Cadence announces its 2nd quarter results

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Dallas, Texas 07/29/2013 (Financialstrend) – Cadence Design Systems Inc (NASDAQ:CDNS) shares are currently trading at $14.41, down by 0.48%.

The company, Cadence Design Systems, announced the results of 2nd quarter for the fiscal year, 2013. The company reported the revenue of $362 million while in the previous year; the revenue was $326 million which was reported for the same period in 2012. On the basis of GAAP, the company recognized net income of $9 million or on a diluted basis, $0.03 per share, in the 2nd quarter of 2013 while in the same period in 2012, the net income was $36 million or on a diluted basis, $0.13 per share.

On the basis of non-GAAP measure, net income in the 2nd quarter of 2013 was $61 million or on a diluted basis, $0.21 per share while in the same period in 2012, the net income was $53 million or on a diluted basis, $0.19 per share.

The president and the chief executive officer of Cadence Design Systems, Lip-Bu Tan said that the company introduced two new products. One is Virtuoso for Electrically Aware Design which is a new approach to improve automation for analog/custom design and the other is the Tempus Timing Signoff Solution, which is a great advancement in static timing closure and analysis. These two products show the strength of the innovation engine of the company.

The president further added that with the acquirement of new companies Cosmic Circuits, IP business of Evatronix and Tensilica, the company has to now fulfil a broad spectrum of IP requirements of its customers.

The chief financial officer and senior vice president, Geoff Ribar said that the integration of new acquisitions is going on smoothly as the company generates and executes good financial performance.