MARLBORO, Mass.--(BUSINESS WIRE)--Jan. 29, 1996--Viewlogic Systems Inc. (NASDAQ:VIEW) today reported net income of $8.9 million, or $0.52 per share, before non-recurring items, for the year ended December 31, 1995. This compares to net income of $11.3 million, or $0.65 per share, before non-recurring items, in 1994. After including the non-recurring item of $6.0 million, or $0.35 per share, associated with the fourth quarter, 1995 acquisition of Silerity, Inc., net income was $2.9 million, or $0.17 per share. This compares to the net loss of $6.3 million, or $0.36 per share, reported for fiscal 1994, which included non-recurring items of $18.5 million, or $1.01 per share, associated with the acquisitions of Chronologic Simulation and Sunrise Test Systems, Inc. Full year 1995 revenues were $121.0 million, reflecting a 2 percent increase from the $118.6 million reported in 1994.
For the fourth quarter of 1995, net income was $3.8 million, or $0.22 per share, before the non-recurring item, versus the $95,000, or $0.01 per share, recorded in the fourth quarter of 1994. After including the non-recurring item in the fourth quarter of 1995, the net loss was $2.3 million, or $0.13 per share. Revenues were $32.5 million in the fourth quarter of 1995, a 3 percent increase over the $31.6 million for the same period of the previous year.
Viewlogic also announced today that Will Herman has been appointed president and chief operating officer of the Company. Mr. Herman will be responsible for all day-to-day operations. Alain Hanover will continue to direct the Company as chief executive officer and chairman of the board.
"I am pleased that Will has taken on the additional responsibility. Since coming back to Viewlogic last March, Will has proven that he is well-suited to lead our growth efforts," said Alain Hanover. "As one of the original founders of the company, and as an active participant in a broad array of EDA efforts, Will has an in-depth knowledge of EDA technology, the industry and, in particular, Viewlogic's strengths."
"We spent 1995 rebuilding and refocusing," said Will Herman. "We strengthened our management team and the effectiveness of our distribution channels. We are looking to these improvements, as well as our investments in technology during the last year, for growth in 1996. Most importantly, we remain focused on our customers, as evidenced by the growth of our service revenue which increased over 40 percent from the prior year."
Viewlogic Systems, Inc. is a worldwide supplier of electronic design automation software. The company's design tools enable electrical engineers to design state-of-the-art electronic products more efficiently, while reducing both development costs and time to market. The company offers software for both UNIX- and Windows-based computing platforms, along with a broad range of support services. Viewlogic is the first Computer Aided Engineering (CAE) software company in the U.S. to achieve registration to ISO 9001, the most comprehensive of the ISO quality standards. For more company information, the Internet home page address for Viewlogic is http://www.viewlogic.com. Viewlogic press releases are also available through Business Wire's News on Demand fax service by calling 800/448-8533.
Two consolidated statements of operations, as reported and excluding non-recurring items, and balance sheet are attached.
VIEWLOGIC SYSTEMS, INC. Consolidated Statements of Operations (Includes Silerity) (In thousands, except per share data)
Quarter Ended Twelve Months Ended December 31, December 31, (Unaudited) (Unaudited) 1995 1994 1995 1994
Revenue: Software $20,313 $22,916 $76,941 $87,270 Services and other 12,141 8,719 44,019 31,310
Total revenue 32,454 31,635 120,960 118,580
Costs and expenses: Cost of software 2,506 3,634 10,887 9,681 Cost of services and other 2,804 2,587 11,102 9,348 Selling and marketing 14,455 17,582 55,021 56,226 Research and development 5,120 5,719 22,644 20,255 Purchased research and development 6,023(c) 6,023(c) 15,377(b) General and administrative 2,368 2,281 9,049 10,572(a)
Total operating expenses 33,276 31,803 114,726 121,459
Income (loss) from operations (822) (168) 6,234 (2,879)
Other income 863 310 1,955 1,490
Income (loss) before income taxes 41 142 8,189 (1,389) Provision for income taxes 2,302 47 5,328 4,928
Net income (loss) ($2,261) $95 $2,861 ($6,317)
Income (loss) per common share: Net income (loss) ($0.13)(c) $0.01 $0.17(c) ($0.36)(a)(b)
Weighted average number of common and common equivalent shares outstanding 17,336 17,476 17,249 17,391
(a) Includes in first quarter 1994 non-recurring charges of $3,100 pre-tax and $2,232 after-tax (or $0.13 per share) related to merger with Chronologic including legal, accounting, and investment banking fees and costs associated with combining the operations of previously separate companies and instituting efficiencies.
(b) Third quarter 1994 non-recurring charges of $15,377 pre-tax (or $0.88 per share) related to the purchase of Sunrise.
(c) Fourth quarter 1995 non-recurring charges of $6,023 pre-tax (or $.35 per share) related to the purchase of Silerity.
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VIEWLOGIC SYSTEMS, INC. Consolidated Statements of Operations (Includes Silerity) (In thousands, except per share data)
EXCLUDES NON-RECURRING CHARGES
Quarter Ended Twelve Months Ended December 31, December 31, (Unaudited) (Unaudited) 1995 1994 1995 1994
Revenue: Software $20,313 $22,916 $76,941 $87,270 Services and other 12,141 8,719 44,019 31,310
Total revenue 32,454 31,635 120,960 118,580
Costs and expenses: Cost of software 2,506 3,634 10,887 9,681 Cost of services and other 2,804 2,587 11,102 9,348 Selling and marketing 14,455 17,582 55,021 56,226 Research and development 5,120 5,719 22,644 20,255 General and administrative 2,368 2,281 9,049 7,472
Total operating expenses 27,253 31,803 108,703 102,982
Income (loss) from operations 5,201 (168) 12,257 15,598
Other income 863 310 1,955 1,490
Income before income taxes 6,064 142 14,212 17,088 Provision for income taxes 2,302 47 5,328 5,796
Net income $3,762 $95 $8,884 $11,292
Income per common share: Net income $0.22 $0.01 $0.52 $0.65
Weighted average number of common and common equivalent shares outstanding 17,336 17,476 17,249 17,391
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VIEWLOGIC SYSTEMS, INC. Consolidated Balance Sheets (In thousands)
December 31, December 31, 1995 1994
ASSETS Current assets: Cash and equivalents 57,768 54,151 Accounts receivable, net 29,054 29,736 Prepaid expenses and other 5,816 8,093
Total current assets 92,638 91,980
Marketable securities - non-current 3,619 1,066
Property and equipment 29,542 24,160 Less accumulated depreciation 17,503 12,908
Property and equipment - net 12,039 11,252
Other assets 10,687 11,859
Total 118,983 116,157
LIABILITIES & STOCKHOLDERS' EQUITY Current liabilities: Current portion of capital leases 77 253 Accounts payable 2,926 3,337 Accrued expenses and taxes 12,946 19,570 Notes payable to Silerity shareholders 2,805 Deferred revenue 17,447 16,518
Total current liabilities 36,201 39,678
Deferred income taxes 5,453 3,994 Capital lease obligations 38 133
Stockholders' equity: Common stock, $.01 par value 167 167 Additional paid-in capital 66,531 67,980 Retained earnings 7,138 4,277 Unrealized holding gains (losses) on investments 3,537 (69) Cumulative translation adjustment (82) (3)
Total stockholders' equity 77,291 72,352
Total $118,983 $116,157
CONTACT: Ron Benanto
Viewlogic Systems Inc.
(508) 480-0881
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