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Accelrys Posts Sharp Q4 Revenue Gains

By a GenomeWeb staff reporter

NEW YORK (GenomeWeb News) – Accelrys today reported a 42 percent increase in its fourth-quarter GAAP revenues year over year.

The San Diego-based bioinformatics firm reported GAAP revenues of $31.3 million for the three-month period ended Dec. 31, compared to $22.1 million for the comparable three months of 2009. On a non-GAAP basis — excluding an $11.1 million deferred revenue fair value adjustment — the firm's revenues for Q3 2010 were $42.5 million.

Accelrys has changed its fiscal yearend from March 31 to Dec. 31, which has resulted in a nine-month transition reporting year from April 1, 2010 to Dec. 31.

The firm's results include a variety of charges to earnings as a result of its acquisition of Symyx last summer.

Accelrys' net loss for the quarter on a GAAP basis was $15.6 million, or $.28 per share, versus net income of $979,000, or $.04 per share, for the comparable period the prior year. On a non-GAAP basis, its net income was $4.3 million, or $.08 per share, up from $1.6 million, or $.06 per share.

Accelrys' R&D spending for the quarter was $8.9 million, up around 140 percent from $3.7 million for the three months ended Dec. 31, 2009. Its SG&A spending increased 42 percent to $18.4 million from $13 million. Accelrys also reported $4.1 million in business consolidation and restructuring costs and $1.4 million in purchased intangible asset amortization for the final quarter of 2010.

The company finished the year with $141.1 million in cash, cash equivalents, and marketable securities.

"In 2011, we are focused on establishing a new operational baseline for the company, on optimizing the business, and delivering against our integrated product roadmap," Accelrys President and CEO Max Carnecchia said in a statement.

Concurrent with the release of its financial results, Accelrys also today announced the launch of the Symyx Notebook by Accelrys version 6.6, which combines new chemical and biological formulations capabilities with out-of-the-box integration with the Pipeline Pilot enterprise R&D platform and the Accelrys Isentris decision support.

In early Thursday trade on the Nasdaq, shares of Accelrys were up nearly 2 percent at $8.65.

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