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Mentor's Q4 Revenue Up 11.5%
Written by PCD&M staff
Wednesday, 28 January 2004
WILSONVILLE, OR, Jan. 26 - Mentor Graphics today
reported fourth-quarter revenue rose 12% to $201.9 million, from $180.1
million a year ago. The company forecast record sales in 2004.
For the December quarter, net income fell to $13 million, from $18.7
million last year. The $202 million in fourth-quarter sales set a
company record.
In a press statement chairman and CEO Wally Rhines
said, "Mentor's strength in new products continued to outweigh softness
in overall electronic design automation spending." Bookings grew 85%
for the quarter, although PCB sales did not keep pace. The overall
book-to-bill topped one, but was less than expected as a large deal was
rebooked for the first quarter of 2004.
Mentor guided for 2004 revenue of $722 million, including $165
million in the first quarter and $170 million in each of the second and
third quarters, and $217 million in the fourth. The company reported
revenues of $675.7 million for 2003.
The company forecast gross margins, before amortization of goodwill,
of 85% during the first half, increasing to 86% in the third quarter
and 88% in the fourth. On a GAAP basis, gross margin should run 84%
during the first half, then rise one to three points in the second
half.
Operating expense, excluding amortization of intangibles, is
forecasted at $132 million in Q1 and Q2, $134 million in Q3 and $139
million in Q4. Mentor expects GAAP operating expenses of $133 million
in Q1 and Q2, $135 million in Q3 and $140 million in Q4.
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