Rotterdam, 27 februari 2003 - Autodesk maakt de cijfers bekend voor het vierde kwartaal, dat liep van 1 november 2002 tot en met 31 januari 2003 en voor het volledige fiscaal jaar. Ondanks de aanhoudende economische malaise, nam de omzet toe met 4 procent van 189 miljoen in het derde kwartaal naar 196 miljoen dollar voor Q4. In dezelfde periode van het voorafgaande fiscaal jaar werd 254 miljoen dollar opgetekend. Het nettoresultaat voor het afgesloten kwartaal bedraagt 6,4 miljoen dollar, terwijl er een verlies van 3,9 miljoen in het voorafgaande kwartaal werd gerapporteerd. Over het volledige fiscale jaar werd 825 miljoen dollar omzet behaald, tegenover 947 in het voorafgaande jaar.
Voor het eerste kwartaal in het nieuwe fiscale jaar dat eindigt op 31 januari 2004, wordt gerekend op 205 à 210 miljoen dollar omzet. Voor het hele jaar wordt gemikt op 875 à 900 miljoen dollar.
Autodesk’s marktpositie blijft onbedreigd. De in 2002 gelanceerde “subscription-programma” blijkt succesvol. Dit jaar komen bovendien nieuwe versies uit van AutoCAD en alle op AutoCAD gebaseerde producten.
Het uitgebreide Engelstalige persbericht geraadpleegd worden op www.autodesk.com/investors. Op deze website vindt u ook de webcast van de conference waarin toelichting op de cijfers wordt gegeven.
Opmerking voor de redactie
Neem voor meer informatie contact op met:
Autodesk Benelux
Sjoerd Lazeroms
Tel.: 0031/10 288 50 21
GSM: 0031/6 51 076 792
Sjoerd.lazeroms@autodesk.com
Potters PR
Monique Potters
Tel: 0345 501595
GSM: 06 28 889 632
e-mail: monique@potterspr.nl
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Volledig Engelstalige persbericht:
AUTODESK REPORTS FOURTH QUARTER RESULTS
SAN RAFAEL, Calif., February 25, 2003— Autodesk, Inc. (NASDAQ: ADSK), the world’s leading design software and digital content company, today announced financial results for its fourth quarter and fiscal year ended January 31, 2003. For the fourth quarter of fiscal year 2003, Autodesk reported net revenues of $196 million compared to $189 million in the third quarter of fiscal 2003, an increase of four percent sequentially. Net revenues were $254 million in the fourth quarter of fiscal year 2002.
Fourth quarter net income was $6.4 million or $0.06 per diluted share compared to a net loss of $3.9 million or ($0.03) per share for the third quarter of fiscal 2003. Net income for the same quarter a year ago was $21.8 million or $0.19 per diluted share.
“We are pleased to have grown revenue four percent sequentially in the face of continued economic challenges,” said Carol Bartz, Autodesk chairman and CEO. “Strength in our subscription program and our industry verticals demonstrate that our strategy is working. Autodesk delivers the value and return on investment that customers are looking for now.”
On a pro forma basis, as defined below, fourth quarter net income was $8.0 million or $0.07 per diluted share compared to $5.8 million or $0.05 per diluted share in the third quarter of fiscal 2003, sequential increases of 38 percent and 40 percent respectively. Pro forma net income was $37.0 million or $0.32 per diluted share for the same quarter a year ago.
Autodesk Reports Fourth Quarter Results/page 2
Fourth Quarter Highlights
• Fueled by strong performance from subscriptions and the vertical
industries, net revenue grew four percent sequentially, despite the challenging business environment.
• Momentum for subscription is building, as evidenced by six
percent increase in subscription revenue for the quarter. Growth of subscription bookings was an impressive 58 percent. During the quarter, Autodesk closed its largest subscription contract to date, valued in excess of $1 million.
• All of our Design Solutions vertical markets saw strong
sequential growth proving customers see the value of Autodesk’s market specific solutions.
o Our Manufacturing Division grew 11% sequentially on the strength
of our 3D business, with Autodesk Inventor® 6 seats sold reaching 6,600 worldwide in the quarter. Streamline®, our product lifecycle management initiative added 19 new customers in the quarter.
o Our Building Division drove a third consecutive quarter of
growth despite the global downturn in construction. The 10 percent sequential increase was driven by an increase in Autodesk® Revit® 5 revenues of more than 80 percent, coupled with growth in Autodesk® Architectural Desktop and Autodesk® Building Systems 3.
o An independent research study of 50 Autodesk ® Buzzsaw™
customers noted their average return on investment in the first year was 370 percent. Breakeven for these customers was within three months, proving that Autodesk solutions do provide quick ROI to customers.
o Our Infrastructure Division (formerly GIS) grew 10% from last
quarter on strong performance from Autodesk MapGuide® and Autodesk® Land Desktop.
• Cash and investments were $411 million at the end of the fourth
quarter, up from $395 million in the last quarter.
“I have never been more confident about Autodesk’s overall position in the market,” said Bartz. “We will have significant new releases of all of our products by mid-year, and customers are already raving about them. Our subscription program is a resounding success, providing customers with the value they have come to expect. Our sound financial position and ability to generate positive cash flow in the midst of an industry slowdown continue to be significant competitive advantages for Autodesk.”
Business Outlook
The following statements are based on current expectations. These statements are forward-looking and actual results may differ materially.
Autodesk Reports Fourth Quarter Results/page 3
Q1 Fiscal 2004
Net revenues for the first quarter of fiscal 2004 are expected to be in the range of $205 million to $210 million. Earnings per diluted share for the first quarter of fiscal year 2004 are expected to be in the
range of $0.03 to $0.06.
Full Year Fiscal 2004
Net revenues for fiscal 2004 are expected to be in the range of $875 million to $900 million. Earnings per diluted share for fiscal year
2004 are expected to be in the range of $0.50 to $0.60.
The statements above contained in the business outlook are forward-looking statements that involve risks and uncertainties. In addition to factors discussed above, other factors that could cause actual results to differ materially include the following: general market and business conditions, delays in the release of new products and services, failure to achieve customer acceptance of key new design and entertainment applications, pricing pressure, failure to achieve continued success in technology advancements, failure to successfully integrate new or acquired businesses, financial and business condition of our reseller and distribution channels, failure to grow lifecycle management or collaboration.
In accordance with FAS 5, Autodesk records reserves to cover contingent liabilities, based upon our best current estimates. Our expenses for the fiscal fourth quarter include a $2.5 million reserve for a lawsuit which is scheduled for trial in March. However, due to the inherent uncertainties of litigation, ultimate resolution of this matter could result in liability to the company which is greater or less than the reserved amount. In that event, if litigation is resolved prior to filing our fiscal year 2003 form 10-K, the results for the fiscal fourth quarter would be adjusted accordingly.
Further information on potential factors that could affect the financial results of Autodesk are included in the company’s reports on Form 10-K, for the year ended January 31, 2002 and Form 10-Q for the quarter ended October 31, 2002, which are on file with the Securities and Exchange Commission. Autodesk will host a toll free conference call at 800-369-1154
(password: Autodesk) and an audio webcast on the fourth quarter results beginning at 5:00 p.m. Eastern Time at www.Autodesk.com/investor. An audio webcast replay will be available until March 1, 2003. A summary of Autodesk’s financial results is as follows:
Three months ended January 31 2003
2002
Net revenues $195,516,000 254,034,000
Net income (1)(2) $6,413,000 $21,769,000
Pro forma net income (3) $7,955,000 $37,022,000
Diluted net income per share (1)(2) $0.06 $0.19
Pro forma diluted net income per share (3) $0.07 $0.32
Autodesk Reports Fourth Quarter Results/page 4
(1) Net income for the quarter ended January 31, 2003 includes
restructuring and other charges of $7.3 million or $0.06 per diluted share and a non-recurring tax benefit of $3.8 million or $0.03 per diluted share. Net income for the quarter ended January 31, 2002, includes restructuring and other charges of $16.6 million or $0.14 per diluted share.
(2) On February 1, 2002, Autodesk adopted new accounting rules which
resulted in the discontinuation of goodwill amortization. Net income for the quarter ended January 31, 2002 includes $5.0 million or $0.04 per diluted share of goodwill amortization.
(3) Pro forma results for the quarter ended January 31, 2003
excludes restructuring and other charges and amortization of purchased intangibles totaling $7.4 million or $0.06 per diluted share and a non-recurring tax benefit of $3.8 million or $0.03 per diluted share. Pro forma results for the quarter ended January 31, 2002 exclude amortization of purchased intangibles totaling $5.2 million or $0.05 per diluted share and restructuring and other charges of $16.6 million or $0.14 per diluted share.
Fiscal Year ended January 31 2003
2002
Net revenues $824,945,000 $947,491,000
Net income (4)(5) $31,904,000 $90,313,000
Pro forma net income (6) $47,196,000 $118,976,000
Diluted net income per share (4)(5) $0.28 $0.80
Pro forma diluted net income per share (6) $0.41 $1.06
(4) Net income for the year ended January 31, 2003 includes $25.9
million of restructuring and other charges or $0.23 per diluted share and a non-recurring tax benefit of $3.8 million or $0.03 per diluted share. Net income for the year ended January 31, 2002, includes amortization of goodwill and purchased intangibles of $20.9 million or $0.19 per diluted share, restructuring and other charges of $33.6 million or $0.30 per diluted share and a one-time gain on disposal of affiliate of $9.5 million or $0.08 per diluted share.
(5) On February 1, 2002, Autodesk adopted new accounting rules which
resulted in the discontinuation of goodwill amortization. Net income for the year ended January 31, 2002 includes $19.9 million or $0.18 per diluted share of goodwill amortization.
(6) Pro forma results for the year ended January 31, 2003 excludes
restructuring and other charges and amortization of purchased intangibles totaling $26.2 million or $0.23 per diluted share and a non-recurring tax benefit of $3.8 million or $0.03 per diluted share. Pro forma results for the year ended January 31, 2002, exclude amortization of goodwill and purchased intangibles of $20.9 million or $0.19 per diluted share, restructuring and other charges of $33.6 million or $0.30 per diluted share and a one-time gain on disposal of affiliate of $9.5 million or $0.08 per diluted share. About Autodesk Autodesk is the world's leading design software and digital content company, offering customers progressive business solutions through powerful technology products and
services. Autodesk helps customers in the building, manufacturing, infrastructure, digital media, and wireless data services fields increase the value of their digital design data and improve efficiencies across their entire project lifecycle management processes. 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 and the Autodesk logo are registered trademarks, and Discreet is a trademark, of Autodesk, Inc., in the United States and/or other countries. All other brand names, product names, or trademarks belong to their respective holders. ã Copyright 2003 Autodesk, Inc. All rights reserved.