Artisan Components, Inc. Reports Record Total Revenue for the Second 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)--April 17, 2003 Artisan Components, Inc. (Nasdaq: ARTI), a leading provider of physical intellectual property (IP), today reported operating results for the quarter ended March 31, 2003, the second quarter of Artisan's fiscal 2003. Net revenue for the second quarter of fiscal 2003 increased 101% to $16.1 million compared to $8.0 million in the same period last year. Net 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 second quarter of fiscal 2003 was $2.2 million, down $335,000 from $2.5 million of net royalty revenue in the same period last year. Net income for the second quarter of fiscal 2003 was $1.2 million, or $0.06 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 a net loss of $954,000, or ($0.06) per diluted share, in the same period last year. Net income for the second quarter of fiscal 2003 included charges of $520,000 for in-process research and development, $907,000 for amortization of purchased intangibles Property that is a "right" such as a patent, Copyright, or trademark, or one that is lacking physical existence, such as good will. and $59,000 of stock-based compensation expense. The net loss for the second quarter of fiscal 2002 included charges of $492,000 for amortization of purchased intangibles, as well as a provision of $1.2 million for Artisan's unused facility lease. "Artisan continues to meet IC designers' demand for choice among best-in-class See best-of-class. IP solutions by delivering a broad spectrum of standard cell, memory, analog and mixed-signal products matched to leading semiconductor manufacturers," 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. "We are seeing a great deal of activity based on our 0.13-micron solutions, indicating that many new designs are targeting the latest process technologies. This is stimulating stim·u·late v. stim·u·lat·ed, stim·u·lat·ing, stim·u·lates v.tr. 1. To rouse to activity or heightened action, as by spurring or goading; excite. See Synonyms at provoke. 2. interest in our flexible repair and test solutions for memories and the analog and mixed-signal products recently added through the Nurlogic Design, Inc. acquisition." 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 Thursday Thursday: see week. , April 17, 2003 to discuss the results of the second quarter of fiscal 2003 and to review Artisan's progress and outlook. Interested parties may participate in the conference call by dialing 719-457-2617 and via live webcast at www.vcall.com. 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 , April 25, 2003 at 719-457-0820. The passcode for both Artisan's live conference call and telephonic replay is 465280. 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 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. Note to Editors: 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 Sheets
(In thousands)
(Unaudited)
Mar. 31 Sept. 30
2003 2002
--------- ---------
ASSETS
Current assets:
Cash and cash equivalents $ 33,290 $ 29,159
Marketable securities 22,506 23,085
Accounts receivable, net 16,489 7,232
Prepaid expenses and other current assets 2,525 2,345
--------- ---------
Total current assets 74,810 61,821
Property and equipment, net 6,149 3,499
Goodwill, net 34,923 13,741
Purchased intangible assets, net 11,362 2,271
Other assets 1,738 1,116
--------- ---------
Total assets $128,982 $ 82,448
========= =========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 3,597 $ 861
Accrued liabilities 6,955 4,081
Deferred revenue, current portion 11,728 5,924
--------- ---------
Total current liabilities 22,280 10,866
Deferred revenue 850 812
Other liabilities 1,200 1,610
Deferred tax liability 4,196 --
--------- ---------
Total liabilities 28,526 13,288
--------- ---------
Stockholders' equity:
Common stock 18 17
Additional paid in capital 107,369 77,170
Stockholders' note receivable (240) --
Deferred stock-based compensation (637) --
Treasury stock (1,399) --
Accumulated deficit (4,655) (8,027)
--------- ---------
Total stockholders' equity 100,456 69,160
--------- ---------
Total liabilities and stockholders' equity $128,982 $ 82,448
========= =========
Artisan Components, Inc.
Condensed Consolidated Statements of Operations
(In thousands, except per share data)
(Unaudited)
Three Months Ended Six Months Ended
----------------------------------------
Mar. 31, Mar. 31, Mar. 31, Mar. 31,
2003 2002 2003 2002
--------- --------- --------- ---------
Revenue:
License $ 13,945 $ 5,492 $ 25,914 $ 11,091
Net royalty 2,177 2,512 4,192 4,481
--------- --------- --------- ---------
Total revenue 16,122 8,004 30,106 15,572
--------- --------- --------- ---------
Cost of revenue 3,581 1,541 7,487 3,121
Product development 4,756 3,215 7,691 6,118
Sales and marketing 3,226 2,027 6,330 4,071
General and administrative 1,838 594 3,233 1,202
Provision for unused
facility lease -- 1,197 -- 1,197
In-process research and
development 520 -- 520 --
Amortization of purchased
intangibles 907 492 1,399 984
--------- --------- --------- ---------
Total cost and expenses 14,828 9,066 26,660 16,693
--------- --------- --------- ---------
Operating income (loss) 1,294 (1,062) 3,446 (1,121)
Other income, net 175 146 378 402
--------- --------- --------- ---------
Income (loss) before provision
for income taxes 1,469 (916) 3,824 (719)
Provision for income taxes 263 38 453 117
--------- --------- --------- ---------
Net income (loss) $ 1,206 $ (954) $ 3,371 $ (836)
========= ========= ========= =========
Net income (loss) per share
- basic $ 0.07 $ (0.06) $ 0.19 $ (0.05)
========= ========= ========= =========
Net income (loss) per share
- diluted $ 0.06 $ (0.06) $ 0.17 $ (0.05)
========= ========= ========= =========
Shares used in per share
calculation - basic 17,831 16,703 17,792 16,613
========= ========= ========= =========
Shares used in per share
calculation - diluted 19,896 16,703 19,803 16,613
========= ========= ========= =========
|
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion