Company 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.