UPDATE 1-Cadence Design Q4 earnings beat Street on cost cuts

* Q4 adj EPS $0.06 vs est of $0.03

* Q4 rev falls 3 pct

* Cut costs by 86 pct in Q4

* Sees 2010 adj EPS $0.05-$0.15 vs est $0.11

* Shrs down 3 pct after mkt

Feb 3 (BestGrowthStock) – Chip-design software maker Cadence Design
Systems Inc (CDNS.O: ) posted a modestly better-than-expected
quarterly profit as it reined in expenses, but forecast a
largely in-line 2010 profit.

For the fourth quarter ended Jan. 2, the company posted net
income of $1.8 million, or 1 cent a share, compared with a net
loss of $1.63 billion, or $6.55 a share, a year ago.

Excluding items, Cadence Design earned 6 cents a share,
beating analysts’ estimates of 3 cents a share, according to
Thomson Reuters I/B/E/S.

Revenue fell 3 percent to $220.3 million, almost in line
with analysts’ expectations of $220.7 million.

For 2010, the company expects earnings of 5 cents to 15
cents a share, excluding items, on revenue of $865 million to
$900 million. [ID:nWNAB2632]

The company cut expenses by 86 percent in the fourth
quarter to $231.5 million.

Shares of the San Jose, California-based company were down
3 percent at $5.90 in trading after the bell. They closed at
$6.08 Wednesday on Nasdaq.

Stocks

(Reporting by Sayantani Ghosh in Bangalore; Editing by
Unnikrishnan Nair)

UPDATE 1-Cadence Design Q4 earnings beat Street on cost cuts