Synplicity�, Inc. (Nasdaq: SYNP): Highlights: GAAP operating income
as a percentage of revenue decreased from 13% to 10% due to
stock-based compensation expense and the timing of the Design
Automation Conference, while non-GAAP operating income increased
from 14% to 17% in the quarters ended September 30, 2005 and 2006,
respectively FPGA design tool bookings increased 26% year over year
Rest of Asia bookings increased nearly 50% year over year
Synplicity�, Inc. (Nasdaq: SYNP), a leading supplier of software
for the design and verification of semiconductors, today announced
financial results for the quarter ended September 30, 2006. Revenue
for the quarter ended September 30, 2006 was $16.3 million,
compared with $15.9 million for the quarter ended September 30,
2005. On a generally accepted accounting principles (GAAP) basis,
net income was $1.6 million, or $0.06 per diluted share, for the
quarter ended September 30, 2006, as compared to GAAP net income of
$2.5 million, or $0.09 per diluted share, for the quarter ended
September 30, 2005. For the quarter ended September 30, 2006, GAAP
net income included $223,000 in amortization of intangible assets
from acquisitions and $947,000 in stock-based compensation expense,
resulting from implementation of SFAS123R as of January 1, 2006.
For the quarter ended September 30, 2005, GAAP net income included
$223,000 in amortization of intangible assets from acquisitions and
a $24,000 stock-based compensation benefit. Non-GAAP net income was
$2.8 million, or $0.10 per diluted share, for the quarter ended
September 30, 2006, compared to non-GAAP net income of $2.7
million, or $0.10 per diluted share, for the quarter ended
September 30, 2005. A reconciliation of GAAP to non-GAAP net income
is included with this press release. For the nine months ended
September 30, 2006, revenue was $46.1 million and GAAP net income
was $1.6 million, or $0.06 per diluted share compared to revenue of
$45.6 million and GAAP net income of $3.9 million, or $0.14 per
diluted share for the nine months ended September 30, 2005.
Included in GAAP net income for the nine month period ended
September 30, 2006 were stock-based compensation expense of $2.8
million, amortization of intangible expense of $668,000, and from
the first quarter of 2006, a restructuring charge of $854,000.
Included in GAAP net income for the nine month period ended
September 30, 2005 were $668,000 of amortization of intangibles and
a $9,000 stock-based compensation benefit. Non-GAAP net income was
$5.9 million, or $0.21 per diluted share for the nine months ended
September 30, 2006 and $4.6 million, or $0.17 per diluted share for
the nine months ended September 30, 2005. �The results reported for
our third quarter again demonstrate solid execution to our plan of
focusing on the FPGA market and improving our bottom line,� said
Gary Meyers, president and CEO of Synplicity. �I am proud of the
entire Synplicity team for their commitment and execution to our
FPGA-focused strategy. We are firing on all cylinders and I expect
we will continue to do so during our fourth quarter,� concluded
Meyers. Business Outlook The following statements are based on
current expectations. We do not intend to update, confirm or change
this guidance until our earnings conference call for the fourth
quarter of 2006. Revenue for the fourth quarter of 2006 is expected
to be in the range of $17.2 to $17.7 million. GAAP net income per
fully diluted share for the fourth quarter of 2006 is expected to
be in the range of $0.06 to $0.08. GAAP net income for the quarter
is expected to include non-cash charges of approximately $950,000
relating to stock-based compensation and $222,000 of amortization
of intangible assets. Tax expense for the fourth quarter of 2006 is
expected to be approximately 28 percent of pretax income. Non-GAAP
net income per share for the fourth quarter of 2006, which excludes
the stock-based compensation and amortization of intangible assets
mentioned above is expected to be in the range of $0.10 to $0.12,
before consideration of the income tax effect of the excluded
items. Audio Webcast The Company�s earnings call will be webcast
today at 2:00 p.m. Pacific, and may be accessed at
http://investor.synplicity.com. The Company will discuss the third
quarter 2006 results. Following completion of the call, a
rebroadcast of the webcast will be available at
http://investor.synplicity.com through December 30, 2006. For those
without access to the Internet, a replay of the call will be
available from 5:00 p.m. Pacific on October 23, 2006 through
November 6, 2006. To listen to a replay, call (719) 457-0820,
access code 4121052. Use of Non-GAAP Financial Measures This press
release includes financial measures for net income and net income
per share that exclude certain non-cash and other charges and that
have not been calculated in accordance with GAAP. These measures
differ from GAAP in that it excludes amortization of intangible
assets from acquisitions and stock-based compensation and, in
addition in 2006, a restructuring charge. The Company has provided
these measurements in addition to GAAP financial results because it
believes it provides a consistent basis for comparison between
quarters that is not influenced by other activities and therefore
are helpful to understanding the Company�s underlying operational
results. Further, these non-GAAP measures are some of the primary
measures the Company�s management uses for planning and
forecasting. These measures should not be considered an alternative
to GAAP and these non-GAAP measures may not be comparable to
information provided by other companies. About Synplicity
Synplicity�, Inc. (Nasdaq: SYNP) is a leading supplier of
innovative software solutions that enable the rapid and effective
design of Programmable Logic Devices (FPGAs, PLDs and CPLDs) and
are used in a wide range of communications, military/aerospace,
consumer, semiconductor, computer, and other electronic systems
markets. Synplicity�s tools provide outstanding performance, cost
and time-to-market benefits by simplifying, improving and
automating key design planning, logic synthesis, physical synthesis
and verification functions for FPGA, FPGA-based ASIC prototyping
and DSP designers. Synplicity is the number one supplier of FPGA
synthesis solutions and has been rated #1 in customer satisfaction
since 2004 in EE Times� Annual FPGA Customer Survey. Synplicity
products support industry-standard design languages (VHDL and
Verilog) and run on popular platforms. The company operates in over
20 facilities worldwide and is headquartered in Sunnyvale,
California. For more information visit http://www.synplicity.com.
Forward-Looking Statements This press release contains
forward-looking statements including, but not limited to,
statements regarding the Company�s FPGA market focus,
profitability, growth in revenue, the Company�s execution and
results, estimated net income, net income per share, effective tax
rate, and certain expenses for the remainder of 2006. These
statements relate to future events and involve known and unknown
risks, uncertainties and other factors that may cause the Company�s
actual financial results, levels of activity, performance or
achievements to differ materially from those expressed or implied
by the forward-looking statements including continued demand for
the Company�s FPGA products, the Company�s ability to increase
revenue from its FPGA products, the orderly wind down of its ASIC
business, employee retention and the impact of variability in the
Company�s stock price on its stock-based compensation expense. In
some cases, you will be able to identify forward-looking statements
by terminology such as �may,� �will,� �should,� �expects,� �plans,�
�anticipates,� �believes,� �estimates,� �predicts,� �potential,�
�continue� or the negative of these terms or other comparable
terminology. Forward-looking statements are only predictions and
actual events or results may differ materially. The Company cannot
provide any assurance that its future results will meet
expectations. The Company�s operating results could differ
materially due to a number of factors, including the performance
and quality of its software products relative to its competitors�
products, the growth of the markets addressed, and the Company�s
level of expenses. For additional information and considerations
regarding the risks faced by the Company, see its annual report on
Form 10-K for the year ended December 31, 2005 and quarterly report
on Form 10-Q for the three months ended June 30, 2006, as filed
with the Securities and Exchange Commission, as well as other
periodic reports filed with the SEC from time to time. Although the
Company believes that the expectations reflected in the
forward-looking statements are reasonable, the Company cannot
guarantee future results, levels of activity, performance or
achievements. In addition, neither the Company nor any other person
assumes responsibility for the accuracy or completeness of these
forward-looking statements. The Company disclaims any obligation to
update information contained in any forward-looking statement.
Synplicity is a registered trademark of Synplicity, Inc. All other
brands or products are the trademarks or registered trademarks of
their owners. SYNPLICITY, INC. CONSOLIDATED BALANCE SHEETS (in
thousands) � September 30, December 31, 2006� 2005 (1) (unaudited)
Assets: Current assets: Cash, cash equivalents and short-term
investments $ 63,023� $ 57,099� Accounts receivable, net 9,549�
12,632� Other current assets � 1,656� � 2,372� Total current assets
74,228� 72,103� Property and equipment, net 2,516� 2,631� Goodwill
1,272� 1,272� Intangible assets, net 1,283� 1,882� Other assets �
1,019� � 749� Total assets $ 80,318� $ 78,637� � Liabilities and
Shareholders� Equity: Current liabilities: Accounts payable $
1,566� $ 944� Accrued liabilities 1,229� 1,461� Accrued
compensation 3,917� 4,031� Deferred revenue � 18,293� � 18,355�
Total current liabilities 25,005� 24,791� Shareholders' equity:
Common stock 55,296� 58,257� Additional paid-in capital 6,202�
3,360� Accumulated deficit (5,848) (7,430) Accumulated other
comprehensive loss � (337) � (341) Total shareholders� equity �
55,313� � 53,846� Total liabilities and shareholders� equity $
80,318� $ 78,637� (1) Derived from audited financial statements
SYNPLICITY, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (in
thousands, except per share data) (unaudited) � Three Months Ended
Nine Months Ended September 30, September 30, 2006� 2005� 2006�
2005� Revenue: License $ 5,071� $ 5,160� $ 12,518� $ 14,353�
Maintenance 6,865� 6,447� 20,321� 18,654� Bundled license and
services � 4,334� � 4,288� � 13,287� � 12,629� Total revenue
16,270� 15,895� 46,126� 45,636� Cost of revenue:(2) Cost of license
80� 52� 209� 158� Cost of maintenance 396� 391� 1,280� 1,227� Cost
of bundled license and services 65� 169� 199� 438� Amortization of
intangible assets from acquisitions � 223� � � 223� � � 668� � 668�
Total cost of revenue � 764� � 835� � 2,356� � 2,491� Gross profit
15,506� 15,060� 43,770� 43,145� Operating expenses:(2) Research and
development 5,658� 6,021� 18,135� 18,253� Sales and marketing
6,373� 5,502� 18,723� 17,032� General and administrative 1,944�
1,500� 5,930� 4,733� Restructuring charge � -� � -� � 854� � -�
Total operating expenses � 13,975� � 13,023� � 43,642� � 40,018�
Income from operations 1,531� 2,037� 128� 3,127� Other income, net
� 745� � 436� � 2,062� � 1,050� Income before income taxes 2,276�
2,473� 2,190� 4,177� Income tax provision (benefit) � 631� � (27) �
608� � 241� Net income $ 1,645� $ 2,500� $ 1,582� $ 3,936� Net
income per share: Basic net income per share $ 0.06� $ 0.09� $
0.06� $ 0.15� Shares used in basic per share calculation � 26,790�
� 26,478� � 26,918� � 26,346� Diluted net income per share $ 0.06�
$ 0.09� $ 0.06� $ 0.14� Shares used in diluted per share
calculation � 27,742� � 27,974� � 28,249� � 27,733� (2)
Amortization of stock-based compensation expense (benefit) relates
to the following: Three Months Ended Nine Months Ended September
30, September 30, � 2006� � 2005� � 2006� � 2005� Cost of
maintenance $ 37� $ -� $ 85� $ -� Research and development 422� -�
1,312� -� Sales and marketing 256� -� 738� -� General and
administrative 232� (24) 707� (9) SYNPLICITY, INC. RECONCILIATION
OF GAAP TO NON-GAAP MEASURES (in thousands, except per share data)
(unaudited) Net Income Three Months Ended Nine Months Ended
September 30, September 30, � 2006� � 2005� � 2006� � 2005� GAAP
net income $ 1,645� $ 2,500� $ 1,582� $ 3,936� Amortization of
intangible assets from acquisitions 223� 223� 668� 668� Stock-based
compensation expense (benefit) 947� (24) 2,842� (9) Restructuring
charge � -� � -� � 854� � -� Non-GAAP net income3 $ 2,815� $ 2,699�
$ 5,946� $ 4,595� Non-GAAP net income per share: Non-GAAP net
income per common share $ 0.10� $ 0.10� $ 0.21� $ 0.17� Shares used
in non-GAAP per share calculation � 27,742� � 27,974� � 28,249� �
27,733� � (3) The non-GAAP calculations of net income and net
income per share for the three and nine months ended September 30,
2006 were not tax-effected. If the non-GAAP computation of net
income was taxed at the rate the Company is projecting for the full
year, the non-GAAP net income would have been $2.5 million, or
$0.09 per share and $4.7 million, or $0.17 per share, respectively,
for the three and nine months ended September 30, 2006. In 2005,
the Company incurred minimal income tax expense principally due to
the utilization of net operating loss carryforwards and research
and development tax credits. Operating Income (as a percentage of
revenue) Three Months Ended September 30, 2006� 2005� GAAP
operating income 10% 13% Amortization of intangible assets from
acquisitions 1% 1% Stock-based compensation expense (benefit) 6%
(0)% Non-GAAP operating income 17% 14% Forward-Looking Net Income
per Share Three Months Ending December 31, 2006 GAAP net income per
share $0.06-$0.08� Amortization of intangible assets from
acquisitions $0.01� Restructuring charge $0.00� Stock-based
compensation expense $0.03� Non-GAAP net income per share
$0.10-$0.12� Synplicity(R), Inc. (Nasdaq: SYNP): Highlights: --
GAAP operating income as a percentage of revenue decreased from 13%
to 10% due to stock-based compensation expense and the timing of
the Design Automation Conference, while non-GAAP operating income
increased from 14% to 17% in the quarters ended September 30, 2005
and 2006, respectively -- FPGA design tool bookings increased 26%
year over year -- Rest of Asia bookings increased nearly 50% year
over year Synplicity(R), Inc. (Nasdaq: SYNP), a leading supplier of
software for the design and verification of semiconductors, today
announced financial results for the quarter ended September 30,
2006. Revenue for the quarter ended September 30, 2006 was $16.3
million, compared with $15.9 million for the quarter ended
September 30, 2005. On a generally accepted accounting principles
(GAAP) basis, net income was $1.6 million, or $0.06 per diluted
share, for the quarter ended September 30, 2006, as compared to
GAAP net income of $2.5 million, or $0.09 per diluted share, for
the quarter ended September 30, 2005. For the quarter ended
September 30, 2006, GAAP net income included $223,000 in
amortization of intangible assets from acquisitions and $947,000 in
stock-based compensation expense, resulting from implementation of
SFAS123R as of January 1, 2006. For the quarter ended September 30,
2005, GAAP net income included $223,000 in amortization of
intangible assets from acquisitions and a $24,000 stock-based
compensation benefit. Non-GAAP net income was $2.8 million, or
$0.10 per diluted share, for the quarter ended September 30, 2006,
compared to non-GAAP net income of $2.7 million, or $0.10 per
diluted share, for the quarter ended September 30, 2005. A
reconciliation of GAAP to non-GAAP net income is included with this
press release. For the nine months ended September 30, 2006,
revenue was $46.1 million and GAAP net income was $1.6 million, or
$0.06 per diluted share compared to revenue of $45.6 million and
GAAP net income of $3.9 million, or $0.14 per diluted share for the
nine months ended September 30, 2005. Included in GAAP net income
for the nine month period ended September 30, 2006 were stock-based
compensation expense of $2.8 million, amortization of intangible
expense of $668,000, and from the first quarter of 2006, a
restructuring charge of $854,000. Included in GAAP net income for
the nine month period ended September 30, 2005 were $668,000 of
amortization of intangibles and a $9,000 stock-based compensation
benefit. Non-GAAP net income was $5.9 million, or $0.21 per diluted
share for the nine months ended September 30, 2006 and $4.6
million, or $0.17 per diluted share for the nine months ended
September 30, 2005. "The results reported for our third quarter
again demonstrate solid execution to our plan of focusing on the
FPGA market and improving our bottom line," said Gary Meyers,
president and CEO of Synplicity. "I am proud of the entire
Synplicity team for their commitment and execution to our
FPGA-focused strategy. We are firing on all cylinders and I expect
we will continue to do so during our fourth quarter," concluded
Meyers. Business Outlook The following statements are based on
current expectations. We do not intend to update, confirm or change
this guidance until our earnings conference call for the fourth
quarter of 2006. -- Revenue for the fourth quarter of 2006 is
expected to be in the range of $17.2 to $17.7 million. -- GAAP net
income per fully diluted share for the fourth quarter of 2006 is
expected to be in the range of $0.06 to $0.08. GAAP net income for
the quarter is expected to include non-cash charges of
approximately $950,000 relating to stock-based compensation and
$222,000 of amortization of intangible assets. Tax expense for the
fourth quarter of 2006 is expected to be approximately 28 percent
of pretax income. -- Non-GAAP net income per share for the fourth
quarter of 2006, which excludes the stock-based compensation and
amortization of intangible assets mentioned above is expected to be
in the range of $0.10 to $0.12, before consideration of the income
tax effect of the excluded items. Audio Webcast The Company's
earnings call will be webcast today at 2:00 p.m. Pacific, and may
be accessed at http://investor.synplicity.com. The Company will
discuss the third quarter 2006 results. Following completion of the
call, a rebroadcast of the webcast will be available at
http://investor.synplicity.com through December 30, 2006. For those
without access to the Internet, a replay of the call will be
available from 5:00 p.m. Pacific on October 23, 2006 through
November 6, 2006. To listen to a replay, call (719) 457-0820,
access code 4121052. Use of Non-GAAP Financial Measures This press
release includes financial measures for net income and net income
per share that exclude certain non-cash and other charges and that
have not been calculated in accordance with GAAP. These measures
differ from GAAP in that it excludes amortization of intangible
assets from acquisitions and stock-based compensation and, in
addition in 2006, a restructuring charge. The Company has provided
these measurements in addition to GAAP financial results because it
believes it provides a consistent basis for comparison between
quarters that is not influenced by other activities and therefore
are helpful to understanding the Company's underlying operational
results. Further, these non-GAAP measures are some of the primary
measures the Company's management uses for planning and
forecasting. These measures should not be considered an alternative
to GAAP and these non-GAAP measures may not be comparable to
information provided by other companies. About Synplicity
Synplicity(R), Inc. (Nasdaq: SYNP) is a leading supplier of
innovative software solutions that enable the rapid and effective
design of Programmable Logic Devices (FPGAs, PLDs and CPLDs) and
are used in a wide range of communications, military/aerospace,
consumer, semiconductor, computer, and other electronic systems
markets. Synplicity's tools provide outstanding performance, cost
and time-to-market benefits by simplifying, improving and
automating key design planning, logic synthesis, physical synthesis
and verification functions for FPGA, FPGA-based ASIC prototyping
and DSP designers. Synplicity is the number one supplier of FPGA
synthesis solutions and has been rated #1 in customer satisfaction
since 2004 in EE Times' Annual FPGA Customer Survey. Synplicity
products support industry-standard design languages (VHDL and
Verilog) and run on popular platforms. The company operates in over
20 facilities worldwide and is headquartered in Sunnyvale,
California. For more information visit http://www.synplicity.com.
Forward-Looking Statements This press release contains
forward-looking statements including, but not limited to,
statements regarding the Company's FPGA market focus,
profitability, growth in revenue, the Company's execution and
results, estimated net income, net income per share, effective tax
rate, and certain expenses for the remainder of 2006. These
statements relate to future events and involve known and unknown
risks, uncertainties and other factors that may cause the Company's
actual financial results, levels of activity, performance or
achievements to differ materially from those expressed or implied
by the forward-looking statements including continued demand for
the Company's FPGA products, the Company's ability to increase
revenue from its FPGA products, the orderly wind down of its ASIC
business, employee retention and the impact of variability in the
Company's stock price on its stock-based compensation expense. In
some cases, you will be able to identify forward-looking statements
by terminology such as "may," "will," "should," "expects," "plans,"
"anticipates," "believes," "estimates," "predicts," "potential,"
"continue" or the negative of these terms or other comparable
terminology. Forward-looking statements are only predictions and
actual events or results may differ materially. The Company cannot
provide any assurance that its future results will meet
expectations. The Company's operating results could differ
materially due to a number of factors, including the performance
and quality of its software products relative to its competitors'
products, the growth of the markets addressed, and the Company's
level of expenses. For additional information and considerations
regarding the risks faced by the Company, see its annual report on
Form 10-K for the year ended December 31, 2005 and quarterly report
on Form 10-Q for the three months ended June 30, 2006, as filed
with the Securities and Exchange Commission, as well as other
periodic reports filed with the SEC from time to time. Although the
Company believes that the expectations reflected in the
forward-looking statements are reasonable, the Company cannot
guarantee future results, levels of activity, performance or
achievements. In addition, neither the Company nor any other person
assumes responsibility for the accuracy or completeness of these
forward-looking statements. The Company disclaims any obligation to
update information contained in any forward-looking statement.
Synplicity is a registered trademark of Synplicity, Inc. All other
brands or products are the trademarks or registered trademarks of
their owners. -0- *T SYNPLICITY, INC. CONSOLIDATED BALANCE SHEETS
(in thousands) September 30, December 31, 2006 2005 (1)
-------------- ------------- (unaudited) Assets: Current assets:
Cash, cash equivalents and short-term investments $ 63,023 $ 57,099
Accounts receivable, net 9,549 12,632 Other current assets 1,656
2,372 -------------- ------------- Total current assets 74,228
72,103 Property and equipment, net 2,516 2,631 Goodwill 1,272 1,272
Intangible assets, net 1,283 1,882 Other assets 1,019 749
-------------- ------------- Total assets $ 80,318 $ 78,637
============== ============= Liabilities and Shareholders' Equity:
Current liabilities: Accounts payable $ 1,566 $ 944 Accrued
liabilities 1,229 1,461 Accrued compensation 3,917 4,031 Deferred
revenue 18,293 18,355 -------------- ------------- Total current
liabilities 25,005 24,791 Shareholders' equity: Common stock 55,296
58,257 Additional paid-in capital 6,202 3,360 Accumulated deficit
(5,848) (7,430) Accumulated other comprehensive loss (337) (341)
-------------- ------------- Total shareholders' equity 55,313
53,846 -------------- ------------- Total liabilities and
shareholders' equity $ 80,318 $ 78,637 ============== =============
(1) Derived from audited financial statements *T -0- *T SYNPLICITY,
INC. CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except
per share data) (unaudited) Three Months Ended Nine Months Ended
September 30, September 30, ------------------- -----------------
2006 2005 2006 2005 ---------- -------- -------- -------- Revenue:
License $ 5,071 $ 5,160 $12,518 $14,353 Maintenance 6,865 6,447
20,321 18,654 Bundled license and services 4,334 4,288 13,287
12,629 ---------- -------- -------- -------- Total revenue 16,270
15,895 46,126 45,636 Cost of revenue:(2) Cost of license 80 52 209
158 Cost of maintenance 396 391 1,280 1,227 Cost of bundled license
and services 65 169 199 438 Amortization of intangible assets from
acquisitions 223 223 668 668 ---------------------------- --------
Total cost of revenue 764 835 2,356 2,491 ---------- --------
-------- -------- Gross profit 15,506 15,060 43,770 43,145
Operating expenses:(2) Research and development 5,658 6,021 18,135
18,253 Sales and marketing 6,373 5,502 18,723 17,032 General and
administrative 1,944 1,500 5,930 4,733 Restructuring charge - - 854
- ---------- -------- -------- -------- Total operating expenses
13,975 13,023 43,642 40,018 ---------- -------- -------- --------
Income from operations 1,531 2,037 128 3,127 Other income, net 745
436 2,062 1,050 ---------- -------- -------- -------- Income before
income taxes 2,276 2,473 2,190 4,177 Income tax provision (benefit)
631 (27) 608 241 ---------- -------- -------- -------- Net income $
1,645 $ 2,500 $ 1,582 $ 3,936 ========== ======== ======== ========
Net income per share: Basic net income per share $ 0.06 $ 0.09 $
0.06 $ 0.15 ========== ======== ======== ======== Shares used in
basic per share calculation 26,790 26,478 26,918 26,346 ==========
======== ======== ======== Diluted net income per share $ 0.06 $
0.09 $ 0.06 $ 0.14 ========== ======== ======== ======== Shares
used in diluted per share calculation 27,742 27,974 28,249 27,733
========== ======== ======== ======== *T -0- *T (2) Amortization of
stock-based compensation expense (benefit) relates to the
following: Three Months Ended Nine Months Ended September 30,
September 30, -------------------- ----------------- 2006 2005 2006
2005 ---------- --------- --------- ------- Cost of maintenance $
37 $ - $ 85 $ - Research and development 422 - 1,312 - Sales and
marketing 256 - 738 - General and administrative 232 (24) 707 (9)
*T -0- *T SYNPLICITY, INC. RECONCILIATION OF GAAP TO NON-GAAP
MEASURES (in thousands, except per share data) (unaudited) Net
Income Three Months Ended Nine Months Ended September 30, September
30, ------------------ ----------------- 2006 2005 2006 2005
--------- -------- -------- -------- GAAP net income $ 1,645 $
2,500 $ 1,582 $ 3,936 Amortization of intangible assets from
acquisitions 223 223 668 668 Stock-based compensation expense
(benefit) 947 (24) 2,842 (9) Restructuring charge - - 854 -
--------- -------- -------- -------- Non-GAAP net income(3) $ 2,815
$ 2,699 $ 5,946 $ 4,595 ========= ======== ======== ========
Non-GAAP net income per share: Non-GAAP net income per common share
$ 0.10 $ 0.10 $ 0.21 $ 0.17 ========= ======== ======== ========
Shares used in non-GAAP per share calculation 27,742 27,974 28,249
27,733 ========= ======== ======== ======== (3) The non-GAAP
calculations of net income and net income per share for the three
and nine months ended September 30, 2006 were not tax- effected. If
the non-GAAP computation of net income was taxed at the rate the
Company is projecting for the full year, the non-GAAP net income
would have been $2.5 million, or $0.09 per share and $4.7 million,
or $0.17 per share, respectively, for the three and nine months
ended September 30, 2006. In 2005, the Company incurred minimal
income tax expense principally due to the utilization of net
operating loss carryforwards and research and development tax
credits. *T -0- *T Operating Income (as a percentage of revenue)
Three Months Ended September 30, -------------------- 2006 2005
---------- --------- GAAP operating income 10% 13% Amortization of
intangible assets from acquisitions 1% 1% Stock-based compensation
expense (benefit) 6% (0)% ---------- --------- Non-GAAP operating
income 17% 14% ========== ========= *T -0- *T Forward-Looking Net
Income per Share Three Months Ending December 31, 2006
-------------------- GAAP net income per share $0.06-$0.08
Amortization of intangible assets from acquisitions $0.01
Restructuring charge $0.00 Stock-based compensation expense $0.03
-------------------- Non-GAAP net income per share $0.10-$0.12
==================== *T
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Synplicity (MM) (NASDAQ:SYNP)
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From Jul 2023 to Jul 2024