SDRC posts record quarter.
1 Residential city (1990 pop. 49,938), New Haven co., SW Conn., on Long Island Sound; settled 1639, inc. as a city 1959. Oysters and clams are gathered there for commercial use, and the city also has light manufacturing, such as the production , Ohio--(BUSINESS WIRE)--Oct. 18, 1995--Structural Dynamics Research Corporation Dynamics Research Corporation (NASDAQ: DRCO) is a United States-based publicly held defense contractor.
DRC was founded in 1955 by a small group of engineers from the Charles Stark Draper Laboratory of the Massachusetts Institute of Technology. (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 : SDRC (company) SDRC - The company behind VGX.
http://sdrc.com/. ) today reported its best financial quarter ever, posting net income of $5.8 million or $0.18 earnings per average common share (EPS (Encapsulated PostScript) A PostScript file format used to transfer a graphic image between applications and platforms. EPS files contain PostScript code as well as an optional preview image in TIFF, WMF, PICT or EPSI, the latter being an ASCII-only format. ) on total revenue of $50.7 million, all record highs. Year to date results for the nine months ended September September: see month. 30, 1995, included net income of $9.1 million or $0.29 earnings per average common share on total revenue of $141.3 million.
Revenue for the third quarter was up over 19% compared with the same quarter last year, including a 13% increase in license revenue and a 30% increase in services revenue, such as software maintenance. Year to date revenue for the nine months ended September 30, 1995 was up 16% compared to the same period last year, including a 10% increase in license revenue and a 25% increase in services revenue. Total revenue for the last twelve months was $186.8 million.
Net income for the third quarter was $5.8 million compared with last year's break-even third quarter. Year to date net income increased $15.7 million, from last year's nine month loss of $(6.6) million to this year's profit of $9.1 million. Earnings per average common share for the quarter was $0.18 higher than $0.00 for the same quarter last year, while year to date EPS was $0.51 higher than the $(0.22) posted last year to date on 2.7 million higher average shares.
Results for the nine months ended September 30, 1994 included a non-recurring charge of $3.9 million or $(0.13) EPS cumulative effect of adopting SFAS SFAS Statement of Financial Accounting Standards
SFAS Special Forces Assessment and Selection
SFAS Student Financial Aid Services
SFAS Sport Fishing Association of Singapore
SFAS Safety Features Actuation System
SFAS Statewide Fixed Assets System No. 112, "Employers' Accounting for Postemployment Benefits". Cash and other liquid investments at September 30, 1995 totaled $61.3 million. The Company remains debt free.
SDRC is a leading international supplier of mechanical design automation software, product data management software, and implementation services. The Company's products and services help manufacturers optimize optimize - optimisation product concepts early in the design process, enabling them to significantly improve product quality while reducing product development time and cost. SDRC employs more than 1,000 people and has 61 offices in 15 countries throughout North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. , Europe Europe (yr`əp), 6th largest continent, c.4,000,000 sq mi (10,360,000 sq km) including adjacent islands (1992 est. pop. 512,000,000). , and the Asia-Pacific The term Asia-Pacific generally applies to littoral East Asia, Southeast Asia and Australasia near the Pacific Ocean, plus the states in the ocean itself (Oceania). region. -0-
STRUCTURAL DYNAMICS RESEARCH CORPORATION CONSOLIDATED STATEMENT OF INCOME (Unaudited) (000, except per share data)
Three Months Ended Nine Months Ended September 30, September 30, 1995 1994 1995 1994
Revenue: Software licenses $29,908 $26,541 $81,784 $74,299 Software services 20,786 15,959 59,499 47,705
Total revenue 50,694 42,500 141,283 122,004
Cost of revenue 17,369 14,013 45,315 36,447
Gross profit 33,325 28,487 95,968 85,557
Operating expenses: Selling and marketing 21,342 19,732 60,860 60,577 Research and development 4,018 5,460 12,822 16,086 General and administrative 2,761 1,820 8,660 7,078
Total operating expenses 28,121 27,012 82,342 83,741
Operating income 5,204 1,475 13,626 1,816
Equity in affiliates 2,144 (1,070) (858) (3,500) Other income 112 608 1,366 1,537
Income (loss) before income taxes and cumulative effect of accounting change 7,460 1,013 14,134 (147) Income tax expense 1,664 1,005 5,016 2,567 Income (loss) before cumulative effect of accounting change 5,796 8 9,118 (2,714) Cumulative effect of accounting change -- -- -- (3,896)
Net income (loss) $ 5,796 $ 8 $ 9,118 $ (6,610) Earnings (loss) per share: Before cumulative effect of accounting change $ .18 $ .00 $ .29 $ (.09) Cumulative effect of accounting change -- -- -- (.13) Net income (loss) per share $ .18 $ .00 $ .29 $ (.22) Common and common equivalent shares 32,125 29,339 31,513 29,474
STRUCTURAL DYNAMICS RESEARCH CORPORATION CONSOLIDATED BALANCE SHEET (000 omitted)
Sept. 30, December 31, 1995 1994 (Unaudited) Assets:
Cash and cash equivalents $ 40,186 $ 21,885 Short-term investments 10,747 17,296 Accounts receivable trade 46,923 35,867 Accounts receivable other 7,425 6,760 Prepaid expenses 5,987 6,110
Total current assets 111,268 87,918
Long-term investments 10,402 7,059 Property and equipment, net 10,746 13,779 Computer software construction costs, net 29,900 30,854 Other assets 3,961 3,089
Total assets $166,277 $142,699
Liabilities and shareholders' equity:
Current liabilities $ 69,564 $ 60,328 Postemployment benefits 3,896 3,896 Other long-term liabilities 2,376 440 Cumulative share of losses in affiliate, net - 5,883 Shareholders' equity 90,441 72,152
Total liabilities and shareholders' equity $166,277 $142,699
CONTACT: SDRC, Milford
Jeffrey J. Vorholt, 513/576-2138