Ansoft Corporation First Quarter Results - 15% Increase in Revenue.Business Editors/High-Tech Writers PITTSBURGH--(BUSINESS WIRE)--Aug. 20, 2003 Ansoft Ansoft Corporation (Nasdaq: ANST) is an Electronic Design Automation (EDA) vendor. The company was founded in 1984 and is headquartered in Pittsburgh, Pennsylvania, United States. Corporation (Nasdaq:ANST ANST Association of Neuropsychology Students in Training ANST After Negative Skin Test ) today announced financial results for its first quarter of fiscal 2004 ended July July: see month. 31, 2003. Revenue for the first quarter totaled $10.7 million, an increase of 15% compared to $9.3 million reported in the previous fiscal year's first quarter. Net loss for the first quarter was $1.2 million, or $0.10 per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share, as compared to a net loss of $3.3 million, or $0.28 per diluted share in the previous fiscal year's first quarter. "We are pleased with our return to growth this quarter in light of the challenging business conditions," commented Nicholas Nicholas, Russian grand duke Nicholas (Nikolai Nikolayevich) (nyĭkəlī` nyĭkəlī`əvĭch), 1856–1929, Russian grand duke and army officer; first cousin of Czar Alexander III and grandson of Czar Csendes, 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. . "Looking ahead to the rest of the fiscal year, we see growth of between 10% - 15% and increasing profitability." Ansoft is a leading developer of high performance EDA (1) (Electronic Design Automation) Using the computer to design, lay out, verify and simulate the performance of electronic circuits on a chip or printed circuit board. software. Ansoft software is used by electrical engineers This is a list of electrical engineers, people who made contributions to electrical engineering or computer engineering.
 r`əp), 6th largest continent, c.4,000,000 sq mi (10,360,000 sq km) including adjacent islands (1992 est. pop. 512,000,000). .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. that are made pursuant to the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provisions 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. These forward looking statements involve risks and uncertainties about the Company's business that are detailed from time to time in the Company's SEC reports, including the reports 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 April 30, 2003.
ANSOFT CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
Three months ended
July 31,
2003 2002
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Revenues
License $5,341 $5,045
Service and other 5,310 4,243
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Total revenue 10,651 9,288
Cost of revenue
License 142 225
Service and other 248 222
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Total cost of revenue 390 447
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Gross profit 10,261 8,841
Costs and expenses
Sales and marketing 6,320 6,230
Research and development 3,823 5,144
General and administrative 1,111 1,032
Amortization 857 856
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Total costs and expenses 12,111 13,262
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Income (loss) from operations (1,850) (4,421)
Other income, net 261 242
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Income (loss) before income taxes (1,589) (4,179)
Income tax benefit 397 836
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Net income (loss) $(1,192) $(3,343)
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Basic net income (loss) per share $(0.10) $(0.28)
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Diluted net income (loss) per share $(0.10) $(0.28)
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Weighted average shares used in calculation
Basic 11,672 11,940
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Diluted 11,672 11,940
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ANSOFT CORPORATION
CONSOLIDATED BALANCE SHEETS
(In thousands)
July 31, April 30,
2003 2003
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Assets
Current assets
Cash and cash equivalents $6,166 $7,173
Accounts receivable 9,142 13,968
Deferred income taxes 274 310
Prepaid expenses and other assets 1,257 842
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Total current assets 16,839 22,293
Equipment and furniture 3,871 3,829
Marketable securities 23,939 21,785
Other assets 425 436
Deferred taxes - non current 5,342 4,909
Goodwill 1,239 1,239
Intangible assets 7,772 8,663
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Total assets $59,427 $63,154
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Liabilities and stockholders' equity
Current liabilities
Accounts payable and accrued expenses $1,358 $2,449
Deferred revenue 9,643 10,879
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Total current liabilities 11,001 13,328
Line of credit 10,000 10,000
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Total liabilities 21,001 23,328
Stockholders' equity
Preferred stock - -
Common stock 123 123
Additional paid-in capital 55,765 55,522
Treasury stock (4,371) (3,954)
Other accumulated comprehensive income (loss) (737) (703)
Accumulated deficit (12,354) (11,162)
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Total stockholders' equity 38,426 39,826
Total liabilities and stockholders' equity $59,427 $63,154
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