Ansoft Corporation Reports Record Revenue

Share Name	Share Symbol	Market	Type
Ansoft Corp (MM)	NASDAQ:ANST	NASDAQ	Common Stock

Ansoft (NASDAQ:ANST)
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Ansoft Corporation (NASDAQ:ANST) today announced financial results for its fourth quarter of fiscal 2007 ended April 30, 2007. 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 fourth quarter totaled $28.6 million, an increase of 16% compared to $24.7 million reported in the previous fiscal year's fourth quarter. On a generally accepted accounting principles (GAAP) basis, net income for the fourth quarter was $7.9 million, or $0.30 per diluted share compared to GAAP net income of $8.3 million, or $0.32 per diluted share in the previous fiscal year's fourth quarter. GAAP net income for the previous fiscal year�s fourth quarter included a $1.0 million, or $0.04 per diluted share, income tax benefit associated with the reversal of the Company�s remaining valuation allowance for certain U.S. Federal net deferred tax assets. GAAP net income for the current quarter includes employee stock-based compensation expense of $0.7 million, or $0.02 per diluted share. The previous fiscal year�s fourth quarter net income did not include employee stock-based compensation expense. Additionally, GAAP net income for the current 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 fourth quarter. �We experienced strong revenue growth and are pleased to report record revenue for the fourth quarter,� said Nicholas Csendes, Ansoft�s President and CEO. �For the next fiscal year, we anticipate continued revenue growth of around 10-15%.� Revenue for the fiscal year totaled $89.1 million, an increase of 15% compared to $77.2 million reported in the previous fiscal year. On a GAAP basis, net income for the fiscal year was $20.2 million, or $0.77 per diluted share compared to GAAP net income of $17.8 million, or $0.69 per diluted share in the previous fiscal year. Results for the current fiscal year include a tax benefit of $0.9 million, or $0.03 per diluted share for the US Research and Development Tax Credit enacted retroactive by Congress in December 2006 that relate to credits earned in the prior fiscal year. Results for the previous fiscal year included $2.4 million, or $0.09 per diluted share, of income tax benefit for a federal tax credit claim and refund related to foreign taxes previously paid and $1.0 million, or $0.04 per diluted share, of income tax benefit associated with the reversal of the Company�s remaining valuation allowance for certain U.S. Federal net deferred tax assets. GAAP net income for the current fiscal year includes employee stock-based compensation expense of $2.6 million, or $0.08 per diluted share. The previous fiscal year�s net income did not include employee stock-based compensation expense. Additionally, GAAP net income for the current fiscal year includes acquisition related amortization of $1.3 million, or $0.03 per diluted share. This compares to acquisition related amortization of $1.5 million, or $0.04 per diluted share in the previous fiscal year. 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 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 management�s current expectations and assumptions that are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied in such forward-looking statement, including, but not 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 May 23, 2007. 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 CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share amounts) (unaudited) � Three months endedApril 30, Fiscal year endedApril 30, 2007� 2006� 2007� 2006� Revenue License $ 18,756� $ 15,655� $ 51,026� $ 42,849� Service and other 9,823� 9,083� 38,113� 34,362� Total revenue 28,579� 24,738� 89,139� 77,211� Costs of revenue License 182� 167� 607� 535� Service and other 494� 401� 1,590� 1,420� Total cost of revenue 676� 568� 2,197� 1,955� Gross profit 27,903� 24,170� 86,942� 75,256� Operating Expenses Sales and marketing 10,146� 9,029� 33,792� 31,506� Research and development 5,090� 4,639� 19,662� 17,016� General and administrative 1,597� 1,368� 5,672� 5,060� Amortization 290� 359� 1,272� 1,467� Total operating expenses 17,123� 15,395� 60,398� 55,049� Income from operations 10,780� 8,775� 26,544� 20,207� Net realized loss on sale of securities (87) -� (87) (2) Other income, net 755� 648� 2,723� 1,397� Income before income taxes 11,448� 9,423� 29,180� 21,602� Income tax expense 3,514� 1,150� 8,936� 3,805� Net income $ 7,934� $ 8,273� $ 20,244� $ 17,797� Net income per share Basic $ 0.33� $ 0.35� $ 0.86� $ 0.75� Diluted $ 0.30� $ 0.32� $ 0.77� $ 0.69� Weighted average shares used in calculation Basic 23,804� 23,685� 23,650� 23,694� Diluted 26,233� 25,811� 26,182� 25,851� � 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) � April 30, April 30, 2007� 2006� � Assets Current assets Cash and cash equivalents $ 49,356� $ 16,456� Accounts receivable, net of allowance for doubtful Accounts of $973 and $545, respectively 24,994� 20,264� Deferred income taxes 1,441� 164� Prepaid expenses and other current assets 2,566� 1,938� Total current assets 78,357� 38,822� � Equipment and furniture, net 2,514� 2,599� Marketable securities 22,383� 33,621� Other assets 155� 131� Deferred income taxes 5,352� 6,226� Goodwill 1,239� 1,239� Other intangible assets, net 1,170� 2,442� Total assets $ 111,170� $ 85,080� � Liabilities and stockholders' equity Current liabilities Accounts payable $ 626� $ 274� Accrued payroll 3,380� 3,027� Accrued income taxes 603� 928� Other accrued expenses 4,130� 3,609� Current portion of deferred revenue 26,244� 19,893� Total current liabilities 34,983� 27,731� Long-term portion of deferred revenue 1,404� 1,088� Total liabilities 36,387� 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 29,258 and 28,576 shares, respectively and outstanding 23,956 and 23,764, respectively � 293� 286� Additional paid-in capital 85,754� 76,795� Treasury stock, 5,302 and 4,812 shares, respectively (49,176) (37,913) Accumulated other comprehensive loss, net (964) (1,539) Retained earnings 38,876� 18,632� Total stockholders' equity 74,783� 56,261� Total liabilities and stockholders' equity $ 111,170� $ 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.

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ANST Ansoft Corp (MM)