Dassault Systemes -dsweb.com- Reports 11% Increase in First Quarter Revenue to EUR 182.5 Million.Business Editors PARIS--(BUSINESS WIRE)--April 23, 2002 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. (DS) (Nasdaq: DASTY; Euronext Paris Euronext Paris is France's securities market, formerly known as the Paris Bourse, which merged with the Amsterdam and Brussels exchanges in September 2000 to form Euronext NV, which is the second largest exchange in Europe behind the London Stock Exchange. : #13065, DSY DSY Drum Storage Yard PA): - Reports EPS of EUR 0.24 - Both Revenue and Earnings In Line With Expectations - 3D PLM Adoption Drives Performance Dassault Systemes (DS) (Nasdaq: DASTY; Euronext Paris: #13065, DSY PA), a worldwide leading software developer of product lifecycle Product lifecycle or product life cycle is the course of a product's sales and profits over time. The five stages of each product lifecycle are product development, introduction, growth, maturity and decline. management (PLM (Product Life cycle Management) A comprehensive information system that coordinates all aspects of a product from initial concept to its eventual retirement. Sometimes called the "digital backbone" of a product, it includes the requirements phase, analysis and design ) solutions, today reported financial results for the first quarter ended March 31, 2002. Acquisition costs include goodwill, technology amortization and other related costs. All financial figures in this press release are before these acquisition costs unless otherwise noted. All financial information presented for the quarter ended March 31, 2002 is unaudited and reported in accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with US GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). . FINANCIAL HIGHLIGHTS First Quarter Total revenue increased 11% to EUR EUR In currencies, this is the abbreviation for the Euro. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 182.5 million in the first quarter of 2002, compared to EUR 165.1 million in the 2001 first quarter. Net income before acquisition costs totaled EUR 28.5 million, or EUR 0.24 per share, compared to comparable net income of EUR 29.9 million, or EUR 0.25 per share in the year-ago quarter. On a US GAAP basis, which includes acquisition costs, net income was EUR 25.3 million or EUR 0.21 per share in the 2002 first quarter, compared to EUR 18.9 million or EUR 0.16 per share in the 2001 first quarter. Process-centric revenue, including PDM (1) (Product Data Management) An information system used to manage the data for a product as it passes from engineering to manufacturing. The data includes plans, geometric models, CAD drawings, images, NC programs as well as all related project data, notes and , increased 10% to EUR 149.8 million and represented approximately 82% of total revenue in the first quarter of 2002. On a stand-alone basis, PDM revenue totaled EUR 14.8 million, increasing 13% over the year-ago period. The Company noted that PDM software end-user revenues totaled approximately EUR 23.7 million or US$ 20.9 million. Design-centric revenue increased 14% to EUR 32.7 million and represented approximately 18% of total revenue. Software license revenue, representing 87% of total revenue in the first quarter, grew 10% to EUR 159.3 million from EUR 144.7 million in the 2001 first quarter. Service revenue totaled EUR 23.2 million, representing an increase of 14%, compared to EUR 20.4 million in the year-ago quarter. 8,324 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. and 5,875 SolidWorks seats were licensed in the first quarter of 2002. Charles Edelstenne, Chairman of DS, commented, "Overall, DS was able to show solid revenue growth in the first quarter of 2002, in spite of in opposition to all efforts of; in defiance or contempt of; notwithstanding. See also: Spite the weaker business environment. While we expect that the year will continue to be challenging, we believe DS is positioned to outperform Outperform An analyst recommendation meaning a stock is expected to do slightly better than the market return. Notes: Exact definitions vary by brokerage, but in general this rating is better than neutral and worse than buy or strong buy. the industry in 2002 and deliver a good level of growth." Bernard Charles Bernard Charles is the CEO of Dassault Systemes. References
"We continue to gain market share in all geographies and every segment and Version 5 is becoming the pre-eminent pre·em·i·nent or pre-em·i·nent adj. Superior to or notable above all others; outstanding. See Synonyms at dominant, noted. [Middle English, from Latin prae architecture for Process-Centric solutions. "Process-Centric revenue was a key driver of our growth this quarter. CATIA Version 5 continues to build momentum. In the first quarter of 2002, Version 5 accounted for over 49% of total CATIA volume, up from 44% in the fourth quarter of 2001. "DS is uniquely positioned to create with 3D PLM the next breakthrough for manufacturing companies. On the customer front, the strategic agreement with Toyota Motor Corporation to implement DS' 3D PLM solutions, with CATIA for product design, ENOVIA for enterprise collaboration and DELMIA DELMIA Digital Enterprise Lean Manufacturing Interactive Application for digital manufacturing, constitutes a milestone. The 3D PLM community is also expanding, providing significant resources and knowledge for our customers. Following the alliance with MSC (1) (MSC.Software Corporation, Santa Ana, CA, www.mscsoftware.com) Founded in 1963 by Richard H. MacNeal and Robert G. Schwendler, MSC is the world's largest provider of mechanical computer aided engineering (MCAE) strategies, simulation software and services. , we entered into partnerships with Nihon Unisys, Ltd. and Hitachi Zosen Information Systems and more recently Rand Rand See Witwatersrand. rand 1 n. See Table at currency. [Afrikaans, after(Witwaters)rand. Worldwide, the global leader in providing manufacturing solutions to the engineering community. Rand has decided to make a very significant investment of resources to address its customers' needs for 3D PLM solutions and this agreement, again, is a very strong validation See validate. validation - The stage in the software life-cycle at the end of the development process where software is evaluated to ensure that it complies with the requirements. of our 3D PLM vision. Rand will become a business partner for DS PLM Solutions including CATIA, ENOVIA, DELMIA and SmarTeam. The agreement with Rand will significantly expand our ability to address the opportunities in 3D PLM." Thibault de Tersant, Executive Vice President, stated, "We were pleased to achieve our revenue objective of 11% growth for the first quarter, given the tougher comparisons to the first quarter 2001 when economic conditions were more favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. . Looking at the full year, we remain comfortable with our growth prospects in our core 3D PLM market and with our operating margin Operating Margin A ratio used to measure a company's pricing strategy and operating efficiency. Calculated by: and earnings per share objectives. We are trimming our total revenue objective by approximately EUR 20 million to approximately EUR 840 million, representing a year over year growth rate of approximately 13%. This modest revision primarily reflects a reduction in SolidWorks' growth rate in 2002 as well as some expectation of lower service revenue. Our objective for our operating margin is to maintain the same operating margin as in 2001. Our objective for earnings per share in 2002 is approximately EUR 1.38, equal to the current consensus estimate. For the second quarter, our objective is to deliver revenue of approximately EUR 195 million." NEW PRODUCT LAUNCHES CATIA V5R8 was launched with significant enhancements and 23 new products, bringing the total to 119. Building on the industry's most complete solution for end-to-end end-to-end a pattern of anastomosis in which severed ends are matched and united, in contrast with other patterns such as end-to-side or side-to-side. Usually applied to anastomosis of the intestine. 3D PLM, Release 8 of ENOVIA Solutions was launched delivering enhanced integration with CATIA, richer PLM process support, extended supply chain collaboration solutions, and new open 3d PLM middleware Software that functions as a conversion or translation layer. It is also a consolidator and integrator. Custom-programmed middleware solutions have been developed for decades to enable one application to communicate with another that either runs on a different platform or comes from a . This release includes ENOVIA Portal Solutions and Life Cycle Applications (LCA LCA Life Cycle Assessment LCA Saint Lucia (ISO Country code) LCA Life Cycle Analysis LCA Linux.conf.au (Australian Linux conference) LCA Labor Condition Application LCA Light Combat Aircraft ) V5R8 and ENOVIAVPM V1 R5 enhancements. DS announced DELMIA V5 R8, digital manufacturing for full enterprise deployment. This release covers the full set of DELMIA integrated solutions, enhancing productivity, end-to-end manufacturing process coverage and interoperability The capability of two or more hardware devices or two or more software routines to work harmoniously together. For example, in an Ethernet network, display adapters, hubs, switches and routers from different vendors must conform to the Ethernet standard and interoperate with each other. with other DS 3D PLM Solutions. Spatial announced release of 3D InterOp Version 3.0. The latest release includes seven translators This is primarily a list of notable Western translators. Please feel free to add translators from other languages, cultures and areas of specialization. Large sublists have been split off to separate articles. , which have passed Spatial's strict quality standards for release, and are now available for partner download To receive a file transmitted over a network. In any communications session, "download" means receive, and "upload" means send. The download/upload often implies a big/little scenario, in which data is being downloaded from the "big" server into the "little" user's computer. on Spatial's website. The 3D InterOp 3.0 release delivers a set of translators that provide up to four times the read/write capability of the 2.9 release. ADDITIONAL HIGHLIGHTS DS announced the signing of a strategic agreement with Toyota Motor Corporation to build a world-class collaboration around PLM Solutions covering end-to-end vehicle development processes. The Company won a major contract with Volvo. Volvo will standardize stan·dard·ize v. 1. To cause to conform to a standard. 2. To evaluate by comparing with a standard. all product development for trucks using PLM solutions from DS, including new CATIA and ENOVIA V5 products. This decision is in line with the recent strategic decision from Volvo Group to standardize product conception and development through company-wide implementation of PLM solutions from DS. DS and Nihon Unisys, Ltd. entered into a strategic alliance whereby Nihon Unisys, Ltd. will leverage the DS V5 architecture to develop, deliver and support next generation world-class CAD/CAM CAD/CAM in full computer-aided design/computer-aided manufacturing. Integration of design and manufacturing into a system under direct control of digital computers. solutions covering end-to-end Die development processes, initially targeting automotive OEM (Original Equipment Manufacturer) The rebranding of equipment and selling it. The term initially referred to the company that made the products (the "original" manufacturer), but eventually became widely used to refer to the organization that buys the products and and Tier 1 suppliers. In addition, Nihon Unisys, Ltd. will also provide services around DS 3D PLM, enabling customers to closely link product design to manufacturing optimization optimization Field of applied mathematics whose principles and methods are used to solve quantitative problems in disciplines including physics, biology, engineering, and economics. through an open collaborative environment. DELMIA was selected to join the team developing the new A380, Airbus' 21st century super jumbo aircraft, for the final assembly processes in Airbus' new manufacturing facility in Hamburg Hamburg, city, Germany Hamburg (häm`b  rkh), officially Freie und Hansestadt Hamburg (Free and Hanseatic City of Hamburg), city (1994 pop. ,
Germany. DELMIA solutions will be used to manage such tasks as material
flow, ergonomics ergonomics, the engineering science concerned with the physical and psychological relationship between machines and the people who use them. The ergonomicist takes an empirical approach to the study of human-machine interactions. simulation and assembly studies. DELMIA tools will be
used to simulate simulate - simulation and visualize critical manufacturing processes,
unifying and integrating components from four different European sites
being assembled as·sem·ble v. as·sem·bled, as·sem·bling, as·sem·bles v.tr. 1. To bring or call together into a group or whole: assembled the jury. 2. at Hamburg. Lockheed Martin For the former company, see . Lockheed Martin (NYSE: LMT) is a leading multinational aerospace manufacturer and advanced technology company formed in 1995 by the merger of Lockheed Corporation with Martin Marietta. Aeronautics aeronautics: see aerodynamics; airplane; aviation. Company selected DS for PLM solutions and services, including CATIA and DELMIA software and implementation as well as training and integration services. Ishikawajima-Harima Heavy Industries Co. Ltd (IHI IHI Institute for Healthcare Improvement (Boston, MA, USA) IHI Ishikawajima-Harima Heavy Industries (Japan, ship building, aerospace & others) IHI Institute of History IHI I'd Hit It ), a major Japanese shipbuilder and world leader in building merchant ships such as tankers and container ships, signed an agreement with DS Product Lifecycle Management around 3D PLM for shipbuilding. MicroTurbo, an aerospace supplier specializing in the development and production of turbines, is deploying DS PLM solutions, beginning with 42 seats of both CATIA V5 product design software and SmarTeam product data management solutions. DS announced that DaimlerChrysler has started deployment of CATIA V5 and CAA Caa See CCC. applications developed for vehicle interior design and vehicle packaging. DaimlerChrysler has already reported efficiency and productivity gains for product conceptual design and packaging studies through its Knowledge Engineering initiatives and software technologies offered by DS PLM solutions. DS and Hitachi Zosen Information Systems (HZS HZS Hogere ZeevaartSchool (Dutch type of maritime academy) HZS Hrvatski Zrakoplovni Savez (Croatian Aeronautical Federation) ) signed a strategic alliance whereby HZS will develop and sell HZS new generation, collaborative Space-E/CAM and MOLD Solutions. Leveraging DS's V5 Architecture and NC and Tooling Solutions, the new alliance delivers the largest, most advanced 3d PLM-integrated CAM cam, mechanical device cam, mechanical device for converting a rotating motion into a reciprocating, or back-and-forth, motion, or for changing a simple motion into a complex one. and Mold portfolio on the Asia-Pacific market. DS and Famotik signed a strategic alliance whereby Famotik will extend its current leading collaborative portal environment FTK/WATS (Famotik Web Application Total Solutions) to adopt DS World-Class 3D PLM and ENOVIA solutions. The Famotik objective is to provide its channel with the most advanced PLM portal infrastructure and components to serve Japanese companies This is a list of companies from Japan. Note that 株式会社 can be (and frequently is) read both kabushiki kaisha and kabushiki gaisha (with or without a hyphen). See that article for more details. and their suppliers. AWARDS SolidWorks Office Wins 'Show Stopper' Award at NDES NDES NARM Data Entry Sheet 2002. The magazine's editors chose SolidWorks Office for providing designers and engineers with a set of tools that streamlines product design. This is the third industry award SolidWorks software has won in less than a month. SolidWorks 2001Plus won CADALYST Magazine's Best of Show at NDES and SolidWorks 2001 won Design News Magazine's Best Product of the Year on March 11. Statements above that are not historical facts but express expectations or objectives for the future, including but not limited to statements regarding the Company's objectives for 2002 revenue, operating margin and earnings per share and second quarter 2002 revenue, are 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. (within the meaning of Section 27A of the Securities Act of 1933, as amended a·mend v. a·mend·ed, a·mend·ing, a·mends v.tr. 1. To change for the better; improve: amended the earlier proposal so as to make it more comprehensive. 2. ). Such forward-looking statements are based on management's current views and assumptions and involve known and unknown risks and uncertainties. Actual results or performances may differ materially from those in such statements due to, among other factors: (i) currency fluctuations, (ii) global economic conditions, (iii) market demand for our products and services, (iv) new product developments and technological changes, and (v), our ability to recruit and retain skilled personnel. Unfavorable changes in any of the above or other factors described in the Company's SEC reports, including the Form 20F for the year ended December 31, 2000, which was filed with the SEC on April 27, 2001, could materially affect the Company's financial position or results of operations. Conference Call Information Dassault Systemes will be hosting a conference call today at 4:00PM CET/10:00 AM ET. The conference call will be available via the Internet by accessing Dassault Systemes' website at www.dsweb.com or www.vcall.com. Follow the directions on the main page to link to the audio. Please go to the website at least fifteen minutes prior to the call to register, download and install any necessary audio software. ABOUT DASSAULT SYSTEMES Dassault Systemes (Nasdaq: DASTY; Euronext Paris: #13065, DSY.PA) is the premier global software developer for the CAD/CAM/CAE/PLM market, providing companies with e-business solutions to implement their digital enterprise, thus creating and simulating the entire product life cycle from initial concept to product in service. CATIA, ENOVIA and DELMIA solutions support industry-specific business processes to help unleash creativity and innovation, reduce development cycle time, improve quality, competitiveness and shareholder value: CATIA supports the digital product definition and simulation, DELMIA provides solutions to define and simulate lean digital manufacturing processes and ENOVIA delivers enterprise solutions that manage a comprehensive, collaborative and distributed model of the digital product, processes and resources. The combined integration creates the Digital Product life cycle Pipeline, supporting reuse reuse - Using code developed for one application program in another application. Traditionally achieved using program libraries. Object-oriented programming offers reusability of code via its techniques of inheritance and genericity. of corporate knowledge. SolidWorks and SmarTeam, as Dassault Systemes companies, offer respectively 3D design-centric and collaborative PDM software solutions based on Windows and the Internet. Spatial, also part of Dassault Systemes family, is a market-leading provider of world-class 3D software components and services (for 3D modeling, visualization Using the computer to convert data into picture form. The most basic visualization is that of turning transaction data and summary information into charts and graphs. Visualization is used in computer-aided design (CAD) to render screen images into 3D models that can be viewed from all , and interoperability) to meet the requirements of 3D in Internet-based e-commerce and B2B (Business to Business) Refers to one business communicating with or selling to another. See B2B e-commerce, B2C and B2G. B2B - business to business applications. Information about Dassault Systemes is available at http://www.dsweb.com.
DASSAULT SYSTEMES
KEY FIGURES
(EXCLUDING ACQUISITION COSTS)
(in millions of Euro, except per share data)
1st QUARTER
Three Months Ended
March 31, March 31, Percentage
2002 2001 Variance
---------- ---------- ----------
Revenue per Segment 182.5 165.1 11%
Process-Centric 149.8 136.5 10%
Process-Centric excluding PDM 135.0 123.4 9%
PDM 14.8 13.1 13%
Design-Centric 32.7 28.6 14%
Revenue per region 182.5 165.1 11%
AMERICA 53.9 49.1 10%
EUROPE 88.1 82.4 7%
ASIA 40.5 33.6 21%
Operating Income 42.7 44.6 (4%)
Operating Margin 23.4% 27.0%
Net Income 28.5 29.9 (5%)
Diluted net income per share 0.24 0.25 (4%)
Closing Headcount 3,855 3,326 16%
DASSAULT SYSTEMES
CONSOLIDATED STATEMENT OF INCOME DATA
(in millions of Euro, except per share data)
Three Months Ended
March 31, March 31,
2002 2001
----------- -----------
Revenue
Software 159.3 144.7
Services and Other 23.2 20.4
----------- -----------
Total Revenue EUR 182.5 EUR 165.1
Cost of Revenue
Software 6.9 5.3
Service and Other 20.8 16.8
----------- -----------
Total Cost of Revenue EUR 27.7 EUR 22.1
Gross Profit EUR 154.8 EUR 143.0
Research, Selling, Administrative
Research and Development 57.2 48.9
Marketing and Sales 42.4 39.3
General and Administration 12.5 10.2
Acquisition Costs 3.9 12.7
----------- -----------
Total Research, Selling, Administrative and EUR 116.0 EUR 111.1
Acquisition expenses
=========== ===========
Operating Income EUR 38.8 EUR 31.9
Financial revenue and Other 4.6 5.0
Income before income taxes 43.4 36.9
Income tax expense (18.1) (18.0)
----------- -----------
Net Income EUR 25.3 EUR 18.9
=========== ===========
Basic net income per share (1) EUR 0.22 EUR 0.17
=========== ===========
Diluted net income per share (1) EUR 0.21 EUR 0.16
=========== ===========
Basic weighted average shares outstanding 114.0 113.3
(in millions)
=========== ===========
Diluted weighted average shares outstanding 118.1 117.5
(in millions)
(1) Excluding acquisition costs, operating income and net income would
have been as follows:
Operating Income EUR 42.7 EUR 44.6
Net Income EUR 28.5 EUR 29.9
----------- -----------
Diluted net income per share EUR 0.24 EUR 0.25
=========== ===========
DASSAULT SYSTEMES
CONSOLIDATED STATEMENT OF INCOME DATA
PERCENTAGE VARIANCE
(EXCLUDING ACQUISITION COSTS)
(in millions of Euro, except per share data)
Excluding acquisition costs, the consolidated statements of income
data would have been as follows:
Three Months Ended
Percentage
March 31, March 31, Variance
2002 2001 %
----------- ----------- -----------
Revenue
Software 159.3 144.7 10%
Services and Other 23.2 20.4 14%
----------- -----------
Total Revenue EUR 182.5 EUR 165.1 11%
Cost of Revenue
Software 6.9 5.3 30%
Service and Other 20.8 16.8 24%
----------- -----------
Total Cost of Revenue EUR 27.7 EUR 22.1 25%
Gross Profit EUR 154.8 EUR 143.0 8%
Research, Selling, Administrative
Research and Development 57.2 48.9 17%
Marketing and Sales 42.4 39.3 8%
General and Administration 12.5 10.2 23%
----------- ----------- -----------
Total Research, Selling and EUR 112.1 EUR 98.4 14%
Administrative expenses
=========== =========== ===========
Operating Income EUR 42.7 EUR 44.6 (4%)
Financial revenue and Other 4.6 5.0 (8%)
Income before income taxes 47.3 49.6 (5%)
Income tax expense (18.8) (19.7) (5%)
----------- -----------
Net Income EUR 28.5 EUR 29.9 (5%)
=========== =========== ===========
Diluted net income per share EUR 0.24 EUR 0.25 (4%)
=========== =========== ===========
Diluted weighted average shares 118.1 117.5
outstanding (in millions)
DASSAULT SYSTEMES
CONDENSED CONSOLIDATED BALANCE SHEETS
(in millions of Euro)
March 31, December 31,
2002 2001
----------- -----------
ASSETS
Cash and short-term investments 447.7 369.2
Accounts receivable, net 171.6 217.3
Other assets 254.8 244.9
----------- -----------
Total assets EUR 874.1 EUR 831.4
LIABILITIES
AND SHAREHOLDERS' EQUITY
Total liabilities 290.3 280.5
Shareholders' equity 583.8 550.9
----------- -----------
Total liabilities and shareholders' equity EUR 874.1 EUR 831.4
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