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SDRC posts record quarter.

MILFORD, Ohio--(BUSINESS WIRE)--Oct. 18, 1995--Structural Dynamics Research Corporation (NASDAQ: SDRC) today reported its best financial quarter ever, posting net income of $5.8 million or $0.18 earnings per average common share (EPS) on total revenue of $50.7 million, all record highs. Year to date results for the nine months ended September 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 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.

http://www.sdrc.com/

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 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, Europe, and the Asia-Pacific 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
COPYRIGHT 1995 Business Wire
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1995, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

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Publication:Business Wire
Date:Oct 18, 1995
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