Accelrys, Inc. (ACCL) 10-Q Quarterly Report May 2013

- Accelrys, Inc. (NASDAQ: ACCL) today reported financial results for the fiscal quarter ended March 31, 2013. Non-GAAP revenue for the quarter ended March 31, 2013 increased $2.1 million to $43.9 million from $41.8 million for the same quarter of the previous year, or an increase of 5%. Non-GAAP net income was $3.6 million, or $0.06 per diluted share, for the quarter ended March 31, 2013 compared to non-GAAP net income of $4.6 million, or $0.08 per diluted share, for the same quarter of the previous year.

GAAP revenue for the quarter ended March 31, 2013 increased $2.7 million to $42.1 million from $39.4 million for the same quarter of the previous year, or an increase of 7%. GAAP net loss was $(5.7) million, or $(0.10) per diluted share, for the quarter ended March 31, 2013 compared to GAAP net loss of $(2.3) million, or $(0.04) per diluted share, for the same quarter of the previous year.

“The first quarter results were reasonably in line with our internal targets for revenue and earnings, with the exception of the FX headwind we experienced in Japan. However, the first quarter was challenging from an orders perspective causing us to make downward revisions to our calendar 2013 outlook. We remain confident in our strategy and the associated growth opportunity it creates for our business and shareholders. We are convinced we have taken the necessary steps to overcome our execution issues in the first quarter. The fundamentals of our business remain sound and we are firmly committed to delivering on the opportunity in front of us,” said Max Carnecchia, President and CEO.

Recent Business Highlights:


•	Expanded the Accelrys Process Management and Compliance Suite (PMC) with the new Accelrys Laboratory Information Management System (LIMS), transforming the traditional LIMS market with a unified, process-centric architecture that improves overall product quality, increases operational effectiveness and accelerates innovation.


•	Announced a strategic partnership with U.S. Data Management (USDM), a global regulatory compliance and risk management consulting firm, enhancing the Accelrys PMC by helping life sciences organizations achieve operational excellence with best practice regulatory compliance and risk management solutions.


•	Recognized in Gartner report on enterprise Electronic Laboratory Notebooks (ELNs) as the only vendor with the breadth of ELN offerings achieving ratings of "very high" or "high" in each scientific and functional categories.


•	Announced new integration between the Accelrys ELN and the trusted chemistry workflow solution Reaxys from Elsevier, accelerating cost-effective research and improving outcomes in upstream R&D and downstream process development.

Non-GAAP results for the quarter ended March 31, 2013 exclude the impact of integration activities and fair value accounting associated with the acquisitions of Vialis AG (“Vialis”) on January 11, 2013, Aegis Analytical Corporation (“Aegis”) on October 23, 2012, Contur Industry Holding AB and Contur Software AB (collectively, “Contur”) and VelQuest Corporation (“VelQuest”), both in 2011, and the merger with Symyx Technologies, Inc. (“Symyx”) in 2010, and other nonrecurring items, as described below.

Non-GAAP revenue, non-GAAP operating income, and non-GAAP net income for the quarter ended March 31, 2013 include fair value adjustments to deferred revenue ($1.8 million). Non-GAAP operating income and non-GAAP net income for the quarter ended March 31, 2013 also exclude stock-based compensation expense ($2.4 million), business consolidation, transaction and headquarter-relocation costs ($2.2 million) and purchased intangible asset amortization ($4.6 million), offset by an adjustment to include acquisition-related cost of revenue related to VelQuest non-GAAP revenue recognized during the quarter ended March 31, 2013 ($0.1 million). Non-GAAP net income for the quarter ended March 31, 2013 also excludes additional purchased intangible asset amortization ($0.4 million) offset by removing the impact of the amortization of note receivable discount related to our promissory note receivable from Intermolecular, Inc. (“Intermolecular”) ($0.2 million) and other non-operating income related items ($0.2 million). Finally, our non-GAAP net income reflects an effective pro-forma tax rate of 40%.

Calendar Year 2013 Outlook

For the year ending December 31, 2013, the Company expects non-GAAP revenue to be between $176 and $181 million, and non-GAAP diluted earnings per share to be between $0.32 and $0.34 per diluted share on fully diluted weighted average shares outstanding of 57.0 million and using an effective tax rate of 40%.

The following information was filed by Accelrys, Inc. (ACCL) on Tuesday, April 30, 2013 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Ticker: ACCL
CIK: 1002388
Form Type: 10-Q Quarterly Report
Accession Number: 0001002388-13-000019
Submitted to the SEC: Wed May 01 2013 4:21:06 PM EST
Accepted by the SEC: Wed May 01 2013
Period: Sunday, March 31, 2013
Industry: Prepackaged Software