SAN JOSE, CA – Cadence reported first quarter 2016 System Interconnect and Analysis revenue of $40.3 million, down 10.8% year-over-year.

The firm’s total revenue for the quarter was $448 million, up 9% year-over-year.

On a GAAP basis, Cadence recognized net income of $51 million for the quarter, an increase of 42% compared to the same period in 2015.

Cadence took a one-time charge of $14 million during the period tied to restructuring.

On a conference call with analysts, CFO Geoff Ribar said the drop in revenue at the system innerconnect business was "nothing more than a pause."

"We sometimes have fluctuations in revenue accounting due to MEAs or due in payable contracts, so we just view it as nothing more than a pause right now."

For the second quarter the company expects total revenue in the range of $445 million to $455 million. For full-year 2016, Cadence expects total revenue in the range of $1.79 billion to $1.84 billion.

• Prev
• Next