NEW YORK (GenomeWeb News) — Accelrys today reported a 25 percent increase in third-quarter revenues.
The company's GAAP revenue for the three months ended Sept. 30 was $36.3 million, compared to $29.1 million for the third quarter of 2010.
The current-year numbers include revenues from Contur Software, an electronic lab notebook company that Accelrys acquired in May for $13.1 million.
Accelrys cut its third-quarter product development costs 10 percent year over year to $8.3 million from $9.2 million.
Sales and marketing costs were reduced 5 percent to $11.5 million from $12.2 million, while general and administrative spending decreased 12 percent to $4 million from $4.6 million.
The company narrowed its net loss to $2.2 million, or $.04 per share, from $3.4 million, or $.06 per share, in the third quarter of 2010.
Accelrys noted that its GAAP results for the quarter were affected by "business combination accounting" associated with its acquisition of Contur in May as well as its acquisition of Symyx Technologies last July and "other nonrecurring acquisition-related and restructuring costs."
Specifically, GAAP revenue and GAAP net loss for the third quarter were affected by fair value adjustments to deferred revenue of $1.7 million, while GAAP net loss was impacted by $600,000 in additional purchased intangible asset amortization and $200,000 in fair value adjustments to deferred royalty income.
As of Sept. 30, Accelrys held $145.5 million in cash, cash equivalents, and marketable securities.