-----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, GtMYYb97Dx8RuXP3Y6lIK9b1iQJjKv8fEShj9Gl7H+uJIIj4AzcsRyy8DPOuWLtg MQltYj7EiGlMx6mF4wXDTQ== 0000891618-00-001034.txt : 20000221 0000891618-00-001034.hdr.sgml : 20000221 ACCESSION NUMBER: 0000891618-00-001034 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20000217 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 20000218 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SYNOPSYS INC CENTRAL INDEX KEY: 0000883241 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-PREPACKAGED SOFTWARE [7372] IRS NUMBER: 561546236 STATE OF INCORPORATION: DE FISCAL YEAR END: 1028 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 000-19807 FILM NUMBER: 549105 BUSINESS ADDRESS: STREET 1: 700 E MIDDLEFIELD RD CITY: MOUNTAIN VIEW STATE: CA ZIP: 94043-4033 BUSINESS PHONE: 4159625000 MAIL ADDRESS: STREET 1: 700 E MIDDLEFIELD RD CITY: MOUNTAIN VIEW STATE: CA ZIP: 94043-4033 8-K 1 FORM 8-K DATE OF REPORT FEBRUARY 17, 2000 1 SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 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): February 17, 2000 Synopsys, Inc. ------------------------------------------------------ (Exact name of registrant as specified in its charter) Delaware 000-19807 56-1546236 - ---------------------------- ------------------- ------------------- State or other jurisdiction (Commission (IRS Employer of incorporation) File Number) Identification No.)
700 East Middlefield Road, Mountain View, California 94043-4033 --------------------------------------------------------------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (650) 962-5000 Not applicable ------------------------------------------------------------- (Former name or former address, if changed since last report) 2 ITEM 5. Other Events On February 17, 2000, the Company issued a press release announcing its financial results for the fiscal quarter ended January 29, 2000. Also on February 17, 2000, the Company issued a press release announcing a stock repurchase program. A copy of both press releases are filed as Exhibit 99.1, 99.2 and incorporated herein by reference. ITEM 7. Financial Statements, Pro Forma Financial Information and Exhibits (c) Exhibits. Exhibit No. Description ----------- --------------- 99.1 Press release of the Company, dated February 17, 2000, relating to the financial results for the fiscal quarter ended January 29, 2000. 99.2 Press release of the Company, dated February 17, 2000, announcing stock repurchase program.
3 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. SYNOPSYS, INC. Dated: February 17, 2000 By: /s/ STEVEN K. SHEVICK ------------------------------- Steven K. Shevick Vice President, Investor Relations and Legal EX-99.1 2 PRESS RELEASE RELATING TO THE FINANCIAL RESULTS 1 EXHIBIT 99.1 PRESS RELEASE CONTACT: David M. Sugishita Chief Financial Officer Synopsys, Inc. 650-584-4257 SYNOPSYS POSTS FINANCIAL RESULTS FOR FIRST QUARTER 2000 MOUNTAIN VIEW, CALIFORNIA, FEBRUARY 17, 2000 - Synopsys, Inc., today reported its first quarter results for the period that ended on January 31, 2000. Revenue for the first quarter of fiscal 2000 was $216.9 million, compared with revenue for the same period last year of $180.2 million, an increase of 20%. Net income for the first quarter of fiscal 2000 was $45.1 million, or $0.61 per share, compared with net income of $40.4 million, or $0.56 per share, for the first quarter of fiscal 1999. This represents net income and earnings per share growth of 12% and 9%, respectively. Earnings before goodwill (EBG), which represents earnings per share on a fully diluted basis excluding amortization of intangible assets and in-process research and development, was $50.7 million, or $0.68 per share, for the first quarter of fiscal 2000, compared with $40.4 million, or $0.56 per share, for the first quarter of fiscal 1999, an increase of 25% and 21% respectively. "Synopsys' results in the first quarter of fiscal 2000 were really strong on all fronts," noted Dr. Aart de Geus, Chairman and CEO of Synopsys. "We are also gaining market share in all key product categories, a clear sign of our superior technology and recognized customer value. Our new physical synthesis business is performing especially well. We're actively involved with over 50 customer engagements and have already helped several customers achieve successful silicon with these physical synthesis products," added de Geus. During the first quarter of fiscal 2000, the Company completed the acquisition of Leda, S.A., based in Grenoble, France, a privately held provider of RTL coding style checkers. The acquisition will provide the Company with tools for enabling design reuse and facilitating system-on-a-chip (SOC) integration. The business combination with Leda was accounted for as a purchase. About Synopsys Synopsys, Inc., (NASDAQ: SNPS) is a leading supplier of electronic design automation (EDA) solutions to the global electronics market. The company provides comprehensive design technologies to creators of advanced integrated circuits, electronic systems, and systems on a chip. Synopsys also provides consulting services and support to its customers to streamline the overall design process and accelerate time to market. News and information are available at http://www.synopsys.com. Synopsys' quarterly conference call will be held at 2 p.m. today. A replay of the call will be available through streetfusion.com. This release may contain forward-looking statements under the safe harbor provisions of Section 21E of the Securities Exchange Act of 1934. These statements are based on Synopsys' current expectations and beliefs. Actual results could differ materially from the results implied by these statements. Factors that could cause results to differ from these statements include the competitive nature of the electronic design automation industry as well as factors identified in documents filed by Synopsys with the Securities and Exchange Commission, specifically the most recent reports on Forms 10-K and 10-Q. ### Synopsys is a registered trademark of Synopsys, Inc. All other trademarks mentioned in this release are the intellectual property of their respective owners. 2 SYNOPSYS, INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME (1) (in thousands, except per share data) (unaudited)
THREE MONTHS ENDED JANUARY 31, DECEMBER 31, 2000 1998 ---- ---- Revenue: Product $130,549 $109,959 Service 86,319 70,267 ---------- --------- Total revenue 216,868 180,226 ---------- --------- Cost of revenue: Product 10,286 7,595 Service 18,599 14,111 ---------- --------- Total cost of revenue 28,885 21,706 ---------- --------- Gross margin 187,983 158,520 ---------- --------- Operating expenses: Research and development 44,267 40,936 Sales and marketing 66,996 55,578 General and administrative 12,249 11,092 Amortization of intangible assets 3,521 -- In-process research and development and other costs 1,750 -- ---------- --------- Total operating expenses 128,783 107,606 ---------- --------- Operating income 59,200 50,914 Other income, net 8,940 8,484 ---------- --------- Income before provision for income taxes 68,140 59,398 Provision for income taxes 23,037 19,007 ---------- --------- Net income $ 45,103 $ 40,391 ========== ========= Basic earnings per share: Net income $ 0.64 $ 0.58 ========== ========= Weighted average common shares 70,785 69,166 ========== ========= Diluted earnings per share: Net income $ 0.61 $ 0.56 ========== ========= Weighted average common shares and equivalents 74,281 72,384 ========== ========= (1) On July 15, 1999, the Board of Directors changed the Company fiscal year to end on the Saturday nearest to October 31. Information for the October 1999 transition period will be filed with Synopsys' quarterly report on Form 10-Q for the first quarter of fiscal 2000.
3 SYNOPSYS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (1) (in thousands) (unaudited)
JANUARY 31, OCTOBER 31, 2000 1999 ---- ---- ASSETS Current assets: Cash and cash equivalents $ 222,242 $ 309,394 Short-term investments 428,825 399,995 Accounts receivable, net 156,899 130,253 Prepaid expenses, deferred taxes and other 66,445 66,814 ----------- ----------- Total current assets 874,411 906,456 ----------- ----------- Property and equipment, net 136,568 135,118 Long-term investments 80,920 57,651 Intangible assets, net 57,488 56,240 Other assets 28,467 22,818 ----------- ----------- Total assets $ 1,177,854 $ 1,178,283 =========== =========== LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable and accrued liabilities $ 80,870 $ 98,976 Current portion of long-term debt 9,639 8,658 Accrued income taxes 52,964 50,146 Deferred revenue 136,833 126,758 ----------- ---------- Total current liabilities 280,306 284,538 ----------- ---------- Long-term debt 4,123 11,304 Deferred compensation 16,421 9,844 Stockholders' equity: Capital stock 555,826 542,760 Retained earnings 377,932 349,192 Treasury stock, at cost (75,248) (28,589) Accumulated other comprehensive income 18,494 9,234 ----------- ----------- Total stockholders' equity 877,004 872,597 ----------- ----------- Total liabilities and stockholders' equity $ 1,177,854 $ 1,178,283 =========== ===========
(1) On July 15, 1999, the Board of Directors changed the Company fiscal year to end on the Saturday nearest to October 31. Information for the October 1999 transition period will be filed with Synopsys' quarterly report on Form 10-Q for the first quarter of fiscal 2000. 4 SYNOPSYS, INC. PRO FORMA CONDENSED CONSOLIDATED STATEMENTS OF INCOME (1) (2) (in thousands, except per share data) (unaudited)
THREE MONTHS ENDED JANUARY 31, DECEMBER 31, 2000 1998 ---- ---- Revenue: Product $130,549 $109,959 Service 86,319 70,267 ---------- --------- Total revenue 216,868 180,226 ---------- --------- Cost of revenue: Product 10,286 7,595 Service 18,599 14,111 ---------- --------- Total cost of revenue 28,885 21,706 ---------- --------- Gross margin 187,983 158,520 ---------- --------- Operating expenses: Research and development 44,267 40,936 Sales and marketing 66,996 55,578 General and administrative 12,249 11,092 ---------- --------- Total operating expenses 123,512 107,606 ---------- --------- Operating income 64,471 50,914 Other income, net 8,940 8,484 ---------- --------- Income before provision for income taxes 73,411 59,398 Provision for income taxes 22,757 19,007 ---------- --------- Net income $ 50,654 $ 40,391 ========== ========= Basic earnings per share: Net income $ 0.72 $ 0.58 ========== ========= Weighted average common shares 70,785 69,166 ========== ========= Diluted earnings per share: Net income $ 0.68 $ 0.56 ========== ========= Weighted average common shares and equivalents 74,281 72,384 ========== =========
(1) On July 15, 1999, the Board of Directors changed the Company fiscal year to end on the Saturday nearest to October 31. Information for the October 1999 transition period will be filed with Synopsys' quarterly report on Form 10-Q for the first quarter of fiscal 2000. (2) Amounts and per share data for the periods presented exclude amortization of intangible assets and in-process research and development. EX-99.2 3 PRESS RELEASE ANNOUNCING STOCK REPURCHASE PROGRAM 1 Exhibit 99.2 NEWS RELEASE EDITORIAL CONTACTS: Steve Shevick Synopsys, Inc. 650-584-4880 shevick@synopsys.com SYNOPSYS ANNOUNCES STOCK REPURCHASE PROGRAM February 17, 2000 - Synopsys, Inc. today announced that its Board of Directors authorized a stock repurchase program under which Synopsys common stock with a market value up to $200 million may be acquired in the open market. Under the program, share purchases may be made in the open market at prevailing prices beginning immediately and ending at the end of calendar year 2000. The purchases would be funded from available working capital. The repurchased shares may be used for stock issuances arising from the Company's employee stock option and purchase plans and from acquisitions, or for other purposes. About Synopsys Synopsys, Inc. (Nasdaq:SNPS) is a leading supplier of electronic design automation (EDA) solutions to the global electronics market. The company provides comprehensive design technologies to creators of advanced integrated circuits, electronic systems and systems on a chip. Synopsys also provides consulting services and support to its customers to streamline the overall design process and accelerate time-to-market. Additional information about Synopsys is available at http://www.synopsys.com # # # Synopsys is a registered trademark. All other trademarks mentioned in this release are the intellectual property of their respective owners. -----END PRIVACY-ENHANCED MESSAGE-----