Nassda (NASDAQ:NSDA)
Historical Stock Chart
From Jul 2019 to Jul 2024
![Click Here for more Nassda Charts. Click Here for more Nassda Charts.](/p.php?pid=staticchart&s=N%5ENSDA&p=8&t=15)
Nassda Announces Revenue of $11.3 Million for the Quarter Ended
December 31, 2004
Net Income of $1.3 Million, or $0.05 Per Diluted Share
SANTA CLARA, Calif., Jan. 12 /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 December 31, 2004, the first
quarter of Nassda's fiscal 2005. Revenue for the quarter ended December 31,
2004 was $11.3 million, an increase of 16% from $9.7 million for the quarter
ended December 31, 2003 and an increase of 2% from $11.0 million for the
quarter ended September 30, 2004.
Net income for the quarter ended December 31, 2004 was $1.3 million, or $0.05
per diluted share, an increase of 135% from $572,000, or $0.02 per diluted
share, for the quarter ended December 31, 2003 and an increase of $68.6 million
from a net loss of $(67.3) million, or $(2.50) per diluted share, for the
quarter ended September 30, 2004. Operating expenses for the first quarter of
fiscal 2005 were lower than expected, primarily due to lower litigation costs.
As a result, Nassda was able to achieve an operating margin of 14% for the
quarter ended December 31, 2004.
"First fiscal quarters are always seasonally challenging. We are pleased to
have achieved satisfactory financial results, exceeding both the revenue and
earnings expectations for the first quarter of our fiscal 2005 and maintaining
our total cash, cash equivalents and short-term investments balances at $101.0
million," said Sang Wang, Chief Executive Officer. "Even though the
semiconductor industry completed 2004 with good growth, we expect that the
customers will continue to be very cautious with their spending. Nevertheless,
as design starts steadily move to smaller and smaller geometries, we expect the
need for nanometer verification software will become even more prominent."
Business Outlook
Although we continue to see signs of some recovery in the global economy and
the semiconductor industry, we believe our customers will spend conservatively
in the first half of calendar 2005. Therefore, we do not expect our customers'
R&D budgets to increase materially during the first half of 2005. As a result,
for the quarter ending March 31, 2005, Nassda expects to have total revenue of
$11.0 million to $11.3 million. Because the uncertainties surrounding the
pending merger between Nassda and a subsidiary of Synopsys, Inc. (the "Pending
Merger") may impact customers' purchasing behavior, Nassda is not providing any
forward-looking guidance on future licensing trends.
Nassda intends to continue its efforts to control operating costs and expects
its litigation related costs to be substantially lower in the second quarter of
fiscal 2005 versus recent quarters. However, we are not able to estimate the
costs and timing related to the closing of the Pending Merger at this time.
Therefore, Nassda is not providing any forward-looking guidance on its net
income for the quarter ending March 31, 2005 or the remaining quarters of
fiscal 2005.
Nassda will hold a conference call that includes business outlook with
financial analysts and investors at 2:00 p.m. PST 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 January 19, 2005.
Those without internet access may listen to a replay of the call by dialing
719-457-0820, access code 143551. The replay will be available from 5:00 p.m.
PST on January 12, 2005 through January 19, 2005.
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 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,
receipt of regulatory approval s and stockholder vote related to the Pending
Merger, the time and extent of legal and other expenses related to Nassda's
litigation and the Pending Merger, 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, 2004 as filed with the Securities and Exchange Commission.
Additional Information About the Pending Merger and Where to Find It Nassda
will file a proxy statement with the SEC in connection with the Pending Merger.
Nassda urges investors and security holders to read the proxy statement when
it becomes available and any other relevant documents filed with the SEC
because they will contain important information. Investors and security
holders will be able to obtain these documents free of charge at the website
maintained by the SEC at http://www.sec.gov/. Additionally, documents filed
with the SEC by Nassda are available free of charge by contacting Investor
Relations, Nassda, 2650 San Tomas Expressway, Santa Clara, California 95051
(Telephone: 408-988-9988) and on Nassda's website at http://www.nassda.com/.
Documents on Nassda's website will not be a part of the filing. Nassda's
directors and executive officers may be deemed to be participants in the
solicitation of proxies from the stockholders of Nassda in connection with the
Pending Merger. A description of certain of the interests of directors and
executive officers of Nassda is set forth in the proxy statement for Nassda's
2004 annual meeting of stockholders, which was filed with the SEC on January
14, 2004. Sang S. Wang, Nassda's Chief Executive Officer and Chairman,
An-Chang Deng, Nassda's President and Chief Operating Officer, and the other
individual defendants have entered into certain settlement and release
agreements with Synopsys, which will be effective upon the closing of the
Pending Merger, which will be described in the proxy statement. The remaining
directors and officers of Nassda are expected to enter into a release agreement
with Synopsys, effective upon closing of the Pending Merger, which will be
described in the proxy statement. Investors and security holders will be able
to obtain additional information regarding the direct and indirect interests of
Nassda's directors and executive officers in the transaction by reading the
definitive proxy statement when it becomes available.
NOTE: Nassda is a registered trademark of Nassda Corporation.
Nassda Corporation
Unaudited Condensed Consolidated Income Statements
(in thousands, except per share data)
Three Months Ended
December 31,
2004 2003
Revenue
Product $2,207 $3,003
Subscription 6,414 4,242
Maintenance 2,642 2,482
Total revenue 11,263 9,727
Cost of revenue
Cost of product revenue 33 91
Cost of subscription revenue 168 105
Cost of maintenance revenue 377 226
Total cost of revenue 578 422
Gross profit 10,685 9,305
Operating expenses:
Research and development 2,151 2,032
Sales and marketing 2,814 2,678
General and administrative 4,059 3,774
Stock-based compensation 99 224
9,123 8,708
Income from operations 1,562 597
Other income, net 377 220
Income before income taxes 1,939 817
Income tax provision (593) (245)
Net income $1,346 $572
Earnings per share:
Basic $0.05 $0.02
Diluted $0.05 $0.02
Shares used in computing earnings per share:
Basic 27,319 25,957
Diluted 29,213 29,149
Nassda Corporation
Unaudited Condensed Consolidated Balance Sheets
(in thousands)
December 31, September 30,
2004 2004
ASSETS
Current assets:
Cash, cash equivalents and short-term
investments $101,020 $101,440
Accounts receivable, net of allowance 1,689 1,302
Prepaid expenses and other current assets 1,006 1,093
Deferred income taxes 3,269 3,768
Total current assets 106,984 107,603
Property and equipment, net 444 483
Other assets 920 921
Total assets $108,348 $109,007
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $1,993 $2,168
Other accrued liabilities 5,309 8,342
Accrued litigation settlement 67,463 67,463
Deferred revenue 10,243 10,143
Total current liabilities 85,008 88,116
Deferred revenue 453 482
Other long-term liabilities 53 57
Total liabilities 85,514 88,655
Stockholders' equity:
Common stock 27 27
Additional paid-in capital 74,140 73,117
Deferred stock-based compensation (110) (235)
Accumulated other comprehensive loss (88) (76)
Retained earnings (accumulated deficit) (51,135) (52,481)
Total stockholders' equity 22,834 20,352
Total liabilities and stockholders' equity $108,348 $109,007
DATASOURCE: Nassda Corporation
CONTACT: Tammy Liu of Nassda Corporation, +1-408-327-7710, or
or
Web site: http://www.nassda.com/