Artisan Components, Inc. Reports Record Royalty and Total Revenue for the First Quarter of Fiscal 2002.Business Editors and 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. 24, 2002 Artisan Components, Inc. (Nasdaq: ARTI), a leading provider of semiconductor intellectual property (IP), today reported revenue and earnings for the first quarter of fiscal 2002. First quarter fiscal 2002 net revenue increased 36% to $7.6 million, as compared with $5.6 million in the first quarter of fiscal 2001. Gross royalty revenue for the first quarter of fiscal 2002 was $2.8 million, of which $2.0 million was reported as net royalty revenue. This increase in net royalty revenue reflects an 80% increase as compared to net royalty revenue of $1.1 million for the first quarter of fiscal 2001. 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 2002, excluding the recurring re·cur intr.v. re·curred, re·cur·ring, re·curs 1. To happen, come up, or show up again or repeatedly. 2. To return to one's attention or memory. 3. To return in thought or discourse. amortization related to Artisan's acquisition of the physical library group of Synopsys (Synopsys, Inc., Mountain View, CA, www.synopsys.com) A leading supplier of electronic design automation (EDA) solutions in the worldwide electronics market. Founded in 1986 by Dr. Aart J. , was $413,000, or $0.02 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. Including the amortization of these intangibles Property that is a "right" such as a patent, Copyright, or trademark, or one that is lacking physical existence, such as good will. , net income for the first quarter of fiscal 2002 was $118,000, or $0.01 per diluted share, as compared to net income of $699,000, or $0.05 per diluted share in the same period last year. "Our record revenue for the quarter reflected improved performance in our licensing business combined with the largest quarter-over-quarter dollar increase in royalty revenue in our history," 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. "This has been a quarter of new records for Artisan's business: -- The number of companies licensing our products increased from our previously reported 800 to over 900 companies around the world. -- The number of Artisan-licensed manufacturers producing royalty-bearing designs increased to ten, an increase from the four manufacturers that we reported at the beginning of fiscal 2001. -- We achieved our highest ever gross and net royalty results of $2.8 million and $2.0 million respectively, an increase in excess of 60% from the fourth quarter of fiscal 2001. -- We achieved record total revenue of $7.6 million for the quarter. We are seeing an increase in the number of Artisan based designs that are going into manufacturing. We believe that these events may be early signs of a recovery in the semiconductor industry." Artisan's conference call will be available by telephone at (719) 457-2633 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. , January January: see month. 24, 2002. 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 , February February: see month. 1, 2002 at (719) 457-0820. The passcode for both Artisan's live conference call and telephonic replay is 760150. 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 an increase in the number of royalty-bearing products beginning to be manufactured and early signs of a recovery in the semiconductor industry. These statements are subject to various risk factors including the following: the continued demand for semiconductors including Artisan's products and the production of those products in volume; 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; and the continuation of the worldwide 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, as well as continued and substantial weakness in businesses' capital expenditures on technology. 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 In electronics, the term low-power means one of two things about a device:
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.
Consolidated Statement of Operations
(In thousands, except per share data)
(unaudited)
Quarter Ended
-----------------
Dec. 31, Dec. 31,
2001 2000
------- -------
Gross Revenue:
License 5,599 $ 4,462
Royalty 2,798 1,645
------- -------
Gross revenue 8,397 6,107
======= =======
Net Revenue:
License 5,599 4,462
Net royalty 1,969 1,092
------- -------
Total revenue 7,568 5,554
Cost and expenses:
Engineering 4,483 3,300
Sales and marketing 2,044 1,426
General and administrative 609 669
------- -------
Total cost and expenses 7,136 5,395
------- -------
Operating income 432 159
Other income, net 256 900
------- -------
Income before provision
for income taxes 688 1,059
Provision for income taxes 275 360
------- -------
Pro Forma net income $ 413 $ 699
------- -------
Pro Forma net income
per share - diluted $ 0.02 $ 0.05
======= =======
Shares used in diluted
per share calculation 17,754 15,140
======= =======
Adjustments to arrive at reported results:
Less recurring effect
of acquisition on
pro forma net income 295 0
------- -------
Reported net income 118 699
------- -------
Reported net income
per share - diluted $ 0.01 $ 0.05
======= =======
Shares used in per
share calculation - diluted 17,754 15,140
Pro forma net income and pro forma net income per share are presented
as an alternative for understanding our operating results. These items
are not a presentation in accordance with, or an alternative for,
Generally Accepted Accounting Principles (GAAP) and may be different
from pro forma measures used by other companies.
Artisan Components, Inc.
Consolidated Balance Sheet
(In thousands)
Dec. 31, Sept. 30,
2001 2001
-------- --------
(unaudited) (audited)
-------- --------
ASSETS
Current assets:
Cash, cash equivalents
and marketable securities $ 39,109 $ 42,329
Contract receivables 11,205 6,292
Prepaid expenses and
other current assets 1,450 1,545
-------- --------
Total current assets 51,764 50,166
Property and equipment, net 4,354 4,422
Other assets 17,944 18,438
-------- --------
Total assets $ 74,062 $ 73,026
======== ========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable and
accrued expenses $ 4,261 $ 5,322
Deferred revenue 4,852 3,630
-------- --------
Total current liabilities 9,113 8,952
Long Term liabilities:
Deferred revenue 96 173
Other liabilities 667 516
-------- --------
Total liabilities 9,876 9,641
-------- --------
Stockholders' Equity:
Common stock and
additional paid in capital 74,210 73,527
Accumulated deficit (10,024) (10,142)
-------- --------
Total stockholders' equity 64,186 63,385
-------- --------
Total liabilities and
stockholders' equity $ 74,062 $ 73,026
======== ========
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