Ansoft Corporation First Quarter Results.Business Editors PITTSBURGH--(BUSINESS WIRE)--Aug. 21, 2002 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 2003 ended July July: see month. 31, 2002. Revenue for the first quarter totaled $9.3 million, a decrease of 17% compared to $11.2 million reported in the previous fiscal year's first quarter. Net loss for the first quarter was $3.3 million, or $0.28 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 $498,000, or $0.04 per diluted share in fiscal 2002. "We are clearly disappointed in these results. Our first quarter is typically the toughest of the fiscal year, with this quarter's results being impacted by the struggling tech economy. Although we are cautious as to the timing of a turnaround Turnaround A situation where a company that has had poor performance for an extended period of time experiences a positive reversal. Notes: A speculator may profit from a turnaround if he or she accurately anticipates the improvement of a poorly performing company. , we believe our fundamental growth opportunities remain strong," said 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. . Ansoft is a leading developer of high-performance Adj. 1. high-performance - modified to give superior performance; "a high-performance car" superior - of high or superior quality or performance; "superior wisdom derived from experience"; "superior math students" electronic design automation (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. Engineers use Ansoft software to design state-of-the-art electronic products, such as cellular phones, Internet-access devices, 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). networking components and systems, integrated circuits Integrated circuits Miniature electronic circuits produced within and upon a single semiconductor crystal, usually silicon. Integrated circuits range in complexity from simple logic circuits and amplifiers, about 1/20 in. (1. (ICs), printed circuit boards (PCBs), automotive electronic systems, power electronics, and fuel-cell technology. Ansoft markets its products worldwide through its own direct sales force and has comprehensive customer-support and training offices throughout North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. , Asia, and Europe Europe (y  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, 2002.
ANSOFT CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
Three months
ended July 31,
2002 2001
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Revenues
License $ 5,045 $ 7,559
Service and other 4,243 3,662
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Total revenue 9,288 11,221
Costs and expenses
Sales and marketing 6,524 6,181
Research and development 4,041 3,002
Research and development
- Altra Broadband 1,103 938
General and administrative 1,032 1,031
Amortization 1,009 1,183
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Total costs and expenses 13,709 12,335
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Income (loss) from operations (4,421) (1,114)
Other income, net 242 402
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Income (loss) before income taxes (4,179) (712)
Income tax benefit 836 214
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Net income (loss) $ (3,343) $ (498)
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Basic net income (loss) per share $ (0.28) $ (0.04)
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Diluted net income (loss) per share $ (0.28) $ (0.04)
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Weighted average shares used in calculation
Basic 11,940 11,722
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Diluted 11,940 11,722
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ANSOFT CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
July 31, April 30,
2002 2002
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Assets
Current assets
Cash and cash equivalents $ 4,292 $ 5,269
Accounts receivable 11,401 15,044
Deferred income taxes 236 236
Prepaid expenses and other assets 1,046 1,005
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Total current assets 16,975 21,554
Equipment and furniture 5,601 5,714
Marketable securities 21,397 22,479
Other assets 374 367
Deferred taxes - non current 5,320 4,484
Intangible assets 12,617 13,626
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Total assets $ 62,284 $ 68,224
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Liabilities and stockholders' equity
Current liabilities
Accounts payable and accrued expenses $ 2,284 $ 3,292
Note payable 1,850 1,850
Deferred revenue 8,726 8,915
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Total current liabilities 12,860 14,057
Line of credit 10,000 10,000
Other liabilities 439 520
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Total liabilities 23,299 24,577
Stockholders' equity
Preferred stock - -
Common stock 122 122
Additional paid-in capital 55,074 54,939
Treasury stock (2,006) (1,671)
Other accumulated comprehensive loss (2,823) (1,704)
Accumulated deficit (11,382) (8,039)
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Total stockholders' equity 38,985 43,647
Total liabilities and stockholders' equity $ 62,284 $ 68,224
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