WooHooo!
AVANT! REPORTS RECORD RESULTS FOR SECOND QUARTER OF 1998
36 Percent Increase in Revenue
40 Percent Increase in Dilutive EPS
FREMONT, Calif., July 16 /PRNewswire/ -- Avant! Corporation (Nasdaq:
AVNT) today reported record operating results for its second quarter
ended June 30, 1998. For the quarter, revenue was a record
$54,014,000, a 36% increase over Q2 1997 revenue of $39,767,000. Net
income was a record $12,086,000, or a 48% increase over net income of
$8,149,000 in the second quarter of 1997. Dilutive earnings per share
was also a record $.35, or a 40% increase over the same period last
year.
Gerald C. Hsu, chairman, president and CEO of Avant!, stated, "Avant!
continues to grow by adhering to the priorities that have made our
business successful: customers, technology and people."
"Avant!'s growth validates our strategy of expanding into a complete
front-to-back EDA company. We are now the only major company in the
industry offering tools that take integrated circuit designers from
initial idea to silicon delivery. Our technological innovations and
strategic acquisitions have transformed Avant! into the most
diversified company in the EDA industry," added Hsu.
About Avant!
Avant! (pronounced ah VAHN tee) Corporation develops, markets, and
supports integrated circuit design automation (ICDA) software for the
simulation, layout, verification, and analysis of deep submicron ICs
including microprocessors, microcontrollers, application-specific
standard products (ASSPs) and complex application-specific integrated
circuits (ASICs) with sales offices worldwide. The company is
headquartered in Fremont, California, with sales offices located
worldwide. Telephone: +1 510 413-8000. Fax: +1 510-413-8080.
Worldwide Web: avanticorp.com .
NOTE: The statements contained herein that are not purely historical
are forward-looking statements within the meaning of Section 21E of the
Securities and Exchange Act of 1934, including statements regarding the
Company's expectations, beliefs, hopes, intentions or strategies
regarding the future. Forward-looking statements include statements
regarding future sales, market growth and competition. All
forward-looking statements included in this document are based upon
information available to the Company as of the date hereof, and the
Company assumes no obligation to update any such forward-looking
statement. Actual results could differ materially from the Company's
current expectations. Factors that could cause or contribute to such
differences are set out in the company's 10-K for the period ending in
December 31, 1997 and the company's 10-Q for the quarter ending March
31, 1998. Both forms are filed with the Securities and Exchange
Commission.
AVANT! CORPORATION
CONDENSED PRO FORMA CONSOLIDATED STATEMENTS OF INCOME
EXCLUDING MERGER EXPENSES
(in thousands, except share data)
(unaudited)
Six Months Ended
June 30,
1998 1997
Revenue:
Software $73,871 $56,032
Services 32,159 19,982
Total revenue 106,030 76,014
Costs and expenses:
Costs of software 2,389 1,579
Costs of services 6,614 6,758
Selling and marketing 27,157 22,532
Research and development 26,656 15,770
General and administrative 10,615 8,233
Total operating expenses 73,431 54,872
Income from operations 32,599 21,142
Interest income and other, net 2,926 3,169
Income before income taxes 35,525 24,311
Provision for income taxes 12,078 8,830
Net income $23,447 $15,481
Earnings per share - Basic:
Earnings per share $0.72 $0.51
Total weighted average number
of common shares outstanding 32,461 30,327
Earnings per share - Diluted:
Earnings per share $0.69 $0.47
Total weighted average number of
common and common equivalent shares
outstanding 34,011 32,593
AVANT! CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except share data)
(unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
1998 1997 1998 1997
Revenue:
Software $37,025 $28,712 $73,871 $56,032
Services 16,989 11,055 32,159 19,982
Total revenue 54,014 39,767 106,030 76,014
Costs and expenses:
Costs of software 1,212 847 2,389 1,579
Costs of services 3,152 3,239 6,614 6,758
Selling and marketing 13,388 12,581 27,157 22,532
Research and development 13,306 8,172 26,656 15,770
General and administrative 5,449 3,936 10,615 8,233
Merger expenses -- -- 10,747 --
Total operating expenses 36,507 28,775 84,178 54,872
Income from operations 17,507 10,992 21,852 21,142
Interest income and other, net 804 1,794 2,926 3,169
Income before income taxes 18,311 12,786 24,778 24,311
Provision for income taxes 6,225 4,637 12,078 8,830
Net income $12,086 $8,149 $12,700 $15,481
Earnings per share - Basic:
Earnings per share $0.37 $0.27 $0.39 $0.51
Total weighted average number
of common shares outstanding 32,558 30,622 32,461 30,327
Earnings per share - Diluted:
Earnings per share $0.35 $0.25 $0.37 $0.47
Total weighted average number
of common and common
equivalent shares
outstanding 34,587 32,274 34,011 32,593
AVANT! CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except share data)
(unaudited)
June 30, December 31,
1998 1997
Assets
Current assets:
Cash and cash equivalents $106,906 $77,523
Short-term investments 34,430 57,394
Accounts receivable, net 25,955 24,777
Due from affiliates 4,202 6,171
Deferred income taxes 8,954 7,658
Prepaid expenses and other current assets 13,523 11,644
Total current assets 193,970 185,167
Equipment, furniture and fixtures, net 32,218 33,649
Deferred income taxes 11,232 16,208
Intangibles 16,403 15,461
Other assets 13,570 3,851
Total assets $267,393 $254,336
Liabilities and Shareholders' Equity
Current liabilities:
Accounts payable $5,394 $ 7,312
Accrued compensation 6,412 8,689
Other accrued liabilities 9,707 14,226
Accrued income taxes 10,359 6,717
Deferred revenue 18,577 17,945
Total current liabilities 50,449 54,889
Other noncurrent liabilities 1,241 1,271
Total liabilities 51,690 56,160
Commitments and contingencies
Shareholders' equity:
Common stock, $.0001 par value;
75,000 authorized; 32,690 and
32,282 shares issued and outstanding
at June 30, 1998 and
December 31, 1997, respectively 3 3
Additional paid-in capital 178,217 174,180
Deferred compensation (2,094) (2,698)
Other accumulated
comprehensive income (loss) 136 (50)
Retained earnings 39,441 26,741
Total shareholders' equity 215,703 198,176
Total liabilities and
shareholders' equity $267,393 $254,336
SOURCE Avant! Corporation
-0- 07/16/98 /CONTACT: Clayton Parker,
Corporate Communications, 510-413-8011, or claytonp@avanticorp.com, or
Linda Chinn, Finance and Administration, 510-413-8880, or
Linda_Chinn@avanticorp.com, both of Avant! Corporation/
/Company News On-Call: prnewswire.com or fax, 800-758-5804,
ext. 117514/
/Web site: avanticorp.com (AVNT)
CO: Avant! Corporation ST: California IN: CPR SU: ERN
|
