NEW YORK, July 30 (GenomeWeb News) - Accelrys yesterday reported a sharp drop in revenues and a widening loss for the first quarter of its fiscal year 2005, ended June 30.
The company had $14.2 million in revenues, down from $19.1 million during the same quarter last year. Accelrys attributed this drop in part to a change in revenue recognition for annual and multi-year licenses and smaller consulting and consortia revenues. The change in revenue recognition "will continue to dramatically affect reported revenue through the next three to four quarters," according to a company statement.
Research and development costs stayed flat, at $4.1 million, compared to $4.6 million during the same quarter a year ago.
The net loss for the quarter totaled $6.2 million, or $.25 per share, up from $3.8 million, or $.16 per share, during the year-ago quarter. This included a $1.1 million loss from the discontinued Pharmacopeia Drug Discovery unit.
As of June 30, Accelrys, which changed its name from Pharmacopeia in May, had $83.8 million in cash, restricted cash, cash equivalents, and marketable securities.