Ansoft Corporation Revenue Increases 15%
14 Agosto 2007 - 3:15PM
Business Wire
Ansoft Corporation (NASDAQ:ANST) today announced financial results
for its first quarter of fiscal 2008 ended July 31, 2007. Revenue
for the first quarter totaled $19.9 million, an increase of 15%
compared to $17.3 million reported in the previous fiscal year's
first quarter. Operating income for the first quarter was $5.2
million representing an 84% increase when compared to operating
income of $2.8 million in the previous fiscal year's first quarter.
On a generally accepted accounting principles (GAAP) basis, net
income for the first quarter was $3.9 million, or $0.15 per diluted
share, representing a 69% increase when compared to GAAP net income
of $2.3 million, or $0.09 per diluted share in the previous fiscal
year's first quarter. GAAP net income for first quarter includes
employee stock-based compensation expense of $0.2 million, or $0.01
per diluted share. This compares to employee stock-based
compensation expense of $0.6 million, or $0.02 per diluted share in
the previous fiscal year�s first quarter. Additionally, GAAP net
income for both the current and previous year�s first quarter
includes acquisition related amortization of $0.3 million, or $0.01
per diluted share. During the current quarter, the Company
repurchased 853,632 shares of its common stock. �We are pleased to
report strong revenue and earnings growth for the first quarter,�
said Nicholas Csendes, Ansoft�s President and CEO. �For the next
fiscal quarter, we anticipate continued revenue growth of around
10-15%.� Ansoft is a leading developer of high-performance
electronic design automation (EDA) software. Engineers use Ansoft
software to achieve first-pass system success when designing mobile
communication and Internet-access devices, broadband networking
components and systems, integrated circuits (ICs), printed circuit
boards (PCBs) and electromechanical systems. Ansoft markets its
products worldwide through its own direct sales force and has
comprehensive customer-support and training offices throughout
North America, Asia and Europe. This press release contains
forward-looking statements including those related to revenue
growth for the current fiscal year that are made pursuant to the
safe harbor provisions of the Private Securities Litigation Act of
1995. These forward-looking statements are based on management�s
current expectations and assumptions that are subject to risks and
uncertainties that could cause actual results to differ materially
from those expressed or implied in such forward-looking statement,
including, but not limited to, management�s ability to forecast
revenues and control expenses and the amount, timing and structure
of software licenses. For further information regarding risks and
uncertainties associated with Ansoft�s business, please refer to
the �Management�s Discussion and Analysis of Financial Condition
and Results of Operations� section of Ansoft�s SEC filings,
including, but not limited to, its annual report on Form 10-K for
the fiscal year ended April 30, 2007 and quarterly reports on Form
10-Q, copies of which may be obtained at Ansoft�s website at
www.ansoft.com/about/investor/index.cfm. All information in this
release is as of August 14, 2007. Ansoft undertakes no duty to
update any forward-looking statement to conform the statement to
actual results or changes in Ansoft�s expectations. ANSOFT
CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS �(In
thousands, except per share amounts) (unaudited) � Three months
ended July 31, 2007 2006 Revenue License $ 9,658 $ 8,185 Service
and other 10,253 9,138 Total revenue 19,911 17,323 Costs of revenue
License 136 120 Service and other 411 333 Total cost of revenue 547
453 Gross profit 19,364 16,870 Operating Expenses Sales and
marketing 7,617 7,478 Research and development 4,713 4,826 General
and administrative 1,525 1,384 Amortization 290 346 Total operating
expenses 14,145 14,034 Income from operations 5,219 2,836 Other
income, net 831 815 Income before income taxes 6,050 3,651 Income
tax expense 2,179 1,362 Net income $ 3,871 $ 2,289 Net income per
share Basic $ 0.16 $ 0.10 Diluted $ 0.15 $ 0.09 Weighted average
shares used in calculation Basic 23,725 23,609 Diluted 25,859
26,174 ANSOFT CORPORATION CONSOLIDATED BALANCE SHEETS (In
thousands, except per share amounts) (unaudited) � � July 31, April
30, 2007 2007 � Assets Current assets Cash and cash equivalents $
38,188 $ 49,356 Accounts receivable, net of allowance for doubtful
Accounts of $1,059 and $973, respectively 14,383 24,994 Deferred
income taxes 4,055 1,441 Prepaid expenses and other current assets
2,499 � 2,566 � Total current assets 59,125 78,357 � Equipment and
furniture, net of accumulated depreciation of $7,286 and $7,019,
respectively 2,450 2,514 Marketable securities 21,997 22,383 Other
assets 156 155 Deferred income taxes 5,388 5,352 Goodwill 1,239
1,239 Other intangible assets, net 880 � 1,170 � Total assets $
91,235 � $ 111,170 � � Liabilities and stockholders' equity Current
liabilities Accounts payable $ 258 $ 626 Accrued payroll 1,074
3,380 Accrued income taxes 324 603 Other accrued expenses 3,917
4,130 Current portion of deferred revenue 24,616 � 26,244 � Total
current liabilities 30,189 34,983 Accrued income taxes 3,325 -
Long-term portion of deferred revenue 1,081 � 1,404 � Total
liabilities 34,595 36,387 � Stockholders' equity Preferred stock ,
par value $0.01 per share; 1,000 shares authorized, no shares
outstanding - - Common stock , par value $0.01 per share; 50,000
shares authorized; issued 29,576 and 29,258 shares, respectively
and outstanding 23,420 and 23,956, respectively � 296 293
Additional paid-in capital 88,115 85,754 Treasury stock, 6,156 and
5,302 shares, respectively (73,443 ) (49,176 ) Accumulated other
comprehensive loss (1,075 ) (964 ) Retained earnings 42,747 �
38,876 � Total stockholders' equity 56,640 � 74,783 � Total
liabilities and stockholders' equity $ 91,235 � $ 111,170 �
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