Dassault Systemes S.A. Second Quarter Total Revenue Increases 30% and Net Income Per Share Rises 60%.SURESNES, France--(BUSINESS WIRE)--July 22, 1997--Dassault Systemes S.A. (Nasdaq: DASTY), a leading developer of mechanical CAD/CAM/CAE/PDM-II software products under the family name CATIA- 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. and VPM VPM Vibrations Per Minute (engineering) VPM Vampire Princess Miyu (anime) VPM Video Port Manager VPM Virtual Product Management VPM Ventroposteromedial VPM Voice Processing Module solutions, today announced financial results for the second quarter and six months ended June 30, 1997. In the 1997 second quarter, net income per share increased 60% to FF 1.50, compared to FF 0.94 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 net income per share in the second quarter of 1996. For the 1997 six-month period net income per share totaled FF 3.76 per share, representing an increase of 48% over pro forma net income per share of FF 2.53 in the corresponding 1996 period. Total revenue for the second quarter ended June 30, 1997 was FF 379.1 million, an increase of 30% compared to second quarter 1996 total revenue of FF 291.2 million. Software revenue increased 30% to FF 312.5 million in the second quarter. 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 49% of total software revenue in the current quarter. Service and other revenue totaled FF 66.6 million, representing a 31% increase over the year-ago quarter. New workstation seats shipped increased 46% during the 1997 second quarter. Of the total 4,210 seats shipped, approximately 23% were leased. At June 30, 1997, 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. had 100,000 seats installed on a worldwide basis. Driven by particularly strong sales in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , workstation license revenue rose 45% during the second quarter of 1997, compared to the corresponding period in 1996. Charles Edelstenne, Dassault Systemes Chairman and Chief Executive Officer, commented, "Dassault Systemes produced very strong results, both for this quarter and for the first half of 1997, led by all-around excellent performance. The higher level of license activity and software revenue reflects the favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. response by customers to our products, as well as the additional investments made in enhancing our marketing and distribution network." Bernard Charles Bernard Charles is the CEO of Dassault Systemes. References
Field of applied mathematics whose principles and methods are used to solve quantitative problems in disciplines including physics, biology, engineering, and economics. . In addition, with the highest level of performance, reliability and compatibility of any release to date, Version 4 Release 1.8 demonstrates service-readiness for operations." "We made several key process improvements with the introduction of Release 1.8 that we believe will be very important to designers in the automotive, consumer, and fabrication fabrication (fab´rikā´sh  n),n the construction or making of a restoration. and assembly industries. We introduced a new CATIA-ALIAS 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. product. It delivers efficient and high quality interchange An interchange is a location where two things meet, usually perform some kind of exchange, and possibly go on their ways again. It is most commonly used in four contexts:
(2) In the Mac, an alias is an icon that points to a program or data file. , resulting in styling process productivity enhancements while facilitating easier collaborative design between the stylist and the engineer. The new function within our solid modeling product dramatically accelerates the development of detail design as it permits concurrent solid modeling on the same component. We have also introduced Generative gen·er·a·tive adj. 1. Having the ability to originate, produce, or procreate. 2. Of or relating to the production of offspring. generative pertaining to reproduction. Shape Modeling, a new product for use in the automotive and consumer goods consumer goods Any tangible commodity purchased by households to satisfy their wants and needs. Consumer goods may be durable or nondurable. Durable goods (e.g., autos, furniture, and appliances) have a significant life span, often defined as three years or more, and surface design area. This product is based upon our next generation modeling technology, called Generative Modeling A generative model is a model for randomly generating observed data, typically given some hidden parameters. It defines a joint probability distribution over observation and label sequences. Generative models are used in machine learning for either modeling data directly (i.e. , which helps to capture and 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. design specifications." Financial and other revenue totaled FF 14.6 million in the 1997 second quarter, compared to FF 33.3 million in the second quarter of 1996. The decrease of FF 18.7 million in the current quarter is primarily attributable to a lower net foreign exchange gain. Thibault de Tersant, Executive Vice President of Dassault Systemes commented, "The acquisition of SolidWorks is proceeding on schedule and we expect to complete the transaction shortly. SolidWorks' business is progressing very nicely." In connection with the closing of the acquisition, the Company will incur To become subject to and liable for; to have liabilities imposed by act or operation of law. Expenses are incurred, for example, when the legal obligation to pay them arises. An individual incurs a liability when a money judgment is rendered against him or her by a court. a one-time pre-tax charge that it currently expects to range from approximately FF 30 million to FF 36 million in the third quarter of 1997. The Company's statement concerning the amount of the one-time pre-tax charge is a forward-looking statement 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. that involves a number of risks and uncertainties. The actual pre-tax charge incurred by the Company could differ from this estimate. The effective tax rate in the 1997 second quarter was 41.2%, compared to 38.2% in the first quarter of 1997. The increase in the effective tax rate primarily reflects the inability of the Company to utilize certain U.S. tax credits. Mr. de Tersant stated, "The current French statutory tax rate of 36.7% is under review and may be increased to approximately 41.6%. We estimate that if such a change were instituted, the Company's effective tax rate would be approximately 43%." The Company's estimation estimation In mathematics, use of a function or formula to derive a solution or make a prediction. Unlike approximation, it has precise connotations. In statistics, for example, it connotes the careful selection and testing of a function called an estimator. that the French statutory tax rate may be increased to 41.6% is based on currently available information. There can be no assurance, however, that the French statutory tax rate, if modified, and the Company's effective tax rate will not be increased to a rate of greater than 41.6% and 43%, respectively. Dassault Systemes also announced that a cash dividend distribution of FF 1.70 per share was approved at its Annual Meeting of Shareholders in June 1997. The payment date for the dividend was July 18, 1997. Dassault Systemes S.A. is a leading developer of CAD/CAM/CAE/PDM-II software for integrated product and process 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. It includes an evolutionary architecture which enables customer growth and leading-edge applications for task optimization. CATIA(TM), CADAM(TM) and VPM are developed by Dassault Systemes. CATIA-CADAM solutions are 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-II marketplace with more than 9,000 customers and 100,000 seats. 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-
(tables to follow)
DASSAULT SYSTEMES S.A.
CONSOLIDATED STATEMENTS OF INCOME DATA
(in millions of French Francs, except per share data)
Three Months Ended Six Months Ended
June 30, June 30,
1997 1996 1997 1996
Revenue:
Software revenue FF 312.5 FF 240.2 FF 680.9 FF 530.8
Service and other
revenue 66.6 51.0 121.2 91.0
Total revenue 379.1 291.2 802.1 621.8
Cost of revenue:
Software revenue 11.8 7.2 19.7 14.5
Service and other 51.9 47.0 100.1 87.4
Total cost of revenue 63.7 54.2 119.8 101.9
Gross profit 315.4 237.0 682.3 519.9
Research, selling &
administrative expenses:
Research and development 140.8 136.1 279.6 260.1
Marketing and sales 31.9 24.6 60.8 46.5
General administration 25.5 23.7 49.0 47.6
Total research,selling &
Administrative expenses 198.2 184.4 389.4 354.1
Operating income 117.2 52.6 292.9 165.7
Financial revenue
and other 14.6 33.3 27.1 61.8
Income before income taxes 131.8 85.9 320.0 227.6
Income tax expense (54.3) (35.6) (126.2) (90.8)
Net income FF 77.5 FF 50.3 FF 193.8 FF 136.8
Net income per share FF 1.50 FF 0.98 3.76 2.66
Pro forma net income
per share(a) FF 1.50 FF 0.94 3.76 2.53
Weighted average
shares outstanding 51,611,963 51,388,930 51,607,858 51,388,930
(a) 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.
(table to follow)
DASSAULT SYSTEMES S.A.
CONSOLIDATED BALANCE SHEETS
(in millions of French Francs)
June 30, December 31,
1997 1996
ASSETS
Cash and cash equivalents FF 1,680.4 FF 1,406.6
Short-term investments 156.5 31.7
Trade accounts receivable 404.5 459.6
Other current assets 97.0 81.5
Total current assets 2,338.4 1,979.4
Property, plant and equipment 564.4 615.7
Accumulated appreciation and
amortization (250.6) (292.5)
Net property, plant and equipment 313.8 323.2
Intangible assets, net 2.7 31.3
Total assets FF 2,654.9 FF 2,333.9
LIABILITIES AND SHAREHOLDERS' EQUITY
Accounts payable and accrued expenses 116.3 120.3
Sales incentive and unearned revenue 331.0 309.7
Other current liabilities (a) 501.6 276.1
Total current liabilities 948.9 706.1
Long-term debt ---- ----
Long-term obligations 203.1 249.9
Shareholders' equity 1,502.9 1,377.9
Total liabilities and shareholders' equity FF 2,654.9 FF 2,333.9
(a) Includes approved cash dividend of FF 1.70 per share, or FF 87.7
million in the aggregate.
-0-
CONTACT: Dassault Systemes S.A. Didier Gaillot Controller 33.1.40.99.44.20 or Morgen-Walke Associates, Inc. Lynn Morgen/Michele Katz/ Jessica Davis Press: Brian Maddox/Estelle Bieber 212-850-5600 or 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.Caroline Bruel Press: Madeleine Madeleine (măd`əlĭn, Fr. mädlĕn`) [Fr.,=Magdalen, i.e., Mary Magdalen], large church of Paris, in the Place de la Madeleine. It was originally planned by J. A. Resener 33.1.47.03.68.10 |
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