Avant! Reports Record Revenue and Income for Q3 1996.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)--Oct. 17, 1996--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 revenue and earnings for the third quarter of fiscal year 1996, which ended September September: see month. 30. This is the first combined operating report since the completion of the merger between Avant A`vant´ n. 1. The front of an army. [Obs.] See Van. ! and 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. , Inc. on September 27, 1996. The company reported revenue of $17,279,000, a 49% increase over third quarter 1995 revenue of $11,619,000. Including merger costs associated with Anagram, the company reported net income of $3,361,000 ($0.17 per share on 20,152,000 shares). Excluding merger costs, fully taxed net income was a record $3,959,000 ($0.20 per share), a 25% increase over third quarter 1995 net income of $3,175,000 ($0.16 per share). "Avant!'s strong financial performance this quarter marks the 11th consecutive quarter of record growth," 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!. "This is a strong testimony from the marketplace that our corporate values of customers, technology and people are working. It's it's 1. Contraction of it is. 2. Contraction of it has. See Usage Note at its. it's it is or it has it's be ~have also a very strong vote of confidence that Avant! is delivering technology that can meet the challenges of very deep submicron IC design." Hsu added, "This quarter we continued our commitment to ICDA ICDA abbr. International Classification of Diseases, Adapted for Use in the United States technology by announcing and delivering new releases of six major products. We believe that by continuously advancing our technology, Avant! will provide value and enhance productivity of the IC design community. We will nurture NURTURE. The act of taking care of children and educating them: the right to the nurture of children generally belongs to the father till the child shall arrive at the age of fourteen years, and not longer. Till then, he is guardian by nurture. Co. Litt. 38 b. and reinforce start-up Start-up The earliest stage of a new business venture. spirits inside our growing environment, and improve our service to customers." During the third quarter, Avant! also expanded its business visions in the very deep submicron technology arena by completing its merger with Anagram, Inc., as well as announcing agreements to merge with Meta-Software, Inc. 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, Inc. Meta-Software is the market leader in deep submicron circuit simulation and analysis. FrontLine Design Automation is a privately held company privately held company A firm whose shares are held within a relatively small circle of owners and are not traded publicly. specializing in high-performance Adj. 1. high-performance - modified to give superior performance; "a high-performance car" superior - of high or superior quality or performance; "superior wisdom derived from experience"; "superior math students" hardware description language (language) Hardware Description Language - (HDL) A kind of language used for the conceptual design of integrated circuits. Examples are VHDL and Verilog. simulation technology. Avant!'s entry into the IC simulation and analysis arena will reinforce its position as the leader in ICDA. Avant! Corporation develops, markets, and supports ICDA software for deep submicron ICs, microprocessors This is a list of microprocessors. Intel
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 December: see month. 31, 1995, and including the risks discussed in the "Risk Factors" section included in the Company's Registration Statement on Form S-4 (no. 333-11659) as declared effective by the Securities and Exchange Commission on September 30, 1996. -0-
AVANT! CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
(in thousands except per share data)
(unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
1996 1995 1996 1995
Revenue:
Software $13,728 $9,801 $39,236 $24,703
Services 3,551 1,818 9,587 3,990
Total revenue 17,279 11,619 48,823 28,693
Costs and expenses:
Costs of software 244 106 687 338
Costs of services 1,086 876 3,521 2,066
Selling and marketing 4,371 3,496 12,634 9,485
Research and development 3,373 2,201 9,228 5,578
General and administrative 2,978 904 7,917 2,416
Merger expenses 920 -- 920 --
Total operating expenses 12,972 7,583 34,907 19,883
Income from operations 4,307 4,036 13,916 8,810
Interest income 865 822 2,550 1,623
Interest expense (2) (27) (9) (54)
Income before income
taxes 5,170 4,831 16,457 10,379
Provision for income
taxes 1,809 1,656 5,870 3,506
Net income $3,361 $3,175 $10,587 $6,873
Net income per common share $0.17 $0.16 $0.53 $0.39
Weighted average number of
common and common equivalent
shares outstanding 20,152 20,002 19,823 17,711
AVANT! CORPORATION
CONSOLIDATED BALANCE SHEETS
(in thousands)
September 30, December 31,
1996 1995
(unaudited)
Assets
Current assets:
Cash and cash equivalents $ 9,440 $ 23,808
Short-term investments 68,005 46,969
Accounts receivable, net 9,102 7,262
Deferred income taxes 2,790 1,646
Prepaid income taxes 1,488 --
Other 6,700 1,713
Total current assets 97,525 81,398
Equipment, furniture and
fixtures, net 6,351 5,217
Capitalized software, net 80 150
Other 13 7
Total assets $103,969 $86,772
Liabilities and Shareholders' Equity
Current liabilities:
Current portion of capital lease
obligations $78 $145
Accounts payable 852 832
Accrued compensation 2,730 2,319
Accrued income taxes -- 553
Other accrued liabilities 3,357 1,842
Deferred revenue 6,567 5,545
Total current liabilities 13,584 11,236
Capital lease obligations, less
current portion 3 40
Deferred rent 81 110
Deferred income taxes -- 381
Total liabilities 13,668 11,767
Commitments and contingencies
Shareholders' equity:
Common stock, $.0001 par value;
50,000 and 25,000 shares
authorized; 18,428 and 17,747
shares issued and outstanding
at September 30, 1996 and
December 31,1995, respectively 19 18
Additional paid-in capital 74,545 68,489
Deferred stock compensation (1,707) (517)
Net unrealized gain (loss) on
short-term investments (69) 89
Retained earnings 17,513 6,926
Net shareholders' equity 90,301 75,005
Total liabilities and shareholders'
equity $103,969 $ 86,772
-0- CONTACT: Avant! Corporation, Sunnyvale John Huyett, 408/738-8881 |
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