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Accelrys Announces Fiscal First Quarter 2008 Financial ResultsSan Diego, CA | Posted on August 1st, 2007
Accelrys, Inc. (NASDAQ:ACCL) today reported financial results for the quarter ended June 30, 2007.
"We are pleased with our financial performance in the first quarter of fiscal year 2008," said Mark J. Emkjer, Accelrys President and Chief Executive Officer. “We continue to demonstrate profitability and earnings growth despite challenging market conditions and budget constraints experienced by our large pharmaceutical customers in early stage discovery. In the first quarter we experienced solid growth from our scientific operating platform which was offset by some continued erosion in our legacy products. We expect that the upcoming second quarter release of Discovery Studio 2.0 and Materials Studio 4.2 will begin to stabilize our legacy revenue stream in the ensuing quarters ahead. We continue to believe that our scientific operating platform provides us with significant growth opportunities into the scientific business intelligence marketplace and we will be accelerating our investment in this area to drive future revenue growth.”
Revenue for the quarter ended June 30, 2007 was $20.1 million, compared to revenue of $20.2 million for the same quarter of the previous year. Revenue in the current quarter was favorably impacted by continued growth in the Company’s scientific operating platform product line, offset by reduced revenues in the legacy modeling and simulation products.
Non-GAAP operating income was $2.1 million for the current quarter, a 46% increase over non-GAAP operating income of $1.5 million for the same quarter of the previous year. On a GAAP basis, operating income for the current quarter was $0.8 million, compared to a $0.4 million operating loss for the same quarter of the previous year. Operating income on both a GAAP and non-GAAP basis was favorably impacted in the current quarter by savings realized in connection with the closure of our Bangalore research and development facility in the fourth quarter of fiscal year 2007 and other cost control measures implemented in previous periods, partially offset by increased personnel related costs associated with our expanded sales and sales support organization. Operating income on a GAAP basis was also favorably impacted by the elimination of restatement-related costs that were incurred in the prior year.
Non-GAAP net income was $2.7 million, or $0.10 per diluted share, for the current quarter, a 75% increase from non-GAAP net income of $1.6 million, or $0.06 per diluted share, for the same quarter of the previous year. On a GAAP basis, the Company reported net income of $1.4 million, or $0.05 per diluted share, for the current quarter, compared to a net loss of $0.3 million, or $0.01 per diluted share, for the same quarter of the previous year. Net income on both a GAAP and non-GAAP basis was favorably impacted in the current quarter by the savings realized in operating income noted above, in addition to favorable fluctuations in foreign currencies and higher interest rates obtained on our cash and marketable securities balances during the current quarter.
At June 30, 2007, the Company had total cash, cash equivalents, restricted cash and marketable securities of $68.7 million, an increase of $5.4 million from the year ago quarter.
Financial, Business and Product Development Highlights:
Non-GAAP Financial Measures:
This press release describes financial measures for operating income, net income, and net income per share that exclude stock-based compensation expense, amortization of purchased intangible assets, restructuring charges and costs incurred to complete the Company’s restatement. These financial measures are not calculated in accordance with generally accepted accounting principles (GAAP) and are not based on any comprehensive set of accounting rules or principles.
Management believes these non-GAAP financial measures provide a useful measure of the Company’s operating results, a meaningful comparison with historical results and with the results of other companies, and insight into the Company’s on-going operating performance. Further, management and the Board of Directors utilize these measures, in addition to GAAP measures, when evaluating and comparing the Company’s operating performance against internal financial forecasts and budgets. These non-GAAP financial measures should not be considered as a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. In addition, these non-GAAP financial measures may be different from non-GAAP financial measures used by other companies.
For additional information on the items excluded by the Company from its non-GAAP financial measures please refer to the Form 8-K regarding this release that was furnished today with the Securities and Exchange Commission.
The following table contains a reconciliation of the non-GAAP financial measures to the most directly comparable GAAP financial measures (unaudited, amounts in thousands, including footnotes):
Conference Call Details:
At 5:00 p.m. ET today, Accelrys will conduct a conference call to discuss its financial results. To participate, please dial (800) 573-4752 (+(617) 224-4324 outside the United States) and enter the access code, 31790151, approximately 15 minutes before the scheduled start of the call. The conference call will also be accessible live on the Investor Relations section of the Accelrys website at www.accelrys.com.
A replay of the conference call will be available online at www.accelrys.com and via telephone by dialing (888) 286-8010 (+1 (617) 801-6888 outside the United States) and entering access code, 66976038, beginning 7:00 p.m. ET on August 1, 2007 through 5:00 p.m. ET on November 1, 2007.
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