Mentor Graphics Announces Preliminary Fiscal 2009 Results and Schedules Fourth Quarter Conference Call
11 2월 2009 - 6:30AM
Business Wire
Mentor Graphics Corporation (NASDAQ: MENT) today announced
preliminary fiscal fourth quarter 2009 results. For the quarter
ended January 31, 2009, the company expects revenues of
approximately $243 million, and to be profitable on a non-GAAP
basis for the fiscal fourth quarter and fiscal year 2009. On a GAAP
basis, the company may be profitable for the quarter, and expects
to report a loss for the year, driven by non-cash charges. GAAP
quarterly and annual results are likely to be affected by the
results of a current evaluation of the carrying value of certain
intangible assets.
The company emphasizes that these results are preliminary and
subject to adjustments upon final closing of financial results and
completion of the annual audit by independent auditors.
The company will release its results at 1:30 PM Pacific Time on
February 26, 2009. A conference call will follow at 2:00 PM Pacific
Time.
- What: Mentor Graphics live
webcast of Fiscal Q4 Results Conference Call
- When: Thursday, February 26,
2009 at 2:00 PM Pacific Time
- Webcast:
www.mentor.com/company/investor_relations
Discussion of Non-GAAP Financial Measures
Mentor Graphics management evaluates and makes operating
decisions using various performance measures. In addition to our
GAAP results, we also consider adjusted gross margin, operating
margin and net income (loss), which we refer to as non-GAAP gross
margin, operating margin, and net income (loss), respectively.
These non-GAAP measures are derived from the revenues of our
product, maintenance, and services business operations and the
costs directly related to the generation of those revenues, such as
cost of revenue, research and development, sales and marketing, and
general and administrative expenses, that management considers in
evaluating our ongoing core operating performance. These non-GAAP
measures exclude amortization of purchased and other identified
intangible assets, in-process research and development, special
charges, equity plan-related compensation expenses and charges, and
gains which management does not consider reflective of our core
operating business.
Purchased and other identified intangible assets consist
primarily of purchased technology, backlog, trade names, customer
relationships, and employment agreements. In-process research and
development charges represent products in development that had not
reached technological feasibility at the time of acquisition.
Special charges primarily consist of post-acquisition rebalance
costs including severance and benefits, excess facilities, and
asset-related charges, and also include strategic reallocations or
reductions of personnel resources. Equity plan-related compensation
expenses represent the fair value of all share-based payments to
employees, including grants of employee stock options, as required
under Statement of Financial Accounting Standards No. 123 (revised
2004), �Share-Based Payment� (SFAS 123R). For purposes of
comparability across other periods and against other companies in
our industry, non-GAAP net income (loss) is adjusted by the amount
of additional taxes or tax benefit that we would accrue using a
normalized effective tax rate applied to the non-GAAP results.
In certain instances our GAAP results of operations may not be
profitable when our corresponding non-GAAP results are profitable
or vice versa. The number of shares on which our non-GAAP EPS is
calculated may therefore differ from the GAAP presentation due to
the anti-dilutive effect of stock options in a loss situation.
Non-GAAP gross margin, operating margin and net income (loss)
are supplemental measures of our performance that are not required
by, or presented in accordance with, GAAP. Moreover, they should
not be considered as an alternative to any performance measure
derived in accordance with GAAP, or as an alternative to cash flow
from operating activities as a measure of our liquidity. We present
non-GAAP gross margin, operating margin and net income (loss)
because we consider them to be important supplemental measures of
our operating performance and profitability trends, and because we
believe they give investors useful information on period-to-period
performance as evaluated by management.
Management excludes from our non-GAAP measures certain recurring
items to facilitate its review of the comparability of our core
operating performance on a period-to-period basis because such
items are not related to our ongoing core operating performance as
viewed by management. Management considers our core operating
performance to be that which can be affected by our managers in any
particular period through their management of the resources that
affect our underlying revenue and profit generating operations
during that period. Management uses this view of our operating
performance for purposes of comparison with our business plan and
individual operating budgets and allocation of resources.
Additionally, when evaluating potential acquisitions, management
excludes the items described above from its consideration of target
performance and valuation. More specifically management adjusts for
the excluded items for the following reasons:
- Amortization charges for our
purchased and other identified intangible assets are inconsistent
in amount and frequency and are significantly impacted by the
timing and magnitude of our acquisition transactions. We therefore
consider our operating results without these charges when
evaluating our core performance. Generally, the most significant
impact to inter-period comparability of our net income (loss) is in
the first twelve months following an acquisition.
- Special charges are primarily
severance related and are due to our reallocation or reduction of
personnel resources driven by modifications of business strategy or
business emphasis and by assimilation of acquired businesses. These
costs are originated based on the particular facts and
circumstances of business decisions and can vary in size. Special
charges also include excess facility and asset-related
restructuring charges. These charges are not specifically included
in our annual operating plan and related budget due to the rapidly
changing technology and competitive environment in our industry. We
therefore exclude them when evaluating our managers' performance
internally.
- In-process research and
development charges are largely disregarded as acquisition
decisions are made, since they often result in charges that vary
significantly in size and amount. Management excludes these charges
when evaluating the impact of an acquisition transaction and our
ongoing performance.
- Management supplementally
considers performance without the impact of equity plan-related
compensation charges and believes this information is useful to
investors to compare our performance to the performance of other
companies in our industry who present non-GAAP results adjusted to
exclude stock compensation expense. We view equity plan-related
compensation as a key element of our employee retention and
long-term incentives, not as an expense that should be an element
of evaluating core operations in any given period. We therefore
exclude these charges for purposes of evaluating our core
performance.
- Income tax expense (benefit) is
adjusted by the amount of additional tax expense or benefit that we
would accrue if we used non-GAAP results instead of GAAP results in
the calculation of our tax liability, taking into consideration our
long-term tax structure. We use a normalized effective tax rate of
17%, which reflects the weighted average tax rate applicable under
the various tax jurisdictions in which we operate. This non-GAAP
weighted average tax rate is subject to change over time for
various reasons, including changes in the geographic business mix
and changes in statutory tax rates.
Non-GAAP net income (loss) also facilitates comparison with
other companies in our industry, which use similar financial
measures to supplement their GAAP results. However, non-GAAP net
income (loss) has limitations as an analytical tool, and you should
not consider this measure in isolation or as a substitute for
analysis of our results as reported under GAAP. In the future we
expect to continue to incur expenses similar to the non-GAAP
adjustments described above and exclusion of these items in our
non-GAAP presentation should not be construed as an inference that
these costs are unusual, infrequent or non-recurring. Some of the
limitations in relying on non-GAAP net income (loss) are:
- Amortization of purchased
intangibles, though not directly affecting our current cash
position, represents the loss in value as the technology in our
industry evolves, is advanced or is replaced over time. The expense
associated with this loss in value is not included in the non-GAAP
net income (loss) presentation and therefore does not reflect the
full economic effect of the ongoing cost of maintaining our current
technological position in our competitive industry, which is
addressed through our research and development program.
- We regularly engage in
acquisition and assimilation activities as part of our ongoing
business and therefore we will continue to experience special
charges and in-process research and development charges on a
regular basis. These costs also directly impact our available
funds.
- Our stock option and stock
purchase plans are important components of our incentive
compensation arrangements and will be reflected as expenses in our
GAAP results for the foreseeable future under SFAS 123R.
- Our income tax expense (benefit)
will be ultimately based on our GAAP taxable income and actual tax
rates in effect, which often differ significantly from the 17% rate
assumed in our non-GAAP presentation.
- Other companies, including other
companies in our industry, may calculate non-GAAP net income (loss)
differently than we do, limiting its usefulness as a comparative
measure.
About Mentor Graphics
Mentor Graphics Corporation (Nasdaq: MENT) is a world leader in
electronic hardware and software design solutions, providing
products, consulting services and award-winning support for the
world�s most successful electronics and semiconductor companies.
Established in 1981, the company reported revenues over the last 12
months of about $850 million and employs approximately 4,450 people
worldwide. Corporate headquarters are located at 8005 S.W. Boeckman
Road, Wilsonville, Oregon 97070-7777. World Wide Web site:
http://www.mentor.com/.
(Mentor Graphics is a trademark of Mentor Graphics Corporation.
All other company or product names are the registered trademarks or
trademarks of their respective owners.)
Statements in this press release regarding the company�s
guidance for future periods constitute �forward-looking� statements
based on current expectations within the meaning of section 21E of
the Securities Exchange Act of 1934, as amended. Such
forward-looking statements involve known and unknown risks,
uncertainties and other factors that may cause the actual results,
performance or achievements of the Company or industry results to
be materially different from any results, performance or
achievements expressed or implied by such forward-looking
statements. Such factors include, among others, the following: (i)
reductions in the spending on the company�s products and
services�by its customers due to the current worldwide downturn;
(ii)�continued weakness�or recession in the US, EU, Japan or other
economies;�(iii) the company�s ability to successfully offer
products and services that compete in the highly competitive EDA
industry; (iv)�product bundling or discounting of products and
services by competitors, which could force the company to lower its
prices or offer other more favorable terms to customers; (v)
effects of the increasing volatility of foreign currency
fluctuations on the company�s business and operating results; (vi)
changes in accounting or reporting rules or interpretations;
(vii)�the impact of tax audits by the IRS or other taxing
authorities, or changes in the tax laws, regulations or enforcement
practices where the company does business; (viii)�effects of
unanticipated shifts in product mix on gross margin; and
(ix)�effects of customer seasonal purchasing patterns and the
timing of significant orders may negatively or positively impact
the company�s quarterly results of operations, (x) an industry
downturn that could lead to smaller customer renewals, all as may
be discussed in more detail under the heading �Risk Factors� in the
company�s most recent Form 10-K or Form 10-Q. Given these
uncertainties, prospective investors are cautioned not to place
undue reliance on such forward-looking statements. In addition,
statements regarding guidance do not reflect potential impacts of
mergers or acquisitions that have not been announced or closed as
of the time the statements are made. Mentor Graphics disclaims any
obligation to update any such factors or to publicly announce the
results of any revisions to any of the forward-looking statements
to reflect future events or developments.
Mentor Graphics Corp. (NASDAQ:MENT)
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