SAN RAFAEL, Calif., Nov. 4 /PRNewswire-FirstCall/ -- Autodesk, Inc.
(Nasdaq: ADSK) today announced preliminary financial results for the third
quarter ended October 31, 2008. Based on preliminary financial data, the
company expects total revenue to be in the range of $604 million to $607
million. GAAP earnings are expected to be in the range of $0.41 to $0.43 per
diluted share. Non-GAAP earnings are expected to be in the range of $0.53 to
$0.55 per diluted share and exclude $0.07 related to stock-based compensation
expense and $0.05 for the amortization of acquisition related intangibles.
"The sharp downturn of the global economy is substantially impacting our
business," said Carl Bass, Autodesk president and CEO. "Demand for our
products fell dramatically in October in all geographies as the financial
crisis worsened. With many of our customers and partners unable to secure
credit, projects are being delayed and our business is being impacted. While
our currency hedge will provide a net benefit to our third quarter, the
considerable strengthening of the U.S. dollar and our unusually low ending
level of backlog will likely create a significant headwind for the next few
quarters.
"Our third quarter net income will include the benefit of some reductions
to previous cost estimates. In addition we have begun to take actions to
reduce our cost structure in this uncertain economic environment which we
believe will position the company to emerge from this downturn in a stronger
financial and competitive position."
Autodesk will announce final third quarter financial results in a press
release immediately following the close of market on November 20, 2008. The
company will also host a live conference call and webcast to discuss these
results on November 20, 2008 at 2:00 p.m. Pacific Time. The call will be
webcast at http://www.autodesk.com/investors. If you are unable to access the
Internet, you may dial in at 866-510-0710 or 617-597-5378 and enter passcode
number 46764406. An audio replay webcast and podcast will also be available
after 4:00 p.m. Pacific Time on our website at
http://www.autodesk.com/investors or by dialing 888-286-8010 or 617-801-6888
and reference 73660289 as the passcode.
Safe Harbor Statement
The preliminary results reported in this press release are estimates based
on management's initial analysis of operating results. Although the quarter
is completed, we are still in the early stages of our standard financial
reporting closing procedures. Accordingly, as we complete our quarter
closing, our actual results could differ from these preliminary estimates.
This press release contains forward-looking statements that involve risks
and uncertainties, including statements regarding our preliminary third
quarter financial results, the effects of the strengthening U.S. dollar and
low ending level of backlog, cost reduction efforts, financial and competitive
position, strategies, anticipated market trends and other statements regarding
our expected performance and results. Factors that could cause actual results
to differ materially include the following: general market and business
conditions, our performance in particular geographies, including emerging
economies, the financial and business condition of our reseller and
distribution channels, fluctuation in foreign currency exchange rates, failure
to achieve continued cost reductions and productivity increases, difficulties
encountered in integrating new or acquired businesses and technologies, the
inability to identify and realize the anticipated benefits of acquisitions,
unexpected fluctuations in our tax rate, the timing and degree of expected
investments in growth opportunities, slowing momentum in maintenance revenues,
failure to achieve sufficient sell-through in our channels for new or existing
products, pricing pressure, failure to achieve continued migration from 2D
products to 3D products, changes in the timing of product releases and
retirements, failure of key new applications to achieve anticipated levels of
customer acceptance, failure to achieve continued success in technology
advancements, interruptions or terminations in the business of the Company's
consultants or third party developers, and unanticipated impact of accounting
for technology acquisitions.
Further information on potential factors that could affect the actual
financial results of Autodesk are included in the Company's reports on Form
10-K for the year ended January 31, 2008 and our Form 10-Q for the quarter
ended July 31, 2008, which are on file with the Securities and Exchange
Commission. Autodesk does not assume any obligation to update the
forward-looking statements provided to reflect events that occur or
circumstances that exist after the date on which they were made.
About Autodesk
Autodesk, Inc. is the world leader in 2D and 3D design software for the
manufacturing, building and construction, and media and entertainment markets.
Since its introduction of AutoCAD software in 1982, Autodesk has developed the
broadest portfolio of state-of-the-art digital prototyping solutions to help
customers experience their ideas before they are real. Fortune 1000 companies
rely on Autodesk for the tools to visualize, simulate and analyze real-world
performance early in the design process to save time and money, enhance
quality and foster innovation. For additional information about Autodesk,
visit http://www.autodesk.com.
Note: AutoCAD and Autodesk are either registered trademarks or trademarks
of Autodesk, Inc., in the US and/or other countries.
Investors: David Gennarelli, david.gennarelli@autodesk.com, 415-507-6033
Katie Blanchard, katherine.blanchard@autodesk.com, 415-507-6034
Press: Pam Pollace, pam.pollace@autodesk.com, 415-547-2441
Colleen Rubart, colleen.rubart@autodesk.com, 415-547-2368
SOURCE Autodesk, Inc.
Web Site: http://www.autodesk.com
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