Ansoft Corporation (NASDAQ:ANST) today announced financial results
for its second quarter of fiscal 2007 ended October 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 second quarter totaled $20.5 million, an
increase of 14% compared to $18 million reported in the previous
fiscal year's second quarter. On a generally accepted accounting
principles (GAAP) basis, net income for the second quarter was $3.7
million, or $0.14 per diluted share compared to GAAP net income of
$4.1 million, or $0.16 per diluted share in the previous fiscal
year's second quarter. Net income for the prior fiscal year�s
second quarter included a tax benefit of $1.0 million, or $0.04 per
diluted share for a federal tax credit and refund related to
foreign taxes previously paid. GAAP net income for the second
quarter includes employee stock-based compensation expense of $0.6
million, or $0.02 per diluted share. The previous fiscal year�s
second quarter net income did not include employee stock-based
compensation expense. Additionally, GAAP net income for the second
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 second quarter. �We are pleased to report
strong revenue and pre-tax earnings growth for the second quarter,�
said Nicholas Csendes, Ansoft�s President and CEO. �For the balance
of the fiscal year, we expect 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 November 14, 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. ANSOFT
CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In
thousands, except per share amounts) (unaudited) � Three months
endedOctober 31, Six months endedOctober 31, 2006 2005 2006 2005
Revenue License $ 10,938� $ 9,123� $ 19,123� $ 15,943� Service and
other 9,568� 8,905� 18,706� 16,875� Total revenue 20,506� 18,028�
37,829� 32,818� Costs of revenue License 141� 134� 261� 233�
Service and other 360� 322� 693� 651� Total cost of revenue 501�
456� 954� 884� Gross profit 20,005� 17,572� 36,875� 31,934�
Operating Expenses Sales and marketing 8,138� 7,321� 15,616�
14,464� Research and development 4,730� 4,129� 9,556� 8,189�
General and administrative 1,240� 1,187� 2,624� 2,570� Amortization
346� 369� 692� 738� Total operating expenses 14,454� 13,006�
28,488� 25,961� Income from operations 5,551� 4,566� 8,387� 5,973�
Net realized loss on sale of securities -� -� -� (2) Other income,
net 577� 140� 1,392� 480� Income before income taxes 6,128� 4,706�
9,779� 6,451� Income tax expense 2,418� 611� 3,780� 1,187� Net
income $ 3,710� $ 4,095� $ 5,999� $ 5,264� Net income per share
Basic $ 0.16� $ 0.17� $ 0.25� $ 0.22� Diluted $ 0.14� $ 0.16� $
0.23� $ 0.20� Weighted average shares used in calculation Basic
23,609� 23,588� 23,609� 23,710� Diluted 26,151� 25,784� 26,165�
25,890� 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) � October 31,
April 30, 2006 2006 � Assets Current assets Cash and cash
equivalents $ 19,862� $ 16,456� Accounts receivable, net of
allowance for doubtful Accounts of $770 and $545, respectively
12,226� 20,264� Deferred income taxes 164� 164� Prepaid expenses
and other assets 2,381� 1,938� Total current assets 34,633� 38,822�
� Equipment and furniture, net of accumulated depreciation of
$6,745 and $6,249, respectively 2,424� 2,599� Marketable securities
38,903� 33,621� Other assets 154� 131� Deferred income taxes 6,436�
6,226� Goodwill 1,239� 1,239� Other intangible assets, net 1,750�
2,442� Total assets $ 85,539� $ 85,080� � Liabilities and
stockholders' equity Current liabilities Accounts payable $ 228� $
274� Accrued payroll 1,210� 3,027� Accrued income taxes 2,912� 928�
Other accrued expenses 3,350� 3,609� Current portion of deferred
revenue 17,967� 19,893� Total current liabilities 25,667� 27,731�
Long-term portion of deferred revenue 1,006� 1,088� Total
liabilities 26,673� 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 28,792 and 28,576 shares, respectively
and outstanding 23,654 and 23,764, respectively 288� 286�
Additional paid-in capital 79,808� 76,795� Treasury stock, 5,138
and 4,812 shares, respectively (44,650) (37,913) Accumulated other
comprehensive loss, net (1,211) (1,539) Retained earnings 24,631�
18,632� Total stockholders' equity 58,866� 56,261� Total
liabilities and stockholders' equity $ 85,539� $ 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. Ansoft Corporation (NASDAQ:ANST) today announced financial
results for its second quarter of fiscal 2007 ended October 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 second quarter totaled
$20.5 million, an increase of 14% compared to $18 million reported
in the previous fiscal year's second quarter. On a generally
accepted accounting principles (GAAP) basis, net income for the
second quarter was $3.7 million, or $0.14 per diluted share
compared to GAAP net income of $4.1 million, or $0.16 per diluted
share in the previous fiscal year's second quarter. Net income for
the prior fiscal year's second quarter included a tax benefit of
$1.0 million, or $0.04 per diluted share for a federal tax credit
and refund related to foreign taxes previously paid. GAAP net
income for the second quarter includes employee stock-based
compensation expense of $0.6 million, or $0.02 per diluted share.
The previous fiscal year's second quarter net income did not
include employee stock-based compensation expense. Additionally,
GAAP net income for the second 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 second
quarter. "We are pleased to report strong revenue and pre-tax
earnings growth for the second quarter," said Nicholas Csendes,
Ansoft's President and CEO. "For the balance of the fiscal year, we
expect 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 November 14, 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 Six months ended October 31, October 31, 2006 2005 2006 2005
--------- -------- -------- -------- Revenue License $10,938 $9,123
$19,123 $15,943 Service and other 9,568 8,905 18,706 16,875
--------- -------- -------- -------- Total revenue 20,506 18,028
37,829 32,818 Costs of revenue License 141 134 261 233 Service and
other 360 322 693 651 --------- -------- -------- -------- Total
cost of revenue 501 456 954 884 Gross profit 20,005 17,572 36,875
31,934 Operating Expenses Sales and marketing 8,138 7,321 15,616
14,464 Research and development 4,730 4,129 9,556 8,189 General and
administrative 1,240 1,187 2,624 2,570 Amortization 346 369 692 738
--------- -------- -------- -------- Total operating expenses
14,454 13,006 28,488 25,961 --------- -------- -------- --------
Income from operations 5,551 4,566 8,387 5,973 Net realized loss on
sale of securities - - - (2) Other income, net 577 140 1,392 480
--------- -------- -------- -------- Income before income taxes
6,128 4,706 9,779 6,451 Income tax expense 2,418 611 3,780 1,187
--------- -------- -------- -------- Net income $3,710 $4,095
$5,999 $5,264 ========= ======== ======== ======== Net income per
share Basic $0.16 $0.17 $0.25 $0.22 ========= ======== ========
======== Diluted $0.14 $0.16 $0.23 $0.20 ========= ========
======== ======== Weighted average shares used in calculation Basic
23,609 23,588 23,609 23,710 ========= ======== ======== ========
Diluted 26,151 25,784 26,165 25,890 ========= ======== ========
======== *T 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. -0- *T ANSOFT CORPORATION CONSOLIDATED BALANCE
SHEETS (In thousands, except per share amounts) (unaudited) October
31, April 30, 2006 2006 ----------- ----------- Assets Current
assets Cash and cash equivalents $19,862 $16,456 Accounts
receivable, net of allowance for doubtful Accounts of $770 and
$545, respectively 12,226 20,264 Deferred income taxes 164 164
Prepaid expenses and other assets 2,381 1,938 -----------
----------- Total current assets 34,633 38,822 Equipment and
furniture, net of accumulated depreciation of $6,745 and $6,249,
respectively 2,424 2,599 Marketable securities 38,903 33,621 Other
assets 154 131 Deferred income taxes 6,436 6,226 Goodwill 1,239
1,239 Other intangible assets, net 1,750 2,442 -----------
----------- Total assets $85,539 $85,080 =========== ===========
Liabilities and stockholders' equity Current liabilities Accounts
payable $228 $274 Accrued payroll 1,210 3,027 Accrued income taxes
2,912 928 Other accrued expenses 3,350 3,609 Current portion of
deferred revenue 17,967 19,893 ----------- ----------- Total
current liabilities 25,667 27,731 Long-term portion of deferred
revenue 1,006 1,088 ----------- ----------- Total liabilities
26,673 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 28,792 and 28,576 shares, respectively and outstanding
23,654 and 23,764, respectively 288 286 Additional paid-in capital
79,808 76,795 Treasury stock, 5,138 and 4,812 shares, respectively
(44,650) (37,913) Accumulated other comprehensive loss, net (1,211)
(1,539) Retained earnings 24,631 18,632 ----------- -----------
Total stockholders' equity 58,866 56,261 ----------- -----------
Total liabilities and stockholders' equity $85,539 $85,080
=========== =========== *T 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.
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