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Accelrys Attributes Drop in Revenues, Widening Loss to Change in Revenue Recognition

NEW YORK, Oct. 28 (GenomeWeb News) - Accelrys today reported a drop in revenues for the second quarter of its 2005 fiscal year, accompanied by widening losses.


The company's revenues for the quarter ended Sept. 2004 were $14.3 million, down 19 percent from $17.7 million in the comparable quarter in 2003. Accelrys said that this drop was due to a change in revenue recognition for software licenses to a "subscription accounting" model that was initiated in January 2004.


Orders remained flat year over year, at $13.3 million booked during the quarter ended Sept. 2004, compared to $13.7 million booked in the year-ago quarter. Deferred revenue, meanwhile, was $29.5 million, up 55 percent from $19.0 million in the prior-year period.


R&D spending remained flat, at $4.4 million for the second quarter of 2004 compared to $4.2 million in the same period of 2003.


The company wrote off $700,000 related to its acquisition of SciTegic, which closed on Sept. 27.


Accelrys posted a net loss of $5.1 million, or $.21 per share, for the quarter, meeting analyst estimates. The company reported a net loss of $2.1 million, or $.09 per share, for the comparable quarter in 2003.


Cash, cash equivalents, and marketable securities was about $66.7 million at Sept. 30.


The company said that change in its revenue recognition model "will continue to dramatically affect reported revenue through the next couple of quarters when compared to the equivalent periods in the prior year."

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