DS Reports Second Quarter 2009 Financial Results At High End of Company Objectives

rd, DS announced the launch of its Version 6, Release 2010. Dassault Systèmes’ V6 collaborative platform has been widely adopted in industries including:

DS Reaffirms Its Position as the Leading Supplier of PLM Solutions to the Aerospace Industry. On June 15, 2009, DS made a series of customer announcements at Le Bourget International Air Show that reinforces the company’s position as the leading PLM provider for the Aerospace and Defense industry. Already recognized for working with the world’s Top 20 Aerospace Companies and the world’s major OEMs, Dassault Systèmes’ technology has become the standard for all new major aircraft programs.

DS SolidWorks Surpasses One Million Licenses. On April 30, 2009 DS SolidWorks announced that a cutting-edge athletic equipment company purchased the one millionth license of its 3D CAD software. In the 14 years between this landmark and DS SolidWorks’ first sale to a robotic arm designer, thousands of innovative products have been developed with SolidWorks software.

Business Outlook

Thibault de Tersant, Senior Executive Vice President and CFO, commented, “Our results for the second quarter confirm our realistic assessment of market conditions which we made at the time of our first quarter press release.

“With respect to operating profitability, our focus on cost containment is proceeding as planned, with over €55 million in cost savings realized during the first half of this year. We also continued with our broader goals of improving our operational efficiency across DS with shared services and co-location initiatives, all of which will bring additional benefits to DS as we move into 2010. Our progress quarter to quarter is evident in the sequential improvement in our non-IFRS operating margin. And, for the full year, we continue to target an operating margin of about 25% on a non-IFRS basis, unchanged from our previous goal.

“Looking ahead to the third quarter, we are assuming no change to business conditions and historical seasonal revenue patterns, leading to the assumption of a sequential decrease in revenue results in comparison to the second quarter. But with our ongoing cost actions, and based upon our revenue objective, we are targeting a stable to improving sequential performance from an earnings and operating margin perspectives for the third quarter.

“As we move into the second half of the year, we are narrowing our full year revenue objective range but otherwise holding the mid-point unchanged on a constant currency basis. Similarly we are narrowing our EPS objective range. Given the strengthening of the Euro we think it is appropriate to update our US dollar and Japanese yen exchange rates assumptions in comparison to the Euro, and therefore are adjusting our reported revenue range and earnings per share, accordingly.”

The Company’s objectives are prepared and communicated only on a non-IFRS basis and are subject to the cautionary statement set forth below. The Company’s current objectives are the following:

  • Third quarter 2009 non-IFRS total revenue objective of about €285 to €300 million and non-IFRS EPS of about €0.36 to €0.42;
  • 2009 non-IFRS revenue growth objective range of about (8%) to (6%) in constant currencies (€1,250 to €1,280 billion based upon the 2009 currency exchange rate assumptions below);
  • 2009 non-IFRS operating margin of about 24% to 26%;
  • 2009 non-IFRS EPS range of about €1.76 to €1.91;
  • Objectives are based upon exchange rate assumptions for the 2009 third quarter of US$1.50 per €1.00 and JPY140 per €1.00 and a full year average of US$1.42 per €1.00 and JPY134 per €1.00.

The non-IFRS objectives set forth above do not take into account the following accounting elements and are estimated based upon the 2009 currency exchange rates above: (i) deferred revenue write-downs estimated at approximately €1.4 million for 2009; (ii) share-based compensation expense estimated at approximately €22 million for 2009, and (iii) amortization of acquired intangibles estimated at approximately €40 million for 2009. The above objectives do not include any impact from other operating income and expense, net principally comprised of restructuring expenses. These estimates also do not include any new stock option or share grants, or any new acquisitions or restructurings completed after July 30, 2009.

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