Accelrys Announces Third Quarter Fiscal 2007 Financial Results.Major Product Releases Highlight Successful Quarter 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 December 31, 2006. "Our financial performance continued to improve in the third quarter of our fiscal year as we reported net income on a non-GAAP basis and continued to grow our year-over-year cash and investments balances," said Mark J. Emkjer, Accelrys President and Chief Executive Officer. "In the third quarter, we also achieved a significant milestone in our efforts to modernize and integrate our portfolio with the release of Discovery Studio[R] 1.7 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. [TM] 4.1. With these releases, our modernization and integration efforts are substantially complete, allowing us to focus the majority of our product development efforts on driving innovation and scientific business intelligence. I believe these releases, along with the latest release of Pipeline Pilot[TM], will considerably improve our competitive position in the marketplace." Revenue for the quarter ended December 31, 2006 increased 1% to $20.7 million from $20.4 million for the quarter ended December 31, 2005. Revenue in the current quarter was favorably impacted by continued growth in the Company's scientific operating platform product line, offset by reduced sales of certain legacy products that were deemphasized in connection with the restructuring and product line adjustments that have occurred over the past two fiscal years. Non-GAAP total operating costs operating costs npl → gastos mpl operacionales and expenses, excluding stock compensation, restatement Restatement A revision in a company's earlier financial statements. Notes: The need for restating financial figures can result from fraud, misrepresentation, or a simple clerical error. and restructuring costs, were $20.9 million for the quarter ended December 31, 2006, a 1% reduction from non-GAAP total operating costs and expenses of $21.2 million for the quarter ended December 31, 2005. On a GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). basis, total operating costs and expenses for the quarter ended December 31, 2006 were $22.2 million compared to $21.6 million for the quarter ended December 31, 2005, an increase of 3%. Non-GAAP net income, also excluding stock compensation, restatement and restructuring costs, was $0.2 million, or $0.01 per diluted share, for the quarter ended December 31, 2006, an increase from non-GAAP net loss of $0.1 million, or breakeven breakeven 1. The level of output or sales necessary to cover fixed expenses. Companies in industries that have high fixed costs and, consequently, high breakevens, such as automobile and steel manufacturing, are likely to exhibit large fluctuations on a per share basis, for the quarter ended December 31, 2005. On a GAAP basis, the Company reported GAAP net loss of $1.1 million, or $0.04 per diluted share, for the quarter ended December 31, 2006, compared to a net loss of $0.6 million, or $0.02 per diluted share, for the quarter ended December 31, 2005. At December 31, 2006, the Company had total cash, cash equivalents, restricted 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 of $60.0 million, an increase of 20% from December 31, 2005. The Company also had $55.5 million in deferred revenue at December 31, 2006, a 10% decrease from December 31, 2005. The decrease in deferred revenue primarily results from a large, prepaid multi-year order received in December 2005. Recent Business and Product Development Highlights: * As a result of the substantial completion of its product modernization and integration efforts, the Company will be closing its research and development facility in Bangalore, India. In connection with the closure and the related reduction in force of approximately 60 employees, the Company recorded a severance charge of $0.2 million in the quarter ended December 31, 2006, and expects to incur an additional restructuring charge 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. of approximately $0.5 to $0.7 million in the fourth quarter of fiscal year 2007. * Release of SciTegic Pipeline Pilot[TM] 6.0, our scientific operating platform, which features major new functionality in the areas of image analysis and bioinformatics, enterprise enhancements that make it easier to define and deploy scientific protocols to a broader audience and the introduction of new capabilities that significantly increases the usability of advanced functions. * Release of Materials Studio[R] 4.1 which includes additional flexibility for deploying key modeling functionality, new scripting capabilities that allow for automation and extensibility, and expanded simulation capabilities. * Release of Discovery Studio[R] 1.7 which includes new and enhanced life science modeling and simulation functionality, in a modernized, easy to use interface which leverages our scientific operating platform to enable simplification of complex workflows. Non-GAAP Financial Measures: This press release includes non-GAAP measures of total operating costs and expenses, net income (loss), and net income (loss) per share, adjusted to exclude the effect of certain costs related to the completion of the Company's restatement, restructuring charges (recoveries) and stock-based compensation. The Company 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, the Company's management and 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. The following table contains a reconciliation of these measures to the most directly comparable GAAP financial measures (unaudited, amounts in thousands): [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 1-866-831-6243 (+1 617-213-8855 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, 11083271, 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, 37598796, beginning 7:00 p.m. ET on February 1, 2007 through 5:00 p.m. ET on May 1, 2007. About Accelrys Accelrys provides scientific innovation and technology leadership in delivering software and service solutions that span the continuum of discovery and development research. A unique combination of expertise in life and materials science materials science Study of the properties of solid materials and how those properties are determined by the material's composition and structure, both macroscopic and microscopic. , informatics Same as information technology and information systems. The term is more widely used in Europe. , and scientific operating platform technology lets Accelrys serve a diverse range of clients, including some of the world's leading pharmaceutical, biotechnology, chemical and nanotechnology research organizations. 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 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. 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 completion of the Company's product modernization and integration efforts, the long-term growth of the Company, the estimated completion date and restructuring costs associated with the closure of its research and development facility in Bangalore, India, and improvement of the Company's competitive position, are subject to a number of risks and uncertainties, including risks that the Company will be unable to complete its product modernization and integration efforts as planned, that the Company's competitive position will not improve and/or that such growth will not occur due to lack of demand for or market acceptance of the Company's products, that the Company will not complete its closure of its facilities in the fourth quarter, and that the amount and nature of costs resulting therefrom there·from adv. From that place, time, or thing. Adv. 1. therefrom - from that circumstance or source; "atomic formulas and all compounds thence constructible"- W.V. will differ from its current expectations, 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, 2006, quarterly reports on Form 10-Q Form 10-Q See 10-Q. and current reports on 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. . 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