Applied Wave Research (AWR) Press Release, 11-12-2008
AWR Announces Record Financial Performance for First Half of FY2009Company officially adopts AWR as its corporate identity
EL SEGUNDO, Calif. — November 12, 2008 — AWR, the innovation leader in high-frequency electronic design automation (EDA), today announced record revenues for the first half of the company's 2009 fiscal year. Building on record revenues set in fiscal year 2008, the company was able to top the previous record six-month totals despite a weakened economy and softening demand for EDA design tools during the current period. Cash and cash investments at the end of the second half of fiscal 2009 increased to new highs compared to the record amount recorded at the end of fiscal 2008.
"Achieving record revenues for the first half of fiscal 2009, along with double-digit increases in renewable revenue and continued profitability, have been great accomplishments for AWR, especially in light of the unsettled economic environment," said Rick Bottomley, chief financial officer of AWR. "Our financial results reflect the outstanding commitment AWR employees have made to our customers and our overall success in continuously providing best-of-breed solutions to our customers so they can develop next-generation products and take market share from their competitors".
Challenges of fierce competition coupled with today's uncertain global economy make it essential for customers to be confident that the tools in which they invest will ensure they can compete successfully by getting their products to market quickly and economically. The company's positive financial outlook remains high in the second half of the year with third quarter bookings projected to achieve record levels.
AWR also announced today that it has changed its name from Applied Wave Research, Inc. to AWR Corporation. The change was made to reflect the success and world-wide recognition of the AWR brand name.
AWR is the innovation leader in high-frequency EDA software that dramatically reduces development time and cost for products employed in wireless, high-speed wired broadband, aerospace and defense, and electro-optical applications. The company's core technology is unique among high-frequency EDA platforms in that it is inherently open and flexible. AWR continually strengthens its product portfolio with innovative new technologies that enable faster, more streamlined product development, the most recent of which are the ACE™, RFA™, and AXIEM™ tools. The privately-held company has thousands of active users and is headquartered at 1960 East Grand Avenue, Suite 430, El Segundo, Calif. 90245. For more information about AWR and its products, please visit www.awrcorp.com.
Copyright (c) 2008 AWR Corporation. All rights reserved. AWR and the AWR logo are registered trademarks, and ACE, AXIEM, and RFA are trademarks of AWR Corporation. All others may be trademarks of their respective holders.
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