Artisan Components, Inc. Reports Record Total Revenue And Net Income For The First Quarter Of Fiscal 2003.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. 27, 2003 Artisan Components, Inc. (Nasdaq:ARTI), a leading provider of semiconductor intellectual property (IP), today reported operating results for the quarter ended December December: see month. 31, 2002, the first quarter of Artisan's fiscal 2003. Net revenue for the first quarter of fiscal 2003 increased 85% to $14.0 million compared to $7.6 million in the same period last year. Gross 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 for the first quarter of fiscal 2003 was $2.7 million, of which $2.0 million was reported as net royalty revenue, consistent with the first quarter of fiscal 2002. Net income for the first quarter of fiscal 2003 was $2.2 million or $0.11 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 compared to net income of $0.1 million or $0.01 per diluted share in the same period last year. 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 was $1.7 million or $0.09 per diluted share compared to pro forma net income of $0.4 million or $0.02 per diluted share in the same period last year. "Artisan's products and business model provide high value to both manufacturers and fabless semiconductor companies A fabless semiconductor company specializes in the design and sale of hardware devices implemented on semiconductor chips. It achieves an advantage by outsourcing the fabrication of the devices to a specialized semiconductor manufacturer called a semiconductor foundry or "fab. ," 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. "During these tough economic times, our mission is to provide IC design teams with access to a large choice of process technologies and differentiated dif·fer·en·ti·ate v. dif·fer·en·ti·at·ed, dif·fer·en·ti·at·ing, dif·fer·en·ti·ates v.tr. 1. To constitute the distinction between: manufacturing sources and to provide manufacturers with an effective channel to thousands of Artisan-based design teams. Our results demonstrate that we are delivering on that mission." 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. 27, 2003 to discuss the results of the first quarter of fiscal 2003 and to review Artisan's progress and outlook. Interested parties may participate in the conference call by dialing 913-981-5549 and via live webcast at www.vcall.com. A telephonic replay will be available through Sunday Sunday: see Sabbath; week. , February February: see month. 2, 2003 at 719-457-0820. The passcode for both Artisan's live conference call and telephonic replay is 683323. 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 value delivered by Artisan's products and business model to manufacturers and design teams. These statements are subject to various risk factors including, without limitation, the continued demand for semiconductors including Artisan's products and the production of those semiconductors in volume; delays in the design process or delays in a customer's project that use Artisan's products; the rapid pace of technological development; Artisan's ability to negotiate, structure, monitor and enforce agreements for the determination and payment of royalties Not to be confused with Royal family. Royalties (sometimes, running royalties) are usage-based payments made by one party (the "licensee") to another (the "licensor") for ongoing use of an asset, most typically an intellectual property (IP) right. ; and the continuation continuation - continuation passing style 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 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. is a leading semiconductor intellectual property (IP) provider. The company's design platforms are licensed to over 1000 companies worldwide and provide IC designers with a common interface to a range of process technologies from the world's leading foundries. Built on 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, Artisan's design platforms include a comprehensive set of views and models supporting leading design tools and methodologies. Artisan's worldwide network of EDA (1) (Electronic Design Automation) Using the computer to design, lay out, verify and simulate the performance of electronic circuits on a chip or printed circuit board. , IP and design service partners extend the Artisan standard to a complete set of system level design and integration solutions. 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: http://www.artisan.com. Artisan Components, Artisan and Process-Perfect 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,
2002 2002
-------- --------
ASSETS
Current assets:
Cash and cash equivalents $25,981 $29,159
Marketable securities 28,765 23,085
Contract receivables, net 12,914 7,232
Prepaid expenses and other current assets 2,275 2,345
-------- --------
Total current assets 69,935 61,821
Property and equipment, net 4,142 3,499
Goodwill, net 13,741 13,741
Purchased Intangible Assets, net 1,779 2,271
Other assets 1,118 1,116
-------- --------
Total assets $90,715 $82,448
======== ========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $952 $861
Accrued liabilities 5,309 4,081
Deferred revenue, current portion 8,048 5,924
-------- --------
Total current liabilities 14,309 10,866
Deferred revenue 810 812
Other liabilities 872 1,610
-------- --------
Total liabilities 15,991 13,288
-------- --------
Stockholders' equity:
Common stock 17 17
Additional paid in capital 80,569 77,170
Accumulated deficit (5,862) (8,027)
-------- --------
Total stockholders' equity 74,724 69,160
-------- --------
Total liabilities and stockholders'
equity $90,715 $82,448
======== ========
Artisan Components, Inc.
Condensed Consolidated Statements of Operations
(In thousands, except per share data)
(Unaudited)
Quarter Ended
----------------
Dec. 31, Dec. 31,
2002 2001
-------- -------
Gross revenue:
License $11,969 $5,599
Royalty 2,673 2,798
-------- -------
Gross revenue 14,642 8,397
-------- -------
Net revenue:
License 11,969 5,599
Net royalty 2,015 1,969
-------- -------
Total revenue 13,984 7,568
-------- -------
Cost and expenses:
Cost of revenue 3,906 1,581
Product development 2,935 2,902
Sales and marketing 3,104 2,044
General and administrative 1,395 608
Amortization of purchased intangibles 492 492
-------- -------
Total cost and expenses 11,832 7,627
-------- -------
Operating income(loss) 2,152 (59)
Other income, net 203 256
-------- -------
Income before provision for income taxes 2,355 197
Provision for income taxes 190 79
-------- -------
Net income $2,165 $118
======== =======
Net income per share - basic $0.13 $0.01
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Net income per share - diluted $0.11 $0.01
======== =======
Shares used in per share calculation - basic 17,103 16,525
======== =======
Shares used in per share calculation - diluted 18,857 17,754
======== =======
Adjustments to reported net income to arrive
at pro forma results:
Add: recurring effect of acquisition 492 492
Pro forma tax adjustment (949) (197)
-------- -------
Pro forma net income $1,708 $413
======== =======
Pro forma net income per share - basic $0.10 $0.02
======== =======
Pro forma net income per share - diluted $0.09 $0.02
======== =======
Shares used in per share calculation - basic 17,103 16,525
======== =======
Shares used in per share calculation - diluted 18,857 17,754
======== =======
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