CIMdata PLM Industry Summary Online Archive
23 May 2007
Financial News
Ansoft Corporation Reports Record Revenue
Ansoft Corporation announced financial results for its fourth quarter of fiscal 2007 ended April 30, 2007. All references to share and per share information, except shares authorized, included in this press release have been adjusted to reflect the two-for-one stock split effected in the form of a stock dividend that was declared on March 7, 2006 and distributed on May 9, 2006.
Revenue for the fourth quarter totaled $28.6 million, an increase of 16% compared to $24.7 million reported in the previous fiscal year's fourth quarter.
On a generally accepted accounting principles (GAAP) basis, net income for the fourth quarter was $7.9 million, or $0.30 per diluted share compared to GAAP net income of $8.3 million, or $0.32 per diluted share in the previous fiscal year's fourth quarter. GAAP net income for the previous fiscal year's fourth quarter included a $1.0 million, or $0.04 per diluted share, income tax benefit associated with the reversal of the Company's remaining valuation allowance for certain U.S. Federal net deferred tax assets.
GAAP net income for the current quarter includes employee stock-based compensation expense of $0.7 million, or $0.02 per diluted share. The previous fiscal year's fourth quarter net income did not include employee stock-based compensation expense.
Additionally, GAAP net income for the current quarter includes acquisition related amortization of $0.3 million, or $0.01 per diluted share. This compares to acquisition related amortization of $0.4 million, or $0.01 per diluted share in the previous fiscal year's fourth quarter.
"We experienced strong revenue growth and are pleased to report record revenue for the fourth quarter," said Nicholas Csendes, Ansoft's President and CEO. "For the next fiscal year, we anticipate continued revenue growth of around 10-15%."
Revenue for the fiscal year totaled $89.1 million, an increase of 15% compared to $77.2 million reported in the previous fiscal year.
On a GAAP basis, net income for the fiscal year was $20.2 million, or $0.77 per diluted share compared to GAAP net income of $17.8 million, or $0.69 per diluted share in the previous fiscal year. Results for the current fiscal year include a tax benefit of $0.9 million, or $0.03 per diluted share for the US Research and Development Tax Credit enacted retroactive by Congress in December 2006 that relate to credits earned in the prior fiscal year. Results for the previous fiscal year included $2.4 million, or $0.09 per diluted share, of income tax benefit for a federal tax credit claim and refund related to foreign taxes previously paid and $1.0 million, or $0.04 per diluted share, of income tax benefit associated with the reversal of the Company's remaining valuation allowance for certain U.S. Federal net deferred tax assets.
GAAP net income for the current fiscal year includes employee stock-based compensation expense of $2.6 million, or $0.08 per diluted share. The previous fiscal year's net income did not include employee stock-based compensation expense.
Additionally, GAAP net income for the current fiscal year includes acquisition related amortization of $1.3 million, or $0.03 per diluted share. This compares to acquisition related amortization of $1.5 million, or $0.04 per diluted share in the previous fiscal year.
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 and quarterly reports on Form 10-Q, copies of which may be obtained at Ansoft's website at http://www.ansoft.com/about/investor/index.cfm .
All information in this release is as of May 23, 2007. Ansoft undertakes no duty to update any forward-looking statement to conform the statement to actual results or changes in the Company's expectations.
Full financials are available at http://www.ansoft.com/news/press_release/070523ybx.cfm .
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