Ansoft Corporation Third Quarter Results - 13% Increase in Revenue.Business Editors PITTSBURGH--(BUSINESS WIRE)--Feb. 18, 2004 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 third quarter of fiscal 2004 ended January January: see month. 31, 2004. Revenue for the third quarter totaled $14 million, an increase of 13% compared to $12.4 million reported in the previous fiscal year's third quarter. Net income for the third quarter was $941,000, 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, as compared to a net loss of ($58,000), or ($0.00) per diluted share in the previous fiscal year's third quarter. "We are pleased with our continued growth and profitability," 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 Chief Executive Officer. "For the balance of the fiscal year, we continue to see growth of 10%-15% and 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, 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, 2003.
ANSOFT CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited, in thousands, except per share amounts)
Three months ended Nine months ended
January 31, January 31,
2004 2003 2004 2003
------- ------- -------- --------
Revenue
License $8,024 $7,003 $20,258 $17,893
Service and other 5,958 5,359 16,633 14,314
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Total revenue 13,982 12,362 36,891 32,207
Costs of revenue
License 171 137 477 518
Service and other 285 241 805 696
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Total cost of revenue 456 378 1,282 1,214
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Gross profit 13,526 11,984 35,609 30,993
Operating Expenses
Sales and marketing 6,803 6,111 19,462 18,383
Research and development 3,806 4,272 11,402 14,779
General and administrative 1,148 1,110 3,445 3,117
Amortization 761 858 2,379 2,570
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Total operating expenses 12,518 12,351 36,688 38,849
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Income (loss) from operations 1,008 (367) (1,079) (7,856)
Other income, net 247 294 715 856
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Income (loss) before income taxes 1,255 (73) (364) (7,000)
Income tax expense (benefit) 314 (15) (90) (1,401)
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Net income (loss) $941 $(58) $(274) $(5,599)
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Net income (loss) per share
Basic $0.08 $(0.00) $(0.02) $(0.47)
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Diluted $0.07 $(0.00) $(0.02) $(0.47)
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Weighted average shares
used in calculation
Basic 11,640 11,764 11,650 11,840
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Diluted 13,306 11,764 11,650 11,840
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ANSOFT CORPORATION
CONSOLIDATED BALANCE SHEETS
(In thousands)
January 31, April 30,
2004 2003
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Assets (unaudited)
Current assets
Cash and cash equivalents $10,129 $7,173
Accounts receivable 9,228 13,968
Deferred income taxes 274 310
Prepaid expenses and other assets 676 842
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Total current assets 20,307 22,293
Equipment and furniture 3,607 3,829
Marketable securities 25,656 21,785
Other assets 404 436
Deferred taxes - non current 5,066 4,909
Goodwill 1,239 1,239
Intangible assets 6,178 8,663
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Total assets $62,457 $63,154
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Liabilities and stockholders' equity
Current liabilities
Accounts payable and accrued expenses $2,052 $2,449
Deferred revenue 10,103 10,879
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Total current liabilities 12,155 13,328
Line of credit 10,000 10,000
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Total liabilities 22,155 23,328
Stockholders' equity
Preferred stock - -
Common stock 125 123
Additional paid-in capital 56,701 55,522
Treasury stock (6,418) (3,954)
Other accumulated comprehensive income
(loss) 1,330 (703)
Accumulated deficit (11,436) (11,162)
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Total stockholders' equity 40,302 39,826
Total liabilities and stockholders' equity $62,457 $63,154
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