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ACCELRYS ANNOUNCES FISCAL 2006 FINANCIAL RESULTS
Net Loss Reduced by over 50%; Positive Operating Cash Flow of $5.8 Million
Company Completes Restatement of Historical Financial Statements
San Diego, May 24, 2006 Accelrys, Inc. (NASDAQ: ACCL) today reported financial results for the quarter and fiscal year ended March 31, 2006 and for the quarter and nine-month period ended December 31, 2005. The Company also announced that it has completed the restatement of its historical financial statements and filed its Quarterly Report on Form 10-Q for the fiscal quarter ended December 31, 2005 and its Annual Report on Form 10-K for the fiscal year ended March 31, 2006. The financial results included in this press release reflect the restatement for all periods presented.
Fiscal 2006 Results
Revenue for the fiscal year ended March 31, 2006 was $82.0 million, an increase of 4% from $79.0 million for the fiscal year ended March 31, 2005. The increase in revenue reflects organic growth in sales of the Companys platform and solutions offerings as well as the additive effect of a full year of revenue from our SciTegic subsidiary included in fiscal year 2006, as compared to only six months of SciTegic revenues included in fiscal year 2005. These increases in revenue were partially offset by continued declines in sales of some of our traditional modeling and simulation products to life sciences companies.
We are very pleased with our financial performance in fiscal 2006, said Mark J. Emkjer, Accelrys President and Chief Executive Officer. We reported revenue growth, reduced our net loss by over 50 percent, and generated positive cash flow. In addition, our deferred revenue and backlog of signed, multi-year customer contracts continues to grow, reflecting the increased confidence our customers have in Accelrys. We are particularly pleased that our strategic focus on providing platform and solutions offerings resulted in increased revenue during the year. We continue to believe that these offerings represent a significant growth opportunity.
Total operating costs and expenses for the fiscal year ended March 31, 2006 were $90.7 million compared to $96.8 million for the fiscal year ended March 31, 2005. Included in total operating costs and expenses were severance and lease abandonment costs of $3.2 million in fiscal 2006 and $5.1 million in fiscal 2005. Fiscal 2006 also included $1.1 million in professional services costs related to the restatement, while fiscal 2005 expenses also included $0.5 million in costs associated with the acquisition of SciTegic, Inc. Excluding the impact of these costs, total operating costs and expenses declined 5% from the prior year.
The following information was filed by Accelrys, Inc. (ACCL) on Wednesday, May 24, 2006 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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