Cadence reveal second quarter 2013 financial results

Using the non-GAAP measure defined below, net income in the second quarter of 2013 was $61 million, or $0.21 per share on a diluted basis, as compared to net income of $53 million, or $0.19 per share on a diluted basis, in the same period in 2012.

“Cadence announced two new products, the Tempus Timing Signoff Solution, a significant advancement in static timing analysis and closure, and Virtuoso for Electrically Aware Design, a groundbreaking new approach to improve automation for custom/analog design, both of which demonstrate the strength of our innovation engine,” said Lip-Bu Tan, president and chief executive officer. He continued, “With the acquisitions of Tensilica, Cosmic Circuits and the IP business of Evatronix, we now have the critical mass needed to fulfill a broad spectrum of our customers' IP requirements.

“Integration of our recent acquisitions is going smoothly as we continue to execute and generate solid financial performance,” added Geoff Ribar, senior vice president and chief financial officer.

The following statements are based on current expectations. These statements are forward-looking, and actual results may differ materially.

Business Outlook

For the third quarter of 2013, the company expects total revenue in the range of $360 million to $370 million. Third quarter GAAP net income per diluted share is expected to be in the range of $0.08 to $0.10. Net income per diluted share using the non-GAAP measure defined below is expected to be in the range of $0.19 to $0.21.

For 2013, the company expects total revenue in the range of $1.445 billion to $1.465 billion. On a GAAP basis, net income per diluted share for 2013 is expected to be in the range of $0.45 to $0.54. Using the non-GAAP measure defined below, net income per diluted share for 2013 is expected to be in the range of $0.80 to $0.89.

A schedule showing a reconciliation of the business outlook from GAAP net income and diluted net income per share to non-GAAP net income and diluted net income per share is included with this release.

Audio Webcast Scheduled

Lip-Bu Tan, president and chief executive officer, and Geoff Ribar, senior vice president and chief financial officer, will host a second quarter 2013 financial results audio webcast today, July 24, 2013, at 2 p.m. (Pacific) / 5 p.m. (Eastern). Attendees are asked to register at the website at least 10 minutes prior to the scheduled webcast. An archive of the webcast will be available starting July 24, 2013 at 5 p.m. (Pacific) and ending August 7, 2013 at 5 p.m. (Pacific).