DASSAULT SYSTEMES 1996 NET INCOME INCREASES 55% ON RECORD REVENUE, OPERATING INCOME AND NET INCOME.SURESNES Suresnes (sürĕn`), city (1990 pop. 36,950), Hauts-de-Seine dept., N central France, a residential and industrial suburb of Paris. Its manufactures include automobiles, aeronautic equipment, and pharmaceuticals. , France--(BUSINESS WIRE)--Feb. 11, 1997--Dassault Systemes S.A. (Nasdaq: DASTY), a leading developer of mechanical CAD/CAM/CAE software products under the family name CATIA/CADAM Solutions, today reported results for both the fourth quarter and year ended December December: see month. 31, 1996. Dassault Systemes Dassault Systemes (Dassault Systèmes S.A.) (Pronounced - Dasoh) (NASDAQ: DASTY; Euronext: 13065) is a leading company specializing in 3D and PLM (Product Lifecycle Management) software. reported record total revenue of FF 1.4 billion, an increase of 23%, compared to 1995 total revenue of FF 1.1 billion. Software revenue increased 22%, and service and other revenue increased 25%. 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 1996 increased 34% to FF 460.9 million from FF 344.0 million in 1995. Net income rose 55% to FF 342.5 million, compared to FF 221.3 million in 1995. 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, 1996 net income per share increased 66% to FF 6.53 compared to FF 3.94 in 1995. Pro forma net income per share reflects an exceptional dividend of FF 488.2 million and a 5-for-1 stock split effected prior to Dassault Systemes' initial public offering. Financial and other revenue in 1996 totaled FF 102.9 million, compared to FF 34.1 million in 1995. For 1996, financial and other revenue included FF 61.6 million of net interest income, a net foreign exchange gain of FF 38.5 million and other revenue of FF 2.8 million, compared to FF 56.1 million of net interest income and a net foreign exchange loss of FF 21.6 million in 1995. New workstation seats increased 30% to 18,098 in 1996, compared to 13,902 in 1995. Leased seats represented 23% of new workstation seats licensed in 1996, compared to 21% in 1995. Workstation seat revenue increased 38% in 1996. The Company noted that recurring re·cur intr.v. re·curred, re·cur·ring, re·curs 1. To happen, come up, or show up again or repeatedly. 2. To return to one's attention or memory. 3. To return in thought or discourse. software revenue represented 46% of the FF 1.2 billion in software revenue reported by Dassault Systemes in 1996. New workstation seats increased 20% to 5,835 in the fourth quarter of 1996, compared to 4,850 in the year-ago period. Workstation seat license revenue increased 27% in the fourth quarter of 1996. As of December 31, 1996, the Company had 96,630 total seats worldwide. Mr. Charles Charles, archduke of Austria Charles, 1771–1847, archduke of Austria; brother of Holy Roman Emperor Francis II. Despite his epilepsy, he was the ablest Austrian commander in the French Revolutionary and Napoleonic wars; however, he was handicapped by Edelstenne, Chairman and Chief Executive Officer of Dassault Systemes S.A., commented, "1996 was an excellent year for Dassault Systemes. From a financial perspective, we reported record revenue, operating margins Operating Margin A ratio used to measure a company's pricing strategy and operating efficiency. Calculated by: , and net income. Further, we continued to enjoy a high level of recurring software revenue as a result of the manner in which we structure our product licenses. From a market perspective, we are meeting with good success in increasing Dassault Systemes' penetration, particularly in the Asia Pacific market. Our progress is evident in the very strong increase in new workstation licenses in this market in 1996, with Asia Pacific posting an increase of 62%. Based upon our method of revenue recognition in this region, we also expect this progress to be reflected in a higher level of software revenue in Asia Pacific in the first quarter of 1997. 1996 was also a good year for the Company in the U.S. with software revenue experiencing the highest growth among the regions we serve. We believe this growth reflects the efforts we have made to refine as well as increase our U.S. sales and marketing focus." For the fourth quarter ended December 31, 1996, total revenue increased 17% to FF 435.6 million, operating income increased 21% to FF 191.3 million, and net income increased 28% to FF 132.9 million. Software revenue increased 13% to FF 355.9 million. The Company noted that in comparing the level of growth in software revenue in the quarter to the year-ago period it is important to note that the 1995 fourth quarter reflected very strong seasonal patterns, whereas results over the course of 1996 are reflecting less seasonality than the Company has experienced historically. Service and other revenue was up sharply, increasing 42%. This increase reflects higher levels of customer service related to the implementation of large digital mock-up mock·up also mock-up n. 1. A usually full-sized scale model of a structure, used for demonstration, study, or testing. 2. A layout of printed matter. contracts. Pro forma net income per share was FF 2.58 in the 1996 fourth quarter, a 34% increase over pro forma net income per share of FF 1.93 earned in the fourth quarter of 1995. Thibaut Thibaut (French - Theobald) is a surname, and may refer to:
de Tersant, Executive Vice President, commented, "As we analyze the fourth quarter, we are very excited by the results and the outlook for 1997. The level of new workstation license order activity was higher in the quarter than is reflected in both the number of new workstation licenses and software revenue reported in the period. We enter the first quarter of 1997 with a very strong order backlog Backlog The total value of sales orders waiting to be fulfilled. Notes: This figure is used mainly in the manufacturing industry. Increases or decreases in a company's backlog indicate the future direction of sales and earnings. ." Financial and other revenue for the fourth quarter of 1996 was FF 20.8 million, reflecting FF 15.8 million of net interest income, a net foreign exchange gain of FF 2.1 million and FF 2.9 million of other revenue. In the corresponding year-ago period, financial and other revenue totaled FF 10.5 million, of which FF 12.5 million represented net interest income and FF 1.9 million represented a net foreign exchange loss. Bernard Charles Bernard Charles is the CEO of Dassault Systemes. References
"As a result of our research and development advances, which were successful thanks to our approach of working in partnership with customers, I am pleased to announce several significant wins in the powertrain area. These wins strengthen our competitive position in the automotive industry The automotive industry is the industry involved in the design, development, manufacture, marketing, and sale of motor vehicles. In 2006, more than 69 million motor vehicles, including cars and commercial vehicles were produced worldwide. . Specifically, we announced a new contract with Renault Re·nault , Jean Louis 1843-1918. French jurist who represented France at The Hague Conference of 1907. He shared the 1907 Nobel Peace Prize. . Renault is a significant win for us. Secondly, we recently signed an agreement with Cosworth following a two-month evaluation period Evaluation period The time interval over which funds assess a money manager's performance. of the CATIA A family of 2D and 3D CAD programs from IBM. CATIA was one of the first CAD programs to provide 3D solid modeling. The program was developed by Dassault Systems, a French aerospace company. solid modeling functions. And, finally, I would like to mention the renewal and significant increase in the scope of our licensing agreement with Peugeot For the bicycle manufacturer, see . Peugeot is a major French car brand, part of PSA Peugeot Citroën. It is the second largest automaker in Europe, behind Volkswagen. Peugeot's roots go back to bicycle manufacturing at the end of the 19th century. , covering powertrain, chassis Pronounced "chah-see," it is a physical structure that holds everything or that everything is attached to. A computer's cabinet is often called the chassis. and digital mock-up. This partnership underlines CATIA's capacity to support full integration of industrial processes. We have also further improved our user interface and solid modeling performances which, coupled with the enhancement of our business partner channel, allowed us to improve significantly our presence in mid- mid- pref. Middle: midbrain. sized and small accounts." Dassault Systemes S.A. is a leading developer of CAD/CAM/CAE software products. The Company's CATIA/CADAM Solutions Version 4 provides unique solutions for integrated product and processes development and teamwork (product, software, tool) Teamwork - A SASD tool from Sterling Software, formerly CADRE Technologies, which supports the Shlaer/Mellor Object-Oriented method and the Yourdon-DeMarco, Hatley-Pirbhai, Constantine and Buhr notations. optimization optimization Field of applied mathematics whose principles and methods are used to solve quantitative problems in disciplines including physics, biology, engineering, and economics. . It includes an evolutionary architecture which enables customer growth and leading-edge applications for task optimization. CATIA and CADAM A full-featured IBM mainframe CAD application, which includes 3D capability, solid modeling and numerical control. Originally developed by Lockheed for internal use, it was distributed by IBM starting in the late 1970s. In 1989, IBM purchased the Lockheed subsidiary, CADAM, Inc. are developed by Dassault Systemes and marketed and supported worldwide by IBM (International Business Machines Corporation, Armonk, NY, www.ibm.com) The world's largest computer company. IBM's product lines include the S/390 mainframes (zSeries), AS/400 midrange business systems (iSeries), RS/6000 workstations and servers (pSeries), Intel-based servers (xSeries) . These solutions are leaders in the CAD/CAM/CAE/PDM marketplace with more than 9,000 customers. Many of the world's largest manufacturers as well as smaller companies with as few as one or two seats, are gaining a competitive advantage and achieving design excellence with these systems. -0-
DASSAULT SYSTEMES S.A.
CONSOLIDATED STATEMENT OF INCOME DATA
(in millions of French Francs, except per share data)
Three Months Ended Year Ended
December 31, December 31,
1996 1995 1996 1995
Revenue:
Software revenue FF 355.9 FF 315.8 FF 1,183.6 FF 966.5
Service and other 79.7 56.2 211.0 169.3
revenue
Total revenue 435.6 372.0 1,394.6 1,135.8
Cost of revenue :
Software revenue 7.7 9.6 29.3 39.3
Service and other 50.1 36.7 176.4 138.8
Total cost of revenue 57.8 46.3 205.7 178.1
Gross profit 377.8 325.7 1,188.9 957.7
Research, selling &
administrative
expenses:
Research and 136.8 122.7 528.6 464.3
development
Marketing and sales 27.4 24.4 106.9 79.3
General administration 22.3 21.1 92.5 70.1
Total research,
selling & 186.5 168.2 728.0 613.7
administrative
expenses
Operating income 191.3 157.5 460.9 344.0
Financial revenue and 20.8 10.5 102.9 34.1
other
Income before income 212.1 168.0 563.8 378.1
taxes
Income tax expense (79.2) (64.1) (221.3) (156.8)
Net income FF 132.9 FF 103.9 FF 342.5 FF 221.3
Net income per share FF 2.58 FF 2.00 FF 6.66 FF 4.33
Pro forma net income
per share(1) FF 2.58 FF 1.93 FF 6.53 FF 3.94
Weighted average 51,482,248 51,388,930 51,414,528 51,388,930
shares outstanding
(1) Pro forma net income per share has been restated to reflect an
exceptional dividend of FF 488.2 million and a 5:1 stock split
effected prior to the Initial Public Offering.
-0-
DASSAULT SYSTEMES S.A.
CONSOLIDATED BALANCE SHEET
(in millions of French Francs)
December December
31, 31,
1996 1995
ASSETS
Cash and cash equivalents FF 1,406.6 FF 1,087.6
Short-term investments 31.7 266.8
Trade accounts receivable 459.6 435.4
Other current assets 81.5 27.9
Total current assets 1,979.4 1,817.7
Property, plant and equipment 615.7 663.3
Accumulated appreciation and (292.5) (324.2)
amortization
Net property, plant and equipment 323.2 339.1
Intangible assets, net 31.3 84.4
Total assets FF 2,333.9 FF 2,241.2
LIABILITIES AND SHAREHOLDERS' EQUITY
Accounts payable and accrued expenses FF 120.3 FF 90.9
Sales incentive and unearned revenue 309.7 175.9
Other current liabilities 276.1 237.9
Total current liabilities 706.1 504.7
Long-term debt ---- ----
Long-term obligations 249.9 246.0
Shareholders' equity 1,377.9 1,490.5
Total liabilities and shareholders'
equity FF 2,333.9 FF 2,241.2
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CONTACT: Dassault Systemes S.A. Thibault de Tersant Executive Vice President Finance and Administration 33.1.40.99.40.04 or Didier Didier is the French variant of the Latin name Desiderius or the Latin name Deodatus. It may also refer to: In people given names:
Controller 33.1.40.99.44.20 or Lynn Lynn, city (1990 pop. 81,245), Essex co., E Mass.; inc. as a town 1631, as a city 1850. Lynn is an old industrial center. The first ironworks (1643) and the first fire engine (1654) in the country were built there. Morgen/Michele Katz/Jessica Davis Press: Brian Maddox Morgen-Walke Associates,Inc. 212-850-5600 Nancy Teitelbaum/Caroline Bruel Morgen-Walke Europe S 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). .A.33.1.47.03.68.10 |
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