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For Accelrys, Bookings Up, but Revenues Down in FY 05 Q3

NEW YORK, Jan. 26 (GenomeWeb News) - Accelrys today reported an increase in orders for the third quarter of its 2005 fiscal year, but a decrease in quarterly revenues resulting from a change in its accounting practices.


Accelrys reported total bookings of $37.9 million for the quarter ended Dec. 31, 2004 -- an increase of 9-percent over $34.8 million booked for the same quarter of 2003. Revenues, however, which the company now recognizes on a ratable subscription basis, declined to $22.2 million -- a 30-percent drop from revenues of $31.6 million in the year-ago period.


In line with the change in the company's revenue recognition practice, deferred revenue increased during the quarter, from $29.5 million as of Sept. 30, 2004, to $43.4 million as of Dec. 31, 2004.


The company's quarterly expenses rose to $28.5 million, from $23.5 million in the prior-year period. Accelrys said that $3.3 million of these expenses were associated with its acquisition of SciTegic, which closed in September.


Accelrys spent $4.7 million on R&D during the quarter, a slight increase from $4.6 million in the prior year.


The company posted a quarterly net loss of $5.7 million, compared to $7.9 million in net income that it reported for the comparable period of 2003.


Accelrys held $59.1 million in cash, cash equivalents, restricted cash, and marketable securities as of Dec. 31, 2004.

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