Accelrys Reports Fiscal 2005 First-Quarter Financial Results.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 results for the first quarter of fiscal 2005, ended June 30, 2004. Revenues in the June 2004 quarter were $14.2 million compared to $19.1 million reported in the June 2003 quarter. Orders booked in the June 2004 quarter were flat, at about $15 million, when compared to the June 2003 quarter, excluding a contract renewal that was booked in the June 2003 quarter but renewed in the March 2004 quarter at the request of a customer. The lower revenue in the June 2004 quarter was attributed to the change in revenue recognition for annual and multi-year licenses, the earlier renewal of the contract noted above, lower consulting and consortia revenues and lower maintenance revenues when compared to the same period in 2003. As previously reported, the change in revenue recognition to subscription accounting will continue to dramatically affect reported revenue through the next three to four quarters when compared to the equivalent periods in the prior year. During this transition, orders booked in the period are a key indicator of the company's performance. Consulting and consortia revenues were lower as the company has discontinued dis·con·tin·ue v. dis·con·tin·ued, dis·con·tin·u·ing, dis·con·tin·ues v.tr. 1. To stop doing or providing (something); end or abandon: performing unprofitable consulting projects and various consortia were closed in the prior period. Having launched the new Nanotech Consortium on July 1, 2004, the company expects revenues from such upcoming consortia to be reported to be spoken of; to be mentioned, whether favorably or unfavorably. See also: Report in future periods. Cash flow from operations Cash flow from operations A firm's net cash inflow resulting directly from its regular operations (disregarding extraordinary items such as the sale of fixed assets or transaction costs associated with issuing securities), calculated as the sum of net income plus noncash expenses was lower in the June 2004 quarter when compared to the June 2003 quarter principally as a result of the payment of accrued expenses Accrued Expense An accounting expense recognized in the books before it is paid for. It is a liability, usually current. These expenses are typically periodic and documented upon a company's balance sheet due to the high probability of collection. related to the spin-off The situation that arises when a parent corporation organizes a subsidiary corporation, to which it transfers a portion of its assets in exchange for all of the subsidiary's capital stock, which is subsequently transferred to the parent corporation's shareholders. 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
Cost of revenues were $1.2 million lower in the June 2004 quarter compared to the June 2003 quarter and total operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. were $2.1 million lower in 2004 compared to 2003. A net loss of ($6.2) million or ($.25) per share was reported for the June 2004 quarter compared to a net loss of ($3.8) million or ($.16) per share recognized in the June 2003 quarter. The results for the June 2004 quarter included a net loss from discontinued Pharmacopeia Drug Discovery (PDD) operations of ($1.1) million. The comparable net loss from the discontinued PDD operations in the June 2003 quarter was ($345) thousand. The loss from discontinued operations Discontinued operations Divisions of a business that have been sold or written off and that no longer are maintained by the business. represented ($.05) per share in 2004 and ($.01) per share in 2003. With regard to guidance, John Hanlon This article or section needs sources or references that appear in reliable, third-party publications. Alone, primary sources and sources affiliated with the subject of this article are not sufficient for an accurate encyclopedia article. , CFO See Chief Financial Officer. , said, "We expect orders to increase modestly in fiscal 2005 when compared to the 12 months ended March 31, 2004. Revenues for fiscal 2005 will be substantially lower as Accelrys customers adopt our new license offering that requires subscription accounting. Deferred revenues, which will be recorded as revenue in future periods, will increase in relation to the decrease in reported revenues. Accelrys has elected to close its year on March 31 rather than December 31. As a result, the three months ended March 31, 2004 will be reported in future periods as a "transition period" per SEC guidelines guidelines, n.pl a set of standards, criteria, or specifications to be used or followed in the performance of certain tasks. ." At 5:00 p.m. EDT EDT abbr. Eastern Daylight Time EDT Eastern Daylight Time EDT n abbr (US) (= Eastern Daylight Time) → hora de verano de Nueva York EDT today, Accelrys will conduct a conference call to discuss its fiscal 2005 first quarter financial results. Mark Emkjer, 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. , will host the call. To participate, please dial 800-299-9086 (1-617-786-2903 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, 79632078, 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 Web site 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 76642531 from 1:00 p.m. EDT July 30, through 11:59 p.m. EDT, August 13. About Accelrys Inc. Accelrys Inc. (NASDAQ:ACCL) is a leading provider of software for computation, 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
When used anywhere in this document, the words expects, believes, anticipates, estimates and similar expressions are intended to identify 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. . Forward-looking statements herein may include statements addressing future financial and operating results of Accelrys. Accelrys has based these forward-looking statements on its current expectations about future events. Such statements are subject to risks and uncertainties including, but not limited to the successful implementation of Accelrys' strategic plans, the acceptance of new products, the obsolescence ob·so·les·cent adj. 1. Being in the process of passing out of use or usefulness; becoming obsolete. 2. Biology Gradually disappearing; imperfectly or only slightly developed. of existing products, the resolution of existing and potential future patent issues, additional competition, changes in economic conditions and other risks described in documents Accelrys has filed with the Securities and Exchange Commission, including its most recent 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. and subsequent reports on Form 10-Q Form 10-Q See 10-Q. . All forward-looking statements in this document are qualified entirely by the cautionary statements included in this document and such filings. These risks and uncertainties could cause actual results to differ materially from results expressed or implied by forward-looking statements contained in this document. These forward-looking statements speak only as of the date of this document. Accelrys disclaims any undertaking to publicly update or revise any forward-looking statements contained herein to reflect any change in its expectations with regard thereto there·to adv. 1. To that, this, or it. 2. Archaic In addition to that; furthermore. thereto Adverb Formal 1. to that or it 2. or any change in events, conditions or circumstances on which any such statement is based.
ACCELRYS, INC.
SELECTED CONSOLIDATED FINANCIAL DATA
(Dollars in thousands, except share data)
Statements of Operations
For the Three Months
Ended June 30,
-------------------
2004 2003
--------- ---------
Revenue $14,181 $19,090
Cost of revenue 3,786 5,014
--------- ---------
Gross Margin 10,395 14,076
Research and development 4,123 4,586
Sales, general and administrative 11,778 13,432
--------- ---------
Total operating costs and expenses 15,901 18,018
--------- ---------
Operating loss from continuing operations (5,506) (3,942)
Interest and other income, net 585 899
--------- ---------
Loss from continuing operations before
provision for income taxes (4,921) (3,043)
Provision for income taxes 135 376
--------- ---------
Loss from continuing operations (5,056) (3,419)
Discontinued operations:
Loss from Discontinued Operations (1,117) (345)
--------- ---------
Net Loss $(6,173) $(3,764)
========= =========
Loss from continuing operations per share:
- Basic and diluted $(0.21) $(0.14)
========= =========
Loss from Discontinued Operations per share:
- Basic and diluted $(0.05) $(0.01)
========= =========
Net loss per share:
- Basic and diluted $(0.25) $(0.16)
========= =========
Weighted average number of common stock
outstanding:
- Basic and diluted 24,323 23,707
========= =========
ACCELRYS, INC.
SELECTED CONSOLIDATED FINANCIAL DATA
(Dollars in thousands)
Balance Sheets
June 30, Dec. 31,
2004 2003
--------- ---------
Cash, restricted cash, cash equivalents and
marketable securities $83,826 $133,531
Trade receivables, net 10,943 39,780
Other assets, net 56,971 55,304
Assets of Discontinued Operations - 11,052
--------- ---------
Total assets $151,740 $239,667
========= =========
Current liabilities $41,081 $45,264
Long-term liabilities and reserves 6,576 4,924
Liabilities of Discontinued Operations - 6,744
Total stockholders' equity 104,083 182,735
--------- ---------
Total liabilities and stockholders' equity $151,740 $239,667
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