Ansoft Corporation First Quarter Results - 183% Increase in Pro Forma Net Income, 29% Increase in Revenue.Business Editors, High Tech Writers PITTSBURGH--(BUSINESS WIRE)--Sept. 10, 2001 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 fiscal quarter ended July 31, 2001. Revenue for the first quarter of fiscal 2002 totaled $11.2 million, an increase of 29% compared to $8.7 million reported in the previous fiscal year's first quarter. Pro forma As a matter of form or for the sake of form. Used to describe accounting, financial, and other statements or conclusions based upon assumed or anticipated facts. The phrase pro forma net income for the first quarter of fiscal 2002 was $916,000, or $0.07 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, which excludes the effects of the amortization of intangibles of $1.2 million and research and development expenses of $938,000 for Altra Broadband broadband Term describing the radiation from a source that produces a broad, continuous spectrum of frequencies (contrasted with a laser, which produces a single frequency or very narrow range of frequencies). . This compares with a pro forma net income of $324,000, or $0.03 per diluted share, reported for the same quarter in the prior fiscal year which excludes the effects of the amortization of intangibles of $625,000 and research and development expenses of $175,000 for Altra Broadband. Mr. Nick 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. of Ansoft said, "Our core software business continues to perform exceptionally well, led by a 63% increase in sales of HFSS HFSS High Frequency Structure Simulator HFSS High Fat, Salt and Sugar (food content) HFSS High-Frequency Sounder System HFSS High Frequency Simulator System HFSS High Frequency Sensor Subsystem our flagship product A primary product of a company, which is typically why the company was founded and/or what made it well known. For example, MS-DOS, Windows and the Microsoft Office suite have been flagship products of Microsoft. CorelDRAW is a flagship product of Corel Corporation. ." Future Outlook Ansoft's business plan forecasts annual revenues of $100 million in three years. Ansoft anticipates that total revenue will increase at least 25% this fiscal year. 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. for the fiscal year is expected to increase over 50%, excluding its investment in Altra Broadband and amortization of acquired intangibles. New Accounting Standards In July 2001, the FASB FASB See: Financial Accounting Standards Board FASB See Financial Accounting Standards Board (FASB). issued SFAS SFAS Statement of Financial Accounting Standards SFAS Special Forces Assessment and Selection SFAS Student Financial Aid Services SFAS Sport Fishing Association of Singapore SFAS Safety Features Actuation System SFAS Statewide Fixed Assets System No. 141, Business Combinations, and SFAS No. 142, Goodwill and Other 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. . These standards, among other things, require that goodwill no longer be amortized, but instead be subject to impairment Impairment 1. A reduction in a company's stated capital. 2. The total capital that is less than the par value of the company's capital stock. Notes: 1. This is usually reduced because of poorly estimated losses or gains. 2. testing at least annually. It has been determined that it is not practical to reasonably estimate the impact of adopting these statements on the Company's consolidated financial statements Consolidated Financial Statements The combined financial statements of a parent company and its subsidiaries. Notes: Because consolidated financial statements present an aggregated look at the financial position of a parent and its subsidiaries, they enable you to gauge as of the date of this release. 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.
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, 2001.
ANSOFT CORPORATION
PRO FORMA CONSOLIDATED STATEMENTS OF OPERATIONS
EXCLUDING ALTRA BROADBAND AND AMORTIZATION OF ACQUIRED INTANGIBLES
(In thousands, except per share amounts)
Three months ended July 31,
2001 2000
------- ----------
Revenues
License $ 7,559 $ 5,935
Service and other 3,662 2,771
------- ----------
Total revenue 11,221 8,706
Costs and expenses
Sales and marketing 6,181 5,241
Research and development 3,002 2,589
General and administrative 1,031 847
------- ----------
Total costs and expenses 10,214 8,677
------- ----------
Income from operations 1,007 29
Other income, net 402 434
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Income before income taxes 1,409 463
Income tax expense 493 139
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Net income $ 916 $ 324
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Basic net income per share $ 0.08 $ 0.03
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Diluted net income per share $ 0.07 $ 0.03
======= ==========
Weighted average shares used
in calculation
Basic 11,722 11,645
======= ==========
Diluted 13,503 12,893
======= ==========
ANSOFT CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
Three months ended July 31,
2001 2000
------- ----------
Revenues
License $ 7,559 $ 5,935
Service and other 3,662 2,771
------- ----------
Total revenue 11,221 8,706
Costs and expenses
Sales and marketing 6,181 5,241
Research and development 3,002 2,589
Research and development
- Altra Broadband 938 175
General and administrative 1,031 847
Amortization 1,183 625
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Total costs and expenses 12,335 9,477
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Loss from operations (1,114) (771)
Other income, net 402 434
------- ----------
Loss before income taxes (712) (337)
Income tax benefit 214 101
------- ----------
Net Loss $ (498) $ (236)
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Basic net loss per share $ (0.04) $ (0.02)
======= ==========
Diluted net loss per share $ (0.04) $ (0.02)
======= ==========
Weighted average shares used
in calculation
Basic 11,722 11,645
======= ==========
Diluted 11,722 11,645
======= ==========
ANSOFT CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
July 31, April 30,
2001 2001
-------- ----------
Assets
Current assets
Cash and cash equivalents $ 3,958 $ 9,412
Accounts receivable 6,927 8,209
Deferred income taxes 84 84
Prepaid expenses and other assets 1,158 1,266
------- ----------
Total current assets 12,127 18,971
Equipment and furniture 4,976 5,020
Marketable securities 22,692 22,425
Other assets 324 73
Deferred taxes - non current 2,053 1,743
Intangible assets 17,952 9,741
-------- ----------
Total assets $60,124 $ 57,973
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Liabilities and stockholders' equity
Current liabilities
Accounts payable and
accrued expenses $ 1,991 $ 2,034
Deferred revenue 5,761 5,284
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Total current liabilities 7,752 7,318
Line of credit 9,000 9,000
Other liabilities 1,924 60
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Total liabilities 18,676 16,378
Stockholders' equity
Preferred stock -- --
Common stock 120 119
Additional paid-in capital 53,364 52,684
Treasury stock (1,601) (1,601)
Other accumulated comprehensive
income (loss) (684) (354)
Accumulated deficit (9,751) (9,253)
-------- ----------
Total stockholders' equity 41,448 41,595
-------- ----------
Total liabilities and stockholders'
equity $60,124 $ 57,973
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