Numerical posts $3.7 net loss in Q4

By siliconindia   |   Thursday, 16 January 2003, 20:30 IST
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SAN JOSE: Numerical Technologies, Inc. Wednesday announced its financial results for the fourth quarter and fiscal year of 2002. Quarterly revenues were $11.2 million, a decrease of 21 percent compared with the fourth quarter of 2001, and a decrease of 2 percent from the previous quarter. Net loss for the quarter was $3.7 million, or a net loss of $0.11 per share, compared with a net loss of $8.9 million, or a net loss of $0.28 per share, for the same quarter last year. For the third quarter of 2002, net loss was $1.9 million, or a net loss of $0.06 per share. Excluding non-cash charges associated with acquisition-related costs, stock-based compensation charges and depreciation charges, pro forma net income for the quarter was $323,000, or $0.01 per share on a fully diluted basis, compared with pro forma net income of $2.5 million, or $0.08 per share on a fully diluted basis, for the same quarter last year, and pro forma net income of $488,000, or $0.01 per share on a fully diluted basis, last quarter. Revenue for the fiscal year 2002 was $46.8 million, a decrease of 5 percent from the prior year. Net loss for the year was $65.2 million, or a net loss of $2.01 per share, compared with a net loss of $53.4 million, or a net loss of $1.76 per share, for last year. Excluding non-cash charges associated with acquisition-related costs, deferred stock compensation charges and depreciation charges, the pro forma net income for fiscal year 2002 was $2.7 million, or $0.08 per share on a fully dilutive basis, compared with a pro forma net income of $6.2 million, or $0.18 per share in the prior year. On a pro forma basis, the company delivered a pre-tax profit of more than $4.5 million, or 10 percent of revenue. "We are pleased to state that we finished 2002 in line with our previous guidance," stated Naren Gupta, interim president and chief executive officer of Numerical Technologies, Inc. "We increased our cash position, successfully renewed production license agreements for our phase-shifting technology with Motorola and UMC, and signed a new production license agreement with Samsung." On January 14, 2003, a lawsuit was filed against the company and its board of directors in the Superior Court for Santa Clara County, Calif. The lawsuit purports to be brought as a class action on behalf of the company's shareholders. The lawsuit alleges that the directors breached their fiduciary duties by approving the terms of the proposed acquisition of the company's stock by Synopsys. The lawsuit seeks an injunction preventing the closing of the acquisition, along with other injunctive relief. The company believes the lawsuit is without merit and intends to vigorously contest it.