Accelrys Reports Fiscal 2005 Second-Quarter and Year-to-Date 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 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 financial results for the second quarter and first six months of fiscal 2005. Revenues in the September 2004 quarter were $14.3 million compared to $17.7 million reported in the September 2003 quarter. Lower revenues were attributed to the change in revenue recognition for annual and multi-year licenses initiated in January 2004. Orders booked in the September 2004 quarter were $13.3 million compared to $13.7 million booked in the September 2003 quarter. Deferred revenue was $29.5 million at September 30, 2004 compared to $19.0 million at September 30, 2003. 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. , including cost of revenue, in the current quarter were $19.4 million compared to $20.8 million in the quarter ended September 30, 2003. Included in expenses in the September 2004 quarter was a 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 costs of $700 thousand resulting from the Company's acquisition of SciTegic which closed on September 27, 2004. A net loss of ($5.1) million or ($.21) per share was reported for the September 2004 quarter compared to a net loss of ($2.1) million or ($.09) per share reported in the comparable quarter in 2003. Cash, cash equivalents 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 was about $66.7 million at September 30, 2004. As previously reported, the change in revenue recognition to subscription accounting will continue to dramatically affect reported revenue through the next couple of 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. "Our results for the quarter reflect continued progress toward achieving our goals of controlling costs, improving internal quality control systems, and achieving top-line growth," 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. "With regard to top-line growth, we believe our recent merger with SciTegic, the successful launch of our Nanotechnology nanotechnology: see micromechanics. nanotechnology Manipulation of atoms, molecules, and materials to form structures on the scale of nanometres (billionths of a metre). Consortium, and the numerous in-licensing agreements we have recently closed demonstrates our focus and commitment." For the six months ended September 30, 2004 revenues were $28.5 million compared to $36.8 million in the six months ended September 30, 2003. As noted above, lower revenues were attributed to the change to subscription accounting for annual and multi-year licenses. Orders in the six month period ended September 30, 2004 were $29.1 million compared to $29.9 million of orders booked in the six months ended September 30, 2003. Operating expenses, including cost of revenue, in the half year ended September 30, 2004 were $39.1 million compared to $43.8 million reported in the comparable period of 2003. The write-off of $700 thousand noted above was included in expense in the 2004 period. A net loss of ($11.3) million or ($.46) per share was reported for the six months ended September 30, 2004. Included in the loss was a charge of $1.1 million ($.04 per share) representing the net of discontinued operations Discontinued operations Divisions of a business that have been sold or written off and that no longer are maintained by the business. at 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
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. reiterated, "We expect orders to increase modestly in fiscal 2005 when compared to the twelve 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 second quarter financial results. Mark Emkjer, CEO, will host the call. To participate, please dial 1-800-706-7745 (+1-617-614-3472 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, 77682879, 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 45675860 from 7:00 p.m. EDT October 28, through 11:59 p.m. EST P.M. also p.m. or p.m. abbr. post meridiem Usage Note: By definition, 12 a.m. , November 11, 2004. 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
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 press 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. for the purpose of the Private Securities Litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. Act of 1995 ("the Act"). When used anywhere in this document, the words expects, believes, anticipates, estimates, and similar expressions are intended to identify forward-looking statements. Examples of forward-looking statements herein include statements regarding the impact of the change in revenue recognition to subscription accounting and our financial results in future periods, the anticipated results of our recent merger with SciTegic, the launch of our Nanotechnology Consortium, recent in-licensing transactions, and expected orders and revenues in fiscal 2005. 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 Accelrys' filings with the Securities and Exchange Commission, including its most recent report 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 claims the protection of the safe-harbor for forward -looking statements in the Act, and disclaims any intent or obligation 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 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 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 For the Six Months
Months
Ended September Ended September
30, 30,
----------------- ------------------
2004 2003 2004 2003
-------- -------- --------- --------
Revenue $14,277 $17,675 $28,458 $36,765
Cost of revenue 3,137 5,156 6,923 10,170
-------- -------- --------- --------
Gross margin 11,140 12,519 21,535 26,595
Research and development 4,382 4,222 8,505 8,808
Sales and marketing 7,471 7,170 15,240 16,127
General and administrative 3,680 4,214 7,689 8,689
Write-off in-process research
and development 700 - 700 -
-------- -------- --------- --------
Total operating costs and
expenses 16,233 15,606 32,134 33,624
-------- -------- --------- --------
Operating loss from continuing
operations (5,093) (3,087) (10,599) (7,029)
Interest and other income, net 489 1,194 1,074 2,093
-------- -------- --------- --------
Loss from continuing
operations before provision
for income taxes (4,604) (1,893) (9,525) (4,936)
Provision for income taxes 479 215 614 591
-------- -------- --------- --------
Loss from continuing operations (5,083) (2,108) (10,139) (5,527)
Discontinued operations:
Loss from discontinued
operations - (27) (1,117) (370)
-------- -------- --------- --------
Net loss $(5,083) $(2,135) $(11,256) $(5,897)
======== ======== ========= ========
Loss from continuing operations
per share:
- Basic and diluted $(0.21) $(0.09) $(0.42) $(0.23)
======== ======== ========= ========
Loss from discontinued operatios
per share:
- Basic and diluted $- $- $(0.04) $(0.02)
======== ======== ========= ========
Net loss per share:
- Basic and diluted $(0.21) $(0.09) $(0.46) $(0.25)
======== ======== ========= ========
Weighted average shares of
common stock outstanding:
- Basic and diluted 24,463 23,813 24,393 23,760
======== ======== ========= ========
ACCELRYS, INC.
SELECTED CONSOLIDATED FINANCIAL DATA
(Dollars in thousands)
Balance Sheets
September September
30, 30,
2004 2003
----------- -----------
Cash, restricted cash, cash equivalents and
marketable securities $66,652 $137,127
Trade receivables, net 11,804 13,984
Other assets, net 76,817 56,957
Assets of Discontinued Operations - 7,375
----------- -----------
Total assets $155,273 $215,443
=========== ===========
Current liabilities, excluding deferred revenue $18,213 $17,474
Deferred revenue, short-term 25,978 16,510
Long-term liabilities and reserves, excluding
deferred revenue 682 -
Deferred revenue, long-term 3,541 2,506
Liabilities of Discontinued Operations - 4,860
Total stockholders' equity 106,859 174,093
----------- -----------
Total liabilities and stockholders' equity $155,273 $215,443
=========== ===========
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