Autodesk results at top end of expectations
An
Autodesk product story
Edited by the Engineeringtalk editorial team
Feb 26, 2002
Autodesk has announced financial results for its fourth quarter and fiscal year ended 31st January 2002.
Autodesk has announced financial results for its fourth quarter and fiscal year ended 31st January 2002.
The company reported net revenues at the high end of fourth quarter guidance and exceeded pro forma earnings per share expectations by ten cents.
Autodesk reported net revenues of $254 million for the fourth quarter of fiscal year 2002.
This revenue number is at the high end of the company's revenue guidance range of between $245 million and $255 million for the fourth quarter.
Net revenues for the year ended 31st January 2002 totalled $947 million.
On a pro forma basis, fourth quarter net income was $37 million or $0.65 per diluted share compared with $32 million or $0.57 per diluted share for the same quarter a year ago.
Pro forma net income for the year ended 31st January 2002 was $119 million or $2.12 per diluted share compared with $109 million or $1.87 per diluted share for the prior year.
Fourth quarter net income was $22 million or $0.38 per diluted share.
This compares with net income for the same quarter a year ago of $28 million or $0.51 per diluted share.
Net income for the year ended 31st January 2002 was $90 million or $1.61 per diluted share compared to net income of $93 million or $1.59 per diluted share for the prior year.
"The fourth quarter and the year were about operational excellence and solid execution on our business model", said Carol Bartz, Autodesk chairman and CEO.
"Despite a difficult economic environment, we have performed.
We delivered the strongest family of vertical applications in our history, successfully launched our new subscription programme, and incorporated three acquisitions that further enhanced our diverse portfolio of assets and strategically entered an adjacent market to provide location-based services to wireless operators and carriers.
Our products, vision and employees were put to the test and surpassed all expectations".
Solid geographic performances in the Americas and Europe led to outstanding sequential net fourth-quarter revenue increases of 18 and 31%, respectively.
A 73% sequential increase in Inventor sales, validates the company's manufacturing strategy - customers are moving to 3D.
During the quarter, more than 12,500 commercial users were added.
Design solutions revenue jumped 24% sequentially to $224 million for the quarter.
This was fuelled by strong growth in the Manufacturing, Building Industry and Geographic Information System Divisions.
AutoCAD-related product upgrade revenue was $84 million for the quarter.
Not only did R14 customers move to AutoCAD 2002, but they also crossgraded in record numbers to AutoCAD 2002-based design applications in building design, manufacturing, civil engineering and mapping.
After the first three quarters of shipments, AutoCAD 2002 is tracking to prior product upgrade cycles.
For fiscal year to 31st January 2003 the company expects net revenues to range between $1.025 billion and $1.045 billion.
Net revenue for the first quarter of fiscal year 2003 is expected to range between $240 million and $250 million.
These revenue expectations are subject to a number of risks, including further slowing in the worldwide economies, especially in the entertainment sectors, failure to achieve further customer acceptance of the AutoCAD 2002 family of products, failure to grow new collaborative or location-based services or newly acquired products and businesses and fluctuations in foreign currency.
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