Analysis
Magma Reports Revenue of $123.1 million for Fiscal 2010
Magma Design Automation Inc. (Nasdaq: LAVA), a provider of chip design software, today reported revenue of $33.6 million for its fourth quarter and $123.1 million for its 2010 fiscal year, both ended May 2, 2010.
“MGAAP Results
In accordance with generally accepted accounting principles (GAAP), Magma reported a net loss of $(0.7) million, or $(0.01) per share (basic and diluted), for the fourth quarter, compared to a net loss of $(9.9) million, or $(0.21) per share (basic and diluted), for the year-ago fourth quarter. For fiscal 2010 Magma reported a GAAP net loss of $(3.3) million, or $(0.07) per share (basic and diluted), compared to a net loss of $(129.2) million, or $(2.89) per share (basic and diluted), for fiscal 2009.
Non-GAAP Results
Magma’s non-GAAP net income was $3.7 million for the quarter, or $0.07 per share (basic) and $0.06 per share (diluted), which compares to non-GAAP net income of $3.3 million, or $0.07 per share (basic and diluted), for the year-ago fourth quarter. For fiscal 2010 Magma’s non-GAAP net income was $9.1 million, or $0.18 per share (basic) and $0.17 per share (diluted), compared to the company’s non-GAAP net loss of $(6.5) million, or $(0.15) per share (basic and diluted), for the year-ago fiscal year.
Non-GAAP net income for the fourth quarter and full fiscal year of fiscal 2010 excludes the effects of amortization of developed technology, amortization of intangible assets, stock-based compensation, amortization of debt issuance costs and debt discount/premium accretion, acquisition-related expenses, gain on debt extinguishment, charges associated with equity and other investments and related legal expenses, restructuring charges and the related provision for income taxes. Non-GAAP net income for the fourth quarter and full fiscal year of fiscal 2009 excludes the effects of amortization of developed technology, amortization of intangible assets, stock-based compensation, amortization of debt issuance costs and debt discount accretion, acquisition-related expenses, charges associated with equity and other investments, asset impairment charges, restructuring charges and the related provision for income taxes. A reconciliation of our non-GAAP results to GAAP results is included in this press release.
In the fourth quarter Magma generated cash flow from operations of approximately $2.4 million.