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Accelrys Posts 14 Percent Q1 Revenue Growth

NEW YORK (GenomeWeb News) – Scientific software maker Accelrys reported after the close of the market Thursday a 14 percent jump in its first-quarter revenues year over year.

The San Diego-based firm brought in GAAP revenues of $39.4 million for the three months ended March 31, compared to $34.6 million for the first quarter of 2011. On a non-GAAP basis, which adds in a deferred revenue fair value adjustment related to its merger with Symyx and acquisitions of Contur and VelQuest, its revenue was $41.8 million, up 6 percent from $39.5 million.

Accelrys acquired electronic lab notebook software firm Contur Software for $13.1 million in cash a year ago, and it paid $35 million to acquire VelQuest early this year. The merger with Symyx was completed nearly two years ago.

Accelrys said in a statement that it has made "significant progress on the integration of the VelQuest business, combining our people, processes and systems, and developing an integrated product roadmap that takes advantage of our combined portfolio, further executing on our strategy of moving downstream from research into development, quality control and quality assurance."

The firm posted a GAAP net loss of $2.3 million, or $.04 per share, compared to a loss of $5.7 million, or $.10 per share, for Q1 2011. On a non-GAAP basis, it had a profit of $4.6 million, or $.08 per share, compared to net earnings of $4.7 million, or $.08 per share.

Its product development spending increased 13 percent to $9.6 million from $8.5 million, and its SG&A expenses increased 3 percent to $18.4 million from $17.9 million.

Accelrys finished the quarter with $165.8 million in cash, cash equivalents, and marketable securities.

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