Hot Stock Alert – Cadence Design surges on Q4 Results

Shares of Cadence Design Systems Inc. (NASDAQ: CDNS) soared in today�s trading after the company announced its fourth-quarter and fiscal year 2010 financial results.

Cadence reported fourth-quarter revenue of $249 million, compared with $220 million reported for the same period in 2009. The company reported GAAP net loss of $21 million, or $0.08 per share, compared with a net income of $2 million, or $0.02 per share reported for the same period in 2009.

For fiscal year 2010, Cadence reported revenue of $936 million, compared with $853 million reported in 2009. The company�s net income for fiscal year 2010 came in at $142 million, or $0.54 per share, compared with a net loss of $150 million, or $0.58 per share reported in 2009.

On a non-GAAP basis, the company reported net income of $18 million, or $0.07 per share, for the fourth quarter of fiscal 2010. For the same period in fiscal year 2009, the company reported non-GAAP net income of $15 million, or $0.06 per share. For fiscal year 2010, the company�s non-GAAP net income stood at $53 million, or $0.20 per share, compared with a non-GAAP net loss of $16 million, or $0.06 per share reported in fiscal 2009.

Commenting on the fourth-quarter and fiscal year 2010 financial results, Lip-Bu Tan, president and CEO of Cadence Design Systems, said that the Cadence team delivered a strong performance in the fourth quarter. an further said that revenue, operating and cash flow all improved in the period and fiscal year 2010 and that throughout the year, the company strengthened key customer and partner relationships.

Following the announcement of fourth-quarter results, shares of Cadence soared in today�s trading. The stock reached a 52-week high of $9.57 in today�s trading, and ended the day 7.02% higher at $9.54, with volume up from daily average of 2.05 million to 12.09 million.

Cadence shares have a 52-week range of $5.36-$9.57. In the last one year, the stock gained 55.43%.

Cadence Design Systems is a San Jose, California-based developer of electronic design automation, software and hardware.

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