Magma Revenue Tops $139M for Fiscal 2011

Magma Design Automation Inc. has reported revenue of $38 million for its fourth quarter and $139.3 million for its 2011 fiscal year, both ended May 1, 2011.

“The fourth quarter continued a string of solid financial performance and capped off a great fiscal 2011, as for the ninth consecutive quarter we met or exceeded all guidance targets and generated cash," said Rajeev Madhavan, Magma Chairman and Chief Executive Officer. "Bookings were up strongly and exceeded the high end of our guidance range as the semiconductor industry's push to 28nm and smaller designs created opportunity for Magma's entire product line. Our core digital platform Talus gained traction, benefitting from the recently announced Talus Vortex 1.2 and Talus Vortex FX. In analog implementation, Titan added five new logos and now has a total of 25 customers, primarily added during fiscal 2011. The FineSim circuit simulation products had another year of great growth as they continued to replace legacy simulators. And our partnership with Applied Materials generated a lot of excitement for our yield management products and created new opportunities for growth by that product group."

In accordance with generally accepted accounting principles (GAAP), Magma reported net income of $1.7 million, or $0.03 per share (basic) and $0.02 per share (diluted), for the fourth quarter, compared to a net loss of $(0.7) million, or $(0.01) per share (basic and diluted), for the year-ago fourth quarter. For fiscal 2011 Magma reported a GAAP net loss of $(3.3) million, or $(0.05) per share (basic and diluted), compared to a net loss of $(3.3) million, or $(0.07) per share (basic and diluted), for fiscal 2010.

For Magma’s fiscal 2012 first quarter, ending July 31, 2011, the company expects total revenue in the range of $36 million to $36.5 million. GAAP net loss per share is expected to be in the range of $(0.04) to $(0.03) and non-GAAP earnings per share (EPS) are expected to be in the range of $0.07 to $0.08. For Magma’s fiscal 2012, ending April 29, 2012, the company expects total revenue in the range of $158 million to $160 million. GAAP net income per share is expected to be in the range of $0.04 to $0.06 and non-GAAP earnings per share (EPS) are expected to be in the range of $0.38 to $0.40.

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