Avant! Announces Stock Buy Back
FREMONT, Calif., July 20 /PRNewswire/ -- Avant! Corporation (Nasdaq: AVNT - news) today announced that its board of directors approved a stock buy back program. Under the terms of the program, Avant! will purchase up to two million shares of outstanding Avant! stock.
''We believe our shares are undervalued at the present time and purchasing Avant! stock is an excellent investment for the company,'' said Gerald C. Hsu, Avant!'s chairman, president and CEO. ''This program demonstrates our commitment to enhancing long-term shareholder value.''
Last week Avant! 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.
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: 510-413-8000. Fax: 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.
SOURCE: Avant! Corporation
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