Cadence reports Q2 2010 results

SAN JOSE, USA: Cadence Design Systems Inc. has announced results for the second quarter of fiscal year 2010.

Cadence reported second quarter 2010 revenue of $227 million, compared to revenue of $210 million reported for the same period in 2009. On a GAAP basis, Cadence recognized net income of $49 million, or $0.19 per share on a diluted basis, including $67 million in acquisition-related income tax benefit, in the second quarter of 2010, compared to a net loss of $74 million, or $(0.29) per share on a diluted basis, in the same period in 2009.

Using Cadence’s non-GAAP measure, net income in the second quarter of 2010 was $18 million, or $0.07 per share on a diluted basis, including the reversal of $10 million in bad debt reserves, as compared to a net loss of $13 million, or $(0.05) per share on a diluted basis, in the same period in 2009.

“The Cadence team executed and delivered solid results in the second quarter,” said Lip-Bu Tan, president and CEO. “The combination of our strong technology portfolio with the closer collaboration of our sales and R&D teams is yielding results.”

“Business improved for us in all geographies, and the combination of stronger business performance and a lower expense base helped improve our top and bottom lines,” said Kevin S. Palatnik, senior vice president and CFO.