Provides Update on Company Strategy at Annual Investor Day Event
SAN RAFAEL, Calif., April 6 /PRNewswire-FirstCall/ -- Autodesk, Inc.
(Nasdaq: ADSK) today announced it is raising its financial guidance for the
first quarter, second quarter and full year of fiscal 2006.
"Once again, our fiscal year is off to a very strong start," said Carol
Bartz, Autodesk Chairman and CEO. "We are seeing increased global demand
across all of our industries. In March, we launched the strongest portfolio
of products in our 23 year history and customer response has been terrific.
Our customers demand quick implementation, ease of use and fast return on
investment and Autodesk is meeting those needs."
During its Investor Day event, Autodesk management will address key trends
driving the strong growth, including robust new seat sales and increasing
adoption of 3D. The company will also address the emerging lifecycle
"It is clear our strategy is working," said Bartz. "Our products provide
customers the ability to create smarter and richer designs. Customer adoption
of our 3D solutions is increasing. In addition, our lifecycle management
solutions are reaching new segments of the market. Customer awareness of our
solutions for managing and sharing design data quickly, easily and profitably
is growing, presenting a significant future growth opportunity. I have never
been more enthusiastic about Autodesk's opportunities."
The following statements are forward looking statements which are based on
current expectations and which involve risks and uncertainties some of which
are set forth below.
First Quarter Fiscal 2006
Net revenues for the first quarter of fiscal 2006 are currently expected
to be in the range of $340 million to $350 million. Earnings per diluted
share are currently expected to be in the range of $0.27 to $0.29.
Second Quarter Fiscal 2006
Net revenues for the second quarter of fiscal 2006 are currently expected
to be in the range of $335 million to $345 million. Operating expenses are
expected to rise in the second quarter due to increasing investments in growth
initiatives. Earnings per diluted share are currently expected to be in the
range of $0.21 to $0.23.
Full Year Fiscal 2006
For fiscal year 2006, net revenues are currently expected to be in the
range of $1.425 billion to $1.475 billion. Earnings per diluted share are
currently expected to be in the range of $1.10 to $1.15. Guidance for full
year fiscal 2006 does not take into account the impact of employee stock
compensation expensing which is expected to be required beginning in the
fiscal third quarter of 2006.
All fiscal 2006 EPS guidance ranges are based upon the company's estimated
20 percent effective tax rate. The company believes that its effective tax
rate will revert back to the historical effective rate of approximately
24 percent in fiscal 2007. Adoption of the new employee stock compensation
expensing rules may impact the effective tax rate for the second half of
fiscal 2006 and fiscal 2007.
The Investor Day event will be available live via webcast beginning at
8:30 a.m. EDT today at www.autodesk.com/investors. A replay of this webcast
will be maintained on our website for at least twelve months.
Safe Harbor Statement
This press release contains forward-looking statements that involve risks
and uncertainties, including statements in the paragraphs under "Business
Outlook" above, statements regarding customer acceptance of recent new product
introductions, our lifecycle management solutions, our expected effective tax
rate and other statements regarding our anticipated performance. Factors that
could cause actual results to differ materially include the following:
general market and business conditions, changes in accounting rules, the
impact of stock option expensing, which could materially reduce our earnings
per share for full year fiscal 2006, failure to achieve sufficient
sell-through in our channels for new or existing products, failure of key new
applications to achieve anticipated levels of customer acceptance, pricing
pressure, failure to achieve anticipated cost reductions and productivity
increases, delays in the release of new products and services, failure to
achieve continued success in technology advancements, changes in foreign
currency exchange rates, failure to successfully integrate new or acquired
businesses, the financial and business condition of our reseller and
distribution channels, renegotiation or termination of royalty or intellectual
property arrangements, failure to achieve continued migration from 2D products
to 3D products, failure to grow lifecycle management or collaboration
products, and unanticipated impact of accounting for technology acquisitions.
Further information on potential factors that could affect the financial
results of Autodesk are included in the company's report on Form 10-K for the
year ended January 31, 2005, which is on file with the Securities and Exchange
Autodesk, Inc. is wholly focused on ensuring that great ideas are turned
into reality. With six million users, Autodesk is the world's leading software
and services company for the building, manufacturing, infrastructure, digital
media, and wireless data services fields. Autodesk's solutions help customers
create, manage, and share their data and digital assets more effectively. As
a result, customers turn ideas into competitive advantage by becoming more
productive, streamlining project efficiency, and maximizing profits.
Founded in 1982, Autodesk is headquartered in San Rafael, California. For
additional information about Autodesk, please visit www.autodesk.com.
NOTE: Autodesk is a registered trademark of Autodesk, Inc., in the USA
and/or other countries. All other brand names, product names, or trademarks
belong to their respective holders.
Contact: Sue Pirri, 415-507-6467
Contact: John Clancy, 415-507-6373
Contact: Sarah Singleton, 415-290-8045
SOURCE Autodesk, Inc.
CONTACT: Sue Pirri, +1-415-507-6467, or firstname.lastname@example.org, or John
Clancy, +1-415-507-6373, or email@example.com, both of Autodesk, Inc.;
or Sarah Singleton, +1-415-290-8045, or firstname.lastname@example.org, for Autodesk,
Web site: http://www.autodesk.com