Magma Design generates $5.7 million of cash in fiscal first quarter

By Jennifer Lanning Drey

Portland, Ore., Aug. 27 - Magma Design Automation Inc. generated $5.7 million of cash in the first quarter of fiscal 2010, ending the period with cash and cash equivalents of $36.81 million at Aug. 2, Peter Teshima, Magma's chief financial officer, reported Thursday during its quarterly earnings conference call.

The company reported a $4.3 million net loss, compared to a net loss of $15.3 million in the same period a year ago. First-quarter revenues were $28.8 million, down from $45.74 million in the comparable prior-year period.

As previously reported, Magma is in the midst of an exchange offer for its outstanding convertible senior notes due May 15, 2010, the terms of which were modified on Aug. 24.

Presently, Magma has no indication of the level of participation in the offer, Teshima said, but noted that the offer no longer contains a minimum condition.

The offer will now end at midnight ET on Sept. 4.

The company is a Santa Clara, Calif., maker of semiconductor design software.

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