Avant! Reports Record Results for FY1996; 54-Percent Increase in Revenue; 63-Percent Increase in Pro Forma Net Income.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. 23, 1997--Avant! Corporation (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :AVNT) today reported record operating results for its fourth quarter and fiscal year ended December December: see month. 31, 1996. For the year, the company reported revenue of $106,087,000, a 54-percent increase over 1995 revenue of $68,868,000. Excluding merger and technology acquisition costs in both 1995 and 1996, net income increased 63-percent from $13,559,000 (56 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. ) to $22,039,000 (82 cents per share). Including merger and technology acquisition costs which totaled $11,000,000 in 1996 and $6,283,000 in 1995, net income was $12,484,000 (47 cents per share on 26,761,000 shares) in 1996, and 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 was $8,350,000 (35 cents per share on 24,159,000 shares) in 1995. For the fourth quarter ended December 31, 1996, revenue was a record $28,794,000, a 36-percent increase over fourth quarter 1995 revenue of $21,218,000. Excluding merger and technology acquisition costs, net income was a record $5,944,000 (22 cents per share on 27,323,000 shares). Including merger and technology acquisition costs, the company reported a fourth quarter net loss of $2,780,000 (11 cents per share on 24,775,000 shares). "In 1996, Avant A`vant´ n. 1. The front of an army. [Obs.] See Van. ! focused on technology development and business strategies which have helped make the new Avant! the fastest growing 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. company in history. These steps have also made us the leader in the rapidly expanding deep-submicron IC design tool marketplace," said Gerald Gerald - ["Gerald: An Exceptional Lazy Functional Programming Language", A.C. Reeves et al, in Functional Programming, Glasgow 1989, K. Davis et al eds, Springer 1990]. C. Hsu, chairman, 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 Avant!. "Our growing revenue and the number of major customers that have adopted or expanded their suites of Avant! design tools over the last 12 months speaks volumes about the market's acceptance of our corporate values_customers, technology and people. "Avant! now provides a nearly complete front-to-back design software suite to its targeted market segment_the design teams at IC houses and major manufacturers who are developing complex, next-generation 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. using process technologies that push the design `envelope' and `break' existing IC design tools." Avant!'s fourth quarter mergers with Meta Software and FrontLine front·line also front line n. 1. A front or boundary, especially one between military, political, or ideological positions. 2. Basketball See frontcourt. 3. Football The linemen of a team. Design Automation coupled with its third-quarter merger with Anagram anagram [Gr.,=something read backward], rearrangement of the letters of a word or words to make another word or other words. A famous Latin anagram was an answer made out of a question asked by Pilate. continued expansion of its product offering and market share gain in the deep-submicron IC design automation market. At 20-percent, Avant!'s research and development commitment as a percentage of revenue remains among the largest in the industry and its PhD-rich R&D engineering teams continue new product development and feature enhancement at a rapid pace. About Avant! Avant! (pronounced ah VANH tee) Corporation develops, markets, and supports 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 automation (ICDA ICDA abbr. International Classification of Diseases, Adapted for Use in the United States ) software for deep-submicron ICs, microprocessors This is a list of microprocessors. Intel
Company headquarters are located 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. . Telephone 408/738-8881; fax 408 738-8508. Worldwide Web: http://www.avanticorp.com . Except for any historical information presented herein, matters presented in this press release are 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. that involve risks and uncertainties. The Company's future results could differ materially from the results presented herein. Factors that could cause or contribute to such differences include, but are not limited to, those discussed from time to time in the Company's public reports filed with the Securities and Exchange Commission, including those discussed in the Company's 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. for the year ended December 31, 1995, and including the risks discussed in the "Risk Factors" section included in the Company's Registration Statement on Form S-4 as declared de·clare v. de·clared, de·clar·ing, de·clares v.tr. 1. To make known formally or officially. See Synonyms at announce. 2. To state emphatically or authoritatively; affirm. 3. effective by the Securities and Exchange Commission on September September: see month. 30, 1996. -0-
AVANT! CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
(in thousands except per share data)
(unaudited)
Three Months Ended Year Ended
Dec. 31, Dec. 31,
1996 1995 1996 1995
Revenue:
Software $22,104 $17,093 $82,134 $55,164
Services 6,690 4,125 23,953 13,704
------ ------ ------- ------
Total revenue 28,794 21,218 106,087 68,868
Costs and expenses:
Costs of software 710 452 2,512 1,529
Costs of services 1,886 1,435 7,269 4,845
Selling and marketing 7,610 6,971 29,928 22,741
Research and
development 5,563 4,642 20,696 15,318
General and
administrative 4,841 1,920 15,450 6,362
Acquisition of
technology 1,400 2,693 1,700 2,693
Merger expenses 8,380 3,590 9,300 3,590
------ ------ ------ ------
Total operating
expenses 30,390 21,703 86,855 57,078
Income (loss) from
operations (1,596) (485) 19,232 11,790
Interest income, net 1,104 1,002 4,204 2,787
Income (loss) before
income taxes (492) 517 23,436 14,577
Provision for income
taxes 2288 1,418 10,952 4,053
Net income (loss) $(2,780) $ (901) $12,484 $10,524
Net income (loss)
per common share $ (0.10) -- $ 0.47 --
Pro forma net income and per share data:
Income before taxes
as reported -- $ 517 -- $14,577
Pro forma provision for
income taxes -- 1,396 -- 6,227
Pro forma net income
(loss) -- $ (879) -- $8,350
Pro forma net income per
common share -- $ (0.03) -- $0.35
Weighted average number of
common and common equivalent
shares outstanding 24,775 26,593 26,761 24,159
AVANT! CORPORATION
CONSOLIDATED BALANCE SHEETS
(in thousands)
Dec. 31, Dec. 31,
1996 1995
Assets
Current assets:
Cash and cash equivalents $ 33,067 $ 50,010
Short-term investments 84,256 46,969
Accounts receivable, net 13,321 12,839
Deferred income taxes 6,450 3,167
Prepaid income taxes 1,254 328
Other 7,892 1,724
-------- --------
Total current assets 146,240 115,037
Equipment, furniture and fixtures, net 8,929 7,003
Capitalized software, net 62 150
Other 872 97
Deferred income taxes -- 886
-------- --------
Total assets $156,103 $123,173
Liabilities and Shareholders' Equity
Current liabilities:
Current portion of capital lease
obligations $ 52 $ 145
Accounts payable 1,716 1,000
Accrued compensation 4,082 2,418
Accrued income taxes -- 553
Other accrued liabilities 9,947 5,655
Current portion of technology
acquisition payable 642 876
Deferred revenue 13,824 9,585
Shareholder distribution payable -- 1,800
-------- --------
Total current liabilities 30,263 22,032
Capital lease obligations, less
current portion -- 40
Deferred rent 71 110
Other noncurrent liabilities 431 56
Long-term portion of technology
acquisition payable 903 1,424
-------- --------
Total liabilities 31,280 23,762
Commitments and contingencies
Shareholders' equity:
Common stock, $.0001 par value; 50,000
and 25,000 shares authorized; 24,952 and
23,845 shares issued and outstanding
at December 31,1996 and 1995,
respectively 3 2
Additional paid-in capital 110,583 95,189
Deferred stock compensation (2,820) (517)
Net unrealized gain (loss) on
short-term investments (75) 89
Retained earnings 17,132 4,648
-------- --------
Net shareholders' equity 124,823 99,411
Total liabilities and
shareholders' equity $156,103 $123,173
-0- CONTACT: Avant! Corporation Don Davis-Director, 408/523-8911 (Communications) John Huyett, 408/738-8881 (Chief Financial Officer) |
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