Mentor Graphics pre-tax profits slip
Accounts just lodged with the Companies’ Office show that Mentor Graphics (Holdings) Ltd and subsidiaries’ revenues to the end of January last (2010) dropped by 4% from $363.7m to $347.8m.
The company is headquartered in Oregon and employs 4,450 worldwide and is engaged in electronic design automation.
The company’s Irish base in the Shannon Free Zone is its international services and distribution centre for information technology, order fulfillment, finance, purchasing, facilities, consulting, customer support, legal and human resources for the European, Middle Eastern and Asian business.
The accounts for Mentor Graphics (Holding) Ltd, which is the holding company for the group’s operations in Europe, Middle East and Africa and Asia/Pacific region, show that the holding firm’s operating profits decreased marginally from $22.6m to $21.2m.
A directors’ report attached to the accounts state that they are satisfied with the group’s performance during the year and that the group intends to further develop its activities over the coming year.
The company had accumulated profits of $77.8m at the end of January.
The company incurred depreciation and amortisation costs last year totalling $16m.
In a post-balance sheet event, the accounts confirm that the company received a $21m dividend from Shannon-based subsidiary, Mentor Graphics (Ireland) Ltd in July of this year.
The company’s cost of sales increased by 62% last year from $35.4m to $57m, while operating expenses decreased from $305.8m to $269.4m.
The company’s largest operating expenses in 2008 was ‘research and development’ where $126m was spent.
This represented a drop of $10m on the spend on R&D in 2008.
The accounts show that the company employs 1,971 people, with 1,189 engaged in production/research and development, 370 in sales and marketing, 343 in administration and 78 in management.
The accounts show that the company’s staff costs decreased in 2008 from $154m to $144m.
The holding company’s subsidiaries are located in Ireland, Holland, Germany, the United Kingdom, Egypt, Switzerland, Finland, Sweden, France, Spain, Singapore, India, China, Poland, Hungary and Pakistan.
