ACCELRYS ANNOUNCES FOURTH QUARTER AND FULL YEAR 2013 RESULTS
SAN DIEGO, February 25, 2014 - Accelrys, Inc. (NASDAQ: ACCL) today reported financial results for the fiscal quarter ended December 31, 2013. Non-GAAP revenue for the quarter ended December 31, 2013 increased to $47.6 million from $47.5 million for the same quarter of the previous year. Non-GAAP revenue for the year ended December 31, 2013 increased $3.4 million to $177.7 million from $174.3 million for the year ended December 31, 2012 or an increase of 1.9 percent.
Non-GAAP net income was $5.3 million, or $0.09 per diluted share, for the quarter ended December 31, 2013, compared to non-GAAP net income of $4.5 million, or $0.08 per diluted share, for the same quarter of the previous year. Non-GAAP net income was $20.5 million, or $0.36 per diluted share, for the year ended December 31, 2013, compared to non-GAAP net income of $19.6 million, or $0.35 per diluted share, for the year ended December 31, 2012.
GAAP revenue for the quarter ended December 31, 2013 increased $2.3 million to $46.5 million from $44.2 million for the same quarter of the previous year, or an increase of 5 percent. GAAP revenue for the year ended December 31, 2013 increased $6.0 million to $168.5 million from $162.5 million for the year ended December 31, 2012, or an increase of 3.7 percent.
GAAP net loss was $(0.1) million, or $(0.001) per diluted share, for the quarter ended December 31, 2013 compared to GAAP net loss of $(8.2) million, or $(0.15) per diluted share, for the same quarter of the previous year. GAAP net income was $5.7 million, or $0.10 per diluted share, for the year ended December 31, 2013 compared to GAAP net loss of $(10.4) million, or $(0.19) per diluted share, for the year ended December 31, 2012. GAAP net income for year ended December 31, 2013 included a one-time gain of $25.9 million, or $0.45 per diluted share, recognized upon the payoff of the promissory note receivable from Intermolecular, Inc. (“Intermolecular”) in May 2013.
Recent Business Highlights:
Launch of Accelrys Materials Studio® 7.0 modeling and simulation environment for chemists, polymer scientists and other materials scientists, with enhancements in quantum mechanics, classical simulation, usability, visualization and collaboration to enable scientists to engineer better performing and more cost-effective materials across a wide range of applications.
Acquisition of Ireland-based QUMAS, a leading global provider of Cloud-based and on-premises enterprise compliance software for regulatory and quality operations in highly regulated industries, for $50 million in cash, extending Accelrys' informatics portfolio with mission-critical, end-to-end document and process management compliance solutions.
Received highest rating in Gartner Inc.’s latest laboratory informatics system report, and was the only vendor to receive a "very high" rating in all five phases of new product development concept, research, development, tech transfer and manufacturing. Accelrys was among four of 23 ELN vendors to offer a Laboratory Information Management System (LIMS) solution.
Introduction of Accelrys Insight offering life scientists an entirely new way to access, visualize and share disparate scientific information in real time.
Launch of Accelrys Predictive Sciences accelerating drug discovery research with software for investigating and testing hypotheses in silico prior to costly experimentation.
Non-GAAP Financial Measures:
This press release describes financial measures for non-GAAP revenue, operating income, net income, net income per diluted share and free cash flow that exclude deferred revenue fair value adjustments, acquisition-related cost of revenue, business consolidation, restructuring and headquarter-relocation costs, stock-based compensation expense, note receivable impairment, purchased intangible asset amortization, royalty income fair value adjustments, amortization of note receivable discount, gain on sale of real estate, gain on sale of intellectual property, write-off of lease related assets and other non-operating expense. Additionally, our non-GAAP net income reflects an effective pro-forma tax rate of 40 percent. These financial measures are not calculated in accordance with generally accepted accounting principles (GAAP) and are not based on any comprehensive set of accounting rules or principles.
Management believes these non-GAAP financial measures provide a useful measure of the Company's operating results, a meaningful comparison with historical results and with the results of other companies, and insight into the Company's ongoing operating performance. Further, management and the Board of Directors utilize these measures, in addition to GAAP measures, when evaluating and comparing the Company's operating performance against internal financial forecasts and budgets. These non-GAAP financial measures should not be considered as a substitute for, or superior to, measures of financial performance prepared
The following information was filed by Accelrys, Inc. (ACCL) on Tuesday, February 25, 2014 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.