SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 -------------------- FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported): October 25, 2001 ASPEN TECHNOLOGY, INC. (Exact name of registrant as specified in its charter) DELAWARE 0-24786 04-2739697 -------------------------------------------------------------------------------- (State or other jurisdiction of (Commission (I.R.S. Employer incorporation or organization) File Number) Identification No.) Ten Canal Park, Cambridge, Massachusetts 02141 ----------------------------------------- (Address of principal executive office and zip code) (617) 949-1000 -------------- (Registrant's telephone number, including area code) --------------
ITEM 5. OTHER EVENTS. On October 25, 2001, we issued a press release announcing financial results for the quarter ended September 30, 2001. A summary of the financial results for the quarter ended September 30, 2001 is provided below. Total revenues for the first quarter were $61.2 million, with services revenues of $42.0 million and license revenues of $19.2 million. We reported a pro forma loss of $12.5 million or $0.39 per share, which excludes a one-time restructuring charge. Approximately seven cents of the pro forma loss per share was attributable to investments in PetroVantage, our wholly owned subsidiary providing software to optimize the trading and logistics of crude oil and refined products. Uncertain economic environment, combined with the impact of the terrorist attacks on September 11, 2001, negatively affected our close rate for a number of software license deals at the end of September. Due to slower activity during the summer months, a larger portion of our first quarter revenues close in September, which made last month's terrorist attacks particularly disruptive to several end-of-quarter transactions in an already challenging business climate. Fortunately, these license delays were largely offset by stronger-than-expected services revenues, where we continued to maintain gross margins in excess of forty percent, and by controlled spending. During the quarter, we closed significant license transactions with Aventis Pharmaceutical, Daicel Chemical, GE Plastics, Irving Oil, Technip and Southern Company.
ASPEN TECHNOLOGY, INC. CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS (IN THOUSANDS) Three Months Ended September 30, September 30, 2001 2000 ------------- ------------- REVENUES: Software licenses $ 19,231 $ 32,582 Services 42,011 36,906 -------- -------- Total revenues 61,242 69,488 -------- -------- EXPENSES: Cost of software licenses 2,444 2,565 Cost of services 25,193 22,320 Selling and marketing 26,624 24,718 Research and development 17,999 14,992 General and administrative 7,422 6,565 Restructuring charge 2,642 -- Charge for in-process research and development -- 5,000 -------- -------- Total costs and expenses 82,324 76,160 -------- -------- Income (loss) from operations (21,082) (6,672) Other income (expense), net (184) (134) Interest income, net 753 1,541 -------- -------- Income (loss) before provision for (benefit from) income taxes (20,513) (5,265) Provision for (benefit from) income taxes (6,154) (1,580) -------- -------- Net income (loss) $(14,359) $ (3,685) ======== ======== Diluted earnings (loss) per share $ (0.45) $ (0.13) ======== ======== Weighted average shares outstanding - diluted 31,760 29,181 ======== ======== Basic earnings (loss) per share $ (0.45) $ (0.13) ======== ======== Weighted average shares outstanding - basic 31,760 29,181 ======== ======== PRO FORMA EXCLUDING RESTRUCTURING CHARGE, CHARGE FOR IN-PROCESS R&D, AND AMORTIZATION OF GOODWILL: Net Income (loss) $(12,510) $ 45 ======== ======== Diluted (basic) earnings (loss) per share $ (0.39) $ 0.00 ======== ======== PRO FORMA EXCLUDING RESTRUCTURING CHARGE, CHARGE FOR IN-PROCESS R&D, AMORTIZATION OF GOODWILL AND PETROVANTAGE: Net Income (loss) $(10,404) $ 737 ======== ======== Diluted (basic) earnings (loss) per share $ (0.33) $ 0.02 ======== ========
ASPEN TECHNOLOGY, INC. CONSOLIDATED CONDENSED BALANCE SHEET (IN THOUSANDS) September 30, June 30, 2001 2001 ------------- -------- ASSETS Current Assets: Cash, cash equivalents and short-term investments $ 55,509 $ 67,638 Accounts receivable and unbilled services, net 104,454 116,389 Current portion of long-term installments receivable, net 27,272 31,094 Deferred tax asset 3,252 3,252 Prepaid expenses and other current assets 18,584 17,591 -------- -------- Total current assets 209,071 235,964 -------- -------- Long-term installments receivable, net 38,605 43,428 Equipment and leasehold improvements, net 46,222 43,276 Computer software development costs, net 9,113 8,539 Intangible assets, net 43,130 43,964 Deferred tax asset 15,686 15,686 Other assets 16,348 15,737 -------- -------- Total assets $378,175 $406,594 ======== ======== LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Current portion of long-term debt $ 247 $ 2,539 Accounts payable and accrued expenses 48,378 62,959 Unearned revenue 17,349 18,711 Deferred revenue 24,936 24,341 -------- -------- Total current liabilities 90,910 108,550 -------- -------- Long-term debt, less current maturities 88,227 88,149 Deferred revenue, less current portion 7,265 8,190 Other liabilities 635 635 -------- -------- Total stockholders' equity 191,138 201,070 -------- -------- Total liabilities and stockholders' equity $378,175 $406,594 ======== ========
SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. ASPEN TECHNOLOGY, INC. Dated: October 29, 2001 By: /s/ Lisa W. Zappala --------------------------------- Lisa W. Zappala Senior Vice President and Chief Financial Officer