Accelrys Announces Fiscal First Quarter 2008 Financial Results.Reports Increased Profitability in Q1 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, 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 financial results for the quarter ended June 30, 2007. "We are pleased with our financial performance in the first quarter of fiscal year 2008," said Mark J. Emkjer, Accelrys President and Chief Executive Officer. "We continue to demonstrate profitability and earnings growth despite challenging market conditions and budget constraints experienced by our large pharmaceutical customers in early stage discovery. In the first quarter we experienced solid growth from our scientific operating platform which was offset by some continued erosion in our legacy products. We expect that the upcoming second quarter release of Discovery Studio 2.0 and Materials Studio Materials Studio is software for simulation and modelling of materials developed and distributed by Accelrys, a company specializing in research software for computational chemistry, bioinformatics, cheminformatics, molecular simulation, and quantum mechanics. 4.2 will begin to stabilize our legacy revenue stream in the ensuing en·sue intr.v. en·sued, en·su·ing, en·sues 1. To follow as a consequence or result. See Synonyms at follow. 2. To take place subsequently. quarters ahead. We continue to believe that our scientific operating platform provides us with significant growth opportunities into the scientific business intelligence marketplace and we will be accelerating our investment in this area to drive future revenue growth." Financial Results: Revenue for the quarter ended June 30, 2007 was $20.1 million, compared to revenue of $20.2 million for the same quarter of the previous year. Revenue in the current quarter was favorably impacted by continued growth in the Company's scientific operating platform product line, offset by reduced revenues in the legacy modeling and simulation products. Non-GAAP 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. was $2.1 million for the current quarter, a 46% increase over non-GAAP operating income of $1.5 million for the same quarter of the previous year. On a GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). basis, operating income for the current quarter was $0.8 million, compared to a $0.4 million operating loss operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. for the same quarter of the previous year. Operating income on both a GAAP and non-GAAP basis was favorably impacted in the current quarter by savings realized in connection with the closure of our Bangalore research and development facility in the fourth quarter of fiscal year 2007 and other cost control measures implemented in previous periods, partially offset by increased personnel related costs associated with our expanded sales and sales support organization. Operating income on a GAAP basis was also favorably impacted by the elimination of restatement-related costs that were incurred in the prior year. Non-GAAP net income was $2.7 million, or $0.10 per diluted share, for the current quarter, a 75% increase from non-GAAP net income of $1.6 million, or $0.06 per diluted share, for the same quarter of the previous year. On a GAAP basis, the Company reported net income of $1.4 million, or $0.05 per diluted share, for the current quarter, compared to a net loss of $0.3 million, or $0.01 per diluted share, for the same quarter of the previous year. Net income on both a GAAP and non-GAAP basis was favorably impacted in the current quarter by the savings realized in operating income noted above, in addition to favorable fluctuations in foreign currencies and higher interest rates obtained on our cash and marketable securities Marketable Securities Very liquid securities that can be converted into cash quickly at a reasonable price. Notes: Marketable securities are very liquid as they tend to have maturities less than one year, and the rate at which these securities can be bought or sold has balances during the current quarter. At June 30, 2007, the Company had total cash, cash equivalents, restricted cash and marketable securities of $68.7 million, an increase of $5.4 million from the year ago quarter. Financial, Business and Product Development Highlights: * Release of QMERA, the latest software solution developed by the Accelrys nanotechnology consortium. QMERA enables our customers to improve product performance through engineered materials. * Announced the formation of a UK-based research consortium, together with CMR CMR Crude mortality rate, see there Fuel Cells and Johnson Matthey Johnson Matthey plc (LSE: JMAT) is a British chemical company which has its headquarters near Holborn in central London. It is traded on the London Stock Exchange and is a constituent of the FTSE 100 Index. Plc., for the purpose of accelerating clean technologies by creating commercial applications for fuel cells. Funding has been awarded through the United Kingdom Department of Trade and Industry The Department of Trade and Industry was a United Kingdom government department which was disbanded with the announcement of the creation of the Department for Business, Enterprise and Regulatory Reform on 28 June 2007[1]. . * Initiated our investor relations Investor relations The process by which the corporation communicates with its investors. program with a presentation at the C.E. Unterberg, Towbin Emerging Growth Opportunities Conference in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. . * Completed a profitable first quarter, with $2.7 million in non-GAAP net income which will support further investment into the growth of our scientific business intelligence initiative and other strategic opportunities. Non-GAAP Financial Measures: This press release describes financial measures for operating income, net income, and net income per share that exclude stock-based compensation expense, amortization of purchased intangible assets Intangible Asset An asset that is not physical in nature. Notes: Examples are things like copyrights, patents, intellectual property, and goodwill. These are the opposite of tangible assets. , restructuring charges and costs incurred to complete the Company's restatement. These financial measures are not calculated in accordance with generally accepted accounting principles The standard accounting rules, regulations, and procedures used by companies in maintaining their financial records. Generally accepted accounting principles (GAAP) provide companies and accountants with a consistent set of guidelines that cover both broad accounting (GAAP) and are not based on any comprehensive set of accounting rules or principles. Management believes these non-GAAP financial measures provide a useful measure of the Company's operating results, a meaningful comparison with historical results and with the results of other companies, and insight into the Company's on-going operating performance. Further, management and the Board of Directors utilize these measures, in addition to GAAP measures, when evaluating and comparing the Company's operating performance against internal financial forecasts and budgets. These non-GAAP financial measures should not be considered as a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. In addition, these non-GAAP financial measures may be different from non-GAAP financial measures used by other companies. For additional information on the items excluded by the Company from its non-GAAP financial measures please refer to the Form 8-K Form 8-K The form required by the SEC when a publicly held company incurs any event that might affect its financial situation or the share value of its stock. Form 8-K See 8-K. regarding this release that was furnished today with the Securities and Exchange Commission. The following table contains a reconciliation of the non-GAAP financial measures to the most directly comparable GAAP financial measures (unaudited, amounts in thousands, including footnotes): [TABLE OMITTED] [TABLE OMITTED] Conference Call Details: At 5:00 p.m. ET today, Accelrys will conduct a conference call to discuss its financial results. To participate, please dial (800) 573-4752 (+(617) 224-4324 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, 31790151, approximately 15 minutes before the scheduled start of the call. The conference call will also be accessible live on the Investor Relations 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 (888) 286-8010 (+1 (617) 801-6888 outside the United States) and entering access code, 66976038, beginning 7:00 p.m. ET on August 1, 2007 through 5:00 p.m. ET on November 1, 2007. About Accelrys: Accelrys develops and commercializes scientific business intelligence software for the integration, mining, analysis, modeling and simulation, management and interactive reporting of scientific data. Our solutions are used by biologists, chemists, materials scientists, and information technology professionals for product design and drug discovery and development. Our technology and services are designed to meet the needs of today's leading research and development organizations including leading commercial, government and academic organizations. Many of the largest pharmaceutical, biotechnology, chemical, and petroleum companies worldwide use our solutions. Accelrys 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/. Forward-Looking Statements: Statements contained in this press release relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the Company's or management's intentions, hopes, beliefs, expectations or predictions of the future are forward-looking statements. Such forward-looking statements including, but not limited to, statements relating to the future releases of the Company's products, the stabilization of the Company's legacy revenue stream, the long-term growth of the Company, and acceleration of the Company's investment in its scientific business intelligence product platform, are subject to a number of risks and uncertainties. These include risks that the Company will not achieve its anticipated results or long-term growth plans, that the Company's competitive position will not improve, and/or that such growth will not occur due to, among other possibilities, a lack of demand for or market acceptance of the Company's products, as well as the risks and uncertainties that are contained from time to time in the Company's SEC filings, including, but not limited to, 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. for the year ended March 31, 2007, quarterly reports on Form 10-Q Form 10-Q See 10-Q. and current reports on Form 8-K. The Company's actual results could differ materially from those projected in such forward-looking statements due to these risks and uncertainties, and the Company disclaims any intention or obligation to revise any forward-looking statements whether as a result of new information, future events or otherwise. [TABLE OMITTED] [TABLE OMITTED] |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion