Synopsys posts financial results for Q2 fiscal 2010

MOUNTAIN VIEW, USA: Synopsys Inc. has reported results for its second quarter of fiscal year 2010.

For the second quarter of fiscal 2010, Synopsys reported revenue of $338.1 million compared to $336.8 million for the second quarter of fiscal 2009.

"Synopsys again delivered solid results this quarter, " said Aart de Geus, chairman and CEO of Synopsys. "While the customer backdrop remains cautious, we continue to execute well on our strategy to address customer needs ranging from mainstream to the most advanced silicon design flows, all the way to the rapidly growing IP and systems space. This quarter we made particular progress in the latter, where we believe we have an especially promising outlook."

GAAP results
On a generally accepted accounting principles (GAAP) basis, net income for the second quarter of fiscal 2010 was $39.5 million, or $0.26 per share, compared to $48.3 million, or $0.33 per share, for the second quarter of fiscal 2009.

Non-GAAP results
On a non-GAAP basis, net income for the second quarter of fiscal 2010 was $61.9 million, or $0.41 per share, compared to non-GAAP net income of $65.9 million, or $0.45 per share, for the second quarter of fiscal 2009.

Third Quarter of Fiscal Year 2010 Targets:
Revenue: $330 million - $338 million
GAAP expenses: $275 million - $292 million
Non-GAAP expenses: $251 million - $261 million
Other income and expense: $0 - $3 million
Tax rate applied in non-GAAP net income calculations: approximately 27 percent
Fully diluted outstanding shares: 149 million - 154 million
GAAP earnings per share: $0.21 - $0.27
Non-GAAP earnings per share: $0.36 - $0.38
Revenue from backlog: greater than 90 percent

Full-Year Fiscal Year 2010 Targets:
Revenue: $1.340 billion - $1.355 billion
Other income and expense: $4 million - $8 million
Tax rate applied in non-GAAP net income calculations: approximately 27 percent
Fully diluted outstanding shares: 149 million - 154 million
GAAP earnings per share: $1.56 - $1.75
Non-GAAP earnings per share: $1.52 - $1.62
Cash flow from operations: $205 million - $225 million