Synopsys posts results for Q3-2013

MOUNTAIN VIEW, USA: Synopsys Inc. reported results for its third quarter of fiscal year 2013.

For the third quarter of fiscal year 2013, Synopsys reported revenue of $482.9 million, compared to $443.7 million for the third quarter of fiscal year 2012, an increase of 8.8 percent.

"Synopsys continues to demonstrate broad strength and innovation in technology and customer relationships, as well as excellent execution and financial results," said Aart de Geus, chairman and co-CEO of Synopsys.

"While our customers are dealing with yet another quarter of a relatively weak global economy, many have a sharp focus on new technology and continue to aggressively drive design activity. The result is high demand for advanced tools and IP, areas in which we continue to lead and have a track record of excellence."

GAAP results
On a generally accepted accounting principles (GAAP) basis, net income for the third quarter of fiscal year 2013 was $52.3 million, or $0.33 per share, compared to $75.7 million, or $0.50 per share, for the third quarter of fiscal year 2012.

Non-GAAP results
On a non-GAAP basis, net income for the third quarter of fiscal year 2013 was $86.5 million, or $0.55 per share, compared to non-GAAP net income of $82.3 million, or $0.55 per share, for the third quarter of fiscal year 2012.

Financial targets
Synopsys also provided its financial targets for the fourth quarter and full fiscal year 2013. These targets do not include any future acquisition-related expenses that may be incurred in fiscal year 2013. These targets constitute forward-looking information and are based on current expectations.

Q4 of fiscal year 2013 targets:
Revenue: $500 million - $510 million
GAAP expenses: $432 million - $449 million
Non-GAAP expenses: $386 million - $396 million
Other income and expense: ($1) million - $1 million
Tax rate applied in non-GAAP net income calculations: 23 percent - 24 percent
Fully diluted outstanding shares: 155 million - 159 million
GAAP earnings per share: $0.29 - $0.35
Non-GAAP earnings per share: $0.54 - $0.56

Full fiscal year 2013 targets:
Revenue: $1.957 billion - $1.967 billion
Other income and expense: $8 million - $10 million
Tax rate applied in non-GAAP net income calculations: approximately 22 percent
Fully diluted outstanding shares: 155 million - 159 million
GAAP earnings per share: $1.51- $1.57
Non-GAAP earnings per share: $2.42 - $2.44
Cash flow from operations: approximately $400 million.