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Accelrys, Inc. (ACCL) SEC Filing 10-K Annual report for the fiscal year ending Saturday, December 31, 2011

Accelrys, Inc.

CIK: 1002388 Ticker: ACCL

Exhibit 99.1

ACCELRYS ANNOUNCES FOURTH QUARTER AND FULL YEAR 2011 FINANCIAL RESULTS

San Diego, March 6, 2012

— Accelrys, Inc. (NASDAQ: ACCL) today reported financial results for the quarter and full year ended December 31, 2011. Non-GAAP revenue for the quarter ended December 31, 2011 decreased $1.6 million to $40.8 million from $42.5 million for the same quarter of the previous year, or a decrease of 4%. Non-GAAP revenue for the year ended December 31, 2011 increased $30.3 million to $155.0 million from $124.7 million for the 12 months ended December 31, 2010, or an increase of 24%.

Non-GAAP net income was $4.6 million, or $0.08 per diluted share, for the quarter ended December 31, 2011 compared to non-GAAP net income of $4.3 million, or $0.08 per diluted share, for the same quarter of the previous year. Non-GAAP net income was $19.0 million, or $0.34 per diluted share, for the year ended December 31, 2011 compared to non-GAAP net income of $10.6 million, or $0.25 per diluted share, for the 12 months ended December 31, 2010.

Non-GAAP free cash flow was $7.9 million for the quarter ended December 31, 2011 compared to non-GAAP free cash flow of $5.7 million for the same quarter of the previous year. Non-GAAP free cash flow more than doubled to $33.2 million for the year ended December 31, 2011 when compared to non-GAAP free cash flow of $15.5 million for the 12 months ended December 31, 2010.

The GAAP results for the quarter and year ended December 31, 2011 were impacted by the business combination accounting associated with the acquisitions of Contur Industry Holding AB and Contur Software AB (collectively, “Contur”) and VelQuest Corporation (“VelQuest”) in 2011 and the merger with Symyx Technologies in 2010, and by other nonrecurring acquisition-related and restructuring costs. GAAP revenue, GAAP operating loss, other income and GAAP net income for the quarter and year ended December 31, 2011 were negatively impacted by fair value adjustments to both deferred revenue ($1.1 million and $10.7 million, respectively) and deferred royalty income ($0.2 million and $0.8 million, respectively). GAAP operating income for those periods was also negatively impacted by business consolidation, transaction and restructuring costs ($1.5 million and $7.8 million, respectively), stock-based compensation expense ($1.4 million and $5.6 million, respectively) and purchased intangible asset amortization ($4.6 million and $18.2 million, respectively), while GAAP net income for the same periods was negatively impacted by additional purchased intangible asset amortization ($0.6 million and $2.4 million, respectively). In addition, GAAP net income was positively impacted by the net gain recognized upon the sale of our equity investment in Intermolecular ($19.0 million in both periods), offset by the write off of the associated intangible assets ($4.3 million in both periods).

GAAP revenue for the quarter ended December 31, 2011 increased $8.4 million to $39.8 million from $31.3 million for the same quarter of the previous year, or an increase of 27%. GAAP revenue for the year ended December 31, 2011 increased $43.4 million to $144.3 million from $101.0 million for the 12 months ended December 31, 2010, or an increase of 43%.

GAAP net income was $14.2 million or $0.25 per diluted share, for the current quarter compared to GAAP net loss of $15.6 million, or $0.28 per diluted share, for the same quarter of the previous year. GAAP net income was $1.8 million or $0.03 per diluted share, for the year ended December 31, 2011 compared to GAAP net loss of $23.0 million, or $0.55 per diluted share, for the 12 months ended December 31, 2010.

“2011 was an important year for Accelrys, one in which we established our operational baseline following the merger with Symyx Technologies in the prior year. I am pleased with the progress we made in all areas of the business, completing our integration activities and significant releases in all of our core product lines,” said Max Carnecchia, President and CEO. “We also completed two key acquisitions that further our strategy of assisting companies optimize their product innovation cycle, bringing products from lab to market more quickly and efficiently and at a lower cost. We have built a solid foundation from which we will continue to serve our customers and grow our business organically and through further acquisitions in 2012.”

Recent Business Highlights:

 

   

Announced our Company strategy and supporting enterprise architecture, enabling industries and organizations that rely on scientific innovation to bring new products from lab to market more quickly and efficiently.

 

   

Completed two acquisitions furthering our strategy of optimizing the research and development value chain. Contur, an emerging leader in cost-effective Electronic Laboratory Notebooks (“ELN”), expanded the range of ELN offerings and added Software-as-a-Service capabilities. VelQuest, the leading provider of paperless lab execution systems, extended the portfolio into the downstream pharmaceutical Quality Assurance and Quality Control space.

 

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The following information was filed by Accelrys, Inc. (ACCL) on Tuesday, March 6, 2012 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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SEC Filing Tools
Ticker: ACCL
CIK: 1002388
Form Type: 10-K Annual Report
Accession Number: 0001193125-12-111987
Submitted to the SEC: Tue Mar 13 2012 3:56:26 PM EST
Accepted by the SEC: Tue Mar 13 2012
Period: Saturday, December 31, 2011
Industry: Prepackaged Software

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