Ansoft Corporation (NASDAQ:ANST) today announced financial results
for its first quarter of fiscal 2007 ended July 31, 2006. All
references to share and per share information, except shares
authorized, included in this press release have been adjusted to
reflect the two-for-one stock split effected in the form of a stock
dividend that was declared on March 7, 2006, and distributed on May
9, 2006. Revenue for the first quarter totaled $17.3 million, an
increase of 17% compared to $14.8 million reported in the previous
fiscal year's first quarter. On a generally accepted accounting
principles (GAAP) basis, net income for the first quarter was $2.3
million, or $0.09 per diluted share, representing a 96% increase
when compared to GAAP net income of $1.2 million, or $0.05 per
diluted share in the previous fiscal year's first quarter. GAAP net
income for first quarter includes employee stock-based compensation
expense of $0.6 million, or $0.02 per diluted share due to the
adoption of Statement of Financial Accounting Standards 123(R)
(SFAS 123(R)). The previous fiscal year's first quarter net income
did not include employee stock-based compensation expense related
to SFAS 123(R). Additionally, GAAP net income for the first quarter
includes acquisition related amortization of $0.3 million, or $0.01
per diluted share. This compares to acquisition related
amortization of $0.4 million, or $0.01 per diluted share in the
previous fiscal year's first quarter. "We are pleased to report
strong revenue and earnings growth for the first quarter," said
Nicholas Csendes, Ansoft's President and CEO. "For the next fiscal
quarter, we anticipate continued revenue growth of around 10-15%."
Ansoft is a leading developer of high-performance electronic design
automation (EDA) software. Engineers use Ansoft software to design
state-of-the-art electronic products, such as cellular phones,
internet access devices, broadband networking components and
systems, integrated circuits (ICs), printed circuit boards (PCBs),
automotive electronic systems and power electronics. Ansoft markets
its products worldwide through its own direct sales force and has
comprehensive customer-support and training offices throughout
North America, Asia and Europe. This press release contains
forward-looking statements including those related to revenue and
earnings growth for the current fiscal year that are made pursuant
to the safe harbor provisions of the Private Securities Litigation
Act of 1995. These forward-looking statements are based on current
expectations and assumptions that are subject to risks and
uncertainties that could cause actual results to differ materially,
including, but not necessarily limited to, management's ability to
forecast revenues and control expenses and the amount, timing and
structure of software licenses. For further information regarding
risks and uncertainties associated with Ansoft's business, please
refer to the "Management's Discussion and Analysis of Financial
Condition and Results of Operations" section of Ansoft's SEC
filings, including, but not limited to, its annual report on Form
10-K and quarterly reports on Form 10-Q, copies of which may be
obtained at Ansoft's website at
www.ansoft.com/about/investor/index.cfm. All information in this
release is as of August 24, 2006. Ansoft undertakes no duty to
update any forward-looking statement to conform the statement to
actual results or changes in the Company's expectations. -0- *T
ANSOFT CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts) (unaudited) Three months
ended July 31, 2006 2005 ------------- ------------- Revenue
License $8,185 $6,820 Service and other 9,138 7,970 -------------
------------- Total revenue 17,323 14,790 Costs of revenue License
120 99 Service and other 333 329 ------------- ------------- Total
cost of revenue 453 428 Gross profit 16,870 14,362 Operating
Expenses Sales and marketing 7,478 7,143 Research and development
4,826 4,060 General and administrative 1,384 1,383 Amortization 346
369 ------------- ------------- Total operating expenses 14,034
12,955 ------------- ------------- Income from operations 2,836
1,407 Net realized loss on sale of securities - (2) Other income,
net 815 340 ------------- ------------- Income before income taxes
3,651 1,745 Income tax expense 1,362 576 -------------
------------- Net income $2,289 $1,169 ============= =============
Net income per share Basic $0.10 $0.05 ============= =============
Diluted $0.09 $0.05 ============= ============= Weighted average
shares used in calculation Basic 23,609 23,834 =============
============= Diluted 26,174 25,954 ============= ============= All
share and per share information has been adjusted to reflect the
two-for-one stock split effected in the form of 100% stock dividend
that was declared on March 7, 2006, and distributed on May 9, 2006.
ANSOFT CORPORATION CONSOLIDATED BALANCE SHEETS (In thousands,
except per share amounts) (unaudited) July 31, April 30, 2006 2006
---------- ---------- Assets Current assets Cash and cash
equivalents $16,703 $16,456 Accounts receivable, net of allowance
for doubtful accounts of $640 and $545, respectively 11,890 20,264
Deferred income taxes 164 164 Prepaid expenses and other assets
2,653 1,938 ---------- ---------- Total current assets 31,410
38,822 Equipment and furniture, net of accumulated depreciation of
$6,530 and $6,249, respectively 2,532 2,599 Marketable securities
36,298 33,621 Other assets 140 131 Deferred income taxes 6,344
6,226 Goodwill 1,239 1,239 Other intangible assets, net 2,096 2,442
---------- ---------- Total assets $80,059 $85,080 ==========
========== Liabilities and stockholders' equity Current liabilities
Accounts payable $189 $274 Accrued payroll 1,176 3,027 Accrued
income taxes 1,526 928 Other accrued expenses 2,890 3,609 Current
portion of deferred revenue 19,204 19,893 ---------- ----------
Total current liabilities 24,985 27,731 Long-term portion of
deferred revenue 940 1,088 ---------- ---------- Total liabilities
25,925 28,819 Stockholders' equity Preferred stock, par value $0.01
per share; 1,000 shares authorized, no shares outstanding - -
Common stock, par value $0.01 per share; 50,000 shares authorized;
issued 28,672 and 28,576 shares, respectively and outstanding
23,573 and 23,764, respectively 287 286 Additional paid-in capital
77,926 76,795 Treasury stock, 5,099 and 4,812 shares, respectively
(43,650) (37,913) Accumulated other comprehensive loss, net (1,350)
(1,539) Retained earnings 20,921 18,632 ---------- ---------- Total
stockholders' equity 54,134 56,261 ---------- ---------- Total
liabilities and stockholders' equity $80,059 $85,080 ==========
========== All share, except shares authorized, information has
been adjusted to reflect the two-for-one stock split effected in
the form of 100% stock dividend that was declared on March 7, 2006,
and distributed on May 9, 2006. *T
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