Accelrys Announces Fiscal 2005 Fourth Quarter and Full Year Financial Results; Full Year Orders Grow 12%.SAN DIEGO San Diego (săn dēā`gō), city (1990 pop. 1,110,549), seat of San Diego co., S Calif., on San Diego Bay; inc. 1850. San Diego includes the unincorporated communities of La Jolla and Spring Valley. Coronado is across the bay. -- Accelrys Accelrys (NASDAQ: ACCL) is a San Diego, United States-based software company specializing in research software for bioinformatics, cheminformatics, molecular simulation, and quantum mechanics. , Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :ACCL ACCL American Canadian Caribbean Line ACCL Acceleration ACCL American College of Construction Lawyers ACCL Accreditation Council for Clinical Lipidology (Allied Health Certification Program) ACCL Amway China Co Limited ) today reported unaudited financial results for the quarter and twelve months ended March 31, 2005. Fourth Quarter Results Orders in the quarter ended March 31, 2005 increased 88% to $19.1 million, up from $10.1 million in the same quarter of last year. The increase in orders was due to strong growth in sales of the traditional Accelrys scientific applications, a change in the company's sales year-end year-end also year·end n. The end of a year. adj. Occurring or done at the end of the year: a year-end audit. Noun 1. to March 31, and the acquisition of SciTegic SciTegic is a San Diego-based software company that develops and markets informatics software to the pharmaceutical and biotechnology industries. It was founded in February, 1999 by Mathew Hahn and David Rogers. , Inc., which the company acquired in September 2004. Revenue, which includes the impact of deferred revenue arising from the company's switch to subscription accounting, increased 70% to $18.9 million, for the quarter ended March 31, 2005, up from $11.1 million in the year-ago quarter. Expenses in the quarter ended March 31, 2005, were $29.5 million compared to $29.3 million in the quarter ended March 31, 2004. Expenses in the March 2005 quarter include $1.5 million for severance The act of dividing, or the state of being divided. The term severance has unique meanings in different branches of the law. Courts use the term in both civil and criminal litigation in two ways: first, when dividing a lawsuit into two or more parts, and second, when and related costs arising from a workforce reduction in March 2005. Expenses in the year-ago quarter included $5.2 million for severance and related costs, and $2.3 million in transaction costs Transaction Costs Costs incurred when buying or selling securities. These include brokers' commissions and spreads (the difference between the price the dealer paid for a security and the price they can sell it). arising from the spin-out of Pharmacopeia Drug Discovery Pharmacopeia Drug Discovery Inc is a US based corporation based in Princeton, New Jersey. They claim that they are trying to commercialize technologies to combinational chemistry. External links
The company reported a loss from continuing operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the of $(9.3) million, or $(0.36) per share, for the quarter ended March 31, 2005, compared to a loss from continuing operations of $(17.4) million, or $(0.72) per share in the year-ago quarter. The company reported a net loss of $(9.3) million, or $(0.36) per share, for the March 2005 quarter compared to a net loss of $(26.8) million, or $(1.11) per share, reported in the year-ago quarter. There were no discontinued operations Discontinued operations Divisions of a business that have been sold or written off and that no longer are maintained by the business. reported in the March 2005 quarter, however there was a net loss from discontinued operations of $(9.4) million, or $(0.39) per share included in the March 2004 quarter. Full-Year Results Orders for the year ended March 31, 2005, grew 12% to $85.2 million, up from $76.0 million in the year ended March 31, 2004. For the full year, the company reported modest growth in orders for its traditional Accelrys scientific applications, and growth benefited from the acquisition of SciTegic, Inc., which the company acquired in September 2004. Reported revenue for fiscal 2005 was lower than orders due to the transition to subscription accounting, which caused a portion of revenue related to orders booked during fiscal 2005 to be deferred to future periods. As a result, for the year ended March 31, 2005, revenues were $69.6 million compared to $79.5 million in the year ended March 31, 2004. Correspondingly, deferred revenue increased to $42.6 million at March 31, 2005, up from $27.8 million at March 31, 2004. Expenses for the year ended March 31, 2005, were $96.0 million compared to $97.3 million in fiscal 2004. Expenses in fiscal 2005 include a $3.6 million lease abandonment charge related to the move of the company's headquarters, the aforementioned a·fore·men·tioned adj. Mentioned previously. n. The one or ones mentioned previously. aforementioned Adjective mentioned before Adj. 1. $1.5 million severance charge, and a $0.5 million write-off Write-Off A reduction in the value of an asset or earnings by the amount of an expense or loss. Companies are able to write off certain expenses that are required to run the business, or have been incurred in the operation of the business and detract from retained revenues. of in-process research and development arising from the SciTegic acquisition. Fiscal 2004 included a $5.2 million severance charge and $3.0 million in transaction costs arising from the spin-out of Pharmacopeia Drug Discovery, Inc. The company reported a loss from continuing operations in fiscal 2005 of $(24.1) million, or $(0.96) per share, compared with a loss from continuing operations in fiscal 2004 of $(14.7) million, or $(0.62) per share. The company reported a net loss of $(25.2) million, or $(1.00) per share, for fiscal 2005 compared to a net loss of $(24.8) million, or $(1.04) per share, reported in fiscal 2004. Fiscal 2005 included a loss from discontinued operations of $(1.1) million, or $(0.04) per share, while fiscal 2004 included a loss from discontinued operations of $(10.1) million, or $(0.42) per share. "I am pleased to report that orders grew in fiscal 2005 for the first time in four years," said Mark Emkjer, president and 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 Accelrys. "I look forward to improving our financial trajectory Trajectory The curve described by a body moving through space, as of a meteor through the atmosphere, a planet around the Sun, a projectile fired from a gun, or a rocket in flight. as we strengthen our competitive position in the marketplace." The financial results included in this release are unaudited. The complete, audited financial statements of the company for the fiscal year ended March 31, 2005 will be included in the company's Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. to be filed with the SEC on or before June 14, 2005. Conference Call Details At 5:00 p.m. EST P.M. also p.m. or p.m. abbr. post meridiem Usage Note: By definition, 12 a.m. today, Accelrys will conduct a conference call to discuss its fiscal 2005 fourth quarter financial results. Mark Emkjer, CEO, will host the call. To participate, please dial 1-800-659-2032 (1-617-614-2712 outside the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. ) and enter the access code, 34196117, approximately 15 minutes before the scheduled start of the call. The conference call will also be accessible live on the Investor Relations Investor relations The process by which the corporation communicates with its investors. section of the Accelrys website at www.accelrys.com. A replay of the conference call will be available online at www.accelrys.com and via telephone by dialing 1-888-286-8010 (1-617-801-6888 outside the United States) and entering access code 48322849 from 7:00 p.m. ET May 13, through 11:59 p.m. ET, June 12, 2005. About Accelrys, Inc. Accelrys, Inc. (NASDAQ: ACCL) is a leading provider of software for computation Computation is a general term for any type of information processing that can be represented mathematically. This includes phenomena ranging from simple calculations to human thinking. , simulation, and the management and mining of scientific data used by biologists, chemists This is a list of famous chemists: (alphabetical order) : Top - 0–9 A B C D E F G H I J K L M N O P Q R S T U V W X Y Z A
nanotechnology Manipulation of atoms, molecules, and materials to form structures on the scale of nanometres (billionths of a metre). researchers for product design as well as drug discovery and development. Accelrys technology and services are designed to meet the needs of today's leading research organizations. The company is headquartered in San Diego, California “San Diego” redirects here. For other uses, see San Diego (disambiguation). San Diego is a coastal Southern California city located in the southwestern corner of the continental United States. As of 2006, the city has a population of 1,256,951. . For more information about Accelrys, visit its website at http://www.accelrys.com/. This news release contains 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. , including, but not limited to, statements regarding improving the company's financial trajectory and strengthening its competitive position in the marketplace. These forward looking statements are only predictions based on current information and expectations and are subject to certain risks and uncertainties, including, but not limited to, customer demand for the company's products, market competition for these products, successful and timely development of products, market acceptance of new products, integration of acquired businesses, and unforeseen expenses. More information about potential factors that could affect the company's business and financial results is included in the "Risk Factors" set forth in the company's Quarterly Report on Form 10-Q Form 10-Q See 10-Q. for the period ended December 31, 2004, and the company's other filings with the Securities and Exchange Commission. Actual results could differ materially, as a result of such factors, from those set forth in the forward-looking statements.
ACCELRYS, INC.
SELECTED CONSOLIDATED FINANCIAL DATA
(In thousands, except per share data, unaudited)
Statements of Operations
For the Three Months For the Twelve Months
Ended March 31, Ended March 31,
--------------------- ----------------------
2005 2004 2005 2004
----------- --------- ---------- -----------
Revenue $18,944 $11,135 $69,631 $79,476
Cost of revenue 5,820 4,107 17,905 18,783
Research and development 5,161 4,265 18,324 17,651
Sales and marketing 11,569 8,436 36,916 34,065
General and administrative 5,461 4,971 17,290 18,552
Severance and lease
abandonment charges 1,498 5,199 5,110 5,199
Write-off of in-process
research and development - - 450 -
Spin-off transaction costs - 2,321 - 3,020
-------- --------- --------- ---------
Total operating costs
and expenses 29,509 29,299 95,995 97,270
-------- --------- --------- ---------
Operating loss from
continuing operations (10,565) (18,164) (26,364) (17,794)
Interest and other income,
net 480 921 1,738 3,954
-------- --------- --------- ---------
Loss from continuing
operations before taxes (10,085) (17,243) (24,626) (13,840)
Provision for income taxes (823) 128 (571) 859
-------- --------- --------- ---------
Loss from continuing
operations (9,262) (17,371) (24,055) (14,699)
Loss from discontinued
operations - (9,399) (1,117) (10,116)
-------- --------- --------- ---------
Net loss $(9,262) $(26,770) $(25,172) $(24,815)
======== ========= ========= =========
Per Share Amounts:
Loss from continuing
operations $(0.36) $(0.72) $(0.96) $(0.62)
Loss from discontinued
operations - (0.39) (0.04) (0.42)
-------- --------- --------- ---------
Net loss $(0.36) $(1.11) $(1.00) $(1.04)
======== ========= ========= =========
Weighted average shares of
common stock outstanding 25,920 24,090 25,137 23,870
ACCELRYS, INC.
SELECTED CONSOLIDATED FINANCIAL DATA
(In thousands, unaudited)
Balance Sheets
March 31,
-------------------
2005 2004
--------- ---------
Cash, restricted cash, cash equivalents and
marketable securities $63,304 $141,261
Trade receivables, net 20,006 10,860
Other assets, net 77,244 55,267
Assets of discontinued operations - 13,090
--------- ---------
Total assets $160,554 $220,478
========= =========
Current liabilities, excluding deferred
revenue $22,069 $21,564
Deferred revenue, short- and long-term 42,596 27,765
Long-term liabilities and reserves, excluding
deferred revenue 2,135 -
Liabilities of discontinued operations - 10,898
Total stockholders' equity 93,754 160,251
--------- ---------
Total liabilities and stockholders' equity $160,554 $220,478
========= =========
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