Artisan Components, Inc. Reports Record Revenue And Record Net Income For Its First Quarter Fiscal 2004.Business Editors/High-Tech Writers 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)--Jan. 26, 2004 Artisan Components, Inc., (Nasdaq:ARTI), a leading provider of physical intellectual property (IP), today reported its results for the three-month period ended December December: see month. 31, 2003. For the first quarter of fiscal 2004, Artisan reported total revenue of $20.1 million, a 43.5% increase over total revenue of $14.0 million in the first quarter of fiscal 2003. On a generally accepted accounting principles The standard accounting rules, regulations, and procedures used by companies in maintaining their financial records. Generally accepted accounting principles (GAAP) provide companies and accountants with a consistent set of guidelines that cover both broad accounting (GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). ) basis, net income for the first quarter of fiscal 2004 was $3.7 million or $0.15 per 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. share, which included amortization of purchased intangible assets Intangible Asset An asset that is not physical in nature. Notes: Examples are things like copyrights, patents, intellectual property, and goodwill. These are the opposite of tangible assets. of $1.3 million and deferred stock-based compensation of $97,000 from acquisitions. For the first quarter of fiscal 2003, GAAP net income was $2.2 million or $0.11 per diluted share, which included amortization of purchased intangible assets from acquisitions of $492,000. 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 income for the first quarter of fiscal 2004 was $3.3 million or $0.14 per diluted share, a 93.9% increase over pro forma net income of $1.7 million or $0.09 per diluted share for the first quarter of fiscal 2003. Pro forma net income is comprised of GAAP net income plus, to the extent incurred in any particular quarter, amortization of purchased intangible assets and deferred stock-based compensation from acquisitions. A detailed reconciliation of GAAP net income to pro forma net income is included with this press release. "The quarter's royalty Compensation for the use of property, usually copyrighted works, patented inventions, or natural resources, expressed as a percentage of receipts from using the property or as a payment for each unit produced. revenue was outstanding, allowing us to exceed our earnings forecast while allocating substantial resources to R&D programs in several exciting product areas," said 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 CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Artisan Components. "In addition, Artisan will soon be announcing many new product lines and technologies aimed at some of today's fastest growing markets." Artisan is hosting a conference call 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 Monday Monday: see week. , January January: see month. 26, 2004 to discuss the results of the first quarter of fiscal 2004 and to review Artisan's progress and outlook. Interested parties may participate in the conference call available by telephone at 800-901-5231 and the passcode is 33914927. There will also be a live webcast available within the investor relations' section of Artisan's website at www.artisan.com. A telephonic replay will be available through Thursday Thursday: see week. , March 11, 2004 at 888-286-8010. The passcode for the replay is 12008439. Use of Non-GAAP Financial Measures This earnings release includes financial information presented on both a pro forma and GAAP basis. Pro forma net income is comprised of GAAP net income plus, to the extent incurred in any particular quarter, amortization of purchased intangible assets and deferred stock-based compensation from acquisitions, in-process research and development and one-time one-time adj. 1. or one·time a. Occurring or undertaken only once: a one-time winner in 1995. b. or extraordinary charges, such as the one-time charge for the lease on our former facility. Pro forma net income and net income per share are reduced by the amount of additional tax that would be required to be accrued ac·crue v. ac·crued, ac·cru·ing, ac·crues v.intr. 1. To come to one as a gain, addition, or increment: interest accruing in my savings account. 2. and expensed by us if pro forma results were used instead of GAAP results to calculate our tax liability. We provide pro forma financial information to enhance the reader's overall understanding of our current financial performance and our prospects for the future. We believe the pro forma results provide useful information to investors by excluding certain expenses that we believe are not indicative indicative: see mood. of our core operating results. The pro forma measures are included to provide investors and management with an alternative method for assessing our operating results in a manner that is focused on the performance of our ongoing operations and to provide a more consistent basis for comparison between quarters. Further, these pro forma results are one of the primary indicators management uses for planning and forecasting in future periods. In addition, since we have historically reported pro forma results to the investment community, we believe the inclusion of pro forma numbers provides consistency Consistency can refer to:
As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with GAAP. 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 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 Artisan's introduction of new products and technologies. These statements are subject to various risk factors including, without limitation, whether there will be technical or other difficulties that delay or prevent Artisan from introducing new products and technologies, market acceptance of such new products and technologies, and uncertainties attendant ATTENDANT. One who owes a duty or service to another, or in some sort depends upon him. Termes de la Ley, h.t. As to attendant terms, see Powell on Morts. Index, tit. Attendant term; Park on Dower, c. 1 7. to any new product offering. 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. is a leading provider of physical intellectual property (IP) components for the design and manufacture of complex system-on-a-chip System-on-a-chip or system on chip (SoC or SOC) refers to integrating all components of a computer or other electronic system into a single integrated circuit (chip). integrated circuits Integrated circuits Miniature electronic circuits produced within and upon a single semiconductor crystal, usually silicon. Integrated circuits range in complexity from simple logic circuits and amplifiers, about 1/20 in. (1. . Artisan's products include embedded Inserted into. See embedded system. memory, standard cell, input/output See I/O and PC input/output. (programming, operating system) input/output - (I/O) Communication between a computer and its users, its storage devices, other computers (via a network) or the outside world. The devices the computer uses to do this are called "peripherals". , analog and mixed-signal components, which are designed to achieve the best combination of performance, density, power and yield for a given manufacturing process. Artisan has licensed its IP components to over 1,200 companies involved in 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 design. Artisan is headquartered in Sunnyvale, California Sunnyvale ([sʌniveil]) is a city in Santa Clara County, California, United States. It is one of the major cities that make up the Silicon Valley. As of the 2000 census, the city population was 131,760. . More information about Artisan Components, including free library access, can be found at www.artisan.com. Artisan Components and Artisan are registered trademarks of Artisan Components, Inc. All other trademarks or registered trademarks are the property of their respective owners.
Artisan Components, Inc.
Condensed Consolidated Balance Sheet
(In thousands)
(Unaudited)
Dec. 31 Sept.30
2003 2003
--------- ---------
ASSETS
Current assets:
Cash and cash equivalents $87,463 $98,841
Marketable securities 9,742 9,921
Accounts receivable, net 23,380 18,398
Prepaid expenses and other current assets 2,140 2,197
--------- ---------
Total current assets 122,725 129,357
Long-term marketable securities 21,295 5,504
Property and equipment, net 7,102 7,418
Goodwill, net 36,016 36,016
Purchased intangible assets, net 7,053 8,394
Other assets 517 414
--------- ---------
Total assets $194,708 $187,103
========= =========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $1,045 $1,486
Accrued liabilities 8,056 7,201
Deferred revenue, current portion 8,316 7,094
--------- ---------
Total current liabilities 17,417 15,781
Deferred revenue 701 788
Other liabilities 961 1,146
Deferred tax liability 2,899 3,257
--------- ---------
Total liabilities 21,978 20,972
--------- ---------
Stockholders' equity:
Common stock 22 22
Additional paid-in capital 169,839 168,442
Treasury stock - (1,399)
Deferred stock-based compensation (271) (368)
Accumulated other comprehensive income 115 118
Retained earnings/(Accumulated deficit) 3,025 (684)
--------- ---------
Total stockholders' equity 172,730 166,131
--------- ---------
Total liabilities and stockholders' equity $194,708 $187,103
========= =========
Artisan Components, Inc.
Condensed Consolidated Statements of Operations
(In thousands, except per share data)
(Unaudited)
Three Months Ended
December 31,
--------- ---------
2003 2002
--------- ---------
Gross revenue:
License $12,388 $11,969
Royalty 8,965 2,673
--------- ---------
Gross revenue 21,353 14,642
--------- ---------
Net revenue:
License 12,388 11,969
Net royalty 7,674 2,015
--------- ---------
Total revenue 20,062 13,984
--------- ---------
Costs and expenses:
Cost of revenue * 4,399 3,906
Product development * 5,156 2,935
Sales and marketing * 3,744 3,104
General and administrative * 1,663 1,395
Amortization of purchased intangible assets 1,341 492
--------- ---------
Total cost and expenses 16,303 11,832
--------- ---------
Operating income 3,759 2,152
Other income, net 325 203
--------- ---------
Income before provision for income taxes 4,084 2,355
Provision for income taxes 375 190
--------- ---------
Net income $3,709 $2,165
========= =========
Net income per share - basic $0.17 $0.13
========= =========
Net income per share - diluted $0.15 $0.11
========= =========
Shares used in per share calculation - basic 22,306 17,103
========= =========
Shares used in per share calculation - diluted 24,443 18,857
========= =========
* Includes stock-based compensation expense of: 97 -
Artisan Components, Inc.
Reconciliation of GAAP to Pro Forma Net Income
(In thousands, except per share data)
(Unaudited)
Three Months Ended
December 31,
--------- ---------
2003 2002
--------- ---------
Net income $3,709 $2,165
Adjustments to reported net income to arrive
at pro forma results:
Add: amortization of purchased intangible assets
from acquisitions 1,341 492
Add: deferred stock-based compensation expense 97 -
Pro forma tax adjustment (1,834) (948)
--------- ---------
Pro forma net income $3,313 $1,709
========= =========
Pro forma net income per share - basic $0.15 $0.10
========= =========
Pro forma net income per share - diluted $0.14 $0.09
========= =========
Shares used in per share calculation - basic 22,306 17,103
========= =========
Shares used in per share calculation - diluted 24,443 18,857
========= =========
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