Autodesk Reports Third Quarter Earnings
SAN RAFAEL, Calif., Nov. 16 /PRNewswire/ -- Autodesk, Inc. (Nasdaq: ADSK) today announced financial results for its third quarter ended October 31, 2000. For the third quarter of fiscal year 2001, Autodesk reported net revenues of $221.8 million, a growth of 10% compared to net revenues of $202.1 million reported for the same quarter a year ago.(Photo: http://www.newscom.com/cgi-bin/prnh/20000518/SFTH083LOGO ) -->
On a pro forma basis, as defined below, third quarter net income was $21.9 million or $0.38 per share on a diluted basis compared to $16.7 million or $0.27 per share for the same quarter a year ago. This represents pro forma earnings per share growth of 40% versus last year.
Third quarter net income was $18.5 million or $0.32 per share on a diluted basis. This compares to net income for the same quarter prior year of $1.4 million or $0.02 per share.
"We had an outstanding quarter. Our revenue was in the range of expectations and we were a full four cents above consensus estimates," said Carol Bartz, Autodesk chairman and CEO. "Three factors came into play: the Americas region saw traction in 2000i platform sales, Discreet's momentum continued as the choice for onair, online, and onscreen entertainment and media content, and our initiatives to build closer customer relationships paid off particularly as their businesses are transformed by the Web."
Third Quarter Highlights
Third quarter constant dollar revenue growth was 14% compared to the same quarter a year ago
Discreet, Autodesk's effects, editing, and animation software division, powered real-time election results on broadcast news programs from nearly all major U.S. networks (and continues to do so)
Strong AutoCAD 2000i platform performance in the Americas regions indicates market acceptance of integrated desktop/Internet functionality
Point A, introduced only seven months ago as a Web component of our customers' wired work environment for the Architecture, Land Development, Manufacturing, GIS and General Design industries, surpassed 90,000 registered members, quickly becoming an integral part our of customers business process
Spin-off companies hit milestones -- Buzzsaw increased hosted projects for building construction to more than 20,000 while RedSpark raised $14 million in venture funding from Crosspoint Venture Partners and Impact Venture Partners
The following statements are based on current expectations. These statements are forward-looking, and actual results may differ materially.
For the fourth quarter of 2001, the company expects net revenue to range between $230 million and $240 million. This brings the company's net revenue expectations for fiscal year 2001 to a range between $900 million and $910 million. These revenue expectations depend on a number of factors, including timely shipment of Inventor Release 4 and other key products during the fourth quarter, competitive conditions, and may be impacted by geographic softness particularly in Europe and foreign currency fluctuations.
Earnings per share on a pro forma basis, excluding non-recurring credits or charges as well as amortization of goodwill and purchased intangibles, is expected to range between $0.50 and $0.60 on a fully diluted share basis for the fourth quarter. This brings the company's pro forma earnings per share expectations for fiscal year 2001 to a range between $1.80 and $1.90 on a fully diluted share basis. Pro forma earnings per share may vary due to fluctuations in revenue, mix of products sold, foreign currency fluctuations, investment ownership in spin-off businesses, spending related to spin-off businesses, and share count fluctuations.
The statements above contained in the business outlook are forward-looking statements that involve risks and uncertainties. In addition to factors discussed above, among other factors that could cause actual results to differ materially are the following: general market and business conditions, product development and release milestones, foreign currency fluctuations, competitive factors, customer acceptance of our products, and ability to successfully grow new internet businesses and partially owned affiliates. 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, and Form 10-Q for the quarter ended July 31, 2000, which are on file with the Securities and Exchange Commission.
Autodesk will host a webcast on the third quarter results beginning at 5:00 p.m. Eastern time at www.Autodesk.com/investor. A replay of the webcast will be available until December 1, 2000.
A summary of Autodesk's financial results is as follows: Three months ended October 31 2000 1999 Net revenues $221,849,000 $202,072,000 Net income (1) $18,511,000 $1,393,000 Pro forma net income (2) $21,857,000 $16,712,000 Diluted net income per share (1) $0.32 $0.02 Pro forma diluted net income per share (2) $0.38 $0.27 (1) Net income for the quarter ended October 31, 2000, includes nonrecurring credits of $0.4 million or $0.01 per share on a diluted basis. Net income for the quarter ended October 31, 1999, includes nonrecurring charges of $14.7 million or $0.24 per share on a diluted basis. (2) Pro forma results for the quarter ended October 31, 2000, exclude amortization of goodwill and purchased intangibles and nonrecurring credits that netted to $5.4 million or $0.10 per share on a diluted basis. Pro forma results for the quarter ended October 31, 1999, exclude amortization of goodwill and purchased intangibles and nonrecurring charges totaling $22.5 million or $0.37 per share on a diluted basis. Nine months ended October 31 2000 1999 Net revenues $671,428,000 $599,956,000 Net income (loss) (3) $64,870,000 $(15,362,000) Pro forma net income (4) $77,346,000 $31,452,000 Diluted net income (loss) per share (3) $1.09 $(0.25) Pro forma diluted net income per share (4) $1.30 $0.51 (3) Net income for the nine months ended October 31, 2000, includes nonrecurring credits of $1.2 million or $0.02 per share on a diluted basis. The net loss for the nine months ended October 31, 1999, includes nonrecurring charges of $36.5 million or $0.61 per share on a diluted basis. (4) Pro forma results for the nine months ended October 31, 2000, exclude nonrecurring credits and amortization of goodwill and purchased intangibles that netted to $19.7 million or $0.33 per share on a diluted basis. Pro forma results for the nine months ended October 31, 1999, exclude nonrecurring charges and amortization of goodwill and purchased intangibles that totaled $59.3 million or $0.97 per share on a diluted basis.
Autodesk is the world's leading design and digital content creation resource. The company provides software and Internet portal services to help customers drive business through the power of design. One of the largest software companies in the world, Autodesk helps more than four million customers in over 150 countries turn designs into reality. For more information, contact any Authorized Autodesk Reseller, call Autodesk at 800-964-6432, or visit www.autodesk.com. Discreet product information is available at 800 869-3504 or via the web at www.discreet.com. Autodesk shares are traded on the Nasdaq national market under the symbol ADSK.
Autodesk and the Autodesk logo are registered trademarks of Autodesk, Inc., in the United States and/or certain other countries. All other brand names, product names, or trademarks are used solely for the purpose of identification and belong to their respective holders. CONTACT: Steve Cakebread, 415-507-6587, or email@example.com, or Misty Ohmart, 415-507-6208, or firstname.lastname@example.org, both of Autodesk, Inc.
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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 Pro Forma.