Synopsys reports financial results for Q1 2014
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.
