Cadence Design Systems Inc (CDNS)

[eastunder]

getting torched in after hours. Down to 11.80 on horrific guidance

Cadence Design 4Q adj EPS in-line with TF avg est for 46c/share

Wednesday, January 30, 2008 17:49ET

By Staff Reporter
NEW YORK, Jan 31, 2008 (Thomson Financial via COMTEX) -- Cadence Design Systems Inc. late Wednesday said fourth-quarter adjusted income rose to $133 million, or 46 cents a share, from $115.8 million, or 38 cents a share, in the same period last year. Earnings were in-line with the mean estimate of analysts polled by Thomson Financial.

Fourth-quarter sales increased 6% to $457.9 million from $431 million in last year's comparable period, missing analysts' consensus view for sales of $470 million.

The electronic design company provided first-quarter guidance for adjusted earnings between 3 cents and 5 cents a share and for sales between $280 million and $290 million.

In fiscal 2008, it anticipates adjusted earnings between $1.11 and $1.19 a share and sales of between $1.49 billion and $1.54 billion.

Shares of the San Jose, Calif.-based company closed the regular session at $15.16. Melinda Peer mp/gm