Magma Beats Guidance for Third Quarter With Revenue of $30.7 Million

SAN JOSE, Calif., Feb. 26, 2009 (GLOBE NEWSWIRE) -- Magma Design Automation Inc. (Nasdaq:LAVA), a provider of chip design software, today reported revenue of $30.7 million for its fiscal 2009 third quarter, ended Feb. 1, 2009. This exceeded the revenue guidance range of $28 million to $29 million the company issued on Dec. 4, 2008. Third-quarter revenue decreased 45 percent from the $55.7 million reported for the year-ago third quarter, ended Jan. 6, 2008.

"Magma beat revenue targets in the third quarter, an accomplishment we're quite pleased with given the difficult macroeconomic environment," said Rajeev Madhavan, Magma's chairman and chief executive officer. "Customers face difficulty in this economy but continue to recognize the technology advantage Magma products offer for their business-critical designs."

GAAP Results

In accordance with generally accepted accounting principles (GAAP), Magma reported an estimated net loss of $(78.1) million, or $(1.73) per share (basic and diluted), for the third quarter. This result was below the guidance range issued by the company on Dec. 4, 2008 of a loss between $(0.67) and $(0.65) a share and compares to a net loss of $(5.9) million, or $(0.14) per share (basic and diluted), for the year-ago third quarter. Third quarter losses exceeded guidance because of an estimated $60.8 million goodwill impairment charge. As a result of the decline in stock price in light of the current adverse macroeconomic business environment on Magma's long-term financial outlook, Magma's market capitalization fell significantly below the recorded value of its consolidated net assets, resulting in the impairment charge. Magma is in the process of finalizing its asset impairment analysis and expects to report the final amount of the goodwill impairment charge and other impacted financial statement line items in its Form 10-Q for the third quarter to be filed with the Securities and Exchange Commission. Magma will not be required to make any current or future cash expenditures as a result of this impairment.

Non-GAAP Results

Magma's non-GAAP net income was a net loss of $(4.3) million for the quarter, or $(0.09) per share (diluted). This result was better than the guidance range issued by the company on Dec. 4, 2008 of a loss between $(0.17) and $(0.15) a share and compares to non-GAAP net income of $7.5 million, or $0.16 per share (diluted), for the year-ago third quarter.

Non-GAAP net loss for the third quarter of fiscal 2009 excludes the effects of amortization of developed technology, amortization of intangible assets, amortization of deferred stock-based compensation, amortization of debt issuance costs and debt discount accretion, charges associated with losses on equity and other investments, restructuring charges, asset impairment charges, and acquisition-related expenses and the related provision for income taxes. A reconciliation of non-GAAP results to GAAP results is included in this press release. Non-GAAP net income for the third quarter of fiscal 2008 excluded the above items, except charges for restructuring and asset impairment, and also excluded in-process research and development, litigation settlement and related legal expenses and interest expense.

Business Outlook

For Magma's fiscal 2009 fourth quarter, ending May 3, 2009, the company expects total revenue in the range of $33.0 million to $34.0 million. GAAP net loss per share is expected to be in the range of $(0.39) to $(0.37) and non-GAAP net income per share is expected to be in the range of $0.01 to $0.03.

For Magma's fiscal year 2009, ending May 3, 2009, the company expects total revenue in the range of $146.0 million to $147.0 million, an increase from the previous guidance range of $144.0 million to $146.0 million. The company expects GAAP net loss per share for fiscal 2009 to be in the range of $(2.99) to $(2.95), compared to the previous expectation of a loss in the range of $(2.03) to $(1.99). The company expects non-GAAP net loss per share for fiscal 2009 to be in the range of $(0.21) to $(0.19), compared to the previous expectation of a loss in the range of $(0.29) to $(0.25). All guidance issued by the company before Feb. 26, 2009 is no longer in effect.

A schedule showing a reconciliation of the projected non-GAAP EPS to GAAP EPS results is included in this release. A Financial Data Supplement containing detailed financial information intended to provide guidance and further insight into our business is available online in the Investor Relations section of the Magma website.

GAAP Reconciliation

Magma provides non-GAAP financial information to assist investors in assessing its current and future operations in the way that Magma's management evaluates those operations. Magma believes that this non-GAAP information provides useful information to investors by excluding the effect of some expenses that are required to be recorded under GAAP but that Magma believes are not indicative of Magma's core operating results, or that are expected to be incurred over a limited period of time.

Magma's management evaluates and makes operating decisions about its business operations primarily based on bookings, revenue and the core costs of those business operations. Management believes that the amortization of developed technology and intangible assets, stock-based compensation, in-process research and development expenses, amortization of debt issuance costs, debt discount accretion, charges associated with losses on equity and other investments, restructuring charges, asset impairment charges, acquisition-related expenses, litigation settlement and related legal expenses, and the tax effects of its non-GAAP and other significant unusual items are not operating costs of its core software and service business operations. Therefore, management presents non-GAAP financial measures, along with GAAP measures, in this earnings release by excluding these items from the period expenses. To determine its non-GAAP provision for income taxes, Magma recalculates tax based on non-GAAP income before income taxes and adjusts accordingly.

For each such non-GAAP financial measure, the adjustment provides management with information about Magma's underlying operating performance that enables a more meaningful comparison of its financial results in different reporting periods. For example, since Magma does not acquire businesses on a predictable cycle, management excludes acquisition-related charges, such as in-process research and development charges, to make more consistent and meaningful evaluations of Magma's operating expenses. Similarly, since Magma does not undertake significant restructuring or realignments on a predictable cycle, management would have difficulty evaluating Magma's profitability as measured by gross profit, operating profit, income before taxes and net income on a period-to-period basis unless it excluded these charges. Management also uses these measures to help it make budgeting decisions between those expenses that affect operating expenses and operating margin (such as research and development, sales and marketing, and general and administrative expenses), and those expenses that affect cost of revenue and gross margin (such as product development expenses).

Further, the availability of non-GAAP financial information helps management track actual performance relative to financial targets. Making this non-GAAP financial information available also helps investors compare Magma's performance with the announced operating results of its principal competitors, which regularly provide similar non-GAAP financial information.

Management recognizes that the use of these non-GAAP measures has limitations, including the fact that management must exercise judgment in determining whether some types of charges, such as stock-based compensation relating to stock grants and acquisition-related charges, should be excluded from non-GAAP financial measures. Management believes, however, that providing this non-GAAP financial information facilitates consistent comparison of Magma's financial performance over time. Magma has historically provided non-GAAP results to the investment community, not as an alternative but as a supplement to GAAP information, to enable investors to evaluate Magma's core operating performance in the way that management does.

Conference Call

Magma will discuss the financial results for the third quarter, along with forward-looking guidance, during a live earnings call today at 1:30 p.m. PST, available live by both webcast and telephone. To listen live via webcast, visit the Investor Relations section of Magma's website at http://investor.magma-da.com/medialist.cfm. To listen live via telephone, call either of the numbers below:

 
  U.S.  &  Canada:      (877)  856-1961
  Elsewhere:              (719)  325-4799
 

Following completion of the call, a webcast replay of the call will be available at http://investor.magma-da.com/medialist.cfm through March 5, 2009. Those without Internet access may listen to a replay of the call by telephone until 11:59 p.m. PST on March 5 by calling:

 
  U.S.  &  Canada:      (888)  203-1112,  code  #4739185
  Elsewhere:              (719)  457-0820,  code  #4739185
 


Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the "safe harbor" provision of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include statements in the "Business Outlook" section and in quotations from Magma's management. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from Magma's current expectations. Factors that could cause or contribute to such differences include, but are not limited to: competition in the EDA market; weakness in the semiconductor or electronic systems industries; Magma's lengthy and unpredictable sales cycle; Magma's substantial amount of indebtedness; difficulty in predicting quarterly results; an inability to generate sufficient operating cash flows; market acceptance of existing and new products; potentially higher-than-anticipated costs of litigation; the ability to attract and retain the key management and technical personnel needed to operate Magma successfully; risk of customer payment defaults; Magma's ability to make payments to satisfy its indemnification obligations; Magma's ability to maintain or develop relationships with current or potential customers; financial market conditions that may impede access to or increase the cost of financing operations and investments; debt arrangements that may subject Magma to restrictive covenants which could limit its ability to operate its business; Magma's ability to integrate acquired businesses and technologies; a potential failure of customers to adopt, or to adopt at a sufficiently fast rate, 65-nanometer and smaller design geometries on a large scale; potentially higher-than-anticipated costs of compliance with regulatory requirements, including those relating to internal control over financial reporting; any delay of customer orders or failure of customers to renew licenses; weaker-than-anticipated sales of Magma's products and services; the ability to continue to deliver competitive products to customers; changes in accounting rules; and the ability to manage expanding operations and restructurings of operations. Further discussion of these and other potential risk factors may be found in Magma's public filings with the Securities and Exchange Commission (www.sec.gov), including its Form 10-Q for the fiscal quarter ended Nov. 2, 2008. Except as otherwise required by applicable law, Magma undertakes no obligation to update these forward-looking statements, which speak only as of the date hereof.

About Magma

Magma's software for designing integrated circuits (ICs) is used to create complex, high-performance chips required in cellular telephones, electronic games, WiFi, MP3 players, DVD/digital video, networking, automotive electronics and other electronic applications. Magma's EDA software for IC implementation, analysis, physical verification, circuit simulation and characterization is recognized as embodying the best in semiconductor technology, enabling the world's top chip companies to "Design Ahead of the Curve"(tm) while reducing design time and costs. Magma is headquartered in San Jose, Calif., with offices around the world. Magma's stock trades on Nasdaq under the ticker symbol LAVA. Visit Magma Design Automation on the Web at www.magma-da.com.

Magma is a registered trademark and "Design Ahead of the Curve" is a trademark of Magma Design Automation. All other product and company names are trademarks and registered trademarks of their respective companies.

 
                                            MAGMA  DESIGN  AUTOMATION,  INC
                                  CONDENSED  CONSOLIDATED  BALANCE  SHEETS
                                                        (in  thousands)
                                                            (unaudited)

                                                                                                February  1,    April  6,
                                                                                                        2009              2008
                                                                                                  ---------    ---------
  ASSETS
  Current  assets:
      Cash  and  cash  equivalents                                          $    29,221    $    46,970
      Restricted  cash                                                                      8,660                  --
      Short-term  investments                                                              --            3,000
      Accounts  receivable,  net                                                  39,380          38,310
      Prepaid  expenses  and  other  current  assets                  3,735            5,244
                                                                                                  ---------    ---------
          Total  current  assets                                                      80,996          93,524
  Property  and  equipment,  net                                                12,842          15,553
  Intangibles,  net                                                                      18,877          40,436
  Goodwill  (estimate)                                                                  5,968          64,877
  Long-term  investments                                                            17,739          17,538
  Other  assets                                                                                5,853            5,467
                                                                                                  ---------    ---------
          Total  assets                                                                $  142,275    $  237,395
                                                                                                  =========    =========

  LIABILITIES  AND  STOCKHOLDERS'  EQUITY
  Current  liabilities:
      Accounts  payable                                                            $      2,559    $      3,971
      Accrued  expenses                                                                  19,937          27,934
      Secured  Credit  Line                                                            12,494                  --
      Revolving  note  -  current  portion                                  13,000                  --
      Current  portion  of  other  long  term  liabilities        2,868            1,932
      Deferred  revenue                                                                  40,978          25,254
      Convertible  notes                                                                        --          15,216
                                                                                                  ---------    ---------
          Total  current  liabilities                                            91,836          74,307

  Convertible  subordinated  notes,  net                                49,054          48,518
  Long-term  tax  liabilities                                                      6,043            4,968
  Other  long-term  liabilities                                                  3,080            2,374
                                                                                                  ---------    ---------
          Total  liabilities                                                          150,013        130,167
                                                                                                  ---------    ---------

  Stockholders'  equity:
      Common  stock                                                                                    5                    5
      Additional  paid-in  capital                                            395,562        374,183
      Accumulated  deficit                                                        (364,660)    (229,479)
      Treasury  stock  at  cost                                                    (32,615)      (32,697)
      Accumulated  other  comprehensive  loss                          (6,030)        (4,784)
                                                                                                  ---------    ---------
          Total  stockholders'  equity  (deficit)                      (7,738)      107,228
                                                                                                  ---------    ---------
          Total  liabilities  and  stockholders'  equity    $  142,275    $  237,395
                                                                                                  =========    =========


                                            MAGMA  DESIGN  AUTOMATION,  INC.
                          CONDENSED  CONSOLIDATED  STATEMENTS  OF  OPERATIONS
                                      (in  thousands,  except  per  share  data)
                                                              (Unaudited)


                                                            For  the  Three                    For  the  Nine
                                                              Months  Ended                    Months  Ended
                                                    ---------------------    ---------------------
                                                    February  1,  January  6,  February  1,  January  6,
                                                            2009              2008              2009                2008
                                                      ---------    ---------    ---------      ---------
  Revenue:
      Licenses                                $    13,086    $    35,615    $    58,924      $  103,241
      Bundled  licenses
        and  services                              8,248          11,283          25,664            30,157
      Services                                        9,353            8,849          28,299            26,007
                                                      ---------    ---------    ---------      ---------
          Total  revenue                        30,687          55,747        112,887          159,405
                                                      ---------    ---------    ---------      ---------
  Cost  of  revenue:
      Licenses                                        4,463            4,362          14,231            14,289
      Bundled  licenses
        and  services                              3,032            2,504            7,897              7,045
      Services                                        4,377            5,274          14,427            15,374
                                                      ---------    ---------    ---------      ---------
          Total  cost  of
            revenue                                  11,872          12,140          36,555            36,708
                                                      ---------    ---------    ---------      ---------
  Gross  profit                                  18,815          43,607          76,332          122,697
                                                      ---------    ---------    ---------      ---------

  Operating  expenses:
      Research  and  development      15,297          19,513          54,476            56,538
      Sales  and  marketing                12,658          17,833          44,935            53,380
      General  and  administrative    5,469            8,570          19,165            24,437
      Impairment  of  goodwill
        (estimate)                                60,750                  --          60,750                    --
      Amortization  of
        intangible  assets                        378            2,242            2,660              6,308
      In-process  research  and
        development                                      --                  --                  --                  656
      Restructuring  charge                3,286                  --            8,612                  291
                                                      ---------    ---------    ---------      ---------
          Total  operating
            expenses                                97,838          48,158        190,598          141,610
                                                      ---------    ---------    ---------      ---------
  Operating  loss                            (79,023)        (4,551)    (114,266)        (18,913)
                                                      ---------    ---------    ---------      ---------

  Other  income  (expense):
      Interest  income                              142                562                522              1,510
      Interest  expense                          (692)            (618)        (2,005)          (1,874)
      Other  income  (expense),  
        net                                                    861                (18)            (210)                  51
                                                      ---------    ---------    ---------      ---------
          Total  other  income,
            (expense)  net                            311                (74)        (1,693)              (313)
                                                      ---------    ---------    ---------      ---------
  Net  loss  before
    income  taxes                              (78,712)        (4,625)    (115,959)        (19,226)
  Provision  for  (benefit
    from)  income  taxes                        (629)          1,318            2,941              4,381
                                                      ---------    ---------    ---------      ---------

  Net  loss                                    $  (78,083)  $    (5,943)  $(118,900)    $  (23,607)
                                                      =========    =========    =========      =========
  Net  loss  per  share
    -  basic  and  diluted            $      (1.73)  $      (0.14)  $      (2.69)    $      (0.59)
                                                      =========    =========    =========      =========
  Shares  used  in  
    calculation:
      Basic  and  diluted                    45,215          41,025          44,165            39,990
                                                      =========    =========    =========      =========


    Reconciliation  of  Third  Quarter  GAAP  and  Non-GAAP  Financial  Results


  Statement  of  Operations        Three  Months  Ended            Nine  Months  Ended
    Reconciliation                      February  1,  January  6,  February  1,  January  6,
          (in  thousands)                      2009              2008              2009                2008


  GAAP  net  loss                          $  (78,083)  $    (5,943)  $(118,900)  $  (23,607)
  Cost  of  license  revenue
      Amortization  of
        developed  technology              4,252            4,211          13,708          13,512
      Acquisition-related  and
        other  expenses                                --                  --                  --                245
                                                      ------------------------------------------
                                                              4,252            4,211          13,708          13,757
  Cost  of  bundled  license
    and  services  revenue
      Amortization  of
        developed  technology              2,117            1,053            4,856            3,113
      Stock-based  compensation              68                  86                216                246
                                                      ------------------------------------------
                                                              2,185            1,139            5,072            3,359
  Cost  of  service  revenue
      Stock-based  compensation            365                323                994            1,031

  Research  and  development
      Stock-based  compensation        1,942            1,813            5,883            5,692
      Acquisition  related
        expenses                                            74                569                597            1,904
                                                      ------------------------------------------
                                                              2,016            2,382            6,480            7,596
  Sales  and  marketing
      Stock-based  compensation        1,230            1,256            4,116            3,771

  General  and  administrative
      Stock-based  compensation        1,221            1,401            3,647            4,181
      Litigation  settlement
        and  related  legal
        expense                                              --            1,052                  --            1,633
                                                      ------------------------------------------
                                                              1,221            2,453            3,647            5,814

  Impairment  of  goodwill
    (estimate)                                    60,750                  --          60,750                  --
  Amortization  of  intangible
    assets                                                  378            2,242            2,659            6,308
  In-process  research  and
    development                                          --                  --                  --                656
  Restructuring  charges                  3,286                  --            8,612                291

  Other  income  (expense)
      Interest  expense,
        amortization  of  debt
        issuance  cost,  and
        debt  discount  accretion            268                567                796            1,644
      Loss  on  equity  and  other
        investments                                  (971)                57                789                436
                                                      ------------------------------------------
                                                                (703)              624            1,585            2,080

  Provision  for  income  taxes      (1,163)        (1,184)          1,443          (1,979)
                                                      --------------------    --------------------
  Non-GAAP  net  income
    (loss)                                      $    (4,266)  $      7,503    $    (9,834)  $    19,077
                                                      --------------------    --------------------


    Reconciliation  of  Third  Quarter  GAAP  and  Non-GAAP  Financial  Results

  Income/(Loss)  Per  Share        Three  Months  Ended          Nine  Months  Ended
    Reconciliation                      February  1,  January  6,  February  1,  January  6,
                                                            2009              2008              2009                2008

  GAAP  net  loss                          $      (1.73)  $      (0.14)    $    (2.69)    $      (0.59)
  Cost  of  license  revenue
      Amortization  of
        developed  technology                0.09              0.10              0.31                0.34
      Acquisition-related
        and  other  expenses                        --                  --                  --                0.01
                                                      -------------------------------------------
                                                                0.09              0.10              0.31                0.35
  Cost  of  bundled  license
    and  services  revenue
      Amortization  of
        developed  technology                0.05              0.03              0.11                0.08
      Stock-based  compensation              --                  --              0.01                0.01
                                                      -------------------------------------------
                                                                0.05              0.03              0.12                0.09
  Cost  of  service  revenue
      Stock-based  compensation          0.01              0.01              0.02                0.03

  Research  and  development
      Stock-based  compensation          0.05              0.05              0.13                0.14
      Acquisition  related
        expenses                                            --              0.01              0.01                0.05
                                                      -------------------------------------------
                                                                0.05              0.06              0.14                0.19
  Sales  and  marketing
      Stock-based  compensation          0.03              0.03              0.09                0.09

  General  and  administrative
      Stock-based  compensation          0.03              0.03              0.08                0.10
      Litigation  settlement
        and  related  legal
        expense                                              --              0.03                  --                0.04
                                                      -------------------------------------------
                                                                0.03              0.06              0.08                0.14

  Impairment  of  goodwill
    (estimate)                                        1.34                  --              1.38                    --
  Amortization  of  intangible
    assets                                                0.01              0.05              0.06                0.16
  In-process  research  and
    development                                          --                  --                  --                0.01
  Restructuring  charges                    0.07                  --              0.20                0.01

  Other  income  (expense)
      Interest  expense,
        amortization  of  debt
        issuance  cost,  and
        debt  discount  accretion          0.01              0.01              0.02                0.04
          Loss  on  equity  and
            other  investments                (0.02)                --              0.02                0.01
                                                      -------------------------------------------
                                                              (0.01)            0.01              0.04                0.05

  Provision  for  income  taxes        (0.03)          (0.03)            0.03              (0.05)
                                                      --------------------    ---------------------
  Non-GAAP  net  income
    (loss)  per  share                  $      (0.09)  $        0.18    $      (0.22)    $        0.48
                                                      --------------------    ---------------------
  Non-GAAP  net  income  (loss)
    per  share  (diluted)            $      (0.09)  $        0.16    $      (0.22)    $        0.41
                                                      --------------------    ---------------------

  Basic  shares  used  in
    calculation                                  45,215          41,025          44,165            39,990
  Diluted  shares  used  in
    calculation*                                45,714          47,552          45,009            46,652

  *  Gives  effect  to  the  potential  issuance  of  common  stock  upon
  conversion  of  convertible  subordinated  notes,  if  dilutive,  and  to  the
  effect  of  all  dilutive  potential  common  shares  outstanding  during  the
  period,  including  stock  options,  using  the  treasury  stock  method


                                        MAGMA  DESIGN  AUTOMATION,  INC.
                                              AS  OF  FEBRUARY  26,  2009
              IMPACT  OF  KNOWN  NON-GAAP  ADJUSTMENTS  ON  FORWARD-LOOKING
                          DILUTED  NET  INCOME  PER  SHARE  AND  NET  INCOME
                                                          (Unaudited)

                                                            Quarter  Ending                    Year  Ending
                                                              May  3,  2009                        May  3,  2009

  GAAP  diluted  net  loss
    per  share                                $  (0.39)  to  $  (0.37)      $  (2.99)  to  $  (2.95)
      Amortization  of
        developed  technology
        and  intangibles                              $0.19                                      $0.66
      Amortization  of
        deferred  stock-based
        compensation                                    $0.12                                      $0.44
      Acquisition  related
        expenses                                            $0.01                                      $0.01
      Interest  expense,
        amortization  of  debt
        issuance  cost,  and
        debt  discount  accretion              $0.02                                      $0.09
      Restructuring  charges                    $0.06                                      $0.25
      Impairment  of  goodwill
        (estimate)                                          --                                          $1.32
  Non-GAAP  diluted  net
    income  (loss)  per  share        $0.01  to  $0.03                  $(0.21)  to  $(0.19)


  (in  millions)                                Quarter  Ending                      Year  Ending
                                                              May  3,  2009                          May  3,  2009

  GAAP  net  loss                              $  (18)  to  $(17)              $  (137)  to  $  (135)
      Amortization  of
        developed  technology
        and  intangibles                                $9                                            $30
      Amortization  of  deferred
        stock-based  compensation              $5                                            $20
      Acquisition  related  expenses        $.5                                          $1
      Interest  expense,
        amortization  of  debt
        issuance  cost,  and
        debt  discount  accretion                $.5                                          $4
      Restructuring                                      $3                                            $11
      Impairment  of  goodwill
        (estimate)                                          --                                            $61
  Non-GAAP  net  income  (loss)          $0  to  $1                            $(10)  to  $(8)
 
 CONTACT:    Magma  Design  Automation  Inc.
                    Media:
                    Monica  Marmie,  Director,  Marketing  Communications
                        (408)  565-7689
                        mmarmie@magma-da.com
                    Investors:
                    Milan  G.  Lazich,  Vice  President,  Corporate  Marketing
                        (408)  565-7706
                        milan.lazich@magma-da.com 
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