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Aspen Technology Announces Financial Results for Fiscal Year 2009
- Files Annual Report on Form 10-K for Fiscal Year 2009
- Files Quarterly Reports on Form 10-Q for First, Second and Third Quarters Fiscal 2009
- Announces Selected Preliminary Financial Results for First Quarter Fiscal 2010
Selected Preliminary Results for the First Quarter Fiscal 2010
Fusco added, “We signed gross license bookings of approximately
The company's cash balance as of
Company Files Fiscal 2009 Financial Statements
Fiscal 2009 Financial Results
The following section provides summary level details of the company’s
fiscal 2009 financial results, in comparison to the company’s financial
results for fiscal 2008. Detailed financial results for the full fiscal
year 2009 and the first, second and third fiscal quarters of fiscal
2009, along with comparisons to prior year periods, can be found in the
company’s Form 10-K and 10-Q filings made with the
For fiscal year 2009, ended
During fiscal 2008,
AspenTech's income from operations was
Net income was
Balance Sheet and Cash Flow
The company’s cash balance at the end of fiscal 2009 was approximately
The company’s secured borrowings balance at the end of fiscal 2009 was
The company’s total deferred revenue balance at
Conference Call and Webcast
AspenTech will host a conference call and webcast today,
About AspenTech
AspenTech is a leading supplier of software that optimizes process manufacturing – for energy, chemicals, pharmaceuticals, engineering and construction, and other industries that manufacture and produce products from a chemical process. With integrated aspenONE solutions, process manufacturers can implement best practices for optimizing their engineering, manufacturing and supply chain operations. As a result, AspenTech customers are better able to increase capacity, improve margins, reduce costs and become more energy efficient. To see how the world’s leading process manufacturers rely on AspenTech to achieve their operational excellence goals, visit www.aspentech.com.
© 2009
Forward Looking Statements
The first paragraph under "Selected Preliminary Results for the First
Quarter Fiscal 2010” and the first and fourth paragraphs under “Company
Files Fiscal 2009 Financial Statements" in this press release contain
forward-looking statements for purposes of the safe harbor provisions of
the Private Securities Litigation Reform Act of 1995, including
statements relating to the anticipated benefits of AspenTech’s new
subscription-based commercial model and the timing of the completion of
AspenTech’s review of its operating results for the first quarter of
fiscal 2010. Actual results may vary significantly from AspenTech’s
expectations based on a number of risks and uncertainties, including,
without limitation: customers’ failure to adopt the new commercial model
at the rate expected by AspenTech or at all; AspenTech’s failure to
realize the anticipated financial and operational benefits of the new
commercial model; unanticipated distractions or delays affecting
AspenTech or its independent accountants in connection with the review
of operating results for the first quarter of fiscal 2010, ended
AspenTech cannot guarantee any future results, levels of activity, performance, or achievements. AspenTech expressly disclaims any current intention to update forward-looking statements after the date of this press release.
ASPEN TECHNOLOGY, INC. CONSOLIDATED STATEMENT OF OPERATIONS (in thousands except per share data) |
||||||||
Years Ended June 30, | ||||||||
2009 | 2008 | |||||||
(In thousands, except per share data) | ||||||||
Revenues: | ||||||||
Software licenses | $ | 179,591 | $ | 168,404 | ||||
Service and other | 131,989 | 143,209 | ||||||
Total revenues | 311,580 | 311,613 | ||||||
Cost of revenues: | ||||||||
Cost of software licenses | 12,384 | 15,916 | ||||||
Cost of service and other | 63,411 | 69,077 | ||||||
Amortization of technology related intangible assets | 25 | - | ||||||
Total cost of revenues | 75,820 | 84,993 | ||||||
Gross profit | 235,760 | 226,620 | ||||||
Operating costs: | ||||||||
Selling and marketing | 89,150 | 99,682 | ||||||
Research and development | 41,463 | 45,179 | ||||||
General and administrative | 58,138 | 54,565 | ||||||
Restructuring charges | 2,446 | 8,623 | ||||||
Loss (gain) on sales and disposals of assets | 6 | (66 | ) | |||||
Loss on impairment of goodwill and intangible assets | 623 | - | ||||||
Total operating costs | 191,826 | 207,983 | ||||||
Income from operations | 43,934 | 18,637 | ||||||
Interest income | 22,698 | 23,784 | ||||||
Interest expense | (10,516 | ) | (17,783 | ) | ||||
Other (expense) income, net | (1,824 | ) | 3,386 | |||||
Income before provision for taxes | 54,292 | 28,024 | ||||||
Provision for income taxes | (1,368 | ) | (3,078 | ) | ||||
Net income | 52,924 | 24,946 | ||||||
Accretion of preferred stock discount and dividends | - | - | ||||||
Net income applicable to common stockholders | $ | 52,924 | $ | 24,946 | ||||
Earnings per common share: | ||||||||
Basic | $ | 0.59 | $ | 0.28 | ||||
Diluted | $ | 0.57 | $ | 0.27 | ||||
Weighted average shares outstanding: | ||||||||
Basic | 90,053 | 89,640 | ||||||
Diluted | 92,578 | 94,092 | ||||||
Supplemental information – Stock-based compensation costs included in the Statements of Operations |
||||||
Year Ended June 30, | ||||||
Recorded as expense: | 2009 | 2008 | ||||
Cost of service and other | $ | 429 | $ | 1,254 | ||
Selling and marketing | 928 | 3,345 | ||||
Research and development | 460 | 1,411 | ||||
General and administrative | 2,853 | 4,590 | ||||
4,670 | 10,600 | |||||
Capitalized computer software development costs: | 26 | 18 | ||||
Total stock-based compensation | $ | 4,696 | $ | 10,618 | ||
ASPEN TECHNOLOGY, INC. CONSOLIDATED CONDENSED BALANCE SHEETS (in thousands) |
||||||||
June 30, | ||||||||
2009 | 2008 | |||||||
(In Thousands, except per share data) | ||||||||
ASSETS | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 122,213 | $ | 134,048 | ||||
Accounts receivable, net | 49,882 | 86,870 | ||||||
Current portion of installments receivable, net | 64,531 | 51,762 | ||||||
Current portion of collateralized receivables, net | 38,695 | 43,186 | ||||||
Unbilled services | 298 | 3,459 | ||||||
Prepaid expenses and other current assets | 22,572 | 11,710 | ||||||
Deferred tax assets | 3,795 | 2,305 | ||||||
Total current assets | 301,986 | 333,340 | ||||||
Non-current installments receivable, net | 113,390 | 82,528 | ||||||
Non-current collateralized receivables, net | 57,671 | 92,163 | ||||||
Property, equipment and leasehold improvements, net | 9,604 | 11,799 | ||||||
Computer software development costs | 3,918 | 5,443 | ||||||
Other intangible assets, net | 156 | 615 | ||||||
Goodwill | 16,686 | 19,019 | ||||||
Non-current deferred tax assets | 10,788 | 7,743 | ||||||
Other non-current assets | 1,777 | 1,976 | ||||||
$ | 515,976 | 554,626 | ||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
Current liabilities: | ||||||||
Current portion of secured borrowing | $ | 83,885 | $ | 47,816 | ||||
Accounts payable | 5,135 | 6,586 | ||||||
Accrued expenses | 47,882 | 61,746 | ||||||
Income taxes payable | 1,888 | 13,877 | ||||||
Deferred revenue | 62,801 | 86,551 | ||||||
Current deferred tax liability | 2,481 | 457 | ||||||
Total current liabilities | 204,072 | 217,033 | ||||||
Long-term secured borrowing | 28,211 | 99,391 | ||||||
Deferred revenue | 16,070 | 20,354 | ||||||
Non-current deferred tax liability | 2,354 | 725 | ||||||
Other non-current liabilities | 35,859 | 44,310 | ||||||
Commitments and contingencies (Notes 11, 12 and 13) | ||||||||
Series D redeemable convertible preferred stock, $0.10 par value— | ||||||||
Authorized— 3,636 shares in 2009 and 2008 | ||||||||
Issued and outstanding— none in 2009 or 2008 | - | - | ||||||
Stockholders’ equity: | ||||||||
Common stock, $0.10 par value— Authorized—120,000,000 shares | ||||||||
Issued— 90,326,513 shares in 2009 and 90,235,526 shares in 2008 | ||||||||
Outstanding— 90,093,049 shares in 2009 and 90,002,062 shares in 2008 | 9,033 | 9,024 | ||||||
Additional paid-in capital | 497,478 | 493,088 | ||||||
Accumulated deficit | (283,593 | ) | (336,517 | ) | ||||
Accumulated other comprehensive income | 7,005 | 7,731 | ||||||
Treasury stock, at cost—233,464 shares of common stock in 2009 and 2008 | (513 | ) | (513 | ) | ||||
Total stockholders’ equity | 229,410 | 172,813 | ||||||
$ | 515,976 | $ | 554,626 |
Source:
AspenTech
Media
David Grip, +1 781-221-5273
david.grip@aspentech.com
or
Investors
ICR
Kori
Doherty, +1 617-956-6730
kdoherty@icrinc.com