Mentor reports record Q1 revenues. (PCB Design Tool Bookings Triple).WILSONVILLE, OR -- Mentor Graphics Mentor Graphics, Inc (NASDAQ: MENT) is a US-based multinational corporation dealing in electronic design automation (EDA) for electrical engineering and electronics, as of 2004, ranked third in the EDA industry it helped create. Corp. (mentor.com) reported record first-quarter revenues of $159 million, up 25% from a year ago. Bookings rose 33% and also reached a Q1 high. GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). net income was $3.6 million. Pro-forma net income was $7.4 million. "Our systems and deep submicron businesses were very strong in the quarter," said Wally Rhines, chairman 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. , in a press statement. "Based on the performance of the business, we believe Mentor continued to grow market share in the first quarter, on top of strong growth last year." Mentor's market share reached 20%, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Q4 2002 Electronic Design Automation Consortium reports. Strength in the quarter was broad. High-speed PCB PCB: see polychlorinated biphenyl. PCB in full polychlorinated biphenyl Any of a class of highly stable organic compounds prepared by the reaction of chlorine with biphenyl, a two-ring compound. design tool bookings more than tripled from Q1 2002. Systems design bookings nearly tripled, too. Cabling and wire harness bookings' rose 20%. Gregory Hinckley, president, said, "While we are obviously pleased with the outcome of this quarter, we remain cautious given the state of the global electronics market." Mentor gained 116 new customers in the quarter, not including telesales products in embedded systems and systems design. Bookings in Japan and Europe grew 65% and 45%, respectively, year-on-year. North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. bookings grew 15% and the Pacific Rim rose 5%. Mentor said its transition from distributors to direct sales in China, which it began last year, began to pay off, with "significant" IC and systems orders from top Chinese companies and more expected. Half of Mentor's sales were in North America. Europe made up 25%, followed by Japan (15%) and the Pacific Rim (10%).
Mentor's Revenue, by Product
Q1 2003 Q1 2002
System and software $91,812 $67,901
Service and support $67,528 $60,103
Total $159,340 $128,004
In $ millions. Source: Mentor Graphics
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