CIMdata PLM Industry Summary Online Archive
18 May 2004
Financial News
Autodesk First Quarter Revenues Increase 41 Percent
18 May 2004
Autodesk, Inc. announced financial results for its first fiscal quarter ended April 30, 2004. For the first quarter, Autodesk reported net revenues of $298 million, a 41 percent increase over $211 million reported in the first quarter of the prior year.
First quarter net income was $43 million, or $0.36 per diluted share on a GAAP basis, and $49 million, or $0.41 per diluted share on a pro-forma basis. Pro-forma net income excludes an $8 million restructuring charge. Net income in the first quarter of the prior year was $8 million, or $0.07 per diluted share on a GAAP basis. There were no pro-forma adjustments in the prior year.
"I am pleased with the company's outstanding performance during the quarter," said Carol Bartz, Autodesk chairman and CEO. "Strong new releases of our AutoCAD 2005 family of products, led to outstanding results in all markets and divisions. Customers are responding enthusiastically to the improved performance and increased functionality in the new versions."
Autodesk's strong performance was driven by significant increases in revenue from new seats and upgrades, the continuing success of the company's subscription program, and the company's commitment to improving profitability.
During the quarter, the company launched its AutoCADŽ 2005 family of products. AutoCAD 2005 improves productivity and collaboration by providing the functionality needed for efficient workflow processes and allowing users to create, manage and share complex data and design information more easily. Subscription revenues, called Maintenance on the financial statements, increased 56 percent over the prior year, to $37 million.
During the quarter, Autodesk continued to deliver on its commitment to improve profitability. Operating margins improved 15 percentage points over the first quarter of fiscal 2004, to 18 percent on a GAAP basis. Pro-forma operating margins, which exclude the $8 million restructuring charge, were 21 percent in the quarter. These results demonstrate the significant leverage in the company's operating margin.
"We got off to a great start in Fiscal Year 2005," said Bartz. "We introduced the AutoCAD 2005 family of products, one of our strongest product offerings ever, just two months after the retirement of AutoCAD 2000. In addition to the successful launch of AutoCAD 2005 family of products, we plan to release significant new versions of all of our other major products this year, including Autodesk Inventor Series, Autodesk Inventor Professional and 3ds max. Our refreshed product line and our focus on increasing profitability combined with the improved global economy, position the company for strong future growth."
The following statements are forward looking statements which are based on current expectations and which involve risks and uncertainties some of which are set forth below.
Q2 Fiscal 2005
Net revenues for the second quarter of fiscal 2005 are expected to be in the range of $260 million to $270 million. Earnings per diluted share for the second quarter of fiscal year 2005 are expected to be in the range of $0.22 to $0.26 on a GAAP basis and $0.26 to $0.30 on a pro-forma basis.
Full Year Fiscal 2005
For 2005, annual revenue is expected to be in the range of $1.1 billion to $1.125 billion. Earnings per diluted share for the full year are expected to be in the range of $1.29 to $1.36 on a GAAP basis and $1.44 to $1.51 on a pro-forma basis. Fourth quarter fiscal 2005 operating margins are expected to be in the high-20 percent range.
Autodesk will host a conference call at 800-901-5213 (passcode: 41072538) today and an audio webcast on the first quarter results beginning at 5:00 p.m. Eastern Time at http://www.autodesk.com/investor A replay of this webcast will be maintained on our website for at least twelve months.
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