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Synopsys reports financial results for Q1 2014

synopsys

MOUNTAIN VIEW, USA: Synopsys Inc. has reported results for its first quarter of fiscal year 2014.For the first quarter of fiscal year 2014; Synopsys reported revenue of $479 million, paralleled to $475.1 million for the first quarter of fiscal 2013, an increase of just about 1 percent.

“Synopsys began the year with a strong first quarter, featuring continued customer successes and excellent progress preparing for a number of upcoming product announcements,” alleged Aart de Geus, chairman and co-CEO of Synopsys. Rhetoricising that – “While customers are cautious in their spending, technology demands continue unabated, making great EDA and IP solutions essential for their success.”

GAAP results

On a generally accepted accounting principles (GAAP) basis, net income for the first quarter of fiscal 2014 was $67.7 million, or $0.43 per share, compared to $69.9 million, or $0.45 per share, for the first quarter of fiscal 2013.

Non-GAAP results

On a non-GAAP basis, net income for the first quarter of fiscal 2014 was $93.1 million, or $0.59 per share, compared to non-GAAP net income of $103.0 million, or $0.67 per share, for the first quarter of fiscal 2013.

Fiscal first quarter 2013 GAAP and non-GAAP results included the impact of the reinstatement of the federal R&D tax credit for 2012 and 2013.

Financial targets

Synopsys also delivered its financial targets for the second quarter and full fiscal year 2014. These targets from their barrio; do not take account of any impact as regards future acquisition-related activities or costs that may be incurred in fiscal year 2014. These targets constitute forward-looking statements and are based on current expectations.

Q2 of fiscal year 2014 targets-

Revenue: $505 million – $515 million

GAAP expenses: $422 million – $444 million

Non-GAAP expenses: $377 million – $387 million

Other income and expense: $0 – $1 million

Tax rate applied in non-GAAP net income calculations: approximately 24 percent

Fully diluted outstanding shares: 155 million – 159 million

GAAP earnings per share: $0.33- $0.41

Non-GAAP earnings per share: $0.60 – $0.62

Full fiscal year 2014 targets:

Revenue: $2.03 billion – $2.065 billion

Other income and expense: $8 million – $11 million

Tax rate applied in non-GAAP net income calculations: approximately 24 percent

Fully diluted outstanding shares: 155 million – 159 million

GAAP earnings per share: $1.72 – $1.83

Non-GAAP earnings per share: $2.55 – $2.60

Cash flow from operations: $425 million – $450 million.

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Jawed Akhtar

A Journalist by interest and a Music Enthusiast by passion. Wedded to Mother Nature, Jawed indulges his aesthetics in travelling and reading books of varied genres. Having covered News stories for top Dailies in his formative years, that is, he is game for tryst with Technology at Techmagnifier.

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