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AWR Achieves Record Financial Performance
AWR®, an innovation leader in high frequency electronic design automation (EDA), announced record annual revenues for its 2009 fiscal year that ended March 31, as well as for the year’s fourth quarter, and record backlog as it enters the 2010 fiscal year. This achievement marks the twelfth consecutive year of revenue growth for the company and was broad-based, with strong bookings throughout Europe, North America and the Asia Pacific region from both new and existing customers.
“Our financial success - in spite of a worldwide recession - is a direct result of customers looking to AWR to help them improve their design efficiencies so that they emerge more competitive as the economy recovers," said Dane Collins, AWR CEO. "We see a clear trend that customers view us as a partner and not simply a tool vendor. Achieving such a synergy with our customers makes a significant difference to their bottom line both in terms of product performance and time to market.”
AWR’s performance was driven in part by two of the company’s largest orders in its history, both from top-tier manufacturers of third-generation (3G) wireless transceiver modules for smart phones. In addition, the company experienced strong growth within existing aerospace and defense accounts as well as from new customers that switched to AWR products from competing tools. AWR also acquired Simulation Technology and Applied Research Inc. (STAAR), a developer of advanced three-dimensional electromagnetic (3D EM) software, late in the fiscal year which brought an important new technology to AWR's portfolio and contributed to the company's sales and revenue growth.
“We are very pleased with our financial results," said Rick Bottomley, AWR Chief Financial Officer. "We achieved record revenue levels for the fiscal year even before factoring in the contributions from our December acquisition of STAAR. Additionally, the revenue for the fourth quarter was also a record for the company for a single quarter. We ended the year with the greatest number of employees in the company’s history and are projecting continued growth this year.”