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Accelrys Posts 5 Percent Decline in Revenues for Fiscal Q3

NEW YORK (GenomeWeb News) - Accelrys today reported declining revenues for its fiscal third quarter, accompanied by a larger net loss and a double-digit decrease in general and administrative spending.
 
For the three months ended Dec. 31, 2007, revenue fell 5 percent to $19.6 million from $20.7 million in the comparable period of the prior year.
 
The company said in a statement that the decrease in revenue was due to a fall-off in orders for “de-emphasized products,” which was partially offset by growth in sales for its Pipeline Pilot “scientific operating platform.” Accelrys said that a one-time “service revenue benefit” of $300,000 in the third quarter of the prior fiscal year also contributed to the year-over-year revenue decline.
 
Mark Emkjer, president and CEO of Accelrys, said in a statement that orders for Pipeline Pilot “increased substantially” during the quarter, and that two undisclosed pharmaceutical companies ”significantly increased their investments” in the platform.
 
During a conference call today to discuss the third-quarter earnings, Accelrys CFO Rick Russo noted that the company recognizes its revenues ratably, and therefore expects the increase in orders in the third quarter to lead to an uptick in revenues for the company's fourth fiscal quarter, which ends March 31.  
 
Accelrys's quarterly net loss grew by 9 percent to $1.2 million, or $0.05 per share, from $1.1 million, or $0.04 per share, in the prior-year quarter.
 
Spending on product development fell by 4 percent to $4.5 million from $4.7 million, while sales and marketing expenses grew by nearly 8 percent to $9.6 million from $8.9 million.
 
Accelrys cut its general and administrative costs by 17 percent to $3.4 million from $4.1 million in the comparable quarter of 2007.
 
As of Dec. 31, Accelrys had cash, cash equivalents, restricted cash, and marketable securities of $65.8 million.

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