Dallas, Texas 05/08/2014 (FINANCIALSTRENDS) – Cadence Design Systems Inc (NASDAQ:CDNS) reported its 1Q 2014 operation results on 21st April. The highlights of the earnings call was the solid jump in revenue the company was able to post in the reporting quarter at $379 million in comparison to the $354 million it had recorded in 1Q13. GAAP based net income came in at $33 million for the quarter, and translated into 11 cents per share earnings for the reporting quarter. In comparison it had reported 27 cents per share EPS and net income of $79 million calculated on a GAAP basis during the same period last year. The firm disclosed that the steep compares for last year were caused due to a $34 million tax rebate the company enjoyed in 1Q of last year, due to uncertainty in a tax code related to their business.
In his comments post the earnings call, Cadence Design Systems Inc (NASDAQ:CDNS) President, Chief Executive Officer, Director Lip-Bu Tan went on to highlight the steps the company has taken to expand its product portfolio and has been quoted to have said that, “In Q1, Cadence continued to strengthen its product portfolio through internally developed products and key acquisitions.We advanced our functional verification platform by releasing our new Incisive® vManagerTM solution and acquiring Forte Design Systems. And today, we announced that we entered into a definitive agreement to acquire Jasper Design Automation, Inc., which will meaningfully add to our verification capabilities”.
Holding out a strong hope for steady build up in its business momentum, Cadence Design Systems Inc (NASDAQ:CDNS) management team has estimated that its revenue for the quarter is expected to come in the range of $370 to $380 million and its EPS is slated to come in the range of 10 to 12 cents. For the full year, revenue is expected to come in the range of $1.55 to $1.59 billion.