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Accelrys Posts Uptick in Q4 Revenues, Halves Net Loss

NEW YORK (GenomeWeb News) – Accelrys today reported a 3 percent increase in revenues for the fourth quarter of its 2008 fiscal year and cut its net loss for the period by half.   
 
Revenue for the quarter ended March 31, 2008, rose to $20.4 million from $19.9 million for the same quarter of the previous year. The company attributed the increase to
strong growth in orders for its Pipeline Pilot “scientific operating platform,” as well as revenue from a previously deferred bundled software and services order, which was partially offset by reduced revenue from “deemphasized” products.
 
The company narrowed its net loss for the quarter to $500,000, or $0.02 per share, from $1.1 million, or $0.04 per share, for the comparable period of 2007.
 
Fourth-quarter product development costs rose 12 percent to $4.7 million from $4.2 million in the fourth fiscal quarter of 2007. Sales and marketing expenses also increased for the quarter, rising 6 percent to $8.7 million from $8.2 million in the prior-year period. General and administrative costs fell by 12 percent, however, to $3.7 million from $4.2 million in the fourth quarter of the company’s 2007 fiscal year.  
 
For the full year, revenues slipped by 2 percent to $79.7 million from $81 million for the prior year. Accelrys said that the decline was due to lower order intake for deemphasized products.
 
The company reported a profit of $1.3 million, or $0.05 per share, for the full year, compared to a net loss of $1.5 million, or $0.06 per share, for the 2007 fiscal year.
 
Full-year product development costs fell 6 percent to $17.8 million from $18.9 million while sales and marketing spending rose 7 percent to $33 million from $30.7 million. The company reduced its general and administrative expenses by 16 percent to $14.5 million from $17.3 million.
 
As of March 31, 2008, Accelrys had total cash, cash equivalents, restricted cash, and marketable securities of $76.4 million.

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