Dassault Systemes S.A. reports higher second quarter revenues and net income.SURESNES, France--(BUSINESS WIRE)--July 31, 1996--Dassault Systemes S.A. (Nasdaq:DASTY), a leading developer of computer aided design (application) Computer Aided Design - (CAD) The part of CAE concerning the drawing or physical layout steps of engineering design. Often found in the phrase "CAD/CAM" for ".. manufacturing". (CAD CAD: see computer-aided design. (Computer-Aided Design) Using computers to design products. CAD systems are high-speed workstations or desktop computers with CAD software. ), computer aided manufacturing (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 computer aided engineering (application) Computer Aided Engineering - (CAE) Use of computers to help with all phases of engineering design work. Like computer aided design, but also involving the conceptual and analytical design steps. (CAE (1) (Computer-Aided Engineering) Software that analyzes designs which have been created in the computer or that have been created elsewhere and entered into the computer. ) software products, announced a 56.6% increase in second quarter net income. Total revenues for the second quarter ended June 30, 1996 were FF 291.2 million, up 20.6% from second quarter 1995 total revenues of FF 241.5 million. Software revenues were FF 240.2 million for the quarter, a 21.7% increase over the second quarter of 1995. 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 increased 21.2% to FF 136.4 million in the 1996 second quarter compared to FF 112.5 million in the 1995 second quarter. At the end of the second quarter, the Company had a total of 46,640 workstation seats worldwide. Sales from services and other revenue were FF 51.0 million, up 15.8% from the comparable year ago period. Net income for the second quarter of 1996 rose 56.6% to FF 50.3 million, up from FF 32.1 million for the second quarter of 1995. Net income for the 1996 period benefited from increased revenues from software licenses In computing, software that is copyrighted and licensed under a software license is done under a variety of licensing schemes. For end-users there are proprietary licenses and there are free software licenses, and there are proprietary Within these schemes are further classifications. and exchange gains. 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. per share were FF 0.94 in the 1996 second quarter, an 80.7% increase over pro forma earnings per share of FF 0.52 earned in the comparable period last year. Pro forma earnings per share are presented for all periods to reflect the impact of the payment of an exceptional dividend prior to the Initial Public Offering. 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. historically has experienced a seasonal decline in revenue in the second and third quarters of each fiscal year, due primarily to capital budgeting cycles of customers and to European European emanating from or pertaining to Europe. European bat lyssavirus see lyssavirus. European beech tree fagussylvaticus. European blastomycosis see cryptococcosis. holiday patterns. As a result, the Company's second and third quarter software revenue, total revenue, 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. and net income have generally been lower than in the first and fourth quarters. For the six months ended June 30, 1996, revenues increased 23.9% to FF 621.8 million compared to FF 501.7 million for the same period a year earlier. Net income more than doubled to FF 136.8 million from FF 63.5 million and pro forma earnings per share increased 138.7% to FF 2.53 from FF 1.06 in the year ago period. For the six months ended June 30, 1996 workstation seat sales totaled 7,290, an increase of 27% over 1995 six-month sales of 5,740 seats. Recurring software revenue grew 21.3% to FF 266.3 million, compared to FF 219.6 million in the 1995 period. Research and development expenses in the second quarter totaled FF 136.2 million, or 46.8% of total revenues, compared to FF 117.5 million, or 48.7% of total revenues, during the prior year period. Marketing and sales expenses were FF 24.6 million, or 8.4% of total revenues in the second quarter of 1996, compared to FF 18.3 million, or 7.6% of total revenues in the second quarter of 1995. General administration expenses were FF 23.7 million, or 8.1% of total revenues in the second quarter of 1996, compared to FF 16.4 million, or 6.8% of total revenues in the second quarter of 1995. The increase in general and administration expenses primarily reflects the costs incurred by the Company in connection with the Initial Public Offering. For the second quarter of 1996, operating income totaled FF 52.6 million, an increase of 19.0% over second quarter 1995 operating income of FF 44.2 million. Financial and other revenue for the second quarter of 1996 was FF 33.3 million, compared to FF 15.9 million for the second quarter of 1995. This increase was due primarily to a net foreign exchange gain of FF 18.2 million in the second quarter of 1996, from a net foreign exchange loss of FF 1.0 million in the second quarter of 1995. Year-to-date the Company recorded a net foreign exchange gain of FF 32.6 million, compared with a net foreign exchange loss of FF 24.1 million for the first six months of 1995. Mr. Charles Edelstenne, Chairman and Chief Executive Officer of Dassault Systemes S.A., commented, "I am pleased to report that Dassault Systemes had an outstanding quarter. Our sales increase in the quarter reflected our continued success with our product development strategy and strong demand across all of our products. In addition, the investments we have made with 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) in marketing and sales also contributed to the increase in sales during the quarter. From a geographical standpoint The Standpoint is a newspaper published in the British Virgin Islands. It was originally published under the name Pennysaver, largely as a shopping-coupon promotional newspaper, but since emerged as one of the most influential sources of journalism in the , 1996 sales continue to be robust." Bernard Charles Bernard Charles is the CEO of Dassault Systemes. References
Navigator - Netscape Navigator , the user-friendly Dynamic Sketcher sketch n. 1. A hasty or undetailed drawing or painting often made as a preliminary study. 2. A brief general account or presentation; an outline. 3. a. and 3D Tolerancing products, as well as availability on Silicon Graphics workstations. This new release illustrates our product goals of providing our customers ease of use and flexibility with a multiplatform product. In addition, Version 4.1.6 further strengthens our 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. process centric capabilities and broadens our technology foundation." The Company completed a global initial public offering of 8,984,313 shares (including the over-allotment option) of its common stock at a price of US $23.00 per American Depositary Share American Depositary Share (ADS) Foreign stock issued in the US and registered in the ADR system. (FF 118.02 per share). The offering was more than 41 times oversubscribed Refers to connecting more users to a system than can be fully supported if all of them were using it at the same time. Networks and servers are almost always designed with some amount of oversubscription, counting on the fact that everybody does not need the service simultaneously. ; all of the proceeds went to selling shareholders. 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(a) 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. (b) are developed by Dassault Systemes and marketed and supported worldwide by IBM. These solutions are leaders in the CAD/CAM/CAE/PDM marketplace with more than 8,000 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 thousands of French Francs, except per share data)
Three-Months Ended Six-Months Ended
June 30, June 30,
1996 1995 1996 1995
Revenues:
Software revenue FF 240,166 FF 197,390 FF 530,851 FF 425,731
Service and
other revenue 51,043 44,067 90,957 75,952
Total revenues 291,209 241,457 621,808 501,683
Cost of revenue: Software revenue 7,168 9,909 14,505 20,041 Service and others 47,038 35,168 87,433 68,534 Total cost of revenue 54,206 45,077 101,938 88,575 Gross profit 237,003 196,380 519,870 413,108 Research, selling & administrative expenses: Research and development 136,153 117,469 260,065 231,298 Marketing and sales 24,588 18,304 46,496 37,179 General administration 23,653 16,384 47,570 32,693 Total research, selling & administrative expenses 184,394 152,157 354,131 301,170 Operating income 52,609 44,223 165,739 111,938 Financial revenue and other 33,291 15,950 61,837 3,472 Income before income taxes 85,900 60,173 227,576 115,410 Income tax expense (35,587) (28,037) (90,810) (51,914) Net income FF 50,313 FF 32,136 FF 136,766 FF 63,496 Pro forma net income per share (1) FF 0.94 FF 0.52 FF 2.53 FF 1.06 Weighted average shares outstanding 51,388,930 51,388,930 51,388,930 51,388,930 (1) In May 1996, the Company's shareholders approved an exceptional dividend of FF 488.2 million that was paid prior to the Initial Public Offering. Pro forma data reflect the impact of this dividend. Pro forma net income per share has been restated to reflect a 5:1 stock split effected prior to the Initial Public Offering. -0-
DASSAULT SYSTEMES S.A.
CONSOLIDATED BALANCE SHEET
(in thousands of French Francs, except per share data)
June 30, December 31
1996 1995
ASSETS Cash and cash equivalents FF 1,015,344 FF 1,087,582 Short-term investments 48,398 266,763 Trade accounts receivable 328,656 435,446 Other current assets 98,934 27,861 Total current assets 1,491,332 1,817,652 Property, plant and equipment 624,120 663,302 Accumulated depreciation and amortization (283,027) (324,223) Net property, plant and equipment 341,093 339,079 Intangible assets, net 60,615 84,433 Total assets FF 1,893,040 FF 2,241,164 LIABILITIES AND SHAREHOLDERS' EQUITY Accounts payable and accrued expenses FF 102,296 FF 90,817 Sales incentive and unearned revenue 137,335 175,922 Other current liabilities 262,537 237,924 Total current liabilities 502,168 504,663 Long-term debt --- --- Long-term obligations 244,629 245,957 Sharholders' equity 1,146,243 1,490,544 Total liabilities and shareholders' equity FF 1,893,040 FF 2,241,164 -0- CONTACT: Dassault Systemes S.A., Suresnes Thibault de Tersant, Executive VP, Finance and Administration, 31.1.40.99.40.04 Didier Gaillot, Controller, 33.1.40.99.44.20 or Morgen-Walke Associates Inc., New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of Lynn Morgen/Michele Katz/Jessica Davis Press: Brian Maddox/Erika Brown, 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.Nancy Teitelbaum/Caroline Bruel, 33.1.47.03.68.10 |
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