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Accelrys Posts Dip in Q4 Revenues, Larger Loss

NEW YORK (GenomeWeb News) – Accelrys today reported a 2 percent drop in revenues for its fiscal fourth quarter accompanied by a wider net loss.

For the three months ended March 31, 2009, revenue fell to $20 million from $20.4 million for the same quarter of the previous year.

The company posted a net loss of $2.2 million, or $.08 per diluted share, for the quarter, compared to a net loss of $500,000, or $.02 per diluted share, for the same quarter of the previous year. Accelrys said that the net loss for the current quarter included $2.4 million in severance expense that was not recorded in the comparable year-ago period.

Fourth-quarter product development costs fell 25 percent to $3.5 million from $4.7 million in the fourth quarter of the prior fiscal year. Sales and marketing costs climbed 10 percent to $9.6 million from $8.7 million, while general and administrative costs rose 37 percent to $5 million from $3.7 million in the year-ago quarter.

For the full year ended March 31, 2009, Accelrys posted a 2 percent rise in revenues to $81 million from $79.7 million in the prior year.

Full-year net income fell to $100,000, or $.00 per diluted share, compared to net income of $1.3 million, or $.05 per share, for the prior year.

Full-year product development costs fell 15 percent to $15 million from $17.8 million in the prior fiscal year. Sales and marketing costs increased 5 percent to $34.7 million from $33 million, while general and administrative costs climbed 3 percent to $15 million from $14.5 million in the year-ago quarter.

As of March 31, Accelrys had cash, cash equivalents, restricted cash, and marketable securities of $81.8 million.

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