Nassda Announces Revenue of $11.0 Million for the Quarter Ended
September 30, 2004 Net Income of $175,000, or $0.01 Per Diluted
Share SANTA CLARA, Calif., Oct. 19 /PRNewswire-FirstCall/ -- Nassda
Corporation (NASDAQ:NSDA), a leading provider of full-chip circuit
simulation and analysis software for the design and verification of
complex semiconductors, today announced financial results for the
quarter ended September 30, 2004, the fourth quarter of Nassda's
fiscal 2004. Revenue for the quarter ended September 30, 2004 was
$11.0 million, a 31% increase from $8.4 million for the quarter
ended September 30, 2003 and was substantially unchanged from $11.0
million for the quarter ended June 30, 2004. Net income for the
quarter ended September 30, 2004 was $175,000, or $0.01 per diluted
share, a decrease of $148,000 from $323,000, or $0.01 per diluted
share, for the quarter ended September 30, 2003 and a decrease of
$891,000 from $1.1 million, or $0.04 per diluted share, for the
quarter ended June 30, 2004. Fiscal 2004 Results Total revenue for
fiscal 2004 was $41.5 million, an 18% increase from $35.1 million
for fiscal 2003. Net income for fiscal 2004 was $2.6 million, or
$0.09 per diluted share, a decrease of $1.0 million as compared to
net income for fiscal 2003 of $3.6 million, or $0.12 per diluted
share. "Nassda again achieved its highest level of quarterly
revenue and our cash, cash equivalents and short-term investments
increased by approximately $1.6 million during the quarter to a
total of $101.4 million, as of September 30, 2004," said Sang Wang,
Chief Executive Officer. "Our customers' continued support and our
employees' dedication contributed to our success during fiscal
2004. In fiscal 2005, we expect to face similar economic and
competitive challenges as we create both sales and research and
development strategies to meet these challenges and take advantage
of the opportunities in front of us." Business Outlook We believe
that our customers will remain cautious with regards to their
spending and EDA budgets are likely to continue to be tight. As a
result, for the quarter ending December 31, 2004, Nassda expects
total revenue of $10.8 million to $11.0 million and fully diluted
per share earnings of approximately $0.00 to a net loss of $0.05.
This $0.05 per share range is largely due to the uncertainty
relating to the timing and magnitude of our spending on our
litigation defense. For fiscal 2005, Nassda anticipates total
revenue of $44.0 million to $46.0 million and fully diluted net
loss per share of approximately $0.05 to $0.15. Due to seasonally
lower bookings expected in the first half fiscal 2005, Nassda
expects quarterly revenue for the first half of fiscal 2005 to be
relatively flat but expects sequential quarterly revenue growth in
the second half of fiscal 2005. With time-based licenses accounting
for 57% of our total bookings in fiscal 2004, Nassda expects
time-based license bookings as a percent of total bookings to
increase slightly in fiscal 2005 to over 60%. As a result,
time-based license revenue as a percent of total revenue is
expected to increase to between 55% to 65%. Nassda intends to
continue its efforts to control operating costs, but also
anticipates making additional investments in Nassda's worldwide
sales, support, research and development organizations. We expect
the cost of the Synopsys litigation to increase as we continue to
defend ourselves vigorously and the lawsuits move toward trials and
the additional defense costs related to the class action and
derivative cases will also increase our general and administrative
expenses. The guidance provided for the fully diluted net loss per
share of fiscal 2005 includes approximately $18.0 million to $20.0
million of litigation related costs. Additionally, we also expect
costs related to being a public company, such as directors' and
officers' liability insurance, compliance with corporate governance
rules adopted by The Nasdaq Stock Market and the Securities and
Exchange Commission, professional fees and various filing fees to
increase our general and administrative expenses. Nassda will host
a conference call that includes business outlook, with financial
analysts and investors at 2:00 p.m. PDT today. A live webcast of
the call will be available on Nassda's Web site at
http://www.nassda.com/ or http://www.fulldisclosure.com/ .
Following completion of the call, a rebroadcast of the webcast will
be available at http://www.nassda.com/ or
http://www.fulldisclosure.com/ through October 26, 2004. Those
without internet access may listen to a replay of the call by
dialing 719-457-0820, access code 900477. The replay will be
available from 5:00 p.m. PDT on October 19, 2004 through October
26, 2004. About Nassda Nassda Corporation is a leading provider of
full-chip circuit verification software for complex nanometer
semiconductors. Headquartered in Santa Clara, California, the
company develops and markets simulation and analysis solutions for
advanced ICs, especially for analog, memory, high-performance
digital, and mixed-signal SoC designs. Nassda's products enable
first silicon success and improve IC quality and yield for its
consumer, communication, computer and memory customers. The company
has sales and distribution offices throughout the world. For more
information about Nassda, please visit the company's website at
http://www.nassda.com/ . Forward Looking Statements This press
release contains forward-looking statements regarding anticipated
revenue, operating expenses, diluted earnings per share, time-based
license bookings as a percent of total bookings and time-based
license revenue as a percent of total revenue that are made
pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. Investors are cautioned that all
forward-looking statements in this release involve risks and
uncertainty, including without limitation the availability of
customer budgets for Nassda's products, Nassda's cost control
measures, the timing and extent of legal expenses related to
Nassda's on-going litigation, Nassda's product development
schedules, the design performance of Nassda's existing and new
electronic design automation software and other tools, customers'
adoption of Nassda's products, whether customers purchase
time-based or perpetual licenses and those customers' design and
manufacturing schedules. In addition, continued reduced capital
spending or delayed implementation of programs due to adverse
general economic conditions and reduced demand for products
containing complex nanometer-scale semiconductors may impact
Nassda's future performance. These risks, uncertainties and other
factors may cause Nassda's actual results, levels of activity,
performance or achievements to differ materially from those
expressed or implied by the forward-looking statements. In
addition, historical information should not be considered a
predictor of future performance. Neither Nassda nor any other
person assumes responsibility for the accuracy and completeness of
these forward-looking statements. Nassda disclaims any obligation
to update information contained in any forward-looking statement.
For additional information and considerations regarding the risks
faced by Nassda, see Nassda's Annual Report on Form 10-K for the
fiscal year ended September 30, 2003 and Quarterly Reports on form
10-Q for the quarters ended December 31, 2003, March 31, 2004 and
June 30, 2004, as filed with the Securities and Exchange
Commission. NOTE: Nassda is a registered trademark of Nassda
Corporation. Nassda Corporation Condensed Consolidated Balance
Sheets (in thousands) September 30, September 30, 2004 2003 ASSETS
Current assets: Cash, cash equivalents and short-term investments
$101,440 $92,165 Accounts receivable, net of allowance 1,302 1,874
Prepaid expenses and other current assets 1,093 996 Deferred income
taxes 3,768 2,568 Total current assets 107,603 97,603 Property and
equipment, net 483 704 Other assets 921 1,165 Total assets $109,007
$99,472 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities:
Accounts payable $2,168 $230 Accrued compensation 3,710 2,689
Accrued liabilities 2,842 3,281 Income taxes payable 1,790 1,712
Deferred revenue 10,143 8,982 Total current liabilities 20,653
16,894 Deferred revenue 482 849 Other long-term liabilities 57 64
Total liabilities 21,192 17,807 Stockholders' equity: Common stock
27 26 Additional paid-in capital 73,117 70,343 Deferred stock-based
compensation (235) (1,117) Accumulated other comprehensive loss
(76) (4) Retained earnings 14,982 12,417 Total stockholders' equity
87,815 81,665 Total liabilities and stockholders' equity $109,007
$99,472 Nassda Corporation Consolidated Statements of Income (in
thousands, except per share data) Three Months Ended Twelve Months
Ended September 30, September 30, 2004 2003 2004 2003 Revenue
Product $1,720 $2,061 $8,937 $11,796 Subscription 6,566 3,852
22,356 14,601 Maintenance 2,712 2,500 10,174 8,658 Total revenue
10,998 8,413 41,467 35,055 Cost of revenue Cost of product revenue
13 43 227 241 Cost of subscription revenue 126 83 443 343 Cost of
maintenance revenue 282 193 1,035 802 Total cost of revenue 421 319
1,705 1,386 Gross profit 10,577 8,094 39,762 33,669 Operating
expenses: Research and development 2,390 1,942 8,851 7,145 Sales
and marketing 3,022 2,366 11,607 10,774 General and administrative
5,196 3,318 16,328 10,653 Stock-based compensation 165 230 796 955
10,773 7,856 37,582 29,527 Income (loss) from operations (196) 238
2,180 4,142 Interest Income 271 240 1,002 986 Other Income Expense
10 (18) (9) (37) Other income, net 281 222 993 949 Income before
income taxes 85 460 3,173 5,091 (Provision) Benefit for income
taxes 90 (137) (608) (1,527) Net income $175 $323 $2,565 $3,564
Earnings per share: Basic $0.01 $0.01 $0.10 $0.14 Diluted $0.01
$0.01 $0.09 $0.12 Shares used in computing earnings per share:
Basic 26,953 25,653 26,457 25,058 Diluted 28,801 29,167 29,031
28,781 DATASOURCE: Nassda Corporation CONTACT: Tammy Liu of Nassda
Corporation, +1-408-327-7710, or , or Web site:
http://www.nassda.com/
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