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

San Diego, July 31, 2013 - Accelrys, Inc. (NASDAQ: ACCL) today reported financial results for the fiscal quarter ended June 30, 2013. Non-GAAP revenue for the quarter ended June 30, 2013 increased $0.3 million to $41.8 million from $41.6 million for the same quarter of the previous year, or an increase of one percent. Non-GAAP revenue for the six months ended June 30, 2013 increased $2.4 million to $85.8 million from $83.3 million for the same period of the previous year, or an increase of three percent.

Non-GAAP net income was $3.7 million, or $0.07 per diluted share, for the quarter ended June 30, 2013 compared to non-GAAP net income of $4.1 million, or $0.07 per diluted share, for the same quarter of the previous year. Non-GAAP net income was $7.3 million, or $0.13 per diluted share, for the six months ended June 30, 2013 compared to non-GAAP net income of $8.7 million, or $0.15 per diluted share, for the same period of the previous year.

GAAP revenue for the quarter ended June 30, 2013 increased $0.6 million to $39.0 million from $38.4 million for the same quarter of the previous year, or an increase of two percent. GAAP revenue for the six months ended June 30, 2013 increased $3.3 million to $81.2 million from $77.8 million for the same period of the previous year, or an increase of four percent.

GAAP net income was $19.8 million, or $0.35 per diluted share, for the quarter ended June 30, 2013 compared to GAAP net loss of $(0.5) million, or $(0.01) per diluted share, for the same quarter of the previous year. GAAP net income was $14.1 million, or $0.25 per diluted share, for the six months ended June 30, 2013 compared to GAAP net loss of $(2.8) million, or $(0.05) per diluted share, for the same period of the previous year. GAAP net income for the three and six months ended June 30, 2013 included a one-time gain of $25.9 million, or $0.45 per diluted share for both periods, recognized upon the payoff of the promissory note receivable from Intermolecular, Inc. (“Intermolecular”) in May 2013.

“The implementation of our market segment strategy and field coverage model continued to take hold during the quarter and our execution improved across the business producing positive results overall. Orders performance for the second quarter improved from Q1 2013 and represented solid growth over the second quarter of 2012,” said Max Carnecchia, President and Chief Executive Officer of Accelrys. “The teams are gaining momentum and we have added additional talent to the organization. Overall the market dynamics appear to be improving; and we remain confident that we are uniquely positioned to create a growing world-class software company and capitalize on the scientific innovation lifecycle management market opportunity. The restructuring announced today further strengthens our financial position and aligns our resources with the significant growth opportunity of our business.”

Recent Business Highlights:

•

On July 25, 2013 we strengthened the board of directors through the addition of a new independent director, Heidi Melin, currently the chief marketing officer of Plex Systems, Inc., a cloud Enterprise Resource Planning (“ERP”) technology company that delivers plant floor-focused ERP to manufacturers. Ms. Melin brings to Accelrys more than 20 years of experience in marketing in the high technology industry.

Specific business highlights from the quarter ended June 30, 2013 include the release of new products such as:


•	The Experiment Knowledge Base, the first informatics system for R&D that gives scientists the ability to search and mine experimentation data from almost any source


•	The enhanced Accelrys Process Management and Compliance Suite with Discoverant 4.3, providing new enterprise manufacturing process intelligence capabilities


•	The Accelrys Enterprise Platform 9.0, which has expansive capabilities for managing Big Data and the challenges associated with externalization


•	A cloud-based Externalized Collaboration Suite, which addresses the needs of life sciences organizations engaged in collaborative network research

In addition, Accelrys continued to enhance its relationships with partners, by:


•	Expanding our relationship with BT through the release of our industry-leading research and collaboration workspace, HEOS, on the BT Life Sciences R&D Cloud; and


•	Further strengthening our partnership with BT through the development of innovative data mining strategies using Accelrys Enterprise Platform to handle large sets of structured and unstructured data, such as BT's collations of public health data, which have previously proven difficult, if not impossible, to manage with other technologies

Realignment of Company Operations:

Separately today the Company announced the restructuring of approximately 80 employees, or about 12% of its total workforce, and the abandonment of a portion of one of its facilities in San Ramon, California. These actions are intended to reduce costs and

The following information was filed by Accelrys, Inc. (ACCL) on Wednesday, July 31, 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: 0001002388-13-000031
Submitted to the SEC: Thu Aug 01 2013 4:35:32 PM EST
Accepted by the SEC: Thu Aug 01 2013
Period: Sunday, June 30, 2013
Industry: Prepackaged Software