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SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8 - K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported): JANUARY 21, 1997
COOPER & CHYAN TECHNOLOGY, INC.
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(Exact Name of Registrant as Specified in Its Charter)
DELAWARE
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(State or Other Jurisdiction of Incorporation)
0-26750 77-049778
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(Commission File Number) (IRS Employer Identification No.)
1601 SOUTH DE ANZA BOULEVARD, CUPERTINO, CALIFORNIA 95014
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(Address of Principal Executive Offices) (Zip Code)
(408) 366-6966
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(Registrant's Telephone Number, Including Area Code)
NOT APPLICABLE
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(Former Name or Former Address, if Changed Since Last Report)
This report on Form 8-K consists of 5 sequentially numbered pages.
The exhibit index is located at sequentially numbered page 2.
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INFORMATION TO BE INCLUDED IN THE REPORT
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ITEM 5: OTHER EVENTS.
On January 21, 1997, Cooper & Chyan Technology, Inc. ("CCT") issued a press
release reporting its results of financial operations for the fourth fiscal
quarter of 1996. A copy of the press release is attached as an exhibit to this
report on Form 8-K.
ITEM 7: FINANCIAL STATEMENTS AND EXHIBITS.
(c) Exhibits.
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The following exhibit is filed herewith:
99.01 Press Release dated January 21, 1997.
SIGNATURES
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Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
COOPER & CHYAN TECHNOLOGY, INC.
Date: January 21, 1996 By /s/ Robert D. Selvi
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Robert D. Selvi
Chief Financial Officer
INDEX TO EXHIBITS
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<CAPTION>
Exhibit
Number Description of Exhibit
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<S> <C>
99.01 Press Release dated January 21, 1997.
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2
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Exhibit 99.01
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For more information, contact:
Robert D. Selvi, Chief Financial Officer
Cooper & Chyan Technology, Inc.
(408) 342-5581
COOPER & CHYAN TECHNOLOGY, INC. REPORTS RECORD FOURTH QUARTER AND
ANNUAL OPERATING RESULTS
. FOURTH QUARTER REVENUES $11.9 MILLION; UP 61%
. FOURTH QUARTER NET INCOME $.13 PER SHARE
. 1996 REVENUES $37.6 MILLION; UP 60%
. 1996 NET INCOME $.36 PER SHARE
CUPERTINO, CA -- January 21, 1997 -- Cooper and Chyan Technology, Inc. (NASDAQ:
CCTI) ("CCT"), today reported financial results for the fourth quarter and year
ended December 31, 1996.
Fourth quarter 1996 revenue increased 61% to $11.9 million as compared with $7.4
million in the same period last year. Net income increased significantly to
$2.0 million or $.13 per share on 10% more common shares outstanding, as
compared with $495,000, or $.04 per share in the fourth quarter of 1995.
"We are pleased with our performance for both the fourth quarter and 1996, with
growth from both CCT product lines and improved performance from UniCAD," said
Jack Harding, President and Chief Executive Officer. "While the PCB business
remains fundamentally sound, the growth in the quarter was principally
attributed to the outstanding performance of our IC Craftsman(R) products which
have continued to exceed our expectations."
For the year ended December 31, 1996, total revenues increased 60% to $37.6
million as compared with $23.4 million in 1995. Net income increased to $5.3
million, or $.36 per share on 18% more common shares outstanding, as compared
with $1.3 million, or $.11 per share in 1995.
Cooper & Chyan Technology, Inc. develops, markets and supports place and route
software which enables the development of high performance integrated circuits
and printed circuit boards. The Company, which commenced trading on the NASDAQ
National Market on October 31, 1995, is headquartered in Cupertino, California
and has operations in North America, Europe and Japan.
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COOPER & CHYAN TECHNOLOGY, INC.
CONSOLIDATED STATEMENTS OF INCOME
<TABLE>
<CAPTION>
QUARTER ENDED YEAR ENDED
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DECEMBER 31 DECEMBER 31 DECEMBER 31 DECEMBER 31
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1996 1995 1996 1995
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(UNAUDITED) (UNAUDITED)
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<S> <C> <C> <C> <C>
Revenue
License $ 9,095,601 $ 4,925,274 $27,233,811 $15,660,859
Service 2,829,096 2,496,873 10,371,103 7,780,879
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Total revenue 11,924,697 7,422,147 37,604,914 23,441,738
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Costs and expenses
Cost of license revenue 788,559 271,941 2,015,443 1,157,101
Cost of service revenue 278,440 380,945 940,496 845,946
Research and development 2,206,496 1,630,201 7,763,695 5,892,932
Sales and marketing 4,177,134 3,212,988 14,243,608 10,200,510
General and administrative 1,656,131 1,358,471 5,662,234 3,525,581
----------- ----------- ----------- -----------
Total costs and expenses 9,106,760 6,854,546 30,625,476 21,622,070
----------- ----------- ----------- -----------
Income from operations 2,817,937 567,601 6,979,438 1,819,668
Other income, net 219,785 130,077 1,007,923 175,006
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Income before provision for 3,037,722 697,678 7,987,361 1,994,674
income taxes
Provision for income taxes 1,029,105 202,394 2,715,702 665,787
----------- ----------- ----------- -----------
Net income $ 2,008,617 $ 495,284 $ 5,271,659 $ 1,328,887
=========== =========== =========== ===========
Net income per share $ 0.13 $ 0.04 $ 0.36 $ 0.11
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Shares used in computing per
share amounts 14,756,182 13,425,351 14,503,199 12,271,502
=========== =========== =========== ===========
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COOPER & CHYAN TECHNOLOGY, INC.
CONSOLIDATED BALANCE SHEETS
<TABLE>
<CAPTION>
DECEMBER 31 DECEMBER 31
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1996 1995
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<S> <C> <C>
ASSETS
Current Assets
Cash and cash equivalents $ 4,605,682 $ 3,586,998
Short term investments 28,240,549 23,402,236
Accounts receivable, net 11,614,112 5,599,419
Deferred income taxes 653,432 373,525
Prepaid expenses and other current assets 2,509,536 1,133,917
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Total current assets 47,623,311 34,096,095
Property, equipment net 3,230,149 3,008,270
Other assets 1,318,387 385,174
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$52,171,847 $37,489,539
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LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Trade accounts payable 401,377 882,074
Accrued salary and employee benefits 2,140,677 1,178,947
Other accrued liabilities 3,579,432 2,180,027
Income taxes payable - 242,566
Deferred revenue 5,431,926 3,033,293
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Total current liabilities 11,553,412 7,516,907
Deferred income taxes 68,062 238,851
Other long term liabilities 59,790 319,459
Stockholders' equity
Common stock 131,106 123,228
Additional paid-in capital 31,423,832 25,732,747
Notes receivable from stockholders - (39,010)
Deferred compensation (309,420) (404,626)
Retained earnings 9,245,065 4,001,983
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Total stockholders' equity 40,490,583 29,414,322
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$52,171,847 $37,489,539
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</TABLE>
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