Autodesk revenues leap 41%
An
Autodesk product story
Edited by the Engineeringtalk editorial team
May 31, 2004
Autodesk has released financial results for its first fiscal quarter ended 30th April 2004, with net revenues of $298 million, a 41% increase over $211 million reported a year before.
Autodesk has released financial results for its first fiscal quarter ended 30th April 2004, with net revenues of $298 million, a 41% 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 AutoCAD 2005 family of products, demonstrating the company's continued commitment to delivering lifecycle management solutions to customers.
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% over the prior year, to $37 million, as customers continue to recognize the value of the subscription programme and the quick return on investment of Autodesk products.
During the quarter, Autodesk continued to deliver on its commitment to improve profitability.
Operating margins improved 15% over the first quarter of fiscal 2004, to 18% on a GAAP basis.
Pro-forma operating margins, which exclude the $8 million restructuring charge, were 21% 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".
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.
For 2005, annual revenue is expected to be in the range $1.1 billion to $1.125 billion.
Earnings per diluted share for the full year are expected to be in the range $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% range.
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