-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Jgvt/Cn/WgT2dFaez8rRcNn/1zG4krNrrW+XThbiRCp3i9NTpJPBiZ2QHoNDRbcB LKwz4cPvqi76d0qH9L64+g== 0001012870-97-000086.txt : 19970123 0001012870-97-000086.hdr.sgml : 19970123 ACCESSION NUMBER: 0001012870-97-000086 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19970121 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 19970122 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: COOPER & CHYAN TECHNOLOGY INC CENTRAL INDEX KEY: 0000849585 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-PREPACKAGED SOFTWARE [7372] IRS NUMBER: 770409778 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-26750 FILM NUMBER: 97508621 BUSINESS ADDRESS: STREET 1: 1601 SARATOGA SUNNYVALE RD CITY: CUPERTINO STATE: CA ZIP: 95014 BUSINESS PHONE: 4083666966 MAIL ADDRESS: STREET 1: 1601 SOUTH DE ANZA BOULEVARD CITY: CUPERTINO STATE: CA ZIP: 95014 8-K 1 FORM 8-K SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 8 - K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of Earliest Event Reported): JANUARY 21, 1997 COOPER & CHYAN TECHNOLOGY, INC. - ------------------------------------------------------------------------------ (Exact Name of Registrant as Specified in Its Charter) DELAWARE - ------------------------------------------------------------------------------ (State or Other Jurisdiction of Incorporation) 0-26750 77-049778 ------------------------ --------------------------------- (Commission File Number) (IRS Employer Identification No.) 1601 SOUTH DE ANZA BOULEVARD, CUPERTINO, CALIFORNIA 95014 - --------------------------------------------------- --------------------- (Address of Principal Executive Offices) (Zip Code) (408) 366-6966 - ------------------------------------------------------------------------------ (Registrant's Telephone Number, Including Area Code) NOT APPLICABLE - ------------------------------------------------------------------------------- (Former Name or Former Address, if Changed Since Last Report) This report on Form 8-K consists of 5 sequentially numbered pages. The exhibit index is located at sequentially numbered page 2. INFORMATION TO BE INCLUDED IN THE REPORT ---------------------------------------- ITEM 5: OTHER EVENTS. On January 21, 1997, Cooper & Chyan Technology, Inc. ("CCT") issued a press release reporting its results of financial operations for the fourth fiscal quarter of 1996. A copy of the press release is attached as an exhibit to this report on Form 8-K. ITEM 7: FINANCIAL STATEMENTS AND EXHIBITS. (c) Exhibits. --------- The following exhibit is filed herewith: 99.01 Press Release dated January 21, 1997. SIGNATURES ---------- Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. COOPER & CHYAN TECHNOLOGY, INC. Date: January 21, 1996 By /s/ Robert D. Selvi ------------------------------- Robert D. Selvi Chief Financial Officer INDEX TO EXHIBITS -----------------
Exhibit Number Description of Exhibit - ---------- ------------------------------------- 99.01 Press Release dated January 21, 1997.
2 EX-99.01 2 PRESS RELEASE DATED 01/21/97 Exhibit 99.01 ------------- For more information, contact: Robert D. Selvi, Chief Financial Officer Cooper & Chyan Technology, Inc. (408) 342-5581 COOPER & CHYAN TECHNOLOGY, INC. REPORTS RECORD FOURTH QUARTER AND ANNUAL OPERATING RESULTS . FOURTH QUARTER REVENUES $11.9 MILLION; UP 61% . FOURTH QUARTER NET INCOME $.13 PER SHARE . 1996 REVENUES $37.6 MILLION; UP 60% . 1996 NET INCOME $.36 PER SHARE CUPERTINO, CA -- January 21, 1997 -- Cooper and Chyan Technology, Inc. (NASDAQ: CCTI) ("CCT"), today reported financial results for the fourth quarter and year ended December 31, 1996. Fourth quarter 1996 revenue increased 61% to $11.9 million as compared with $7.4 million in the same period last year. Net income increased significantly to $2.0 million or $.13 per share on 10% more common shares outstanding, as compared with $495,000, or $.04 per share in the fourth quarter of 1995. "We are pleased with our performance for both the fourth quarter and 1996, with growth from both CCT product lines and improved performance from UniCAD," said Jack Harding, President and Chief Executive Officer. "While the PCB business remains fundamentally sound, the growth in the quarter was principally attributed to the outstanding performance of our IC Craftsman(R) products which have continued to exceed our expectations." For the year ended December 31, 1996, total revenues increased 60% to $37.6 million as compared with $23.4 million in 1995. Net income increased to $5.3 million, or $.36 per share on 18% more common shares outstanding, as compared with $1.3 million, or $.11 per share in 1995. Cooper & Chyan Technology, Inc. develops, markets and supports place and route software which enables the development of high performance integrated circuits and printed circuit boards. The Company, which commenced trading on the NASDAQ National Market on October 31, 1995, is headquartered in Cupertino, California and has operations in North America, Europe and Japan. COOPER & CHYAN TECHNOLOGY, INC. CONSOLIDATED STATEMENTS OF INCOME
QUARTER ENDED YEAR ENDED ----------------------------- --------------------------- DECEMBER 31 DECEMBER 31 DECEMBER 31 DECEMBER 31 -------------- ------------ ------------ ------------ 1996 1995 1996 1995 -------------- ------------ ------------ ------------ (UNAUDITED) (UNAUDITED) -------------- ------------ Revenue License $ 9,095,601 $ 4,925,274 $27,233,811 $15,660,859 Service 2,829,096 2,496,873 10,371,103 7,780,879 ----------- ----------- ----------- ----------- Total revenue 11,924,697 7,422,147 37,604,914 23,441,738 ----------- ----------- ----------- ----------- Costs and expenses Cost of license revenue 788,559 271,941 2,015,443 1,157,101 Cost of service revenue 278,440 380,945 940,496 845,946 Research and development 2,206,496 1,630,201 7,763,695 5,892,932 Sales and marketing 4,177,134 3,212,988 14,243,608 10,200,510 General and administrative 1,656,131 1,358,471 5,662,234 3,525,581 ----------- ----------- ----------- ----------- Total costs and expenses 9,106,760 6,854,546 30,625,476 21,622,070 ----------- ----------- ----------- ----------- Income from operations 2,817,937 567,601 6,979,438 1,819,668 Other income, net 219,785 130,077 1,007,923 175,006 ----------- ----------- ----------- ----------- Income before provision for 3,037,722 697,678 7,987,361 1,994,674 income taxes Provision for income taxes 1,029,105 202,394 2,715,702 665,787 ----------- ----------- ----------- ----------- Net income $ 2,008,617 $ 495,284 $ 5,271,659 $ 1,328,887 =========== =========== =========== =========== Net income per share $ 0.13 $ 0.04 $ 0.36 $ 0.11 =========== =========== =========== =========== Shares used in computing per share amounts 14,756,182 13,425,351 14,503,199 12,271,502 =========== =========== =========== ===========
2 COOPER & CHYAN TECHNOLOGY, INC. CONSOLIDATED BALANCE SHEETS
DECEMBER 31 DECEMBER 31 ------------- ------------- 1996 1995 ------------- ------------- ASSETS Current Assets Cash and cash equivalents $ 4,605,682 $ 3,586,998 Short term investments 28,240,549 23,402,236 Accounts receivable, net 11,614,112 5,599,419 Deferred income taxes 653,432 373,525 Prepaid expenses and other current assets 2,509,536 1,133,917 ----------- ----------- Total current assets 47,623,311 34,096,095 Property, equipment net 3,230,149 3,008,270 Other assets 1,318,387 385,174 ----------- ----------- $52,171,847 $37,489,539 =========== =========== LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Trade accounts payable 401,377 882,074 Accrued salary and employee benefits 2,140,677 1,178,947 Other accrued liabilities 3,579,432 2,180,027 Income taxes payable - 242,566 Deferred revenue 5,431,926 3,033,293 ----------- ----------- Total current liabilities 11,553,412 7,516,907 Deferred income taxes 68,062 238,851 Other long term liabilities 59,790 319,459 Stockholders' equity Common stock 131,106 123,228 Additional paid-in capital 31,423,832 25,732,747 Notes receivable from stockholders - (39,010) Deferred compensation (309,420) (404,626) Retained earnings 9,245,065 4,001,983 ----------- ----------- Total stockholders' equity 40,490,583 29,414,322 ----------- ----------- $52,171,847 $37,489,539 =========== ===========
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