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Magma Posts Losses, Still Exceeds Sales Target

Published: 28 May 2009
 by Staff
SAN JOSE, CA – Magma Design Automation Inc. reported fourth-quarter sales dropped 104% from last year to $34.1 million. For the fiscal year, sales fell 31% to $147 million.
 
Despite the decline, fourth-quarter sales came in just over the guidance range of $33 million to $34 million. Sales for the fiscal year were also at the high end of the most recent guidance, released in February.

For the quarter ended May 3, net loss was $8.8 million, compared to a net loss of $7.2 million last year.
 
Net loss for the year, also ended May 3, was $127.1 million, compared to $30.8 million in 2008.
 
Non-GAAP net income fell 61% from last year to $3.1 million. For the year, non-GAAP dropped 75% from $27 million to $6.7 million.
 
The company forecast first-quarter sales in the range of $27.5 million to $28.5 million; fiscal-year sales are expected between $120 million and $125 million.
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