Synopsys posts financial results for Q4 and fiscal 2011

MOUNTAIN VIEW, USA: Synopsys Inc. has reported results for its fourth quarter and fiscal year 2011.

For the fourth quarter of fiscal 2011, Synopsys reported revenue of $390.5 million, compared to $375.5 million for the fourth quarter of fiscal 2010. Revenue for fiscal year 2011 was $1.536 billion, an increase of 11.2 percent from $1.38 billion in fiscal 2010.

"Synopsys had an outstanding fiscal 2011, with double-digit revenue and non-GAAP earnings per share growth," said Aart de Geus, chairman and CEO of Synopsys. "Our customers continue to drive design aggressively, even in the context of economic uncertainty. Our combination of advanced technology and support expertise is helping to solve the most pressing technical challenges. Synopsys' financial strength and predictable business model support an objective of double-digit non-GAAP earnings per share growth in fiscal 2012."

GAAP results
On a generally accepted accounting principles (GAAP) basis, net income for the fourth quarter of fiscal 2011 was $39.9 million, or $0.27 per share, compared to $25.4 million, or $0.17 per share, for the fourth quarter of fiscal 2010. GAAP net income for fiscal year 2011 was $221.4 million, or $1.47 per share, compared to $237.1 million, or $1.56 per share, for fiscal 2010.

Non-GAAP results
On a non-GAAP basis, net income for the fourth quarter of fiscal 2011 was $65.3 million, or $0.45 per share, compared to non-GAAP net income of $59.9 million, or $0.39 per share, for the fourth quarter of fiscal 2010. Non-GAAP net income for fiscal 2011 was $270.3 million, or $1.80 per share, compared to non-GAAP net income of $242.4 million, or $1.60 per share, for fiscal 2010.

Q1 of fiscal year 2012 targets
Revenue: $412 million - $420 million
GAAP expenses: $340 million - $357 million
Non-GAAP expenses: $310 million - $320 million
Other income and expense: $0 - $2 million
Tax rate applied in non-GAAP net income calculations: 24 – 25 percent
Fully diluted outstanding shares: 145 million - 149 million
GAAP earnings per share: $0.33 - $0.38
Non-GAAP earnings per share: $0.51 - $0.53
Revenue from backlog: greater than 90 percent.
Note: The first quarter of fiscal 2012 includes an extra week.

Full fiscal year 2012 targets
Revenue: $1.640 billion - $1.665 billion
Other income and expense: $0 million - $4 million
Tax rate applied in non-GAAP net income calculations: 25 – 26 percent
Fully diluted outstanding shares: 145 million - 149 million
GAAP earnings per share: $1.28 - $1.44
Non-GAAP earnings per share: $1.93 - $1.99
Cash flow from operations: approximately $300 million
Revenue from backlog: greater than 80 percent.