Ansoft (NASDAQ:ANST)
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Ansoft Corporation (NASDAQ:ANST) today announced financial results for
its second quarter of fiscal 2007 ended October 31, 2006. All references
to share and per share information, except shares authorized, included
in this press release have been adjusted to reflect the two-for-one
stock split effected in the form of a stock dividend that was declared
on March 7, 2006 and distributed on May 9, 2006.
Revenue for the second quarter totaled $20.5 million, an increase of 14%
compared to $18 million reported in the previous fiscal year's second
quarter.
On a generally accepted accounting principles (GAAP) basis, net income
for the second quarter was $3.7 million, or $0.14 per diluted share
compared to GAAP net income of $4.1 million, or $0.16 per diluted share
in the previous fiscal year's second quarter. Net income for the prior
fiscal year’s second quarter included a tax
benefit of $1.0 million, or $0.04 per diluted share for a federal tax
credit and refund related to foreign taxes previously paid.
GAAP net income for the second quarter includes employee stock-based
compensation expense of $0.6 million, or $0.02 per diluted share. The
previous fiscal year’s second quarter net
income did not include employee stock-based compensation expense.
Additionally, GAAP net income for the second quarter includes
acquisition related amortization of $0.3 million, or $0.01 per diluted
share. This compares to acquisition related amortization of $0.4
million, or $0.01 per diluted share in the previous fiscal year’s
second quarter.
“We are pleased to report strong revenue and
pre-tax earnings growth for the second quarter,”
said Nicholas Csendes, Ansoft’s President and
CEO. “For the balance of the fiscal year, we
expect continued revenue growth of around 10-15%.”
Ansoft is a leading developer of high-performance electronic design
automation (EDA) software. Engineers use Ansoft software to design
state-of-the-art electronic products, such as cellular phones, internet
access devices, broadband networking components and systems, integrated
circuits (ICs), printed circuit boards (PCBs), automotive electronic
systems and power electronics. Ansoft markets its products worldwide
through its own direct sales force and has comprehensive
customer-support and training offices throughout North America, Asia and
Europe.
This press release contains forward-looking statements including those
related to revenue and earnings growth for the current fiscal year that
are made pursuant to the safe harbor provisions of the Private
Securities Litigation Act of 1995. These forward-looking statements are
based on current expectations and assumptions that are subject to risks
and uncertainties that could cause actual results to differ materially,
including, but not necessarily limited to, management’s
ability to forecast revenues and control expenses and the amount, timing
and structure of software licenses.
For further information regarding risks and uncertainties associated
with Ansoft’s business, please refer to the “Management’s
Discussion and Analysis of Financial Condition and Results of Operations”
section of Ansoft’s SEC filings, including,
but not limited to, its annual report on Form 10-K and quarterly reports
on Form 10-Q, copies of which may be obtained at Ansoft’s
website at www.ansoft.com/about/investor/index.cfm.
All information in this release is as of November 14, 2006. Ansoft
undertakes no duty to update any forward-looking statement to conform
the statement to actual results or changes in the Company’s
expectations.
ANSOFT CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
(unaudited)
Three months endedOctober 31,
Six months endedOctober 31,
2006
2005
2006
2005
Revenue
License
$ 10,938
$ 9,123
$ 19,123
$ 15,943
Service and other
9,568
8,905
18,706
16,875
Total revenue
20,506
18,028
37,829
32,818
Costs of revenue
License
141
134
261
233
Service and other
360
322
693
651
Total cost of revenue
501
456
954
884
Gross profit
20,005
17,572
36,875
31,934
Operating Expenses
Sales and marketing
8,138
7,321
15,616
14,464
Research and development
4,730
4,129
9,556
8,189
General and administrative
1,240
1,187
2,624
2,570
Amortization
346
369
692
738
Total operating expenses
14,454
13,006
28,488
25,961
Income from operations
5,551
4,566
8,387
5,973
Net realized loss on sale of securities
-
-
-
(2)
Other income, net
577
140
1,392
480
Income before income taxes
6,128
4,706
9,779
6,451
Income tax expense
2,418
611
3,780
1,187
Net income
$ 3,710
$ 4,095
$ 5,999
$ 5,264
Net income per share
Basic
$ 0.16
$ 0.17
$ 0.25
$ 0.22
Diluted
$ 0.14
$ 0.16
$ 0.23
$ 0.20
Weighted average shares used in calculation
Basic
23,609
23,588
23,609
23,710
Diluted
26,151
25,784
26,165
25,890
All share and per share information has been adjusted to reflect the
two-for-one stock split effected in the form of 100% stock dividend that
was declared on March 7, 2006 and distributed on May 9, 2006.
ANSOFT CORPORATION
CONSOLIDATED BALANCE SHEETS
(In thousands, except per share amounts)
(unaudited)
October 31,
April 30,
2006
2006
Assets
Current assets
Cash and cash equivalents
$ 19,862
$ 16,456
Accounts receivable, net of allowance for doubtful Accounts of $770
and $545, respectively
12,226
20,264
Deferred income taxes
164
164
Prepaid expenses and other assets
2,381
1,938
Total current assets
34,633
38,822
Equipment and furniture, net of accumulated depreciation of $6,745
and $6,249, respectively
2,424
2,599
Marketable securities
38,903
33,621
Other assets
154
131
Deferred income taxes
6,436
6,226
Goodwill
1,239
1,239
Other intangible assets, net
1,750
2,442
Total assets
$ 85,539
$ 85,080
Liabilities and stockholders' equity
Current liabilities
Accounts payable
$ 228
$ 274
Accrued payroll
1,210
3,027
Accrued income taxes
2,912
928
Other accrued expenses
3,350
3,609
Current portion of deferred revenue
17,967
19,893
Total current liabilities
25,667
27,731
Long-term portion of deferred revenue
1,006
1,088
Total liabilities
26,673
28,819
Stockholders' equity
Preferred stock, par value $0.01 per share; 1,000 shares
authorized, no shares outstanding
-
-
Common stock, par value $0.01 per share; 50,000 shares authorized;
issued 28,792 and 28,576 shares, respectively and outstanding
23,654 and 23,764, respectively
288
286
Additional paid-in capital
79,808
76,795
Treasury stock, 5,138 and 4,812 shares, respectively
(44,650)
(37,913)
Accumulated other comprehensive loss, net
(1,211)
(1,539)
Retained earnings
24,631
18,632
Total stockholders' equity
58,866
56,261
Total liabilities and stockholders' equity
$ 85,539
$ 85,080
All share, except shares authorized, information has been adjusted to
reflect the two-for-one stock split effected in the form of 100% stock
dividend that was declared on March 7, 2006 and distributed on May 9,
2006.
Ansoft Corporation (NASDAQ:ANST) today announced financial results
for its second quarter of fiscal 2007 ended October 31, 2006. All
references to share and per share information, except shares
authorized, included in this press release have been adjusted to
reflect the two-for-one stock split effected in the form of a stock
dividend that was declared on March 7, 2006 and distributed on May 9,
2006.
Revenue for the second quarter totaled $20.5 million, an increase
of 14% compared to $18 million reported in the previous fiscal year's
second quarter.
On a generally accepted accounting principles (GAAP) basis, net
income for the second quarter was $3.7 million, or $0.14 per diluted
share compared to GAAP net income of $4.1 million, or $0.16 per
diluted share in the previous fiscal year's second quarter. Net income
for the prior fiscal year's second quarter included a tax benefit of
$1.0 million, or $0.04 per diluted share for a federal tax credit and
refund related to foreign taxes previously paid.
GAAP net income for the second quarter includes employee
stock-based compensation expense of $0.6 million, or $0.02 per diluted
share. The previous fiscal year's second quarter net income did not
include employee stock-based compensation expense.
Additionally, GAAP net income for the second quarter includes
acquisition related amortization of $0.3 million, or $0.01 per diluted
share. This compares to acquisition related amortization of $0.4
million, or $0.01 per diluted share in the previous fiscal year's
second quarter.
"We are pleased to report strong revenue and pre-tax earnings
growth for the second quarter," said Nicholas Csendes, Ansoft's
President and CEO. "For the balance of the fiscal year, we expect
continued revenue growth of around 10-15%."
Ansoft is a leading developer of high-performance electronic
design automation (EDA) software. Engineers use Ansoft software to
design state-of-the-art electronic products, such as cellular phones,
internet access devices, broadband networking components and systems,
integrated circuits (ICs), printed circuit boards (PCBs), automotive
electronic systems and power electronics. Ansoft markets its products
worldwide through its own direct sales force and has comprehensive
customer-support and training offices throughout North America, Asia
and Europe.
This press release contains forward-looking statements including
those related to revenue and earnings growth for the current fiscal
year that are made pursuant to the safe harbor provisions of the
Private Securities Litigation Act of 1995. These forward-looking
statements are based on current expectations and assumptions that are
subject to risks and uncertainties that could cause actual results to
differ materially, including, but not necessarily limited to,
management's ability to forecast revenues and control expenses and the
amount, timing and structure of software licenses.
For further information regarding risks and uncertainties
associated with Ansoft's business, please refer to the "Management's
Discussion and Analysis of Financial Condition and Results of
Operations" section of Ansoft's SEC filings, including, but not
limited to, its annual report on Form 10-K and quarterly reports on
Form 10-Q, copies of which may be obtained at Ansoft's website at
www.ansoft.com/about/investor/index.cfm.
All information in this release is as of November 14, 2006. Ansoft
undertakes no duty to update any forward-looking statement to conform
the statement to actual results or changes in the Company's
expectations.
-0-
*T
ANSOFT CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
(unaudited)
Three months ended Six months ended
October 31, October 31,
2006 2005 2006 2005
--------- -------- -------- --------
Revenue
License $10,938 $9,123 $19,123 $15,943
Service and other 9,568 8,905 18,706 16,875
--------- -------- -------- --------
Total revenue 20,506 18,028 37,829 32,818
Costs of revenue
License 141 134 261 233
Service and other 360 322 693 651
--------- -------- -------- --------
Total cost of revenue 501 456 954 884
Gross profit 20,005 17,572 36,875 31,934
Operating Expenses
Sales and marketing 8,138 7,321 15,616 14,464
Research and development 4,730 4,129 9,556 8,189
General and administrative 1,240 1,187 2,624 2,570
Amortization 346 369 692 738
--------- -------- -------- --------
Total operating expenses 14,454 13,006 28,488 25,961
--------- -------- -------- --------
Income from operations 5,551 4,566 8,387 5,973
Net realized loss on sale of
securities - - - (2)
Other income, net 577 140 1,392 480
--------- -------- -------- --------
Income before income taxes 6,128 4,706 9,779 6,451
Income tax expense 2,418 611 3,780 1,187
--------- -------- -------- --------
Net income $3,710 $4,095 $5,999 $5,264
========= ======== ======== ========
Net income per share
Basic $0.16 $0.17 $0.25 $0.22
========= ======== ======== ========
Diluted $0.14 $0.16 $0.23 $0.20
========= ======== ======== ========
Weighted average shares used in
calculation
Basic 23,609 23,588 23,609 23,710
========= ======== ======== ========
Diluted 26,151 25,784 26,165 25,890
========= ======== ======== ========
*T
All share and per share information has been adjusted to reflect
the two-for-one stock split effected in the form of 100% stock
dividend that was declared on March 7, 2006 and distributed on May 9,
2006.
-0-
*T
ANSOFT CORPORATION
CONSOLIDATED BALANCE SHEETS
(In thousands, except per share amounts)
(unaudited)
October 31, April 30,
2006 2006
----------- -----------
Assets
Current assets
Cash and cash equivalents $19,862 $16,456
Accounts receivable, net of allowance for
doubtful Accounts of $770 and $545,
respectively 12,226 20,264
Deferred income taxes 164 164
Prepaid expenses and other assets 2,381 1,938
----------- -----------
Total current assets 34,633 38,822
Equipment and furniture, net of accumulated
depreciation of $6,745 and $6,249,
respectively 2,424 2,599
Marketable securities 38,903 33,621
Other assets 154 131
Deferred income taxes 6,436 6,226
Goodwill 1,239 1,239
Other intangible assets, net 1,750 2,442
----------- -----------
Total assets $85,539 $85,080
=========== ===========
Liabilities and stockholders' equity
Current liabilities
Accounts payable $228 $274
Accrued payroll 1,210 3,027
Accrued income taxes 2,912 928
Other accrued expenses 3,350 3,609
Current portion of deferred revenue 17,967 19,893
----------- -----------
Total current liabilities 25,667 27,731
Long-term portion of deferred revenue 1,006 1,088
----------- -----------
Total liabilities 26,673 28,819
Stockholders' equity
Preferred stock, par value $0.01 per share;
1,000 shares authorized, no shares
outstanding - -
Common stock, par value $0.01 per share;
50,000 shares authorized; issued 28,792 and
28,576 shares, respectively and outstanding
23,654 and 23,764, respectively 288 286
Additional paid-in capital 79,808 76,795
Treasury stock, 5,138 and 4,812 shares,
respectively (44,650) (37,913)
Accumulated other comprehensive loss, net (1,211) (1,539)
Retained earnings 24,631 18,632
----------- -----------
Total stockholders' equity 58,866 56,261
----------- -----------
Total liabilities and stockholders' equity $85,539 $85,080
=========== ===========
*T
All share, except shares authorized, information has been adjusted
to reflect the two-for-one stock split effected in the form of 100%
stock dividend that was declared on March 7, 2006 and distributed on
May 9, 2006.