Ansoft Corporation Third Quarter Earnings Increase 48%.PITTSBURGH -- Ansoft 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 third quarter of fiscal 2007 ended January 31, 2007. All references to share and per share information, except shares authorized Shares authorized The maximum number of shares of stock of a company allowed in the articles of incorporation, which may be changed only by a shareholder vote. See: Issued and outstanding. shares authorized See authorized capital stock. , included in this press release have been adjusted to reflect the two-for-one stock split effected in the form of a stock dividend that was declared on March 7, 2006 and distributed on May 9, 2006. Revenue for the third quarter totaled $22.7 million, an increase of 16% compared to $19.7 million reported in the previous fiscal year's third quarter. On a generally accepted accounting principles The standard accounting rules, regulations, and procedures used by companies in maintaining their financial records. Generally accepted accounting principles (GAAP) provide companies and accountants with a consistent set of guidelines that cover both broad accounting (GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). ) basis, net income for the third quarter was $6.3 million, or $0.24 per diluted share representing a 48% increase when compared to GAAP net income of $4.3 million, or $0.16 per diluted share in the previous fiscal year's third quarter. GAAP net income for the current fiscal year's third quarter included a tax benefit of $1.1 million, or $0.04 per diluted share for the US Research and Development Tax Credit enacted by Congress retroactive to January 1, 2006 in December 2006. GAAP net income for the third quarter includes employee stock-based compensation expense of $0.6 million, or $0.02 per diluted share. The previous fiscal year's third quarter net income did not include employee stock-based compensation expense. Additionally, GAAP net income for the third quarter includes acquisition related amortization of $0.3 million, or $0.01 per diluted share. This compares to acquisition related amortization of $0.4 million, or $0.01 per diluted share in the previous fiscal year's third quarter. "We had an excellent quarter with particularly strong revenue growth in our high-performance product line and in both domestic and international markets," said Nicholas 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 fourth quarter, we expect continued revenue growth of around 10-15%." Ansoft is a leading developer of high-performance 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 networking components and systems, integrated circuits (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, Asia and Europe. This press release contains forward-looking statements including those related to revenue growth for the current fiscal year 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 are based on current expectations and assumptions that are subject to risks and uncertainties that could cause actual results to differ materially, including, but not limited to, management's ability to forecast revenues and control expenses and the amount, timing and structure of software licenses. For further information regarding risks and uncertainties associated with Ansoft's business, please refer to the "Management's Discussion and Analysis Management's discussion and analysis (MD&A) A report from management to shareholders that accompanies the firm's financial statements in the annual report. It explains the period's financial results and enables management to discuss topics that may not be apparent in the financial of Financial Condition and Results of Operations" section of Ansoft's SEC filings, including, but not limited to, its annual report 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. and quarterly reports on Form 10-Q, copies of which may be obtained at Ansoft's website at www.ansoft.com/about/investor/index.cfm. All information in this release is as of February 13, 2007. Ansoft undertakes no duty to update any forward-looking statement to conform the statement to actual results or changes in the Company's expectations. [TABLE OMITTED] All share and per share information has been adjusted to reflect the two-for-one stock split effected in the form of 100% stock dividend that was declared on March 7, 2006 and distributed on May 9, 2006. [TABLE OMITTED] All share, except shares authorized, information has been adjusted to reflect the two-for-one stock split effected in the form of 100% stock dividend that was declared on March 7, 2006 and distributed on May 9, 2006. |
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