Magma reports $17.8 M Q2 revenue
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Magma reports $17.8 M Q2 revenue

By SiliconIndia   |   Thursday, 24 October 2002, 07:00 Hrs
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CUPERTINO: Magma Design Automation Inc., (Nasdaq:LAVA) posted revenues of $17.8 million, compared to $9.6 million for the year-ago second quarter ended September 30, 2001, an increase of 85 percent for the second quarter.

The company reported pro forma net income for the quarter, excluding non-cash charges, of $1.4 million, or $0.04 per share on a diluted basis. This compares to a pro forma net loss of $3.2 million, or $0.31 per share, for the year-earlier second quarter of fiscal 2002, ended September 30, 2001. Pro forma net income (loss) reflects reported net income (loss) excluding stock-based compensation, non-cash interest expense, and non-cash preferred stock dividend.

In accordance with generally accepted accounting principles (GAAP), Magma reported net income attributed to common shareholders (basic) of $0.7 million, or $0.02 per share, for the quarter, compared to a net loss attributed to common shareholders (basic) of $10.8 million, which included a $5.8 million non-cash preferred stock dividend, or $1.03 per share, for the year-ago second quarter ended September 30, 2001.

For the six-month period ended September 30, 2002, Magma reported revenue of $35.9 million, compared to $16.2 million for the six-month period ended September 30, 2001, an increase of 121 percent. Magma reported pro forma net income, excluding certain non-cash charges, of $3.4 million, or $0.10 per share on a diluted basis, for the six-month period ended September 30, 2002.

This compares to a pro forma net loss of $9.9 million, or $0.96 per share, for the six-month period ended September 30, 2001. In accordance with GAAP, Magma reported net income attributed to common shareholders of $0.8 million, or $0.03 per share, for the recently completed six-month period, compared to a net loss attributed to common shareholders (basic) of $18.6 million, which included a $5.8 million non-cash preferred stock dividend, or $1.79 per share, for the six-month period ended September 30, 2001.

"In the second quarter we continued to make progress engaging new customers, our software continued to enable our users to complete challenging designs and our profitability improved over the prior quarter," said Rajeev Madhavan, chairman and CEO of Magma. "We continued to make progress in expanding our market presence and market share. Our bookings and pipeline remain strong. The best indicators of our business performance are bookings results and the growth in backlog. We had a record quarter for bookings -- in terms of magnitude, the number of transactions and the proportion of license vs. non-license revenue. Thanks to our technology advantages we are gaining more engagements, more wins and record bookings. We have more installed seats than ever before. In terms of overall business traction, this was our best quarter to date."

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