Ansoft Corporation Third Quarter Results -- 42% Increase in Pro Forma Net Income; 26% Increase in Revenue.Business Editors PITTSBURGH--(BUSINESS WIRE)--Feb. 19, 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 third fiscal quarter ended January January: see month. 31, 2002. Revenue for the third quarter of fiscal 2002 totaled $14.1 million, an increase of 26% compared to $11.1 million reported in the previous fiscal year's third 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 third quarter of fiscal 2002 increased 42% to $2.1 million, or $0.15 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 Property that is a "right" such as a patent, Copyright, or trademark, or one that is lacking physical existence, such as good will. of $1.2 million and expenses of $1.1 million for Altra Altra College is a school for mentally retarded children, located in Amsterdam, the Netherlands. 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 $1.5 million, or $0.12 per diluted share, reported for the same quarter in the prior fiscal year, which excludes the effects of the amortization of intangibles of $599,000 and expenses of $481,000 for Altra Broadband. Net income for the third quarter of fiscal 2002 was $591,000 as compared to $707,000 in fiscal 2001. "We are very pleased with our results. We continue to post strong revenue growth and profits in the face of a difficult economic environment," said 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. "We are on track to another successful year, reflecting the fundamental strength of our technology and business model." 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. 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.
 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, 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 Nine months ended
January 31, January 31,
2002 2001 2002 2001
-------- -------- -------- --------
Revenue
License $ 9,722 $ 7,309 $25,649 $19,981
Service and other 4,343 3,813 12,177 9,511
-------- -------- -------- --------
Total revenue 14,065 11,122 37,826 29,492
Costs and expenses
Sales and marketing 6,509 5,539 19,145 16,313
Research and development 3,462 2,658 9,569 7,896
General and administrative 1,255 872 3,379 2,554
-------- -------- -------- --------
Total costs and expenses 11,226 9,069 32,093 26,763
-------- -------- -------- --------
Income from operations 2,839 2,053 5,733 2,729
Other income, net 361 37 1,141 926
-------- -------- -------- --------
Income before income taxes 3,200 2,090 6,874 3,655
Income tax expense 1,120 627 2,406 1,097
-------- -------- -------- --------
Pro forma net income $ 2,080 $ 1,463 $ 4,468 $ 2,558
======== ======== ======== ========
Pro forma net income per share
Basic $ 0.18 $ 0.13 $ 0.38 $ 0.22
======== ======== ======== ========
Diluted $ 0.15 $ 0.12 $ 0.33 $ 0.20
======== ======== ======== ========
Weighted average shares
used in calculation
Basic 11,864 11,698 11,823 11,662
======== ======== ======== ========
Diluted 13,592 12,648 13,517 12,965
======== ======== ======== ========
Reconciliation to actual
net income:
Pro forma net income $ 2,080 $ 1,463 $ 4,468 $ 2,558
Research and development
- Altra Broadband (1,116) (481) (3,237) (922)
Amortization (1,175) (599) (3,533) (1,840)
Related tax effect 802 324 2,329 829
-------- -------- -------- --------
Net income $ 591 $ 707 $ 27 $ 625
======== ======== ======== ========
ANSOFT CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
Three months ended Nine months ended
January 31, January 31,
2002 2001 2002 2001
-------- -------- -------- --------
Revenue
License $ 9,722 $ 7,309 $25,649 $19,981
Service and other 4,343 3,813 12,177 9,511
-------- -------- -------- --------
Total revenue 14,065 11,122 37,826 29,492
Costs and expenses
Sales and marketing 6,509 5,539 19,145 16,313
Research and development 3,462 2,658 9,569 7,896
Research and development
- Altra Broadband 1,116 481 3,237 922
General and administrative 1,255 872 3,379 2,554
Amortization 1,175 599 3,533 1,840
-------- -------- -------- --------
Total costs and expenses 13,517 10,149 38,863 29,525
-------- -------- -------- --------
Income (loss) from operations 548 973 (1,037) (33)
Other income, net 361 37 1,141 926
-------- -------- -------- --------
Income before income taxes 909 1,010 104 893
Income tax expense 318 303 77 268
-------- -------- -------- --------
Net income (loss) $ 591 $ 707 $ 27 $ 625
======== ======== ======== ========
Net income (loss) per share
Basic $ 0.05 $ 0.06 $ 0.00 $ 0.05
======== ======== ======== ========
Diluted $ 0.04 $ 0.06 $ 0.00 $ 0.05
======== ======== ======== ========
Weighted average shares
used in calculation
Basic 11,864 11,698 11,823 11,662
======== ======== ======== ========
Diluted 13,592 12,648 13,517 12,965
======== ======== ======== ========
ANSOFT CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
January 31, April 30,
2002 2001
----------- ------------
Assets
Current assets
Cash and cash equivalents $ 4,612 $ 9,412
Accounts receivable 11,269 8,209
Deferred income taxes 84 84
Prepaid expenses and other assets 763 1,266
----------- ------------
Total current assets 16,728 18,971
Equipment and furniture 5,918 5,020
Marketable securities 22,181 22,425
Other assets 367 73
Deferred taxes - non current 1,856 1,743
Intangible assets 15,601 9,741
----------- ------------
Total assets $ 62,651 $ 57,973
=========== ============
Liabilities and stockholders' equity
Current liabilities
Accounts payable and
accrued expenses $ 1,884 $ 2,034
Deferred revenue 7,031 5,284
----------- ------------
Total current liabilities 8,915 7,318
Line of credit 10,000 9,000
Other liabilities 2,474 60
----------- ------------
Total liabilities 21,389 16,378
Stockholders' equity
Preferred stock -- --
Common stock 121 119
Additional paid-in capital 53,752 52,684
Treasury stock (1,671) (1,601)
Other accumulated comprehensive
income (loss) (1,714) (354)
Accumulated deficit (9,226) (9,253)
----------- ------------
Total stockholders' equity 41,262 41,595
Total liabilities and stockholders'
equity $ 62,651 $ 57,973
=========== ============
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