Ansoft Corporation (NASDAQ:ANST) today announced financial results
for its fourth quarter of fiscal 2007 ended April 30, 2007. 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 fourth quarter totaled $28.6 million, an
increase of 16% compared to $24.7 million reported in the previous
fiscal year's fourth quarter. On a generally accepted accounting
principles (GAAP) basis, net income for the fourth quarter was $7.9
million, or $0.30 per diluted share compared to GAAP net income of
$8.3 million, or $0.32 per diluted share in the previous fiscal
year's fourth quarter. GAAP net income for the previous fiscal
year�s fourth quarter included a $1.0 million, or $0.04 per diluted
share, income tax benefit associated with the reversal of the
Company�s remaining valuation allowance for certain U.S. Federal
net deferred tax assets. GAAP net income for the current quarter
includes employee stock-based compensation expense of $0.7 million,
or $0.02 per diluted share. The previous fiscal year�s fourth
quarter net income did not include employee stock-based
compensation expense. Additionally, GAAP net income for the current
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 fourth quarter. �We experienced strong
revenue growth and are pleased to report record revenue for the
fourth quarter,� said Nicholas Csendes, Ansoft�s President and CEO.
�For the next fiscal year, we anticipate continued revenue growth
of around 10-15%.� Revenue for the fiscal year totaled $89.1
million, an increase of 15% compared to $77.2 million reported in
the previous fiscal year. On a GAAP basis, net income for the
fiscal year was $20.2 million, or $0.77 per diluted share compared
to GAAP net income of $17.8 million, or $0.69 per diluted share in
the previous fiscal year. Results for the current fiscal year
include a tax benefit of $0.9 million, or $0.03 per diluted share
for the US Research and Development Tax Credit enacted retroactive
by Congress in December 2006 that relate to credits earned in the
prior fiscal year. Results for the previous fiscal year included
$2.4 million, or $0.09 per diluted share, of income tax benefit for
a federal tax credit claim and refund related to foreign taxes
previously paid and $1.0 million, or $0.04 per diluted share, of
income tax benefit associated with the reversal of the Company�s
remaining valuation allowance for certain U.S. Federal net deferred
tax assets. GAAP net income for the current fiscal year includes
employee stock-based compensation expense of $2.6 million, or $0.08
per diluted share. The previous fiscal year�s net income did not
include employee stock-based compensation expense. Additionally,
GAAP net income for the current fiscal year includes acquisition
related amortization of $1.3 million, or $0.03 per diluted share.
This compares to acquisition related amortization of $1.5 million,
or $0.04 per diluted share in the previous fiscal year. 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
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 management�s
current expectations and assumptions that are subject to risks and
uncertainties that could cause actual results to differ materially
from those expressed or implied in such forward-looking statement,
including, but not 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 May 23, 2007. 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 CONSOLIDATED STATEMENTS OF
OPERATIONS (In thousands, except per share amounts) (unaudited) �
Three months endedApril 30, Fiscal year endedApril 30, 2007� 2006�
2007� 2006� Revenue License $ 18,756� $ 15,655� $ 51,026� $ 42,849�
Service and other 9,823� 9,083� 38,113� 34,362� Total revenue
28,579� 24,738� 89,139� 77,211� Costs of revenue License 182� 167�
607� 535� Service and other 494� 401� 1,590� 1,420� Total cost of
revenue 676� 568� 2,197� 1,955� Gross profit 27,903� 24,170�
86,942� 75,256� Operating Expenses Sales and marketing 10,146�
9,029� 33,792� 31,506� Research and development 5,090� 4,639�
19,662� 17,016� General and administrative 1,597� 1,368� 5,672�
5,060� Amortization 290� 359� 1,272� 1,467� Total operating
expenses 17,123� 15,395� 60,398� 55,049� Income from operations
10,780� 8,775� 26,544� 20,207� Net realized loss on sale of
securities (87) -� (87) (2) Other income, net 755� 648� 2,723�
1,397� Income before income taxes 11,448� 9,423� 29,180� 21,602�
Income tax expense 3,514� 1,150� 8,936� 3,805� Net income $ 7,934�
$ 8,273� $ 20,244� $ 17,797� Net income per share Basic $ 0.33� $
0.35� $ 0.86� $ 0.75� Diluted $ 0.30� $ 0.32� $ 0.77� $ 0.69�
Weighted average shares used in calculation Basic 23,804� 23,685�
23,650� 23,694� Diluted 26,233� 25,811� 26,182� 25,851� � 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) � April 30, April 30, 2007� 2006� �
Assets Current assets Cash and cash equivalents $ 49,356� $ 16,456�
Accounts receivable, net of allowance for doubtful Accounts of $973
and $545, respectively 24,994� 20,264� Deferred income taxes 1,441�
164� Prepaid expenses and other current assets 2,566� 1,938� Total
current assets 78,357� 38,822� � Equipment and furniture, net
2,514� 2,599� Marketable securities 22,383� 33,621� Other assets
155� 131� Deferred income taxes 5,352� 6,226� Goodwill 1,239�
1,239� Other intangible assets, net 1,170� 2,442� Total assets $
111,170� $ 85,080� � Liabilities and stockholders' equity Current
liabilities Accounts payable $ 626� $ 274� Accrued payroll 3,380�
3,027� Accrued income taxes 603� 928� Other accrued expenses 4,130�
3,609� Current portion of deferred revenue 26,244� 19,893� Total
current liabilities 34,983� 27,731� Long-term portion of deferred
revenue 1,404� 1,088� Total liabilities 36,387� 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 29,258
and 28,576 shares, respectively and outstanding 23,956 and 23,764,
respectively � 293� 286� Additional paid-in capital 85,754� 76,795�
Treasury stock, 5,302 and 4,812 shares, respectively (49,176)
(37,913) Accumulated other comprehensive loss, net (964) (1,539)
Retained earnings 38,876� 18,632� Total stockholders' equity
74,783� 56,261� Total liabilities and stockholders' equity $
111,170� $ 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.
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