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ACCELRYS ANNOUNCES FOURTH QUARTER AND FULL YEAR FISCAL 2010 FINANCIAL RESULTS
Full Year Revenue Increases 2% From Prior Fiscal Year; Fourth Quarter Revenue Increases 4% from Fourth Quarter of Prior Fiscal Year
Full Year Non-GAAP Operating Income Increases 24% Year Over Year
SAN DIEGO, California, May 20, 2010 Accelrys, Inc. (NASDAQ: ACCL) today reported financial results for the fourth fiscal quarter and full year ended March 31, 2010. Revenue for the quarter increased 4% to $20.8 million from $20.0 million for the same quarter of the previous year. Revenue for the year ended March 31, 2010 increased 2% to $83.0 million from $81.0 million for the previous year.
Non-GAAP net loss was ($0.6) million, or ($0.02) per diluted share, for the three months ended March 31, 2010 compared to ($1.5) million, or ($0.05) per diluted share, for the same quarter of the previous year. Non-GAAP net income was $6.6 million, or $0.24 per diluted share, for the year ended March 31, 2010 compared to $6.0 million, or $0.22 per diluted share, for the previous year.
GAAP net loss was ($2.4) million, or ($0.09) per diluted share, for the three months ended March 31, 2010 compared to ($2.2) million, or ($0.08) per diluted share, for the same quarter of the previous year. GAAP net income was $1.2 million, or $0.04 per diluted share, for the year ended March 31, 2010 compared to $0.1 million, or breakeven on a per diluted share basis, for the previous year.
The Companys balance sheet as of March 31, 2010 included cash, cash equivalents, marketable securities and restricted cash of $93.1 million. Deferred revenue at the end of the fourth quarter was $61.3 million, up 7% from March 31, 2009. The Company has no debt outstanding.
We are pleased with our performance, both in the fourth quarter and overall in our 2010 fiscal year, said Max Carnecchia, President and CEO, Accelrys, Inc. Our revenue, operating income, cash and deferred revenue growth are the results of a successful fiscal year 2010 and position us for further success in fiscal year 2011.
Other recent financial and business highlights included:
Entered into a definitive merger agreement with Symyx Technologies, Inc. that will establish a new leader in scientific informatics software. The transaction has cleared the Hart-Scott-Rodino waiting period. The S-4 registration statement was declared effective on May 18, 2010. The special meeting date has been set for June 30, 2010. The transaction is subject to certain customary closing conditions including approval by both companies shareholders, and is expected to close early in July 2010.
Announced the release of Accelrys Pipeline Pilot 8.0. This latest version of Accelrys scientific informatics platform has been further developed to support a greater number of scientists and researchers working individually or as collaborative teams across the wider scientific R&D enterprise.
Released the worlds first commercially available multi-entity biological registration system. This state-of-the-art system was developed in collaboration with an Accelrys Biological Special Interest Group (SIG) which collectively provided user requirements and ongoing feedback.
Successfully concluded its North American Customer User Group Conference in Boston, Massachusetts. A record number of Accelrys customers and partners attended the conference which showcased the use of Accelrys products and services in improving the productivity and performance of leading scientific R&D organizations.
Appointed Mr. Todd Johnson as Executive Vice President of Sales, Marketing and Services. Mr. Johnson initially joined the Company as its Interim Chief Executive Officer and, after the appointment of Max Carnecchia as the Companys Chief Executive Officer in July 2009, served as the Companys Senior Vice President of Marketing and Operations until this new appointment.
The following information was filed by Accelrys, Inc. (ACCL) on Thursday, May 20, 2010 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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