Ansoft Corporation reports 61% increase in revenue and 150% increase in net income.PITTSBURGH--(BUSINESS WIRE)--Feb. 18, 1997--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 1997 ended January January: see month. 31, 1997. Revenue for the third quarter of fiscal 1997 totaled $3.6 million, an increase of 61% from the $2.2 million reported in the previous year's fiscal third quarter. Net income for the quarter was $467,000, or $0.06 per share, an increase of 150% from the $187,000, or $0.03 per share reported for the same period in fiscal 1996. "We continue to experience strong product demand across all our markets. This growth reflects the increasing demand for our core technology by high performance design engineers. In addition, the completed integration of the EBU EBU European Broadcasting Union EBU English Bridge Union EBU Enterprise Backup Utility (Oracle 7) EBU European Boxing Union EBU European Board of Urology EBU Electronic Business Unit EBU Equivalent Billing Unit EBU Engine Build Unit sales force has resulted in increased revenue from our international operations Internal Operations (I.O., IO or I/O) is a fictional American Intelligence Agency in Wildstorm comics. It was originally called International Operations. I.O. first appeared in WildC.A.T.S. volume 1 #1 (August, 1992) and was created by Brandon Choi and Jim Lee. ," stated 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. . The Company completed a successful acquisition of the Electronics Business Unit ("EBU") from The MacNeal Schwendler Corporation on July July: see month. 24, 1996. The financial results for fiscal 1996 do not include revenue or expenses generated from the EBU prior to the acquisition date. 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 develops, markets, and supports 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 products that enable leading edge performance and/or and/or conj. Used to indicate that either or both of the items connected by it are involved. Usage Note: And/or is widely used in legal and business writing. miniaturization min·i·a·tur·ize tr.v. min·i·a·tur·ized, min·i·a·tur·iz·ing, min·i·a·tur·iz·es To plan or make on a greatly reduced scale. min of electronic, communication, and electromechanical The use of electricity to run moving parts. Disk drives, printers and motors are examples. Electromechanical systems must be designed for the eventual deterioration of moving components that wear over time. The first TVs were electromechanical systems (see video/TV history). systems. Ansoft markets its products worldwide through its direct sales force and distributors, and provides comprehensive customer support and training. Ansoft customers include leading electronics, telecommunications Communicating information, including data, text, pictures, voice and video over long distance. See communications. , and automotive companies including GM, ABB n. 1. Among weavers, yarn for the warp. Hence, Noun 1. ABB - an urban hit squad and guerrilla group of the Communist Party in the Philippines; formed in the 1980s , Chrysler, Motorola, Raytheon, TRW TRW The Real World (TV reality show) TRW The Right Way TRW Tactical Reconnaissance Wing TRW The Retriever Weekly (University of Maryland, Baltimore, MD) TRW Thompson Ramo Wooldridge Inc , Mitsubishi, Texas Instruments See TI. (company) Texas Instruments - (TI) A US electronics company. A TI engineer, Jack Kilby invented the integrated circuit in 1958. Three TI employees left the company in 1982 to start Compaq. , Hitachi, AT&T and Sun Microsystem. -0-
ANSOFT CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
Three months ended Nine months ended
January 31, January 31,
1997 1996 1997 1996
________ ________ ________ ________
Revenues:
License $ 3,010 $ 2,066 $ 7,821 $ 5,636
Service and other 565 157 1,406 377
________ ________ ________ ________
Total revenue 3,575 2,223 9,227 6,013
Costs and expenses:
Sales and marketing 1,977 1,249 5,325 3,426
Research and development 720 415 1,967 1,258
General and administrative 578 370 1,363 922
In process research and
development(1) -- -- 3,054 --
________ ________ ________ ________
Total costs and expenses 3,275 2,034 11,709 5,606
________ ________ ________ ________
Income (loss) from operations 300 189 (2,482) 407
Interest income (expense) 167 (2) 545 (5)
________ ________ ________ ________
Income (loss) before income
taxes 467 187 (1,937) 402
Income taxes -- -- -- --
________ ________ ________ ________
Net income (loss) $ 467 $ 187 $ (1,937) $ 402
________ ________ ________ ________
________ ________ ________ ________
Net income (loss) per share $ 0.06 $ 0.03 $ (0.25) $ 0.06
________ ________ ________ ________
________ ________ ________ ________
Weighted average shares
outstanding 8,184 6,832 7,864 6,850
________ ________ ________ ________
________ ________ ________ ________
(1) On July 24, 1996, Ansoft acquired MSC's EBU. The allocation of
the estimated fair value of the net assets acquired resulted in
an in process research and development charge of $3.1 million
because certain acquired technology had not reached
technological feasibility.
ANSOFT CORPORATION
CONSOLIDATED BALANCE SHEETS
(In thousands)
Jan. 31, Apr. 30,
1997 1996
________ ________
Assets
Current assets:
Cash and cash equivalents $ 584 $ 10,728
Accounts receivable 2,791 1,666
Marketable Securities held to maturity 454 119
Deferred Taxes 700 700
Prepaid expenses and other assets 510 91
________ ________
Total current assets 5,039 13,304
Plant and Equipment 1,211 724
Marketable Securities held to maturity 11,110 1,340
Other asset 3 13
Intangible asset 2,783 10
________ ________
Total assets $ 20,146 $ 15,391
________ ________
________ ________
Liabilities and Stockholders' Equity
Current liabilities:
Line of Credit $ 6,023 $ --
Accounts payable 246 345
Accrued expenses 511 131
Accrued wages 130 209
Deferred revenue 748 415
________ ________
Total current liabilities 7,658 1,100
Total liabilities 7,658 1,100
________ ________
Stockholders' equity:
Preferred stock, par value $.01 per share;
1,000 shares authorized, no shares
outstanding -- --
Common stock, par value $.01 per share;
10,000 authorized shares; issued and
outstanding 7,715 and 7,636 shares
respectively 77 76
Additional paid-in capital 17,338 17,204
Accumulated deficit (4,927) (2,989)
________ ________
Total stockholders' equity 12,488 14,291
________ ________
Total liabilities and stockholders' equity $ 20,146 $ 15,391
________ ________
________ ________
CONTACT: Ansoft Corporation, Pittsburgh Tony Ryan This article is about a recently deceased person. Some information, such as the circumstances of the person's death and surrounding events, may change rapidly as more facts become known. , 412/261-3200 Fax: 412/471-9427 |
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