This excerpt taken from the LAVA 8-K filed Jul 26, 2007.
Revenue increases 22 percent over year-ago period
SAN JOSE, Calif., July 26, 2007Magma Design Automation Inc. (Nasdaq: LAVA), a provider of semiconductor design software, today reported record revenue of $50.2 million for its fiscal 2008 first quarter ended July 1, 2007, an increase of 22 percent over the $41.0 million reported for the year-ago first quarter, ended July 2, 2006. The company also announced it is raising its full-year targets for revenue and earnings per share.
We delivered strong revenue growth and profitability in the first quarter, said Rajeev Madhavan, chairman and CEO of Magma. Customers are using our products for an increasingly wide range of applicationsyou can find chips designed with Magma software in just about every popular variety of electronic products made today. We expect this to continue as our new products continue to gain traction, and today we are announcing increases in our guidance for both revenue and EPS.