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SciTegic Acquisition Helps Boost Accelrys Q4 Revenues 70 Percent

NEW YORK, May 12 (GenomeWeb News) - Accelrys reported 70-percent revenue growth amid narrowed losses for the fourth quarter of its 2005 fiscal year after market close today.


Accelrys said that sales from SciTegic, which it  acquired in September 2004, along with "strong growth" in sales of its core products, led to orders of $19.1 million for the quarter ended March 31, 2005, an 88-percent increase over $10.1 million in orders reported in the same period of 2004.


Reported revenue, which includes the impact of deferred revenue from the company's subscription accounting model, increased 70 percent to $18.9 million, from $11.1 million in the year-ago period.    


Accelrys did not break out quarterly orders or revenue numbers for SciTegic.


The company narrowed its net losses by 65 percent, to $9.3 million, or $.36 per share, for the current quarter, compared to $26.8 million, or $1.11 per share, for the quarter ended March 31, 2004.


R&D spending increased to $5.2 million, compared to $4.3 million in the year-ago period.


The company said that its expenses for the quarter included $1.5 million "for severance and related costs arising from a workforce reduction in March 2005," but did not provide further information on the layoffs in a conference call with analysts held after the earnings release.


Accelrys had cash, restricted cash, cash equivalents, and marketable securities of $63.3 million as of March 31.

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