Ansoft Corporation Second Quarter Results - 30% Increase in Revenue.PITTSBURGH Pittsburgh (pĭts`bərg), city (1990 pop. 369,879), seat of Allegheny co., SW Pa., at the confluence of the Allegheny and the Monongahela rivers, which there form the Ohio River; inc. 1816. -- 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 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 :ANST ANST Association of Neuropsychology Students in Training ANST After Negative Skin Test ) today announced financial results for its second quarter of fiscal 2005 ended October October: see month. 31, 2004. Revenue for the second quarter totaled $15.9 million, an increase of 30% compared to $12.3 million reported in the previous fiscal year's second quarter. Net income for the second quarter was $1.9 million or $0.14 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 $(22,000), or $0.00 per diluted share in the previous fiscal year's second quarter. "We are pleased with the continued revenue growth in both product lines and in our domestic and international markets this quarter," 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, Ansoft's 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. . "For the fiscal year, we anticipate revenue growth to exceed 20% with increasing profitability." 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 and power electronics. 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, 2004.
ANSOFT CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
(unaudited)
Three months ended Six months ended
October 31, October 31,
2004 2003 2004 2003
------- ------- -------- --------
Revenue
License $8,661 $6,893 $14,830 $12,234
Service and other 7,285 5,365 13,794 10,675
------- ------- -------- --------
Total revenue 15,946 12,258 28,624 22,909
Costs of revenue
License 125 164 222 306
Service and other 356 272 660 520
------- ------- -------- --------
Total cost of revenue 481 436 882 826
------- ------- -------- --------
Gross profit 15,465 11,822 27,742 22,083
------- ------- -------- --------
Operating Expenses
Sales and marketing 7,601 6,339 15,098 12,659
Research and development 4,048 3,773 8,026 7,596
General and administrative 1,329 1,186 2,393 2,297
Amortization 384 761 793 1,618
------- ------- -------- --------
Total operating expenses 13,362 12,059 26,310 24,170
------- ------- -------- --------
Income (loss) from operations 2,103 (237) 1,432 (2,087)
Net realized gain (loss) on sale of
securities (27) -- 732 --
Other income, net 647 207 601 468
------- ------- -------- --------
Income (loss) before income taxes 2,723 (30) 2,765 (1,619)
Income tax expense (benefit) 834 (8) 844 (405)
------- ------- -------- --------
Net income (loss) $1,889 $(22) $1,921 $(1,214)
======= ======= ======== ========
Net income (loss) per share
Basic $0.16 $(0.00) $0.17 $(0.10)
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Diluted $0.14 $(0.00) $0.14 $(0.10)
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Weighted average shares
used in calculation
Basic 11,567 11,637 11,616 11,655
======= ======= ======== ========
Diluted 13,238 11,637 13,275 11,655
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ANSOFT CORPORATION
CONSOLIDATED BALANCE SHEETS
(In thousands)
October 31, April 30,
2004 2004
--------- ---------
(unaudited)
Assets
Current assets
Cash and cash equivalents $8,947 $15,218
Accounts receivable, net 8,602 10,179
Deferred income taxes 576 343
Prepaid expenses and other assets 1,452 675
--------- ---------
Total current assets 19,577 26,415
Equipment and furniture 3,402 3,598
Marketable securities 24,871 25,502
Other assets 381 383
Deferred income taxes 4,973 5,158
Goodwill 1,239 1,239
Intangible assets 4,548 5,341
--------- ---------
Total assets $58,991 $67,636
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Liabilities and stockholders' equity
Current liabilities
Accounts payable and accrued expenses $3,818 $4,015
Deferred revenue 12,802 11,935
--------- ---------
Total current liabilities 16,620 15,950
Line of credit 5,000 10,000
--------- ---------
Total liabilities 21,620 25,950
Stockholders' equity
Preferred stock - -
Common stock 131 129
Additional paid-in capital 60,462 58,562
Treasury stock (16,856) (9,090)
Accumulated other comprehensive income 319 691
Accumulated deficit (6,685) (8,606)
--------- ---------
Total stockholders' equity 37,371 41,686
Total liabilities and stockholders' equity $58,991 $67,636
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