Cadence Reports Fourth Quarter and Fiscal Year 2013 Financial Results

 

Cadence Design Systems, Inc.

Condensed Consolidated Income Statements

For the Three Months and Years Ended December 28, 2013 and December 29, 2012

(In thousands, except per share amounts)

(Unaudited)

































Three Months Ended


Years Ended







December 28,
2013


December 29,
2012


December 28,
2013


December 29,
2012














Revenue:











Product and maintenance


$    350,079


$    318,513


$    1,357,934


$    1,212,429


Services



26,643


27,072


102,182


113,995
















Total revenue



376,722


345,585


1,460,116


1,326,424














Costs and expenses:











Cost of product and maintenance

41,757


24,437


132,245


118,516


Cost of services



17,274


19,353


67,956


72,607


Marketing and sales


94,384


95,604


378,157


342,278


Research and development


135,465


118,382


534,022


454,085


General and administrative


29,481


27,712


121,314


112,076


Amortization of acquired intangibles

5,157


3,772


19,416


15,077


Restructuring and other charges 

15,405


64


17,999


113
















Total costs and expenses


338,923


289,324


1,271,109


1,114,752

















Income from operations

37,799


56,261


189,007


211,672















Interest expense



(9,208)


(8,902)


(37,581)


(34,742)


Other income, net


842


5,369


7,570


11,341

















Income before benefit for income taxes 

29,433


52,728


158,996


188,271















Benefit for income taxes


(8,272)


(261,146)


(5,247)


(251,677)

















Net income 


$    37,705


$    313,874


$     164,243


$      439,948



























Net income per share - basic


$        0.13


$          1.15


$           0.59


$            1.63














Net income per share - diluted


$        0.13


$          1.10


$           0.56


$            1.57














Weighted average common shares outstanding - basic

280,083


272,884


277,796


270,479














Weighted average common shares outstanding - diluted

294,663


286,289


294,564


280,667


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