Wednesday, Cadence Design Systems Inc. (CDNS) reported fourth-quarter net income of $2 million or $0.01 per share, compared to a loss of $1.63 billion or $6.55 per share in the same quarter last year. The prior year results included a non-cash impairment charge of $1.36 billion, related to Cadence's goodwill, intangible assets, and fixed assets.
On a non-GAAP basis, net income was $15 million or $0.06 per share, compared to a loss of $11 million or $0.04 per share in the prior year quarter.
On average, six analysts polled by Thomson Reuters expected the company to earn $0.03 per share for the quarter. Analysts' estimates typically exclude special items.
Revenue for the quarter was $220 million, down from $227 million in the comparable quarter last year. Analysts expected the company to report revenue of $220.68 million for the quarter.
Looking ahead to the first quarter, the company expects total revenue in the range of $210 million - $220 million with net loss in the range of $0.10 - $0.08 per share. On a non-GAAP basis, net income is expected to be in the range of $0.00 - $0.02 per share. Analysts currently anticipate the company to earn breakeven per share on revenue of $213.92 million for the quarter.
For the full year 2010, the company expects total revenue in the range of $865 million - $900 million with a net loss in the range of $0.29 - $0.19 per share. On a non-GAAP basis, net income is expected to be in the range of $0.05 - $0.15 per share. Analysts currently anticipate the company to earn $0.11 per share on revenue of $900.58 million for the quarter.
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