Magma Design Automation Inc., is announcing that preliminary results indicate the company exceeded all previously announced guidance for its fiscal 2010 first quarter, ended August 2, 2009.
Preliminary results include:
The foregoing results are, as clearly stated, preliminary and may be subject to adjustments following final closing of financial books for the quarter and completion of the company’s independent auditor’s review.
I think that it is unfortunate that in this climate of rumors in the EDA industry, when technology based competition is superseded by marketing messaging, a company must pre-announce results in order to safeguard its credibility. Magma will present at the Canaccord Adams Global Growth Conference on August 13, 2009 and release first quarter results after the close of Nasdaq trading on August 27, 2009.