Cadence Postpones Q3 2008 Financial Report
Published: 23 October 2008
by Staff
SAN JOSE, CA -- Cadence Design Systems Inc. said it would postpone the release of its Q3 financial results pending a review of customer contracts signed during Q1.
The review involves $24 million of revenue the company recognized in Q1 that should have been recognized over the duration of the contracts beginning Q2. The company said it expects to restate its financial statements for Q1 2008 and H1 2008 to correct the revenue recognition with respect to these contracts.
Cadence offered no new date for the release of the Q3 2008 financial results.
Analysts expect Cadence to provide details of the company's restructuring in the coming weeks and to address the rumors regarding workforce cuts.
Cadence reaffirmed guidance for Q3 expecting revenue of $235 million to $245 million and a GAAP net loss of $0.25 to $0.27 per share.
