SUNNYVALE, Calif., -- April 17, 2003 -- Artisan Components, Inc. (Nasdaq: ARTI), a leading provider of physical intellectual property (IP), today reported operating results for the quarter ended March 31, 2003, the second quarter of Artisan's fiscal 2003. Net revenue for the second quarter of fiscal 2003 increased 101% to $16.1 million compared to $8.0 million in the same period last year. Net royalty revenue for the second quarter of fiscal 2003 was $2.2 million, down $335,000 from $2.5 million of net royalty revenue in the same period last year.
Net income for the second quarter of fiscal 2003 was $1.2 million, or $0.06 per diluted share, compared to a net loss of $954,000, or ($0.06) per diluted share, in the same period last year. Net income for the second quarter of fiscal 2003 included charges of $520,000 for in-process research and development, $907,000 for amortization of purchased intangibles and $59,000 of stock-based compensation expense. The net loss for the second quarter of fiscal 2002 included charges of $492,000 for amortization of purchased intangibles, as well as a provision of $1.2 million for Artisan's unused facility lease.
"Artisan continues to meet IC designers' demand for choice among best-in-class IP solutions by delivering a broad spectrum of standard cell, memory, analog and mixed-signal products matched to leading semiconductor manufacturers," commented Mark Templeton, president and chief executive officer of Artisan Components. "We are seeing a great deal of activity based on our 0.13-micron solutions, indicating that many new designs are targeting the latest process technologies. This is stimulating interest in our flexible repair and test solutions for memories and the analog and mixed-signal products recently added through the Nurlogic Design, Inc. acquisition."
Artisan is hosting a conference call beginning at 2:00 p.m. PST (5:00 p.m. EST) on Thursday, April 17, 2003 to discuss the results of the second quarter of fiscal 2003 and to review Artisan's progress and outlook. Interested parties may participate in the conference call by dialing 719-457-2617 and via live webcast at www.vcall.com. A telephonic replay will be available through Friday, April 25, 2003 at 719-457-0820. The passcode for both Artisan's live conference call and telephonic replay is 465280.
Safe Harbor Statement
This press release contains forward-looking statements, including statements regarding the value delivered by Artisan's products and business model to manufacturers and design teams. These statements are subject to various risk factors including, without limitation, the continued demand for semiconductors including Artisan's products and the production of those semiconductors in volume; delays in the design process or delays in a customer's project that use Artisan's products; the rapid pace of technological development; Artisan's ability to negotiate, structure, monitor and enforce agreements for the determination and payment of royalties; and the continuation of the worldwide slowdown in economic activity, as well as continued weakness in businesses' capital expenditures on technology. 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 and 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: www.artisan.com.
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