Artisan Components, Inc. Reports Fourth Quarter And Fiscal Year 2001 Operating Results.Business Editors SUNNYVALE Sunnyvale, city (1990 pop. 117,229), Santa Clara co., W Calif., near San Francisco; settled 1849, inc. 1912. A city in Silicon Valley, its many manufactures include semiconductors; machinery and instruments; electrical, electronic, and aerospace products; , Calif.--(BUSINESS WIRE)--Oct. 25, 2001 Artisan Components, Inc. (Nasdaq:ARTI), today reported revenue and earnings for the fiscal quarter and year ended September September: see month. 30, 2001. Fourth quarter fiscal 2001 net revenue increased 29% to $6.4 million, as compared with $5.0 million in the same period last year. Gross royalty revenue for the fourth quarter was $1.7 million, of which $1.2 million was reported as net royalty revenue. This increase in net royalty revenue reflects a 35% increase as compared to net royalty revenue of $899,000, which was reported in the fourth quarter of fiscal 2000. The pro forma As a matter of form or for the sake of form. Used to describe accounting, financial, and other statements or conclusions based upon assumed or anticipated facts. The phrase pro forma net loss for the fourth fiscal quarter was $1.7 million or ($0.10) on a diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. per share basis, as compared to net income of $146,000, or $0.01 per diluted share, in the same period last year. Including amortization of intangibles acquired, a write-off Write-Off A reduction in the value of an asset or earnings by the amount of an expense or loss. Companies are able to write off certain expenses that are required to run the business, or have been incurred in the operation of the business and detract from retained revenues. of deferred tax assets, the accrual accrual, n continually recurring short-term liabilities. Examples are accrued wages, taxes, and interest. of the anticipated loss related to the former facility and a write off of prepaid pre·pay tr.v. pre·paid, pre·pay·ing, pre·pays To pay or pay for beforehand. pre·pay  ment n. maintenance, the net loss for
the fourth quarter was $10.7 million, or ($0.65) per basic share, as
compared to net income of $146,000, or $0.01 per basic share in the same
period last year.
Fiscal 2001 net revenue totaled $25.8 million as compared with $20.3 million last year, an increase of 27%. Gross royalty revenue for fiscal 2001 was $6.6 million, with $4.6 million reported as net royalty revenue. This increase in net royalty revenue reflects a 42% increase as compared to net royalty revenue of $3.3 million reported for fiscal 2000. A pro forma net loss of $690,000, or ($0.04) per diluted share, was recorded for fiscal 2001, as compared with net income of $1.1 million, or $0.07 per diluted share, for fiscal 2000. Including amortization of intangibles acquired, a write-off of deferred tax assets, the accrual of the anticipated loss related to the former facility and a write-off of prepaid maintenance, the net loss for fiscal 2001 was $14.0 million, or ($0.88) per diluted share. "We are proud of the company's growth through this challenging period," commented Mark Templeton Mark Templeton (b. 1975) is Principal Trombone of the London Philharmonic Orchestra. Mark studied at the Guildhall School of Music and Drama 1994-1998 with Eric Crees, Simon Wills and Peter Gane. During this time he became principal of the Gustav Mahler Youth Orchestra. , president and chief executive officer of Artisan Components. "For Artisan, fiscal 2001 has been a period of market share building and preparation for the semiconductor recovery. We continue to see a large amount of new design activity in our markets and are expecting near term growth in the production of Artisan-based integrated circuit integrated circuit (IC), electronic circuit built on a semiconductor substrate, usually one of single-crystal silicon. The circuit, often called a chip, is packaged in a hermetically sealed case or a nonhermetic plastic capsule, with leads extending from it for designs and associated royalty revenue." Artisan's conference call will be available by telephone at 719/457-2649 and also live via webcast from Artisan's website or at www.vcall.com beginning at 2:00 p.m. PST PST Paroxysmal supraventricular tachycardia, see there (5:00 p.m. EST P.M. also p.m. or p.m. abbr. post meridiem Usage Note: By definition, 12 a.m. ) on Thursday Thursday: see week. , October October: see month. 25, 2001. A telephonic replay will be available through Friday Friday: see Sabbath; week. Friday young Indian rescued by Crusoe and kept as servant and companion. [Br. Lit.: Robinson Crusoe] See : Servant , November 9, 2001 at 719/457-0820. The passcode for both Artisan's live conference call and telephonic replay is 672517. Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. Statement This press release contains projections and other forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. , including statements regarding the volume of new design activity in our markets, and the expectation of near-term growth in royalty bearing integrated circuit designs and related royalty revenue. These statements are subject to various risk factors including the following: the semiconductor volume manufactured by end users at Artisan's foundry A semiconductor manufacturer that makes chips for third parties. It may be a large chip maker that sells its excess manufacturing capacity or one that makes chips exclusively for other companies. partners; delays in the design process or delays in a customer's project that use Artisan's products; Artisan's ability to negotiate, structure, monitor and enforce agreements for the determination and payment of royalties; economic and political uncertainty related to the September 11, 2001 terrorist attacks, the anthrax-related terrorist attacks, and the military action in Afghanistan; the slowdown For articles with similar titles, see Slow Down (disambiguation). A slowdown is an industrial action in which employees perform their duties but seek to reduce productivity or efficiency in their performance of these duties. in economic activity in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , Japan and elsewhere during the first nine months of calendar 2001, including the substantial weakness in businesses' capital expenditures on technology; the acceptance of Artisan's products by its customers; the timing of customer orders; the length of Artisan's sales cycle; and Artisan's ability to develop, introduce and market new products and product enhancements. We refer you also to the documents that Artisan files from time to time with the Securities and Exchange Commission, in particular the section entitled en·ti·tle tr.v. en·ti·tled, en·ti·tling, en·ti·tles 1. To give a name or title to. 2. To furnish with a right or claim to something: "Factors Affecting Future Operating Results" in Artisan's annual report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. and its quarterly reports on Forms 10-Q. About Artisan Components Artisan Components, Inc., (Nasdaq:ARTI) is a world leader in intellectual property (IP) components, providing high-quality solutions for many of the world's leading semiconductor foundries, integrated device manufacturers See IDM. , ASIC (Application Specific Integrated Circuit) Pronounced "a-sick." A chip that is custom designed for a specific application rather than a general-purpose chip such as a microprocessor. vendors and IC design teams. Artisan's Process-Perfect(TM) memory generators, standard cell and I/O (Input/Output) The transfer of data between the CPU and a peripheral device. Every transfer is an output from one device and an input to another. See PC input/output. I/O - Input/Output libraries are optimized to achieve the full-speed, density and low-power potential of each semiconductor process. Each product is verified ver·i·fy tr.v. ver·i·fied, ver·i·fy·ing, ver·i·fies 1. To prove the truth of by presentation of evidence or testimony; substantiate. 2. using the industry's most comprehensive QA and validation See validate. validation - The stage in the software life-cycle at the end of the development process where software is evaluated to ensure that it complies with the requirements. procedures and delivered ready to use with a complete set of views and models supporting leading design tools. Artisan's headquarters are located at 141 Caspian Court, Sunnyvale, CA 94089-1013. World Wide Web address: http://www.artisan.com. Artisan Components is a registered trademark and Process-Perfect is a trademark of Artisan Components, Inc. All other trademarks or registered trademarks are the property of their respective owners.
Artisan Components, Inc.
Statement of Operations
(In thousands, except per share data)
(Unaudited)
Quarter Ended Twelve Months Ended
Sept. 30, Sept. 30, Sept. 30, Sept. 30,
2001 2000 2001 2000
Gross Revenue:
License $ 5,178 $ 4,061 $ 21,137 $ 17,042
Royalty 1,716 1,330 6,615 4,883
-------- -------- -------- --------
Gross revenue 6,894 5,391 27,752 21,925
======== ======== ======== ========
Net Revenue:
License $ 5,178 $ 4,061 $ 21,137 $ 17,042
Net royalty 1,218 899 4,620 3,250
-------- -------- -------- --------
Net revenue 6,396 4,960 25,757 20,292
Cost and expenses:
Engineering 5,513 3,236 18,409 12,299
Sales and marketing 1,691 1,770 6,510 6,999
General and
administrative 1,286 514 3,373 2,324
-------- -------- -------- --------
Total cost
and expenses 8,490 5,520 28,292 21,622
-------- -------- -------- --------
Operating loss (2,094) (560) (2,535) (1,330)
Other income 339 778 2,238 2,945
-------- -------- -------- --------
Income (loss) before
provision for
income taxes (1,755) 218 (297) 1,615
Provision (benefit)
for income taxes (102) 72 393 533
-------- -------- -------- --------
Pro Forma net
income (loss) ($ 1,653) $ 146 ($ 690) 1,082
-------- -------- -------- --------
Pro Forma net
income (loss)
per share - diluted ($ 0.10) $ 0.01 ($ 0.04) $ 0.07
======== ======== ======== ========
Shares used in per share
calculation - diluted 16,445 15,375 15,965 15,456
Adjustments to arrive at
reported results:
Less one time effect of
acquisition on pro
forma net income $ 0 $ 1,611
Less recurring effect
of acquisition on pro
forma net income 2,019 4,683
Less one time effect
of accrual for loss
on former lease 906 906
Less effect of write
off of maintenance
acquired from Synopsys 105 105
Less one time effect
of write down of
deferred tax assets 5,977 5,977
Reported net loss ($10,660) $ 146 ($13,972) $ 1,082
-------- -------- -------- --------
Reported net loss
per share - basic ($ 0.65) $ 0.01 ($ 0.88) $ 0.08
======== ======== ======== ========
Shares used in per
share calculation - basic 16,445 14,667 15,965 14,334
Artisan Components, Inc.
Balance Sheet
(In thousands)
(Unaudited)
Sept. 30, Sept. 30,
2001 2000
ASSETS
Current assets:
Cash, cash equivalents
and marketable securities $ 42,329 $ 54,016
Contract receivables, net 6,292 7,722
Prepaid expenses and
other current assets 1,545 3,572
-------- --------
Total current assets 50,166 65,310
Property and equipment, net 4,422 4,809
Other assets 18,438 1,811
-------- --------
Total assets $ 73,026 $ 71,930
======== ========
LIABILITIES AND
STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable
and accrued expenses $ 5,322 $ 3,651
Deferred revenue 3,630 4,590
-------- --------
Total current liabilities 8,952 8,241
Long-Term liabilities:
Deferred revenue 173 117
Other liabilities 516 118
-------- --------
Total liabilities 9,641 8,476
-------- --------
Stockholders' Equity:
Common stock and
additional paid in capital 73,527 59,624
Retained earnings (10,142) 3,830
-------- --------
Total stockholders' equity 63,385 63,454
-------- --------
Total liabilities and
stockholders' equity $ 73,026 $ 71,930
======== ========
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