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Ansoft Corporation Earnings Nearly Double; Revenue Increases 17%
August 25, 2006 |Estimated reading time: 1 minute
Ansoft Corporation today announced financial results for its first quarter of fiscal 2007 ended July 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. <?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />
Revenue for the first quarter totaled $17.3 million, an increase of 17% compared to $14.8 million reported in the previous fiscal year's first quarter.
On a generally accepted accounting principles (GAAP) basis, net income for the first quarter was $2.3 million, or $0.09 per diluted share, representing a 96% increase when compared to GAAP net income of $1.2 million, or $0.05 per diluted share in the previous fiscal year's first quarter.
GAAP net income for first quarter includes employee stock-based compensation expense of $0.6 million, or $0.02 per diluted share due to the adoption of Statement of Financial Accounting Standards 123(R) (SFAS 123(R)). The previous fiscal year's first quarter net income did not include employee stock-based compensation expense related to SFAS 123(R).
Additionally, GAAP net income for the first 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 first quarter.
"We are pleased to report strong revenue and earnings growth for the first quarter," said Nicholas Csendes, Ansoft's President and CEO. "For the next fiscal quarter, we anticipate 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 <?xml:namespace prefix = st1 ns = "urn:schemas-microsoft-com:office:smarttags" />Europe.