Moldflow Adjusts Unaudited Condensed Consolidated Statement of Cash Flows for the Period Ended June 30, 2006; Adjustments Result in Increase in Reported Cash Provided by Operating Activities.FRAMINGHAM, Mass. -- Moldflow Corporation (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : MFLO) today announced that it has made certain adjustments to the Company's Unaudited Condensed con·dense v. con·densed, con·dens·ing, con·dens·es v.tr. 1. To reduce the volume or compass of. 2. To make more concise; abridge or shorten. 3. Physics a. Consolidated Statement of Cash Flows for the three months and full year ended June 30, 2006, issued with its press release of August 10, 2006. These adjustments result from the misallocation between categories within the Unaudited Condensed Consolidated Statement of Cash Flows (the "Cash Flows Statement"). In the revised Cash Flows Statement, Cash Provided by Operating Activities was adjusted from ($971,000) to $481,000 for the three months ended June 30, 2006 and from $487,000 to $1.9 million for the year ended June 30, 2006. The Effect of Exchange Rate Changes on the Company's cash and cash equivalent was adjusted from $2.0 million to $401,000 for the three months ended June 30, 2006 and from $1.1 million to ($520,000) for the year ended June 30, 2006. Cash and cash equivalents as of June 30, 2006 remain the same at $52.1 million. The adjusted Cash Flows Statement for the three months and year ended June 30, 2006 are attached to this press release. These adjustments have no impact on the Company's previously reported GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). or non-GAAP revenue, net income, net income per share, cash and cash equivalents or the other unaudited condensed consolidated financial statements Consolidated Financial Statements The combined financial statements of a parent company and its subsidiaries. Notes: Because consolidated financial statements present an aggregated look at the financial position of a parent and its subsidiaries, they enable you to gauge issued on August 10, 2006. During the three months ended June 30, 2006, the Company generated cash from operations of $481,000 primarily from the collection of 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 and from its net loss, as adjusted to exclude non-cash charges Non-Cash Charge A charge off, made by a company against earnings, that does not require an initial outlay of cash. Notes: Non-cash charges are typically against the depreciation, amortization, and depletion accounts on a company's balance sheet. , such as depreciation, amortization and stock-based compensation, all of which was partially offset by increases in inventories, 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. and other current assets Other Current Assets A balance sheet item that includes the value of non-cash assets due within one year. Notes: Examples are things like prepaid expenses and accounts receivable. primarily a result of payments made in connection with an ongoing tax audit. About Moldflow Corporation Moldflow (NASDAQ: MFLO) is the leading global provider of design through manufacturing solutions for the plastics injection molding injection molding n. A manufacturing process for forming objects, as of plastic or metal, by heating the molding material to a fluid state and injecting it into a mold. industry. Moldflow's products and services allow companies to address part and mold design issues at the earliest stage and maximize productivity and profitability on the manufacturing floor. Visit www.moldflow.com for more information. Note to editors: Moldflow is a registered trademark of Moldflow Corporation or its subsidiaries worldwide. All other trademarks are properties of their respective holders. Cautionary Statement Regarding Forward-Looking Information Pursuant to the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provisions of 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. Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995, the Company notes that any statements contained our press releases that are not historical facts are forward-looking statements. Such forward-looking statements include, but are not limited to our unaudited financial statements included in our press releases. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those projected. These risks and uncertainties include, with respect to the Company's unaudited financial statements, the risk that the information contained in our unaudited financial statements may not be correct and that any errors contained in those unaudited financial statements may not be corrected until such point as the Company files its audited financial statements in its Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. with the Securities and Exchange Commission, as well as other risks and uncertainties detailed from time to time in reports filed by Moldflow with the Securities and Exchange Commission, including the Company's Annual Report on Form 10-K for the year ended June 30, 2005 as well as its subsequent quarterly and annual filings.
Moldflow Corporation
Unaudited Condensed Consolidated Statement of Cash Flows
(in thousands)
Three Months Ended Year Ended
----------------- -----------------
June 30, June 30, June 30, June 30,
2006 2005 2006 2005
------- ------- ------- -------
Cash provided by operating
activities $ 481 $ 1,252 $ 1,939 $ 6,338
Cash provided by (used in)
investing activities (2,001) (523) 1,135 2,991
Cash provided by (used in)
financing activities (1,347) 611 647 2,490
Effect of exchange rate changes
on cash and cash equivalents 401 (218) (520) 1,104
------- ------- ------- -------
Net increase (decrease) in cash
and cash equivalents (2,466) 1,122 3,201 12,923
Cash and cash equivalents,
beginning of period 54,577 47,788 48,910 35,987
------- ------- ------- -------
Cash and cash equivalents, end
of period $52,111 $48,910 $52,111 $48,910
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