Cadence improves year on year Q1 revenue

In a GAAP* basis, the company realised a net loss of $12million, compared with a net loss of $63.3m a year ago. "Cadence is off to a good start in 2010. The team executed across the board and our focus on customer engagement continues to yield success," said Lip-Bu Tan, president and chief executive officer. "Business improved in all geographies with strength in Asia and North America, and in all platform areas, especially verification, custom and digital design." Kevin Palatnik, Cadence's senior vice president and chief financial officer, added: "We put up another consistent operating performance in the first quarter with our key operating metrics meeting or exceeding our expectations." * Generally Accepted Accounting Principles (GAAP) is the americanised term used to refer to the standard framework of guidelines for financial accounting used in any given jurisdiction which are generally known as Accounting Standards. GAAP includes the standards, conventions, and rules accountants follow in recording and summarizing transactions, and in the preparation of financial statements.