Summary
Cadence Design Systems, Inc. (CDNS) filed an 8-K on April 15, 2003, to announce its financial results for the first quarter of 2003. The filing primarily serves to provide investors with details of their earnings, including a focus on adjusted pro forma earnings per share. This non-GAAP measure excludes certain items such as amortization of acquired intangibles, amortization of deferred stock compensation, and unusual items. Management believes that presenting these adjusted figures offers a clearer view of the company's core operational performance and provides a more relevant baseline for assessing future earnings potential. The press release detailing these results is attached as an exhibit to this 8-K filing, making it an important document for investors seeking to understand Cadence's financial health and outlook from that period.
Key Highlights
- 1Cadence Design Systems reported its first-quarter 2003 financial results on April 15, 2003.
- 2The company utilized an 8-K filing to disclose these results, attaching the relevant press release as Exhibit 99.1.
- 3A key focus of the disclosure is the presentation of adjusted pro forma earnings per share (EPS).
- 4Adjusted pro forma EPS excludes items such as amortization of acquired intangibles and deferred stock compensation.
- 5Unusual items and write-offs of acquired in-process technology are also excluded from the pro forma calculation.
- 6Cadence believes this non-GAAP measure reflects the company's core performance.
- 7Management intends for the pro forma figures to serve as a baseline for assessing future earnings potential.