To: Jenna who wrote (7090 ) 4/4/1998 4:47:00 PM From: Dave Shares Read Replies (1) | Respond to of 120523
QKTN Jenna, here is the story. Bummer, I would have liked to play it, as I like those turnaround companies.biz.yahoo.com SAN JOSE, Calif.--(BUSINESS WIRE)--April 3, 1998--Quickturn Design Systems, Inc., (NASDAQ:QKTN - news) today announced that revenue for the first quarter ended March 31, 1998, will be approximately $23.5 million, compared to 1997 first quarter results of $21.4 million. The company expects to incur a loss for the quarter of between $0.09 and $0.11 per share, compared to a loss per share of $0.13 in the first quarter of 1997, which included approximately $0.05 of loss net of tax associated with the merger of Quickturn and SpeedSim, Inc. Keith R. Lobo, Quickturn President and CEO said, ''Revenue from the Asia-Pacific region came in significantly below our expectations for the first quarter. We have also seen weakness in certain segments of the U.S. market, particularly those that are heavily dependent on sales to the Asia-Pacific region. Europe has slightly exceeded our expectations, although not sufficiently to compensate for the shortfall elsewhere.'' Lobo added, ''Although we have seen certain customers slow down their purchasing decisions during the first quarter, we also continue to see increases in the density and complexity of new design projects that are candidates for Quickturn's verification products. We are closely assessing our customers' new design activity to better understand when the current slowdown is likely to reverse itself.'' ''Given this result, our current assessment for 1998 is for revenue to increase 15-20% over 1997 revenue of $110.4 million,'' continued Lobo. ''We have tightened expense controls in light of this quarter's performance. However, there are no plans for workforce reductions.'' ''During the first quarter, we met all of our internal development milestones on several key projects for advanced technologies and future products. We will continue to invest in those projects as we believe they are critical to addressing emerging industry needs. In addition, we have been increasing our direct presence in several key regions, most recently Israel, where we are opening our first office to serve this important market.''