Magma reports record revenue for second quarter
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Magma reports record revenue for second quarter

By siliconindia staff writer   |   Thursday, 30 October 2003, 08:00 Hrs
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SANTA CLARA: Magma Design Automation Inc., a provider of chip design solutions, has announced financial results that included record revenue for the quarter ended September 30, 2003, the second quarter of Magma's 2004 fiscal year.

Magma reported record revenue of $25.8 million for the quarter, compared to $17.8 million for the quarter ended September 30, 2002, an increase of 45 percent. In accordance with generally accepted accounting principles (GAAP), Magma reported net income attributed to common shareholders of $3.4 million, or $0.09 per share (diluted), for the quarter, compared to net income attributed to common shareholders of $0.7 million, or $0.02 per share (diluted), for the quarter ended September 30, 2002.

Magma reported pro forma net income for the second quarter of fiscal 2004 of $6.0 million, or $0.15 per share (diluted), compared to pro forma net income of $1.4 million, or $0.04 per share (diluted), for the second quarter of fiscal 2003. Pro forma net income for the quarter is adjusted to exclude the effects of amortization of capitalized acquired software, consolidation of an equity investment, amortization of deferred stock compensation, charges associated with an impairment of equity investments and reserves against convertible note receivables. A reconciliation of the pro forma to GAAP results is included in this press release.

For the six-month period ended September 30, 2003, Magma reported revenue of $48.6 million, compared to $35.9 million for the six-month period ended September 30, 2002, an increase of 35 percent. In accordance with GAAP, Magma reported net income attributed to common shareholders of $3.5 million, or $0.09 per share (diluted), for the recently completed six-month period, compared to net income attributed to common shareholders of $0.8 million, or $0.02 per share (diluted), for the six-month period ended September 30, 2002.

Magma reported pro forma net income of $10.9 million, or $0.28 per share (diluted), for the six-month period ended September 30, 2003. This compares to pro forma net income of $3.4 million, or $0.10 per share (diluted), for the six-month period ended September 30, 2002. Magma provides pro forma data as a useful means for understanding the company's operating results and ongoing business trends. Pro forma data is not in accordance with, or an alternative for, GAAP and may be materially different from pro forma measures used by other companies. Pro forma net income for the six-month period is adjusted to exclude the effects of amortization of capitalized acquired software, consolidation of an equity investment, amortization of deferred stock compensation, charges associated with an impairment of equity investments and reserves against convertible note receivables. A reconciliation of the pro forma to GAAP results is included in this press release.

"Our second quarter included significant achievements for us, as our revenue was both a record for the company and crossed the $25 million-per-quarter threshold, a major milestone," said Rajeev Madhavan, chairman and CEO of Magma. "We also continued to add new accounts and now have more than 100 customers. Looking ahead, we expect the transactions we announced last week -- the acquisitions of Silicon Metrics Corporation and Random Logic Corporation, and the intellectual property and technology we licensed from Circuit Semantics -- to help us continue to expand our technology, and provide even greater accuracy and efficiency to our customers' design flows." These three transactions were completed in October 2003


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