CIMdata PLM Industry Summary Online Archive

30 April 2013

Financial News

Accelrys Announces First Quarter Results

Accelrys, Inc.  reported financial results for the fiscal quarter ended March 31, 2013. Non-GAAP revenue for the quarter ended March 31, 2013 increased $2.1 million to $43.9 million from $41.8 million for the same quarter of the previous year, or an increase of 5%. Non-GAAP net income was $3.6 million, or $0.06 per diluted share, for the quarter ended March 31, 2013 compared to non-GAAP net income of $4.6 million, or $0.08 per diluted share, for the same quarter of the previous year.

GAAP revenue for the quarter ended March 31, 2013 increased $2.7 million to $42.1 million from $39.4 million for the same quarter of the previous year, or an increase of 7%. GAAP net loss was $(5.7) million, or $(0.10) per diluted share, for the quarter ended March 31, 2013 compared to GAAP net loss of $(2.3) million, or $(0.04) per diluted share, for the same quarter of the previous year.

"The first quarter results were reasonably in line with our internal targets for revenue and earnings, with the exception of the FX headwind we experienced in Japan. However, the first quarter was challenging from an orders perspective causing us to make downward revisions to our calendar 2013 outlook. We remain confident in our strategy and the associated growth opportunity it creates for our business and shareholders. We are convinced we have taken the necessary steps to overcome our execution issues in the first quarter. The fundamentals of our business remain sound and we are firmly committed to delivering on the opportunity in front of us," said Max Carnecchia, President and CEO.

Recent Business Highlights:

  • Expanded the Accelrys Process Management and Compliance Suite (PMC) with the new Accelrys Laboratory Information Management System (LIMS), transforming the traditional LIMS market with a unified, process-centric architecture that improves overall product quality, increases operational effectiveness and accelerates innovation.
  • Announced a strategic partnership with U.S. Data Management (USDM), a global regulatory compliance and risk management consulting firm, enhancing the Accelrys PMC by helping life sciences organizations achieve operational excellence with best practice regulatory compliance and risk management solutions.
  • Recognized in Gartner report on enterprise Electronic Laboratory Notebooks (ELNs) as the only vendor with the breadth of ELN offerings achieving ratings of "very high" or "high" in each scientific and functional categories.
  • Announced new integration between the Accelrys ELN and the trusted chemistry workflow solution Reaxys from Elsevier, accelerating cost-effective research and improving outcomes in upstream R&D and downstream process development.

Non-GAAP results for the quarter ended March 31, 2013 exclude the impact of integration activities and fair value accounting associated with the acquisitions of Vialis AG ("Vialis") on January 11, 2013, Aegis Analytical Corporation ("Aegis") on October 23, 2012, Contur Industry Holding AB and Contur Software AB (collectively, "Contur") and VelQuest Corporation ("VelQuest"), both in 2011, and the merger with Symyx Technologies, Inc.("Symyx") in 2010, and other nonrecurring items, as described below.

Non-GAAP revenue, non-GAAP operating income, and non-GAAP net income for the quarter ended March 31, 2013 include fair value adjustments to deferred revenue ($1.8 million). Non-GAAP operating income and non-GAAP net income for the quarter ended March 31, 2013 also exclude stock-based compensation expense ($2.4 million), business consolidation, transaction and headquarter-relocation costs ($2.2 million) and purchased intangible asset amortization ($4.6 million), offset by an adjustment to include acquisition-related cost of revenue related to VelQuestnon-GAAP revenue recognized during the quarter ended March 31, 2013 ($0.1 million). Non-GAAP net income for the quarter ended March 31, 2013 also excludes additional purchased intangible asset amortization ($0.4 million) offset by removing the impact of the amortization of note receivable discount related to our promissory note receivable from Intermolecular, Inc. ("Intermolecular") ($0.2 million) and other non-operating income related items ($0.2 million). Finally, our non-GAAP net income reflects an effective pro-forma tax rate of 40%.

To view an unabridged version of this press release, visit: http://ir.accelrys.com/releasedetail.cfm?ReleaseID=760631

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