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Accelrys Wraps Up Financial Restatement, Posts Decrease in Q4 Revenues, Lower Loss

NEW YORK, May 24 (GenomeWeb News) - Accelrys has completed a restatement of its financial results for the past five years and has filed its quarterly report for the three months ended Dec. 31, 2005, as well as its annual report for its fiscal year ended March 31, 2006.


As a result, the company said that it is current in its filings with the US Securities and Exchange Commission and that it "expects to receive notification that it is compliant with Nasdaq's listing requirements."


Nasdaq warned the firm in February that it faced delisting because it had failed to file its financial reports on time. The exchange later granted the company a filing extension to May 31.


For the company's fiscal quarter ended March 31, revenues dipped 7 percent to $19.4 million from $20.9 million in the fourth quarter of 2005. The company attributed the decrease to "lower order levels earlier in fiscal 2006, which, due to our ratable revenue recognition policy, negatively impacted revenue in the fourth fiscal quarter."


The company added that fourth-quarter orders were "strong," however.


Accelrys narrowed its quarterly net loss by 12 percent to $6.4 million from $7.3 million in the prior-year period. Excluding severance, lease abandonment, and restatement costs from both quarters, the company said that its net loss narrowed to $2.1 million from %.8 million in the comparable period of 2005.


Accelrys spent $5.3 million on product development in the fourth quarter of 2006, compared to $6.1 million in the same period of 2005.


As of March 31, Accelrys had $66 million in cash, cash equivalents, restricted cash, and marketable securities.

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