ANSYS Reports Revenue and Earnings Growth for Fourth Quarter and 2008 Annual Results and Updates Outlook

Certain statements contained in the press release regarding matters that are not historical facts, including, but not limited to, statements regarding our projections for revenue and earnings per share for the first quarter and fiscal year 2009 (both GAAP and non-GAAP to exclude purchase accounting for deferred revenue, acquisition-related amortization, stock-based compensation expense and acquired in-process research and development); statements about management's views concerning the Company's prospects in the remainder of 2009 and subsequent years and the effect of the Ansoft integration on these prospects; statements and projections relating to the impact of stock-based compensation; statements regarding our strategic vision, the fundamentals of our business remaining strong and not changing, our customers’ ability to innovate being essential to their success and furthering the success of ANSYS, our strong financial model driving profitable growth, delivering on our promise to provide best in class innovation in engineering simulation, our ability to deliver solid financial results, alignment with customers’ research and product development priorities, our broad portfolio of solutions, solid execution by our global workforce and channel partners, ongoing pressure on customer capital spending and prolonged sales cycles, focus and investing in our top priorities of sales, technology innovation and integration of Ansoft, our position for future long-term growth, the expanding needs of our diverse customer base, responding to current market conditions without sacrificing long term opportunity, our strength in the marketplace, engineering solutions remaining a high priority investment within our expanding customer base, investing in important future growth opportunities, our focus on strengthening the breadth and depth of our solutions and extending our technology leadership, continuing to streamline operations, manage discretionary costs and strengthen the effectiveness of our global operations, the upcoming release of ANSYS 12.0 and Workbench 2.0 and the potential for our business that these products have, the vast array of new and improved technologies and our position to take advantage of new opportunities, drive new business and increase adoption rates of ANSYS solutions, and continuing to work with customers to help them meet or exceed goals of reducing design iterations, shortening design cycles, lowering costs, improving product quality and expanding market share are "forward-looking" statements (as defined in the Private Securities Litigation Reform Act of 1995). Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. All forward-looking statements in this press release are subject to risks and uncertainties, including, but not limited to, the risk of a further deterioration in the global economy or a continuation of the current global economic downturn, risks associated with ANSYS’ international activities, the risk that changes in currency exchange rates will adversely impact the Company’s financial position, the risk that the assumptions underlying ANSYS' anticipated revenues and expenditures will change or prove inaccurate, the risk that ANSYS has overestimated its ability to maintain growth and profitability and control costs, uncertainties regarding the demand for ANSYS' products and services in future periods, the risk that ANSYS has overestimated the strength of the demand among its customers for its products, risks related to the effect of the global economic downturn on ANSYS’ customers and their demand or payment for ANSYS’ products, uncertainties regarding customer acceptance of new products, including ANSYS 12.0 and Workbench 2.0, the risk that ANSYS' operating results will be adversely affected by possible delays in developing, completing, or shipping new or enhanced products, including ANSYS 12.0 and Workbench 2.0, risks that enhancements to the Company's products may not produce anticipated sales, uncertainties regarding fluctuations in quarterly results, including uncertainties regarding the timing of orders from significant customers, risks related to the integration of Ansoft and other factors that are detailed from time to time in reports filed by ANSYS, Inc. with the Securities and Exchange Commission, including ANSYS, Inc.'s 2007 Annual Report and Form 10-K, as amended. We undertake no obligation to publicly update or revise any forward-looking statements, whether changes occur as a result of new information or future events, after the date they were made.

ANSYS, ANSYS Workbench, Ansoft, AUTODYN, CFX, FLUENT and any and all ANSYS, Inc. brand, product, service and feature names, logos and slogans are registered trademarks or trademarks of ANSYS, Inc. or its subsidiaries in the United States or other countries. All other brand, product, service and feature names or trademarks are the property of their respective owners.

ANSYS, INC. AND SUBSIDIARIES

Consolidated Statements of Income

(in thousands, except per share data)

(Unaudited)

   

 

Three Months Ended

Twelve Months Ended

December 31,

 

December 31,

December 31,

 

December 31,

2008

2007

2008

2007

Revenue:
Software licenses $90,377 $75,564 $318,154 $253,287
Maintenance and service 44,924 35,672 160,185 132,053
 
Total revenue 135,301 111,236 478,339 385,340
 
Cost of sales:
Software licenses 2,855 2,357 9,766 9,113
Amortization of software and
acquired technology 9,731 5,413 27,803 21,532
Maintenance and service 12,804 13,075 53,845 47,402
 
Total cost of sales 25,390 20,845 91,414 78,047
 
Gross profit 109,911 90,391 386,925 307,293
 
Operating expenses:
Selling, general
and administrative 41,954 34,526 134,887 115,108
Research and development 18,826 15,635 71,594 56,481
Amortization 3,351 2,288 10,713 8,935
 
Total operating expenses 64,131 52,449 217,194 180,524
 
Operating income 45,780 37,942 169,731 126,769
 
Interest expense (3,993 ) (1,273 ) (9,342 )

(6,822

)

Interest income 1,095 1,668 5,575 4,916
Other income (expense) 446 135 727 (600 )
 
Income before income
tax provision 43,328 38,472 166,691 124,263
 
Income tax provision 11,415 9,183 55,020

41,871

 
Net income

$31,913

$29,289

$111,671

$82,392

 
Earnings per share - basic:
Basic earnings per share $0.36 $0.37 $1.35 $1.06
Weighted average shares - basic 89,406 78,208 82,975 77,792
 
Earnings per share - diluted:
Diluted earnings per share $0.34 $0.36 $1.29 $1.02
Weighted average shares - diluted 93,230 81,723 86,768 81,135

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