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Accelrys Posts 27 Percent Q4 Revenue Growth

NEW YORK (GenomeWeb News) – Scientific software developer Accelrys reported after the close of the market Tuesday a 27 percent increase in fourth-quarter 2011 revenues on a GAAP basis.

The San Diego-based firm reported total revenues of $39.8 million for the three-month period ended Dec. 31, compared to $31.3 million for the fourth quarter of 2010. On a non-GAAP basis, which includes fair value adjustments to deferred revenue, its revenues were down 4 percent year over year to $40.8 million from $42.5 million.

Its net income for the quarter was $14.2 million, or $.25 per share, for the fourth quarter of 2011 versus a net loss of $15.6 million, or $.28 per share, for Q4 2010. On a non-GAAP basis, its profit was $4.6 million, or $.08 per share, compared to a profit of $4.3 million, or $.08 per share, for the fourth quarter of 2010.

Accelrys' product development costs slipped to $8.8 million from $8.9 million, and its SG&A costs declined to $18.2 million from $18.4 million.

For full-year 2011, Accelrys posted revenues of $144.3 million, up 43 percent year over year from $101 million. On a non-GAAP basis, revenues were $155 million versus $124.7 million.

During the year, the firm acquired Contur Industry Holding and Contur Software and VelQuest. Those deals followed its acquisition of Symyx in 2010.

Accelrys' net income for 2011 was $1.8 million, or $.03 per share, versus a net loss of $23 million, or $.55 per share, for 2010. On a non-GAAP basis, its profit for 2011 was $19 million, or $.34 per share, up from $$10.6 million, or $.25 per share.

Its product development spending for the year increased 28 percent to $34 million from $26.5 million, and its SG&A costs climbed 11 percent to $68 million from $61.1 million.

Accelrys finished the year with $143.6 million in cash, cash equivalents, and marketable securities.

The company said it expects 2012 non-GAAP revenues to be between $164 million and $170 million with non-GAAP EPS between $.32 and $.34.

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