Autodesk Announces Preliminary Third Quarter Results.Business Editors/High-Tech Writers SAN RAFAEL San Rafael (săn rəfĕl`), residential city (1990 pop. 48,404), seat of Marin co., W Calif., a suburb of San Francisco on the northern shore of San Francisco Bay; inc. 1913. , Calif.--(BUSINESS WIRE)--Nov. 4, 2002 Autodesk, Inc. (Nasdaq:ADSK ADSK Autodesk, Inc. (NASDAQ stock symbol) ), the world's leading design software and digital content company, today announced preliminary financial results for its third quarter ended October 31, 2002. Based on current information, the company expects net revenues to be in the range of $186 to $190 million. On a 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 basis, the company expects earnings to be in the range of $0.04 to $0.05 per diluted share. Pro forma earnings pro forma earnings Income not necessarily calculated in accordance with generally accepted accounting principles. For example, a company might report pro forma earnings that exclude depreciation expense and nonrecurring expenses such as restructuring costs. exclude restructuring charges restructuring charge The expense of reorganizing a company's operations. A restructuring charge is an infrequent expense that generally results from asset writedowns or facility closings. . "We faced an exceptionally difficult business environment this past quarter across all of our product lines and geographies, resulting in revenues 6% below our guidance," said Carol Bartz, 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. and chairman. "We are continuing to do well against our competition, but customers are delaying investments due to the weak global economies. In addition to the cost reductions we announced last quarter, reflected in restructuring charges below, we are taking further action to reduce our costs in the fourth quarter. These cost reductions will not impact our strong product investments that continue on schedule. We have exciting new product releases coming out early next year and intend to emerge from this recession in an even stronger competitive position across all of our product lines." On a GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). basis, the company expects a loss to be in the range of $0.02 to $0.03 per diluted share. GAAP numbers include restructuring charges estimated to be $14 million for the third quarter. These preliminary results are based on management's initial analysis of operating results. Autodesk will announce final third quarter financial results on a conference call Thursday, November 21, 2002 at 2:00 p.m. Pacific time. The call is accessible live through an audio webcast at www.autodesk.com/investor or via phone at 800/857-9746, password Autodesk. The audio replay will be archived on the website until December 1, 2002. About Autodesk Founded in 1982, Autodesk, Inc., is the world's leading design software and digital content company. Autodesk offers solutions for professionals in building design, geographic information systems geographic information system (GIS) Computerized system that relates and displays data collected from a geographic entity in the form of a map. The ability of GIS to overlay existing data with new information and display it in colour on a computer screen is used primarily to , manufacturing, digital media, and wireless data services. By delivering progressive products and services, Autodesk helps customers create, manage, use and maximize the value of their digital data throughout the lifecycle of their projects. For more information about the company, see www.autodesk.com. This release contains forward-looking statements about our expected net revenues, restructuring charges and earnings for the third quarter of fiscal year 2003. These statements are subject to uncertainties, including potential discrepancies between managements' initial analysis and the final operating results for the third quarter of fiscal 2003, which will be announced on November 21, 2002. Further risks and uncertainties in our business are detailed in Autodesk's SEC reports, including our 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. Report for fiscal 2002. Note to Editors: Autodesk, AutoCAD, Autodesk MapGuide, and Discreet are either registered trademarks or trademarks of Autodesk, Inc., in the USA and/or other countries. All other brand names, product names, or trademarks belong to their respective holders. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion