SUNNYVALE, Calif., -- October 24, 2002 -- Artisan Components, Inc. (Nasdaq: ARTI), a leading provider of semiconductor intellectual property (IP), today reported revenue and earnings for the fiscal quarter and year ended September 30, 2002. Net revenue for the fourth quarter of fiscal 2002 increased 83% to $11.7 million compared to $6.4 million in the same period last year. Gross royalty revenue for the fourth quarter was $3.2 million, of which $2.5 million was reported as net royalty revenue. This increase in net royalty revenue reflects a 105% increase as compared to net royalty revenue of $1.2 million, which was reported in the fourth quarter of fiscal 2001.
The pro forma net income for the fourth quarter of fiscal 2002 was $1.5 million or $0.09 per diluted share compared to the pro forma net loss of $1.7 million or ($0.10) per diluted share in the same period last year. The net income for the fourth quarter was $1.8 million or $0.10 per diluted share compared to the net loss of $10.7 million or ($0.65) per basic share in the same period last year.
Fiscal 2002 net revenue totaled $37.2 million compared to $25.8 million last year, an increase of 45%. Gross royalty revenue for fiscal 2002 was $13.3 million, with $9.5 million reported as net royalty revenue. This increase in net royalty revenue reflects a 106% increase as compared to net royalty revenue of $4.6 million reported for fiscal 2001.
The pro forma net income for fiscal 2002 was $3.4 million or $0.19 per diluted share compared to the pro forma net loss of $0.7 million or ($0.04) per diluted share for fiscal 2001. The net income for fiscal 2002 was $2.1 million or $0.12 per diluted share compared to the net loss of $14.0 million or ($0.88) per basic share for fiscal 2001.
"We are proud to report another year of strong business and market share growth," commented Mark Templeton, president and chief executive officer of Artisan Components. "Artisan's products are currently licensed to over 1,000 companies around the world. This large community benefits from Artisan's high-quality design platforms and close relationships with the world's leading foundries. During the next year, we look forward to bringing even more value to the Artisan community through new products, services and manufacturing relationships."
Artisan's conference call will be available by telephone at (719) 457-2626 and also live via webcast from Artisan's website or at www.vcall.com beginning at 2:00 p.m. PST (5:00 p.m. EST) on Thursday, October 24, 2002. A telephonic replay will be available through Thursday, October 31, 2002 at (719) 457-0820. The passcode for both Artisan's live conference call and telephonic replay is 495822.
Safe Harbor Statement
This press release contains projections and other forward-looking statements, including statements regarding new Artisan products, services and manufacturing relationships. These statements are subject to various risk factors including the following: Artisan's ability to develop, introduce and market new products and services and product and services enhancements; Artisan's ability to negotiate, structure, monitor and enforce agreements for the determination and payment of royalties; delays in the design process or delays in a customer's project that use Artisan's products; the adoption of Artisan's products by its customers; the timing of customer orders and the length of Artisan's sales cycle. We refer you also to the documents that Artisan files from time to time with the Securities and Exchange Commission, in particular the section entitled "Factors Affecting Future Operating Results" in Artisan's annual report on Form 10-K and its quarterly reports on Forms 10-Q.
About Artisan Components
Artisan Components, Inc. is a leading semiconductor intellectual property (IP) provider. The company's design platforms are licensed to over 1000 companies worldwide. Artisan's design platforms provide IC designers with a common interface to a range of process technologies from the world's leading foundries. Built on Artisan's Process-Perfect™ memory generators, standard cell and I/O libraries, Artisan's design platforms include a comprehensive set of views and models supporting leading design tools and methodologies. Artisan's worldwide network of EDA, IP and design service partners extend the Artisan standard to a complete set of system level design and integration solutions. Artisan is headquartered in Sunnyvale, California. More information about Artisan Components, including free library access can be found at: http://www.artisan.com.
Artisan Components is a registered trademark and Process-Perfect is a trademark of Artisan Components, Inc. All other trademarks or registered trademarks are the property of their respective owners.