Synplicity Second Quarter 2007 Results

Synplicity, Inc. (Nasdaq: SYNP) announced financial results for the quarter ended June 30, 2007. Results included the acquisition of HARDI Electronics, AB from June 8 through June 30, 2007.

Revenue for the quarter ended June 30, 2007 was $16.8 million. This compares to the $15.4 million of revenue reported for the quarter ended June 30, 2006. Net income was $641,000, or $0.02 per diluted share, for the quarter ended June 30, 2007, as compared to a net income of $1.1 million, or $0.04 per diluted share, for the quarter ended June 30, 2006. Shares increased by 5.5% to $7.48 in recent after-hours trading.

Outlook for Third Quarter:

  • Revenue for the third quarter of 2007 is expected to be in the range of $19.0 to $19.5 million.
  • GAAP net income per fully diluted share for the third quarter of 2007 is expected to be in the range of $0.03 to $0.05. GAAP net income for the quarter is expected to include non-cash charges of approximately $850,000 relating to stock-based compensation and $941,000 of amortization expense from acquisitions.
  • Revenue for 2007 is expected to be in the range of $70.0 to $72.0 million, an increase from prior guidance.
  • GAAP net income per fully diluted share for 2007 is expected to be in the range of $0.13 to $0.15, reflecting the increase in intangible amortization expense resulting from the HARDI acquisition. GAAP net income is expected to include non-cash charges of approximately $3.5 million relating to stock compensation expense and $2.5 million of intangible amortization expense from acquisitions. Tax expense for 2007 is expected to be about 32% percent of pretax GAAP income.

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» Synplicity Announces Second Quarter 2007 Results