Asensio & Company: Avant! Reports Dismal Third Quarter Results
PR Newswire, Wednesday, October 15, 1997 at 09:59
NEW YORK, Oct. 15 /PRNewswire/ -- Asensio & Company issued the following
today:
Yesterday, Avant! (NASDAQ:AVNT) announced what it called "extremely
gratifying" third quarter results. The results barely exceeded analysts'
unrevised low expectations before a $41.2 million write-off. Avant!'s third
quarter earnings fell well short of the growth being experienced by its
competitors and the electronics design industry overall. None of Avant!'s
securities analysts have updated their projections to include the unexpected
robust growth being registered in Avant!'s market. Avant! failed to
significantly exceed even these analysts' very low earnings estimates.
Separately, Cadence Design Systems, Inc. (NYSE:CDN) reported in a third
quarter earnings conference call that its competing product line grew 116% in
the third quarter. Cadence also confirmed that the momentum away from
Avant!'s products had recently, meaningfully accelerated. Avant! and its
leaders have been criminally charged with stealing their most important
product from Cadence (U.S. District Court, Santa Clara, Calif., Case
No. C9734423). Avant!'s place and route product exposes its users to
unnecessary risks.
Asensio & Company, Inc. has released an updated comprehensive research
report on Avant! Corporation, which includes an analysis of Avant!'s third
quarter financial statements. The report also includes an analysis of the
September 23, 1997 U.S. Court of Appeals for the Ninth Circuit decision, the
Compass Design Automation, Inc. acquisition, and the pending acquisition of
Technology Modeling Associates Inc. A detailed summary of the report and its
conclusions is available on Asensio & Company's Internet home page located at
www.asensio.com
SOURCE Asensio & Company, Inc.
-0- 10/15/97
/CONTACT: Manuel P. Asensio of Asensio & Company, 212-702-8800/ |
