WILSONVILLE, OR – Mentor Graphics reported fiscal fourth quarter revenues of $337.3 million, down 23.2% year-over-year.

In the period ended Jan. 31 net income was $60.2 million, a decrease of 47.2% compared to 2015.

For the full fiscal year, revenues were $1.18 billion, down 5% compared to the previous year. Net income was $94.2 million, a decrease of 35.1% year-over-year.

“Fiscal 2016 was our most challenging year since the financial crisis of 2009,” said Walden C. Rhines, chairman and CEO of Mentor Graphics. “Although the semiconductor industry is going through a period of weakness that impacts the EDA industry, Mentor is benefiting from its leading position in design of electronics for the automotive and aerospace industries. Bookings in the automotive part of Mentor’s business grew 20% in the fourth quarter, continuing the 20% compound growth rate of the past five years.”

“Through rigorous attention to expenses, we reduced fourth quarter operating costs by $20 million and exceeded non-GAAP earnings per share by $0.16 compared to guidance,” said Gregory K. Hinckley, president of Mentor.

For the first quarter of fiscal 2017, the company expects revenues of about $220 million. For the full year fiscal 2017, the company expects revenues of about $1.215 billion.

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