Nassda (NASDAQ:NSDA)
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Nassda Announces Revenue of $11.0 Million for the Quarter Ended
September 30, 2004
Net Income of $175,000, or $0.01 Per Diluted Share
SANTA CLARA, Calif., Oct. 19 /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 September 30, 2004, the
fourth quarter of Nassda's fiscal 2004. Revenue for the quarter ended
September 30, 2004 was $11.0 million, a 31% increase from $8.4 million for the
quarter ended September 30, 2003 and was substantially unchanged from $11.0
million for the quarter ended June 30, 2004.
Net income for the quarter ended September 30, 2004 was $175,000, or $0.01 per
diluted share, a decrease of $148,000 from $323,000, or $0.01 per diluted
share, for the quarter ended September 30, 2003 and a decrease of $891,000 from
$1.1 million, or $0.04 per diluted share, for the quarter ended June 30, 2004.
Fiscal 2004 Results
Total revenue for fiscal 2004 was $41.5 million, an 18% increase from $35.1
million for fiscal 2003. Net income for fiscal 2004 was $2.6 million, or $0.09
per diluted share, a decrease of $1.0 million as compared to net income for
fiscal 2003 of $3.6 million, or $0.12 per diluted share.
"Nassda again achieved its highest level of quarterly revenue and our cash,
cash equivalents and short-term investments increased by approximately $1.6
million during the quarter to a total of $101.4 million, as of September 30,
2004," said Sang Wang, Chief Executive Officer. "Our customers' continued
support and our employees' dedication contributed to our success during fiscal
2004. In fiscal 2005, we expect to face similar economic and competitive
challenges as we create both sales and research and development strategies to
meet these challenges and take advantage of the opportunities in front of us."
Business Outlook
We believe that our customers will remain cautious with regards to their
spending and EDA budgets are likely to continue to be tight. As a result, for
the quarter ending December 31, 2004, Nassda expects total revenue of $10.8
million to $11.0 million and fully diluted per share earnings of approximately
$0.00 to a net loss of $0.05. This $0.05 per share range is largely due to the
uncertainty relating to the timing and magnitude of our spending on our
litigation defense.
For fiscal 2005, Nassda anticipates total revenue of $44.0 million to $46.0
million and fully diluted net loss per share of approximately $0.05 to $0.15.
Due to seasonally lower bookings expected in the first half fiscal 2005, Nassda
expects quarterly revenue for the first half of fiscal 2005 to be relatively
flat but expects sequential quarterly revenue growth in the second half of
fiscal 2005. With time-based licenses accounting for 57% of our total bookings
in fiscal 2004, Nassda expects time-based license bookings as a percent of
total bookings to increase slightly in fiscal 2005 to over 60%. As a result,
time-based license revenue as a percent of total revenue is expected to
increase to between 55% to 65%.
Nassda intends to continue its efforts to control operating costs, but also
anticipates making additional investments in Nassda's worldwide sales, support,
research and development organizations. We expect the cost of the Synopsys
litigation to increase as we continue to defend ourselves vigorously and the
lawsuits move toward trials and the additional defense costs related to the
class action and derivative cases will also increase our general and
administrative expenses. The guidance provided for the fully diluted net loss
per share of fiscal 2005 includes approximately $18.0 million to $20.0 million
of litigation related costs. Additionally, we also expect costs related to
being a public company, such as directors' and officers' liability insurance,
compliance with corporate governance rules adopted by The Nasdaq Stock Market
and the Securities and Exchange Commission, professional fees and various
filing fees to increase our general and administrative expenses.
Nassda will host 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 October 26, 2004.
Those without internet access may listen to a replay of the call by dialing
719-457-0820, access code 900477. The replay will be available from 5:00 p.m.
PDT on October 19, 2004 through October 26, 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 IC quality and 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 anticipated
revenue, operating expenses, diluted earnings per share, time-based license
bookings as a percent of total bookings and time-based license revenue as a
percent of 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, March 31, 2004 and June 30, 2004, as filed with the
Securities and Exchange Commission.
NOTE: Nassda is a registered trademark of Nassda Corporation.
Nassda Corporation
Condensed Consolidated Balance Sheets
(in thousands)
September 30, September 30,
2004 2003
ASSETS
Current assets:
Cash, cash equivalents and short-term
investments $101,440 $92,165
Accounts receivable, net of allowance 1,302 1,874
Prepaid expenses and other current assets 1,093 996
Deferred income taxes 3,768 2,568
Total current assets 107,603 97,603
Property and equipment, net 483 704
Other assets 921 1,165
Total assets $109,007 $99,472
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $2,168 $230
Accrued compensation 3,710 2,689
Accrued liabilities 2,842 3,281
Income taxes payable 1,790 1,712
Deferred revenue 10,143 8,982
Total current liabilities 20,653 16,894
Deferred revenue 482 849
Other long-term liabilities 57 64
Total liabilities 21,192 17,807
Stockholders' equity:
Common stock 27 26
Additional paid-in capital 73,117 70,343
Deferred stock-based compensation (235) (1,117)
Accumulated other comprehensive loss (76) (4)
Retained earnings 14,982 12,417
Total stockholders' equity 87,815 81,665
Total liabilities and stockholders' equity $109,007 $99,472
Nassda Corporation
Consolidated Statements of Income
(in thousands, except per share data)
Three Months Ended Twelve Months Ended
September 30, September 30,
2004 2003 2004 2003
Revenue
Product $1,720 $2,061 $8,937 $11,796
Subscription 6,566 3,852 22,356 14,601
Maintenance 2,712 2,500 10,174 8,658
Total revenue 10,998 8,413 41,467 35,055
Cost of revenue
Cost of product
revenue 13 43 227 241
Cost of subscription
revenue 126 83 443 343
Cost of maintenance
revenue 282 193 1,035 802
Total cost of
revenue 421 319 1,705 1,386
Gross profit 10,577 8,094 39,762 33,669
Operating expenses:
Research and
development 2,390 1,942 8,851 7,145
Sales and marketing 3,022 2,366 11,607 10,774
General and
administrative 5,196 3,318 16,328 10,653
Stock-based
compensation 165 230 796 955
10,773 7,856 37,582 29,527
Income (loss) from
operations (196) 238 2,180 4,142
Interest Income 271 240 1,002 986
Other Income Expense 10 (18) (9) (37)
Other income, net 281 222 993 949
Income before income taxes 85 460 3,173 5,091
(Provision) Benefit
for income taxes 90 (137) (608) (1,527)
Net income $175 $323 $2,565 $3,564
Earnings per share:
Basic $0.01 $0.01 $0.10 $0.14
Diluted $0.01 $0.01 $0.09 $0.12
Shares used in computing
earnings per share:
Basic 26,953 25,653 26,457 25,058
Diluted 28,801 29,167 29,031 28,781
DATASOURCE: Nassda Corporation
CONTACT: Tammy Liu of Nassda Corporation, +1-408-327-7710, or
, or
Web site: http://www.nassda.com/