Aavid Thermal Technologies, Inc. Announces First Quarter Results.CONCORD, N.H. -- Aavid Thermal Technologies, Inc.(the "Company" or "Aavid"), a leading developer of computational fluid dynamics Computational fluid dynamics The numerical approximation to the solution of mathematical models of fluid flow and heat transfer. Computational fluid dynamics is one of the tools (in addition to experimental and theoretical methods) available to solve software and provider of thermal management solutions, today announced preliminary and unaudited operating results for its first quarter ended March 31, 2006. For the first quarter of 2006, the Company's total sales were $70.8 million, or 16.8% higher than the $60.6 million in sales for the first quarter of 2005. Sales for the Company's software subsidiary, Fluent fluent /flu·ent/ (floo´int) flowing effortlessly; said of speech. , Inc. ("Fluent"), were $33.3 million, or 11.7 % higher than the $29.8 million in sales reported for the first quarter of 2005. First quarter sales for the Company's thermal management products operation ("Aavid Thermalloy") totaled $37.5 million, or 21.9% higher than the $30.8 million in sales reported for the first quarter of 2005. The Company's operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. for the first quarter of 2006 was $10.2 million, or 20.2 % higher than the $8.5 million of operating income for the first quarter of 2005. Fluent's operating income was $10.1 million in the first quarter of 2006, or 24.7% higher than the $8.1 million of operating income reported for the first quarter of 2005. Aavid Thermalloy's first quarter operating income was $0.7 million, compared to operating income of $0.4 million reported for the first quarter of 2005. Aavid Thermalloy's operating income in the first quarter in 2006 included approximately $1.2 million of restructuring charges restructuring charge The expense of reorganizing a company's operations. A restructuring charge is an infrequent expense that generally results from asset writedowns or facility closings. associated with the reduction of manufacturing activities in the U.K. and Canada Canada (kăn`ədə), independent nation (2001 pop. 30,007,094), 3,851,787 sq mi (9,976,128 sq km), N North America. Canada occupies all of North America N of the United States (and E of Alaska) except for Greenland and the French islands of . Dr. Bharatan Patel, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of ATTI ATTI Attitude ATTI Advanced Transportation Technology Institute ATTI Advanced Technology Transfer and Infusion (JPL) ATTI American Telephone and Telegraph Interchange ATTI Acoustic Test Target Insertion , commented that "Aavid Thermalloy continues to grow and strengthen its position as a leading global supplier of thermal management products for electronics, and I am pleased with the progress it is making." Further, Dr. Patel, who founded Fluent, remarked that "Fluent has grown in revenues and profitability quarter over quarter for more than ten years, and the prospects for continued growth remain strong." Company depreciation and amortization, including amortization of deferred financing fees and bond discount, for the first quarter of 2006 was $2.3 million, a decrease of $0.2 million from the $2.5 million of depreciation and amortization for the first quarter of 2005. Depreciation and amortization for Fluent was $0.8 million in the first quarter of 2006 which compares with $0.7 million in the first quarter of 2005. Depreciation and amortization for Aavid Thermalloy was $1.0 million in the first quarter of 2006 which compares with $1.4 million reported in the comparable period of 2005. The attached financial schedules further describe the business performance presented in this release. On February February: see month. 15, 2006, Aavid Thermal Technologies, Inc. ("ATTI") entered into a definitive merger agreement (the "Merger Agreement") with ANSYS ANSYS Analysis System , Inc. ("ANSYS"), ANSYS XL, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control ("Merger LLC"), a wholly-owned subsidiary of ANSYS, BEN I, Inc., a wholly-owned subsidiary of Merger LLC, HINES Hines , Earl Known as "Fatha." 1905-1983. American musician. A prominent jazz pianist for 50 years, he first gained wide recognition for his recordings with Louis Armstrong in the 1920s. II, Inc., a wholly-owned subsidiary of Merger LLC, Heat Holdings Corp. ("Holding"), TROY III, Inc., a wholly-owned subsidiary of ATTI, Fluent Inc. ("Fluent", and together with Holding and ATTI, the "Selling Companies"), and, for certain limited purposes described therein, Willis Wil·lis , Thomas 1621-1675. English anatomist and physician known for his studies of the nervous system and the brain. He discovered the circle of Willis at the base of the brain. Stein Stein , William Howard 1911-1980. American biochemist. He shared a 1972 Nobel Prize for pioneering studies of ribonuclease. & Partners II, L.P., Willis Stein & Partners III, L.P., Willis Stein & Partners Dutch, L.P., Willis Stein & Partners Dutch III-A, L.P., Willis Stein & Partners Dutch III-B, L.P., and Willis Stein & Partners III-C, L.P., and Willis Stein & Partners II, L.P., as Stockholders' Representative. Pursuant to the Merger Agreement and through a series of mergers, ANSYS shall acquire directly or indirectly all of the outstanding stock of Holding, ATTI and Fluent. Following the mergers, each of Holding, ATTI and Fluent shall be indirect subsidiaries of ANSYS. Pursuant to the terms of the Merger Agreement, ANSYS will issue 6,000,000 shares of its common stock and pay approximately $300 million in net cash, subject to certain adjustments at closing, to acquire the Selling Companies. The transaction is valued at approximately $565 million based on the $44.11 per share closing price of ANSYS' common stock on February 15, 2006. Company Background Aavid is a leading developer and marketer of computational fluid dynamics ("CFD CFD - Computational Fluid Dynamics ") software and a global provider of thermal management solutions for electronic products. Each of these businesses has an established reputation for high product quality, service excellence and engineering innovation in its market. CFD software is used in complex computer-generated computer-generated computer adj → de synthèse modeling of fluid flows, heat and mass transfer and chemical reactions This is the 18th episode of television drama Men in Trees. It originally aired on June 25, 2007 on the TV2 network in New Zealand as a continuation of season 1. Recap Marin and Cash have a stew cook off, she admits his is better than hers. . Fluent's CFD software is used in a variety of industries, including the automotive, aerospace, chemical processing, power generation, material processing, electronics and HVAC (Heating Ventilation Air Conditioning) In the home or small office with a handful of computers, HVAC is more for human comfort than the machines. In large datacenters, a humidity-free room with a steady, cool temperature is essential for the trouble-free industries. Aavid Thermalloy designs, manufactures and distributes on a worldwide basis thermal management products that dissipate dis·si·pate v. dis·si·pat·ed, dis·si·pat·ing, dis·si·pates v.tr. 1. To drive away; disperse. 2. unwanted heat, which can degrade TO DEGRADE, DEGRADING. To, sink or lower a person in the estimation of the public. 2. As a man's character is of great importance to him, and it is his interest to retain the good opinion of all mankind, when he is a witness, he cannot be compelled to disclose system performance and reliability, from microprocessors This is a list of microprocessors. Intel
Overall, the Company services a highly diversified diversified (di·verˑ·s base of national and international customers including OEMs, distributors, and contract manufacturers through a highly integrated network A network that supports both data and voice and/or different networking protocols. See converged network and new public network. of software, development, manufacturing, sales and distribution locations throughout North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. , Europe, and the Far East. Additional information on Aavid is available on the World Wide Web at http://www.aatt.com. "Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. " Statement Under the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995 The matters discussed in this release contain forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. (as such term is defined in the Private Securities Litigation Reform Act of 1995) and information relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the Company that is based on the beliefs of the management of the Company, as well as assumptions made by and information currently available to the management of the Company. The words "estimate," "project," "believe," "anticipate," "intend," "expect," and similar expressions are intended to identify forward-looking statements. Such statements reflect the current views of the Company with respect to future events, and are subject to risks and uncertainties that could cause actual results to differ materially from those contemplated in such forward-looking statements. The Company does not undertake any obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or after the date hereof here·of adv. Of this. hereof Adverb Formal or law of or concerning this Adv. 1. hereof - of or concerning this; "the twigs hereof are physic" or to reflect the occurrence of unanticipated events.
Aavid Thermal Technologies, Inc.
Summary Financial Statements
Quarter and Year Ended March 31, 2006
Consolidated Statements of Operations
Quarter Ended Quarter Ended
March 31, 2006 March 31, 2005
(Unaudited) (Unaudited)
(in thousands)
Net sales $70,779 $60,578
Cost of goods sold 35,082 29,174
-------------- --------------
Gross profit 35,697 31,404
S,G&A expenses 19,466 18,541
Restructuring charges 1,183 -
Research and development 4,894 4,412
-------------- --------------
Operating income 10,154 8,451
Interest expense, net (4,561) (4,578)
Other (expense) income, net (22) (367)
-------------- --------------
Income before taxes 5,571 3,506
Income tax expense (3,611) (1,764)
-------------- --------------
Net income $1,960 $1,742
============== ==============
Consolidated Condensed Balance Sheets
March 31, December 31,
2006 2005
(in thousands) (Unaudited) (Historical)
ASSETS
Cash $37,611 $40,968
Accounts receivable 55,883 53,972
Inventory 14,393 13,132
Property, plant and equipment 25,739 25,669
Goodwill, net 39,433 39,433
Other assets 12,601 11,278
------------ ------------
Total assets $185,660 $184,452
============ ============
LIABILITES, MINORITY INTEREST AND
STOCKHOLDERS' DEFICIT
Accounts payable 24,473 26,292
Accrued expenses 22,356 30,079
Bank debt and capital leases 12,520 12,704
12 3/4% senior subordinated notes 122,938 122,687
Deferred revenue 51,082 44,858
Accrued taxes 10,597 8,345
Deferred taxes 141 187
------------ ------------
Total liabilities 244,107 245,152
Minority interest in consolidated
subsidiaries 585 585
Preferred stock - -
Common stock - -
Warrants 3,764 3,764
Additional paid in capital 188,007 188,007
Cumulative translation
Adjustment (2,283) (2,576)
Accumulated Deficit (248,520) (250,480)
------------ ------------
Total stockholders' deficit (59,032) (61,285)
Total liabilities, minority
interest and stockholders' deficit $185,660 $184,452
============ ============
Consolidated Condensed Statements of Cash Flows
Quarter Ended Quarter Ended
Mar 31, Mar 31,
2006 2005
(Unaudited) (Historical)
(in thousands)
Net Income $1,960 $1,742
Depreciation 1,585 1,768
Amortization and accretion 670 715
Accounts receivable (1,483) 3,047
Inventories (1,147) 928
Accounts payable (2,028) (2,562)
Deferred revenue 5,924 3,717
Accrued expenses and other current
liabilities (9,078) (8,333)
Other operating cash flows 1,709 (103)
------------- -------------
Total cash flows from operations (1,888) 919
------------- -------------
Purchase of property, plant and equipment (1,153) (901)
Proceeds from sale of property 36 29
------------- -------------
Total cash flows from investing activities (1,117) (872)
------------- -------------
Advances (repayments) under line of credit (113) 452
Advances under other debt obligations - 547
Repayments other debt obligations (493) (642)
------------- -------------
Cash flows from financing activities (606) 357
------------- -------------
Foreign exchange effect 254 (381)
Net increase (decrease) in cash (3,357) 23
Cash at beginning of year 40,968 28,312
------------- -------------
Cash at end of year $37,611 $28,335
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