation the availability of customer budgets for Nassda's
products, Nassda's cost control measures, the timing and extent of legal
expenses related to Nassda's on-going litigation, Nassda's product development
schedules, the design performance of Nassda's existing and new electronic
design automation software and other tools, customers' adoption of Nassda's
products, whether customers purchase time-based or perpetual licenses and those
customers' design and manufacturing schedules. In addition, continued reduced
capital spending or delayed implementation of programs due to adverse general
economic conditions and reduced demand for products containing complex
nanometer-scale semiconductors may impact Nassda's future performance. These
risks, uncertainties and other factors may cause Nassda's actual results,
levels of activity, performance or achievements to differ materially from those
expressed or implied by the forward-looking statements. In addition, historical
information should not be considered a predictor of future performance.
Neither Nassda nor any other person assumes responsibility for the accuracy and
completeness of these forward-looking statements. Nassda disclaims any
obligation to update information contained in any forward-looking statement.
For additional information and considerations regarding the risks faced by
Nassda, see Nassda's Annual Report on Form 10-K for the fiscal year ended
September 30, 2003 and Quarterly Reports on form 10-Q for the quarters ended
December 31, 2003 and March 31, 2004, as filed with the Securities and Exchange
Commission.
NOTE: Nassda and HSIM are registered trademarks and HSIMplus is a trademark of
Nassda Corporation.
Nassda Corporation
Condensed Unaudited Consolidated Balance Sheets
(unaudited)
(in thousands)
June 30, Sept. 30,
2004 2003
ASSETS
Current assets:
Cash, cash equivalents and short-term
investments $99,854 $92,165
Accounts receivable, net of allowance 2,045 1,874
Prepaid expenses and other current assets 1,247 996
Deferred income taxes 3,010 2,568
Total current assets 106,156 97,603
Property and equipment, net 512 704
Other assets 1,035 1,165
Total assets $107,703 $99,472
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $1,777 $230
Accrued compensation 2,979 2,689
Accrued liabilities 2,314 3,281
Income taxes payable 1,451 1,712
Deferred revenue 11,155 8,982
Total current liabilities 19,676 16,894
Deferred revenue 622 849
Other long-term liabilities 60 64
Total liabilities 20,358 17,807
Stockholders' equity:
Common stock 27 26
Additional paid-in capital 73,002 70,343
Deferred stock-based compensation (401) (1,117)
Accumulated other comprehensive loss (90) (4)
Retained earnings 14,807 12,417
Total stockholders' equity 87,345 81,665
Total liabilities and stockholders' equity $107,703 $99,472
Nassda Corporation
Consolidated Income Statements
(unaudited)
(in thousands, except per share data)
Three Months Ended Nine Months Ended
June 30, June 30,
2004 2003 2004 2003
Revenue
Product $2,643 $1,892 $7,217 $9,735
Subscription 5,793 3,558 15,790 10,749
Maintenance 2,519 2,058 7,462 6,158
Total revenue 10,955 7,508 30,469 26,642
Cost of revenue
Cost of product
revenue 49 69 214 198
Cost of subscription
revenue 108 90 317 260
Cost of maintenance
revenue 268 211 753 609
Total cost of
revenue 425 370 1,284 1,067
Gross profit 10,530 7,138 29,185 25,575
Operating expenses:
Research and
development 2,419 1,968 6,461 5,203
Sales and marketing 3,245 2,659 8,585 8,408
General and
administrative 3,735 2,457 11,132 7,335
Stock-based
compensation 189 229 631 725
Total operating
expenses 9,588 7,313 26,809 21,671
Income (loss) from
operations 942 (175) 2,376 3,904
Other income, net 254 233 712 727
Income before income
taxes 1,196 58 3,088 4,631
Provision for (benefit
from) income taxes 130 (138) 698 1,390
Net income $1,066 $196 $2,390 $3,241
Earnings per share:
Basic $0.04 $0.01 $0.09 $0.13
Diluted $0.04 $0.01 $0.08 $0.11
Shares used in computing
earnings per share:
Basic 26,666 25,326 26,291 24,859
Diluted 28,959 28,546 29,107 28,652
DATASOURCE: Nassda Corporation
CONTACT: Tammy Liu of Nassda Corporation, +1-408-327-7710, or
or
Web site: http://www.nassda.com/