Autodesk Reports Record Revenues.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)--Aug. 21, 1997--Autodesk, Inc. (NASDAQ/NMS:ADSK ADSK Autodesk, Inc. (NASDAQ stock symbol) ) today reported net revenues for the second quarter ended July 31, 1997 of $154.1 million compared to $128.7 million for the same quarter in the previous fiscal year. Net income for the second quarter was $17.8 million, or $0.34 per share compared to $10.6 million, or $0.22 per share posted in the same period of the prior fiscal year. "The success of AutoCAD Release 14 and our performance this quarter is the direct result of our focus on customer satisfaction. AutoCAD Release 14 was designed and thoroughly tested with our customers, and that is what makes it a real winner," said Carol Bartz, Autodesk Chairman 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. . "Perhaps even more important is that our diversification strategy -- delivering multiple market-specific products -- is in full swing and we are seeing the results of executing on that plan." A summary of Autodesk's financial results is as follows: -0-
Three months ended July 31 1997 1996
Net revenues $154,096,000 $128,745,000
Net income $ 17,836,000 $ 10,645,000
Net income per share $0.34 $0.22
Six months ended July 31 1997 1996
Net revenues $273,080,000 $265,026,000
Net income (loss) $(34,910,000) $ 29,705,000
Net income (loss) per share $(0.78) $0.62
(Results for the six months ended July 31, 1997 include
non-recurring charges in the first fiscal quarter of $58.0 million
primarily related to the March, 1997 acquisition of Softdesk, Inc.
Results for the three and six month periods ended July 31, 1996
include non-recurring acquisition charges of approximately $3.2
million.)
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Autodesk is the world's leading supplier of PC design software
and multimedia tools. The Company's 2D and 3D products and data
management tools are used in many industries for architectural
design, mechanical design, mapping, film and video production, video
game development and Web content development. Its Kinetix division
is the leader in PC-based 3D modeling, and animation software,
providing a full range of products for the digital media and design
professionals.
The fifth largest PC software company in the world, Autodesk has
three million customers in 150 countries. Autodesk products are sold
through Autodesk Systems Centers, Dealers and Distributors worldwide.
For more information on Autodesk, please call 415/507-5000, type GO
ADESK on CompuServe, or visit its World Wide Web site at
http://www.autodesk.com . Kinetix may be reached by calling
800/879-4233 or through its World Wide Web site at
http://www.ktx.com . Autodesk shares are traded on the NASDAQ
National Market System under the symbol ADSK.
-0-
Note to Editors: Autodesk, the Autodesk logo and AutoCAD are
registered trademarks of Autodesk, Inc. All other brand names,
product names or trademarks belong to their respective holders.
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Autodesk, Inc. Consolidated Statement of Income (In thousands, except per share data) (Unaudited) Three Months Six Months Ended Ended July 31, July 31, 1997 1996 1997 1996 -------- -------- -------- -------- Revenues $157,944 $132,594 $280,067 $271,807 Direct commissions 3,848 3,849 6,987 6,781 Net revenues 154,096 128,745 273,080 265,026 Costs and expenses: Cost of revenues 18,725 16,622 34,766 33,914 Marketing and sales 58,750 50,555 111,356 99,892 Research and development 30,426 22,947 58,035 45,809 General and administrative 20,726 18,269 39,163 36,934 Charge for acquired in-process research and development -- 3,229 58,087 3,229 -------- -------- -------- -------- 128,626 111,622 301,407 219,778 Income (loss) from operations 25,469 17,123 (28,327) 45,248 Interest and other income, net 2,399 1,441 4,774 2,867 Income (loss) before income taxes 27,868 18,564 (23,553) 48,115 Provision for income taxes 10,033 7,919 11,357 18,410 Net income (loss) $ 17,835 $ 10,645 $(34,910) $ 29,705 Net income (loss) per share $ 0.34 $ 0.22 $ (0.78) $ 0.62 Shares used in computing computing - computer net income (loss) per share 51,880 47,570 45,045 48,100 A U T O D E S K, I N C. Consolidated Balance Sheet consolidated balance sheet A balance sheet in which assets and liabilities of a parent company and its controlled subsidiaries are combined, thereby presenting balance sheet items for the parent and its subsidiaries as if they were a single firm. (In thousands) July 31, January 31, 1997 1997 (Unaudited) ASSETS: Current assets Current Assets Appearing on a company's balance sheet, it represents cash, accounts receivable, inventory, marketable securities, prepaid expenses, and other assets that can be converted to cash within one year. : Cash and cash equivalents $ 37,166 $ 64,814 Marketable securities Marketable Securities Very liquid securities that can be converted into cash quickly at a reasonable price. Notes: Marketable securities are very liquid as they tend to have maturities less than one year, and the rate at which these securities can be bought or sold has 187,965 117,971 Accounts receivable accounts receivable n. the amounts of money due or owed to a business or professional by customers or clients. Generally, accounts receivable refers to the total amount due and is considered in calculating the value of a business or the business' problems in paying , net 85,859 68,577 Inventories 6,548 7,340 Deferred income taxes 36,682 35,616 Prepaid expenses Prepaid Expense An asset that arises on a balance sheet because of the payment of something in advance (prepayment). Services for the payment will be received in the near future. 17,728 16,210 -------- -------- Total current assets 371,948 310,528 Marketable securities, including a restricted balance of $17,300 at July 31, 1997 and $28,000 January 31, 1997 102,429 103,523 Computer equipment, furniture and leasehold improvements Leasehold Improvement Improvements on a leased asset that increase the value of the asset. Notes: A leasehold improvement is classified as an asset that must be depreciated over time. , at cost: Computer equipment and furniture 111,241 103,903 Leasehold improvements 19,536 17,818 Less accumulated depreciation accumulated depreciation The total amount of depreciation that has been recorded for an asset since its date of acquisition. For example, a computer with a 5-year estimated life that was purchased for $2,000 would have accumulated depreciation of $800 [( (87,318) (77,671) -------- -------- Net computer equipment, furniture, and leasehold improvements 43,459 44,050 Capitalized software 21,921 15,916 Other assets other assets Assets of relatively small value. For financial reporting purposes, firms frequently combine small assets into a single category rather than listing each item separately. 38,101 18,216 ======== ======== $577,858 $492,233 LIABILITIES & STOCKHOLDERS' EQUITY Stockholders' Equity The portion of the balance sheet that includes capital received from investors in exchange for stock (paid-in capital), donated capital, and retained earnings. This is equal to total assets minus liabilities, preferred stock and intangible assets. : Current liabilities Current Liabilities Usually appearing on a company's balance sheet, it represents the amount owed for interest, accounts payable, short-term loans, expenses incurred but unpaid, and other debts due within one year. : Accounts payable $ 27,210 $ 24,557 Accrued compensation 22,969 18,099 Accrued income taxes 77,253 75,061 Other accrued liabilities Accrued liabilities are liabilities which have occurred, but have not been paid or logged under accounts payable during an accounting period; in other words, obligations for goods and services provided to a company for which invoices have not yet been received. 62,201 32,454 -------- -------- Total current liabilities 189,633 150,171 Deferred income taxes 3,453 2,974 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. accrual accrual, n continually recurring short-term liabilities. Examples are accrued wages, taxes, and interest. 29,328 29,328 Other liabilities other liabilities Small and relatively insignificant liabilities. For financial reporting purposes, firms often combine small liabilities into this single category rather than listing each liability separately. 1,706 1,646 Put warrants 64,500 64,500 Stockholders' equity: Common stock 263,317 147,091 Retained earnings Retained Earnings The percentage of net earnings not paid out in dividends, but retained by the company to be reinvested in its core business or to pay debt. It is recorded under shareholders equity on the balance sheet. 33,021 106,587 Foreign currency translation adjustment (7,100) (10,064) -------- --------- Total stockholders' equity 289,238 243,614 -------- --------- $577,858 $492,233 CONTACT: Autodesk, Inc. Christine Tsingos, 415/507-6704 Misty mist·y adj. mist·i·er, mist·i·est 1. Consisting of or marked by mist: a misty rain; a misty night. 2. Ohmart, 415/507-6208 |
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