Autodesk Reports Solid First-Quarter Earnings, Shows Stability in Core Business
San Rafael, California, May 18, 2000 Autodesk, Inc. (Nasdaq: ADSK), today announced financial results for its first quarter ended April 30, 2000. For the first quarter of fiscal year 2001, Autodesk reported net revenues of $223.3 million, compared to net revenues of $194.9 million reported for the same quarter a year ago.
On a pro forma basis, as defined on the next page, first quarter net income was $30.2 million or $0.48 per share on a diluted basis compared to $9.1 million or $0.15 per share for the same quarter a year ago.
First quarter net income was $25.6 million or $0.41 per share on a diluted basis. This compares to a net loss for the prior year of $17.1 million or a loss of $0.29 per share. This loss includes $21.8 million or $0.36 per share of nonrecurring charges related to the Discreet Logic and VISION* Solutions acquisitions.
"Autodesk has transformed to meet the demands of the new economy and our strong revenue performance proves it. We've sustained a solid core businessadding more revenue streams from diversified product lines, while pursuing additional opportunities to bring design to the Internet," said Carol Bartz, Autodesk Chairman and CEO. "As we continue to introduce innovative technologies for the wireless world, the 3D world, and desktop design, Autodesk's deep industry knowledge presents us with unique opportunities to succeed."
A summary of Autodesk's financial results is as follows:
|Three months ended April 30||2000||1999|
|Net income(loss) (1)||$25,606,000||$(17,144,000)|
|Pro forma net income (2)||$30,161,000||$9,052,000|
|Diluted net income(loss) per share (1)||$0.41||$(0.29)|
|Pro forma diluted net income per share (2)||$0.48||$0.15|
(1) Results for the quarter ended April 30, 2000, include nonrecurring credits related to reserve reversals totaling $0.8 million or $0.01 per share on a diluted basis. Results for the quarter ended April 30, 1999, include nonrecurring charges of $21.8 million or $0.36 per share on a diluted basis.
(2) Pro forma results for the quarter ended April 30, 2000, exclude nonrecurring credits and amortization of goodwill and purchased intangibles that netted to $7.0 million or $0.11 per share on a diluted basis. Pro forma results for the quarter ended April 30, 1999 exclude amortization of goodwill and purchased intangibles and nonrecurring charges that totaled $29.0 million or $0.47 per share on a diluted basis.
Any forward-looking statements in this release are necessarily subject to uncertainties based on various factors, including general market and business conditions, product development and release milestones, competitive factors, and customer acceptance of our products. 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, 2000, which is on file with the Securities and Exchange Commission.
Pro Forma Consolidated Statement of Income
Consolidated Statement of Income
Consolidated Balance Sheet
Autodesk is the world’s leading supplier of PC and web design software and digital content creation tools. One of the largest software companies in the world, Autodesk has more than four million customers in over 150 countries. For more information, contact any Authorized Autodesk Reseller or visit www.autodesk.com. Discreet product information is available via the Web at www.discreet.com. Autodesk shares are traded on the Nasdaq national market under the symbol ADSK.
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Click here for pdf version of the Balance Sheet.
Click here for pdf version of the Consolidated Operations.
Click here for pdf version of the Proforma.