Summary
Cadence Design Systems, Inc. (CDNS) filed an 8-K on October 29, 2009, to address an inadvertent disclosure made by its CFO during its third-quarter earnings call on October 28, 2009. The CFO mentioned that the company's projected bookings for fiscal year 2010 could be $800 million or more. Cadence clarified that this statement was premature as they had not yet finalized their 2010 bookings analysis. The company intends to provide formal guidance for 2010 bookings when they release their fourth-quarter and full-year 2009 results.
Key Highlights
- 1Inadvertent disclosure of potential $800 million+ in 2010 bookings by CFO.
- 2Company states the disclosure was premature and 2010 analysis was incomplete.
- 3Formal 2010 bookings guidance will be provided with Q4 2009 earnings release.
- 4This 8-K filing is to comply with Regulation FD following the disclosure.
- 5The company acknowledges the forward-looking nature of the statement and outlines various risks and uncertainties that could impact actual results.