eastunder
16 years ago
Technical Trade Alerts on Newsworthy Market Movers: CDNS, COMS, EXTR, MOVE, IMAX, VLNC for Dec. 17 Wednesday December 17 2008
http://www.beaconequity.com/main/Trader-Notes
Today’s Trade Alerts include: Cadence Design Systems Inc. (Nasdaq: CDNS), 3Com Corp. (Nasdaq: COMS), Extreme Networks Inc. (Nasdaq: EXTR), Move Inc. (Nasdaq: MOVE), Imax Corp. (Nasdaq: IMAX) and Valence Technology Inc. (Nasdaq: VLNC).
Cadence Design Systems Inc. (CDNS) Trade Alert – CDNS Reports Lower Q3 Sales, Net Loss, Completes Accounting Review
Cadence Design Systems Inc. (CDNS) shares soared 10.29% to $3.43 Wednesday mid-day. Cadence develops electronic design automation software and hardware for electronics companies worldwide.
The company recently reported a 42% drop in third-quarter sales to $232 million from $401 million in the year-ago period and missing analysts' $239.3 million estimate. For the three months ended September 27, it said it lost $169 million, or 67 cents per share, compared with a profit of $72.7 million, or 24 cents per share, in the year-ago period.
For fiscal 2008, Cadence lowered its outlook, now expecting an adjusted loss of 4 cents to 6 cents per share on revenue of $1.025 billion to $1.035 billion, compared with its earlier forecast for profit of a penny to 5 cents per share on sales of $1.12 billion to $1.14 billion. Wall Street has been expecting profit of a penny per share on sales of nearly $1.1 billion.
Cadence recently said it completed an accounting review, finding that a contract was improperly accounted for, but no illegal activity on the part of its executives or employees. The company said it will be restating its quarterly financial statements for the periods ending March 29, 2008, and June 28, 2008. It will restate $24.8 million in revenue from the first quarter of 2008 and $12 million from the second quarter.
Cadence also announced the availability of Cadence Virtuoso Accelerated Parallel Simulator (APS), its next-generation circuit simulator, with the full accuracy of the industry reference Virtuoso Spectre Circuit Simulator, developed to solve the largest and most complex analog and mixed-signal designs across all process nodes.
Cadence's products and services are used to design and develop integrated circuits (ICs), and electronics systems.
The company's Incisive functional verification platform enables its customers to employ enterprise-level verification process automation, including verification planning, management and process tracking.
Its Encounter digital IC design platform enables its customers to implement various aspects of their digital nanometer-scale designs. This platform is used to accurately convert logical representation of a digital IC into a detailed physical blueprint and then detailed design information.
Cadence's Virtuoso custom design platform provides designers with an integrated solution and is used for ICs designed at the transistor level, including analog, radio frequency, memories, digital blocks and standard cell libraries.
Its Allegro system interconnect design platform enables to design electronic products across the domains of IC, package, and printed circuit board (PCB); and includes the OrCAD product line that focuses on PCB design products.
The company's Design for Manufacturing products are used to analyze and verify that the physical blueprint of the IC has been constructed correctly and can be manufactured. It also offers verification and application specific programming services, which include consulting services, project services and/or turnkey services for verification acceleration and system emulation.
In addition, Cadence provides technical support, as well as engineering and education services related to IC design and methodology.
In today's daily chart, CDNS' Bollinger Bands indicate greater than normal volatility as reflected by an increase in distance between the upper and lower bands. Trading within its Bollinger Bands, the stock reflects neither an overbought nor oversold condition relative to its recent price action. MACD reflects a strong bearish signal, with the indicator below the 9-day moving average signal line, and also below the critical 0 level, indicating that moving averages are trending lower. With share prices currently below the stock's 13-day moving average, the bearish signal is even more pronounced with decreasing moving averages.
ScovilleUnits
16 years ago
New 8-K re: restatement of last two Qtrs
Item 4.02. Non-Reliance on Previously Issued Financial Statements or a Related Audit Report or Completed Interim Review.
(a) On October 22, 2008, Cadence Design Systems, Inc. (“Cadence”) issued a press release announcing that it had preliminarily determined that approximately $24 million of revenue relating to customer contracts signed during the first quarter of 2008 was recognized during the first quarter of 2008, but should have been recognized ratably over the duration of the contracts. Cadence’s audit committee, with its independent counsel, has initiated an investigation of this matter after Cadence became aware of the issue during its regular review of its third quarter results.
On October 22, 2008, the audit committee of the Board of Directors of Cadence and the Interim Office of the Chief Executive of Cadence concluded that Cadence expects to restate its quarterly financial statements for the periods ending March 29, 2008 and June 28, 2008 to correct the revenue recognition with respect to these contracts and have therefore concluded that Cadence’s financial statements included in the quarterly reports on Form 10-Q for the periods ending March 29, 2008 and June 28, 2008 should no longer be relied upon.
The audit committee of the Board of Directors of Cadence and the Interim Office of the Chief Executive of Cadence have discussed the matters disclosed in this filing with Cadence’s independent registered public accounting firm.
-----------------------------------------------------
Reaffirmation of Expected Third Quarter Results
Cadence reaffirms the expected third quarter 2008 results provided in its press release of October 15, 2008. For the third quarter of 2008, the company expects results to be in line with the business outlook previously announced on July 23, 2008. Total revenue is estimated to be in the range of $235 to $245 million. Third quarter GAAP net loss per share is estimated to be in the range of $(0.27) to $(0.25). Net loss per share using the non-GAAP measure defined below is estimated to be in the range of $(0.11) to $(0.09). These results are preliminary and subject to the company’s management completing its quarterly close. In addition to using GAAP results in evaluating Cadence’s business, management believes it is useful to measure results using a non-GAAP measure of net income, which excludes, as applicable, amortization of intangible assets, stock-based compensation expense, in-process research and development charges, certain termination and legal costs, integration and acquisition-related costs, gains or losses and expenses or credits related to non-qualified deferred compensation plan assets, executive severance payments, restructuring charges and credits, losses on extinguishment of debt and equity in losses (income) from investments. Non-GAAP net income is adjusted by the amount of additional taxes or tax benefit that the company would accrue if it used non-GAAP results instead of GAAP results to calculate the company’s tax liability. Investors and potential investors are encouraged to review the reconciliation of non-GAAP financial results with their most direct comparable GAAP financial results, including the reconciliation of non-GAAP financial results with GAAP financial results for the quarter ended June 28, 2008 set forth in our press release of July 23, 2008, which can be found in the investor relations portion of our website at www.cadence.com/cadence/investor_relations.
--------------full 8-K ...read on ------------->>>
http://xml.10kwizard.com/filing_raw.php?repo=tenk&ipage=5940412
~ ~ Safe to take a position here?... ‹(•¿•)›
eastunder
16 years ago
CDNS: Short Interest DN 14.5% to 13.0M in Mid Oct 2008
Friday , October 24, 2008 16:16ET
According to new short interest data from NASDAQ, short interest for Cadence Designs Systems, Incorporated (NasdaqNM: CDNS) DECREASED 14.5% to 12,966,700 shares as reported in mid-October, 2008.
SYMBOL END SEPTEMBER MID OCTOBER CHANGE %CHANGE DAYS/COVER
-------- ------------- ------------- ------------- ------------ ----------
CDNS 15,158,101 12,966,700 -2,191,401 -14.46% 2
Based on CDNS's 20-day average daily share volume of 7,590,885, it would require approximately 2 day(s) of buying to cover this short interest.
ScovilleUnits
16 years ago
barrons.com - October 23, 2008, 12:23 pm
Cadence: The Street Gives Up
Posted by Eric Savitz
Investors have thrown in the towel on Cadence Design Systems (CDNS).
Just a week after the board booted most of senior management, the company yesterday disclosed some serious revenue recognition issues. While the company confirmed its previous Q3 guidance, the Street has obviously lost all faith in Cadence, and the stock has cratered.
Citigroup’s Terence Whalen today cut his rating on the stock to Hold from Buy, lowering his price target on the shares to $5.50 from $11.50. He says that the accounting freeze stops the company from buying back stock and “casts doubt” on results and the guidance. And he says the management exodus “was deeper and potentially more disruptive than we expected.” He cut his 2008 EPS estimate to break even from a profit of 3 cents; for ‘09 he now sees a loss of 9 cents, down from break even.
Mahesh Sanganeria, of RBC Capital, now gets a chance to gloat: he already had an Underperform rating and $3 target on the stock. “We could be looking at a slippery slope” it the review extends beyond the issues with Q1 revenues that were disclosed yesterday. “A review covering periods involving changes to revenue recognition models could open a can of worms,” he writes. “A prolonged review resulting in non-filing of financials would have serious consequences.” Sanganeria also warns that “a massive head count reduction remains in the offing.”
Raj Seth, of Cowen, remains Neutral on the stock, and says that “despite a very, very depressed-looking valuation, we see no need to step up till the dust clears.”
Deutsche Bank’s Tim Fox repeated his Hold rating today, and cut his target to $5 from $13. “Cadence faces an uphill battle as it attempts to right-size the company without damaging its core franchise long term,” he writes. “With semiconductor end-markets softening, an impending restructuring to manage through and replacement of senior management to tackle, we are cautious on the timing of a turnaround.”
CDNS today has dropped $1.79, or 41.4%, to $2.53.
http://blogs.barrons.com/techtraderdaily/2008/10/23/cadence-the-street-gives-up/
eastunder
16 years ago
Cadence shares tumbles on news it may restate 1Q
Thursday October 23, 11:14 am ET
Cadence Design shares tumble on news it may restate 1Q earnings, delays 3Q report
MILWAUKEE (AP) -- Shares of Cadence Design Systems Inc. tumbled on Thursday after the electronic design software maker delayed its third quarter earnings pending a review of its first quarter, which it said would likely lead to a restatement.
Shares fell $1.40, or 32 percent, to $2.92 in morning trading Thursday, following the company's announcement after the market closed Wednesday. The company's stock set a new 52-week low of $2.70 earlier in Thursday's trading. It has ranged from $4 to $21.93 over the past year.
The company was due to announce its third-quarter earnings on Wednesday but said instead it was delaying that pending a review of its financials. It started the review after preliminary findings for its third quarter showed about $24 million of revenue related to contracts signed during the first quarter were recognized then, and not throughout the duration of the contracts.
The company said in a news release it expected to restate its financial statement for the first quarter and the first half of the year "to correct the revenue recognition with respect to these contracts."
Cadence said it would release its third-quarter results as soon as possible.
Cowen analyst Raj Seth said in a research note Thursday that it was unclear how long the review would take.
"It's not that difficult to imagine a mistake -- we hope that's all that this is," he wrote.
RBC Capital Markets analyst Mahesh Sanganeria said in a research note that "we could be looking at a slippery slope if the review extends beyond" the first quarter.
"A review covering periods involving changes to revenue recognition models could open a can of worms," he wrote. "A prolonged review resulting in extended non-filing of financials would have serious consequences."
eastunder
16 years ago
Citi Downgrades Cadence Design (CDNS) to Hold
8:32 AM EDT October 23, 2008
Citi downgrades Cadence Design (Nasdaq: CDNS) from Buy to Hold.
Citi analyst says, "Today we downgrade CDNS to Hold because: a) Wed s accounting review freezes buyback and casts doubt on results/guidance timing, b) 10/16 s management exodus was deeper and potentially more disruptive than we expected, c) taken together, the past week s events have exhausted three of four n/t catalysts. Oct cost-cut remain a catalyst, but this appears already modeled and known by Street. Longer-term, CDNS s adoption of a 90% subscription model remains positive, but the benefits of this change could take longer to realize based on macro-driven tempering in order intensity."
Cadence Design Systems, Inc. (Cadence) develops electronic design automation (EDA) software and hardware.
ScovilleUnits
16 years ago
Good on you for the heads-up.
Tumbling in pre-market. 52-Low was $4.00.
Pre-Market Charts | After Hours Charts Oct. 22, 2008 Market Close: $ 4.32
Pre-Market Trade Reporting
Pre-Market Last: $ 3.60
Pre-Market High: $ 4.35
Pre-Market Low: $ 3.60
Pre-Market Volume: 47,376
Time (ET) Price Volume
09:30 $ 3.60 100
09:30 $ 3.60 5,000
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09:26 $ 3.79 200
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09:26 $ 3.75 22,977
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08:54 $ 3.90 999
1 2 Next
http://www.nasdaq.com/aspxcontent/ExtendedTradingTrades.aspx?selected=CDNS&mkttype=pre
eastunder
16 years ago
Cadence Announces Accounting Review and Postpones Release of Third Quarter 2008 Financial Results and Webcast
Wednesday, October 22, 2008 16:37ET
SAN JOSE, CA -- (Marketwire) -- 10/22/08 -- Cadence Design Systems, Inc. (NASDAQ: CDNS) today announced that it is reviewing, in conjunction with the company's independent accountants and legal advisors, the recognition of revenue related to customer contracts signed during the first quarter of 2008.
Cadence initiated the review after preliminarily determining during its regular review of its third quarter results that approximately $24 million of revenue relating to these contracts was recognized during the first quarter of 2008, but should have been recognized ratably over the duration of the contracts commencing in the second quarter of 2008. Cadence expects to restate its financial statements for the first quarter of 2008 and the first half of 2008 to correct the revenue recognition with respect to these contracts.
Cadence will release its third quarter 2008 financial results and conduct a Webcast as soon as practicable.
Reaffirmation of Expected Third Quarter Results
Cadence reaffirms the expected third quarter 2008 results provided in its press release of October 15, 2008. For the third quarter of 2008, the company expects results to be in line with the business outlook previously announced on July 23, 2008. Total revenue is estimated to be in the range of $235 to $245 million. Third quarter GAAP net loss per share is estimated to be in the range of $(0.27) to $(0.25). Net loss per share using the non-GAAP measure defined below is estimated to be in the range of $(0.11) to $(0.09). These results are preliminary and subject to the company's management completing its quarterly close. In addition to using GAAP results in evaluating Cadence's business, management believes it is useful to measure results using a non-GAAP measure of net income, which excludes, as applicable, amortization of intangible assets, stock-based compensation expense, in-process research and development charges, certain termination and legal costs, integration and acquisition-related costs, gains or losses and expenses or credits related to non-qualified deferred compensation plan assets, executive severance payments, restructuring charges and credits, losses on extinguishment of debt and equity in losses (income) from investments. Non-GAAP net income is adjusted by the amount of additional taxes or tax benefit that the company would accrue if it used non-GAAP results instead of GAAP results to calculate the company's tax liability. Investors and potential investors are encouraged to review the reconciliation of non-GAAP financial results with their most direct comparable GAAP financial results, including the reconciliation of non-GAAP financial results with GAAP financial results for the quarter ended June 28, 2008 set forth in our press release of July 23, 2008, which can be found in the investor relations portion of our website at www.cadence.com/cadence/investor_relations.
The statements contained above regarding the company's financial statements for fiscal year 2008, the possible restatement of such financial statements and the company's third quarter outlook in the Reaffirmation of Expected Third Quarter Results section include forward-looking statements based on current expectations or beliefs, as well as a number of preliminary assumptions about future events that are subject to factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Readers are cautioned not to put undue reliance on these forward-looking statements, which are not a guarantee of future performance and are subject to a number of risks, uncertainties and other factors, many of which are outside Cadence's control, including, among others: (i) Cadence's ability to compete successfully in the design automation product and the commercial electronic design and methodology services industries; (ii) the mix of products and services sold and the timing of significant orders for its products, including the possibility that our shift to a ratable license structure may result in changes in the mix of license types; (iii) change in customer demands; (iv) economic and industry conditions in regions in which Cadence does business; (v) fluctuations in rates of exchange between the U.S. dollar and the currencies of other countries in which Cadence does business; (vi) capital expenditure requirements; legislative or regulatory requirements; interest rates and Cadence's ability to access capital and debt markets; and (vii) the acquisition of other companies or technologies or the failure to successfully integrate and operate these companies or technologies Cadence acquires.
For a detailed discussion of these and other cautionary statements relating to Cadence, please refer to the company's filings with the Securities and Exchange Commission. These include the company's Annual Report on Form 10-K for the year ended December 29, 2007 and the company's Quarterly Report on Form 10-Q for the quarter ended June 28, 2008.
About Cadence
Cadence Design Systems, Inc. enables global electronic-design innovation and plays an essential role in the creation of today's integrated circuits and electronics. Customers use Cadence® software and hardware, methodologies, and services to design and verify advanced semiconductors, consumer electronics, networking and telecommunications equipment, and computer systems. Cadence reported 2007 revenues of approximately $1.6 billion, and has approximately 5,100 employees. The company is headquartered in San Jose, Calif., with sales offices, design centers, and research facilities around the world to serve the global electronics industry. More information about the company, its products, and services is available at www.cadence.com.
Cadence is a registered trademark and the Cadence logo is a trademark of Cadence Design Systems, Inc. All other trademarks are the property of their respective owners.
--------------------------------------------------------------------------------For more information, please contact:
Jennifer Jordan
Investors and Shareholders
Cadence Design Systems, Inc.
(408) 944-7499
Adolph Hunter
Media and Industry Analysts
Cadence Design Systems, Inc.
(408) 428-5882
Source: Cadence Design Systems, Inc.
eastunder
16 years ago
CDNS: Short Interest DN 20.9% to 15.2M at the End of Sep 2008
Friday , October 10, 2008 06:00ET
According to new short interest data from NASDAQ, short interest for Cadence Designs Systems, Incorporated (NasdaqNM: CDNS) DECREASED 20.9% to 15,158,101 shares as reported at month-end September, 2008.
SYMBOL MID SEPTEMBER END SEPTEMBER CHANGE %CHANGE DAYS/COVER
-------- ------------- ------------- ------------- ------------ ----------
CDNS 19,162,022 15,158,101 -4,003,921 -20.90% 3
Based on CDNS's 20-day average daily share volume of 5,851,515, it would require approximately 3 day(s) of buying to cover this short interest.
eastunder
16 years ago
UPDATE 1-JP Morgan raises Cadence to overweight
Wednesday, October 08, 2008 07:57ET
NEW YORK, Oct 08, 2008 (Thomson Financial via COMTEX) -- (Recasts; adds details)
Oct 8 (Reuters) - J.P. Morgan Securities upgraded Cadence Design Systems Inc to "overweight" from "underweight," saying the software company's scheduled restructuring and its contract renewals in 2009 and 2011 make it an investment choice.
"By no means is this an easy call," analyst Sterling Auty said in a note to clients. "There will be several bumps along the way as management has to reinvigorate a lagging product portfolio, meet new competition in its analog strong hold, restructure its workforce and combat sluggish demand for EDA."
This could put Cadence into three- to four-year transition that would take its margin expansion up to 21 percent in 2012 from zero percent this year, the analyst added.
The electronic design automation (EDA) software sector will get healthier in 2009 and should lag the impact of the semiconductor industry, which is expected to get worse before better in 2009, Auty said.
Auty said the company's shares look attractive on both a free cash flow multiple and a discounted free cash flow basis.
Shares of the company closed at $5.16 Tuesday on Nasdaq.
(Reporting by Antonita Madonna Devotta in Bangalore; Editing by Anil D'Silva) Keywords: CADENCEDESIGN/RESEARCH JPMORGAN Chuck Mikolajczak cm
COPYRIGHT
Copyright Thomson Financial News Limited 2007. All rights reserved. The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
MMMM
(C) 2008 XFN, Inc. All rights reserved.
eastunder
16 years ago
Cadence Works With SMIC to Deliver Virtuoso IC 6.1-Enabled Mixed-Signal Reference Flow and Process Design Kit
Tuesday , September 23, 2008 01:38ET
SAN JOSE, CA -- (Marketwire) -- 09/23/08 -- Cadence Design Systems, Inc. (NASDAQ: CDNS), the leader in global electronic design innovation, today announced it has worked with SMIC, one of the world's leading foundries, to develop a mixed-signal reference flow and process design kit (PDK) compliant with the latest version of the Cadence® Virtuoso® custom design platform. The reference flow and PDK, available now, was developed for mutual customers working on mixed-signal chips designed for SMIC's 130-nanometer process.
"Our collaboration with Cadence helps to drive our goal of continuing to enable the Chinese semiconductor market," said David Lin, senior director of SMIC Design Services Department. "As a leader in mixed-signal design solutions, Cadence has provided its unique technology and expertise to create this reference flow. This solution will help to facilitate analog mixed-signal design for the growing consumer, networking and wireless markets."
The mixed-signal reference flow is based on SMIC's 130-nanometer mixed-mode, radio-frequency PDK and the Cadence Virtuoso and design for manufacturing technologies. It provides design teams a reference design environment, baseline flow and an example design demonstrating how designers can successfully use SMIC process technology and the Cadence Virtuoso IC 6.1 platform. The optimized and predictable schematic-to-GDSII flow provides design teams an excellent guide for creating SoCs or developing a flow of their own.
"The need for qualified 130-nanometer PDKs for RF/mixed-signal designs is very clear," said Sandeep Mehndiratta, group director for the custom IC platform at Cadence. "SMIC's flow and PDK offering supporting our Virtuoso IC 6.1 technology creates a powerful combination to help our mutual customers tackle today's mixed-signal design challenges."
ScovilleUnits
16 years ago
MENT: Volume Spike; 11% > 20-adsv, Stock +3.00%
EOD Volume
# of Trades: 19,044
Volume: 4,401,395
Avg. Daily Volume: 1,480,615
http://www.knobias.com/story.htm?eid=3.1.70fb0a0b046e7305f334b10fcc51011d8d079ce89989ac9a171c73bc934349a6
MENT: DA Davidson Ups to Buy from Neutral
Monday , August 18, 2008 10:27ET
Issuer: Mentor Graphics Corporation (NasdaqNM: MENT)
Analyst Firm: D.A. Davidson
Ratings Action: UPGRADE
Current Rating: Buy (from Neutral)
This rating information was reported by TheFlyOnTheWall.
http://www.knobias.com/story.htm?eid=3.1.3766977c7d406aa012e07895e67823478a6661ec39522ab8f4dbf69216a2ba10
~ ~ Safe to take a position here?... ‹(•¿•)›
eastunder
16 years ago
More on: Cadence withdraws proposal to buy Mentor Graphics
Friday , August 15, 2008 15:12ET
Aug 15, 2008 (San Jose Mercury News - McClatchy-Tribune News Service via COMTEX) -- Cadence Design Systems withdrew its $1.5 billion offer to buy Mentor Graphics, an Oregon-based rival in the field of software for making computer chips, blaming Mentor's unwillingness to negotiate a deal.
There was no immediate statement from Mentor Graphics, which had publicly rejected the offer on the grounds that it felt the $16-per-share cash offer was too low and that regulators were unlikely to approve.
Cadence reported a decline in profits in its last quarter on July 23, but chief executive Mike Fister said then that he was committed to pursuing the deal. He also said Cadence had acquired about 4.7 percent of Mentor's stock.
But in a statement Friday morning, San Jose-based Cadence said it would drop the bid and that its board had instead authorized spending $500 million to buy back Cadence stock.
The statement said in part that "despite our best efforts, Mentor Graphics board and management were unwilling to engage in substantive discussions on what we believe would have been a compelling opportunity to create significant value for both companies' shareholders and customers."
But the statement went on to say that Mentor's reluctance made it more difficult for Cadence to secure financing for the deal. "That, along with our revised outlook and the present economic climate, led us to conclude that financing terms for the transaction are no longer attractive for our shareholders."
eastunder
16 years ago
Cadence Withdraws Proposal to Acquire Mentor Graphics
(And the crowd goes wild....go figure? Must be the repurchase program) LOL
Friday , August 15, 2008 12:39ET
SAN JOSE, Calif., Aug 15, 2008 (BUSINESS WIRE) -- Cadence Design Systems, Inc. (NASDAQ: CDNS) today announced that it has withdrawn its proposal to acquire all of the outstanding shares of Mentor Graphics Corporation (NASDAQ: MENT) common stock and that its Board of Directors has authorized a $500 million increase to Cadence's stock repurchase program. The Company said:
"Our goal in pursuing a combination of Cadence and Mentor Graphics was to create a company that would offer customers a broader and more fully integrated product and technology portfolio in a timeframe that would better enable them to address urgent and complex challenges associated with their next-generation product development. It is unfortunate for Mentor Graphics shareholders, however, that despite our best efforts, Mentor Graphics' Board and management were unwilling to engage in substantive discussions on what we believe would have been a compelling opportunity to create significant value for both companies' shareholders and customers.
"Cadence is a disciplined buyer and will only pursue transactions that make sound financial sense for our shareholders. Mentor Graphics' failure to engage in substantive discussions on our all-cash premium proposal prevented us from confirming for our financing sources the significant synergies associated with this transaction. That, along with our revised outlook and the present economic climate, led us to conclude that financing terms for the transaction are no longer attractive for our shareholders. We remain focused on executing our strategy of delivering holistic solutions that address our customers' key challenges, while ensuring that Cadence operates in the most cost-efficient manner."
Cadence also announced today that its Board of Directors has expanded the Company's authorized share repurchase by up to an additional $500 million, subject to market conditions. Together with the Company's current share repurchase program, Cadence's total share repurchase authorization is now approximately $912 million.
Cadence will repurchase the shares from time to time for cash in open market transactions or in privately negotiated transactions in accordance with applicable federal securities laws. The timing and amount of the repurchases will be determined by the company's management based on their evaluation of market conditions, share price and other factors. The stock repurchase program may be suspended or discontinued at any time.
About Cadence
Cadence Design Systems, Inc. enables global electronic-design innovation and plays an essential role in the creation of today's integrated circuits and electronics. Customers use Cadence(R) software and hardware, methodologies, and services to design and verify advanced semiconductors, consumer electronics, networking and telecommunications equipment, and computer systems. Cadence reported 2007 revenues of approximately $1.6 billion, and has approximately 5,100 employees. The company is headquartered in San Jose, Calif., with sales offices, design centers, and research facilities around the world to serve the global electronics industry. More information about the company, its products, and services is available at www.cadence.com.
Cadence is a registered trademark and the Cadence logo is a trademark of Cadence Design Systems, Inc. All other trademarks are the property of their respective owners.
SOURCE: Cadence Design Systems, Inc.
Cadence Design Systems, Inc.
Investors and Shareholders:
Jennifer Jordan, 408-944-7499
investor_relations@cadence.com
or
Media and Industry Analysts:
Adolph Hunter, 408-428-5882
publicrelations@cadence.com
or
Joele Frank, Wilkinson Brimmer Katcher
Matthew Sherman / Ed Trissel, 212-355-4449
msherman@joelefrank.com
Copyright Business Wire 2008
Do nothing which, after being done, leads you to tell a lie.
eastunder
16 years ago
CDNS: Short Interest UP 12.2% to 18.4M at the End of Jul 2008
Monday , August 11, 2008 16:16ET
According to new short interest data from NASDAQ, short interest for Cadence Designs Systems, Incorporated (NasdaqNM: CDNS) INCREASED 12.2% to 18,389,640 shares as reported at month-end July, 2008.
SYMBOL CDNS
MID JULY 16,394,094
END JULY 18,389,640
CHANGE +1,995,546
%CHANGE +12.17
DAYS/COVER 3
Based on CDNS's 20-day average daily share volume of 8,139,990, it would require approximately 3 day(s) of buying to cover this short interest.
eastunder
16 years ago
Ricoh Integrates Cadence Encounter Platform for Digital IC Design
Saturday , July 26, 2008 00:13ET
Cadence Design Systems, a provider of global design solutions, announced that Ricoh Company has started to adopt Cadence Encounter RTL-to-GDSII system for digital IC design.
"As a consumer electronics industry leader, Ricoh is focused on getting innovative products to market first," said Kazunobu Sugaya, manager, Design Engineering Section, Imaging System LSI Development Center, Electronic Devices Company, Ricoh. "Using the Cadence Encounter digital IC design flow, we are able to gain greater productivity and faster time to market for digital IC design. This is critical as we drive next-generation, large-scale complex chips targeted for advanced process technologies."
After the digital IC evaluation, a new design flow was developed based on the holistic Cadence Encounter RTL to GDSII system, the company said. This logic design and physical implementation flow includes Encounter RTL Compiler synthesis, Conformal Equivalence Checker, First Encounter Silicon Virtual Prototyping and SOC Encounter. Ricoh said it is now starting to evaluate the Si2 Common Power Format (CPF)-based Cadence Low-Power Solution, which they expect would support the Ricoh 'Eco Management' initiative to reduce power consumption in electronic devices.
"Ricoh's decision to upgrade their longstanding digital implementation solution with the Cadence Encounter Platform is a strong endorsement of our recent aggressive technology advancements and our ability to provide differentiated solutions for low-power and advanced node designs," said Chi-Ping Hsu, corporate VP, IC Digital and Power Forward. "We are confident with our focused advanced technology developments to continue the Cadence leadership in advanced node and low power designs."
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