CIMdata PLM Industry Summary Online Archive

12 February 2007

Financial News

Aspen Technology Files Extension for Second Quarter Form 10-Q

Aspen Technology, Inc . announced that it has filed a Form 12b-25 with the Securities and Exchange Commission ("SEC") relative to its Form 10-Q for the quarter ended December 31, 2006.

As disclosed on February 6, 2007, the Company is in the process of restating its previously issued financial statements for fiscal years 2004 through 2006 and the first quarter of fiscal 2007. The restatements relate primarily to non-cash adjustments in the Company's previously reported non-operating income, and to related non-cash adjustments that impact the translation of foreign currency on amortization expense for subsidiaries operating outside the U.S. As also disclosed on February 6, 2007, the Company expects that the restated financial statements will also reflect the correction of other errors identified in the current period close. After completing each of these adjustments, the Company currently expects pre-tax income to increase by approximately $3 million, decrease by approximately $4 million, decrease by approximately $6 million and increase by approximately $0.5 million, in the fiscal years 2004, 2005, 2006 and the first quarter of fiscal 2007, respectively. In addition, the Company expects the opening balance of retained deficit and other comprehensive loss as of July 1, 2003 to decrease by $1.5 million and $1.0 million, respectively.

On a preliminary estimated basis, the Company expects to report revenue of $96.4 million and operating income of $26.0 million for the quarter ended December 31, 2006 upon the completion of the review currently underway. Because the review and restatement of prior periods is currently ongoing, the Company expects that it will be unable to finalize its financial statements for the quarter ended December 31, 2006 by February 14, 2007, the extended filing deadline available under Form 12b-25. The Company is working diligently to complete its review and will file its Form 10-Q for the quarter ended December 31, 2006, together with amendments to its Form 10-K for the fiscal year ended June 30, 2006 and its Form 10-Q for the quarter ended September 30, 2006, as soon as practical.

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