$13 tomorrow Summit Reports Record Results for Fourth Quarter
72% Increase in Revenue Over Q4 1996
BEAVERTON, Ore.--(BUSINESS WIRE)--Jan. 28, 1998--Summit Design, Inc. (NASDAQ: SMMT - news) today
reported financial results for the fourth quarter and year ended December 31, 1997.
Fourth quarter revenue was $9.7 million, an increase of 72 percent over revenue of $5.6 million in the comparable period of
1996. Net income was $3.4 million or $0.21 per share, an increase of 180 percent over the net income of $1.2 million or
$0.08 per share in the fourth quarter of 1996.
For the year ended December 31, 1997, revenue was $31.2 million, an increase of 55 percent over 1996 revenue of $20.1
million. The net loss for the year ended December 31, 1997, of $5.9 million included a $19.9 million write-off of In-process
technology related to the purchase of Simulation Technologies Corp., a $5.6 million gain on the sale of the TDS product line,
and $2.1 million income tax provision related to these transactions. Excluding these items, the Company would have recorded a
net income of $10.6 million ($0.70 per share)an increase of 746 percent compared to $1.3 million ($0.10 per share) for the
year ended December 31, 1996. All earnings per share amounts represent diluted earnings per share as defined within
Statement of Financial Accounting Standards No. 128.
Summit began shipping version 5.2 of Visual HDL our graphical design entry and verification tool, in November 1997. This
release allows the engineer to share a design between VHDL and Verilog and between workstation and PC hardware
platforms. In addition, Visual now generates HTML format allowing the engineer to share designs in or over a web
environment.
''Summit continues to deliver on its promises to its customers and investors,'' said Larry Gerhard, president and CEO of
Summit. ''Through product development and acquisitions, we have expanded our high level design automation solutions to
include complete HDL simulation code coverage, extensive HDL design verification and optimization, hardware/software
design co-verification and graphically documented HDL-based Intellectual Property creation, management and distribution. We
have also expanded our senior management leadership strength with the addition of Joe Masarich as Senior Vice President of
Worldwide Marketing and Sales. Joe brings more than 10 years of EDA marketing and sales experience to Summit as well as
broad general management strength.'' Masarich recently recruited Joe Szelong, an accomplished EDA sales executive as
Managing Director of the domestic field sales organization.
Summit Design, Inc. is a leading international supplier of engineering software products for the creation of electronic systems
and integrated circuits (ICs) using top-down design methodologies. The company develops, manufactures and markets
software for design specification entry, design analysis and verification. The world's top electronics companies use Summit
products to increase engineering productivity, reduce development time and improve the quality of their products. Summit has
178 employees worldwide and the headquarters is located at 9305 S.W. Gemini Drive, Beaverton, Oregon, 97008,
503/643-9281.
For online product information, visit our web site at: summit-design.com. |
