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Accelrys' Q1 Revenues Rise 7 Percent but Fall Short of Estimates

NEW YORK (GenomeWeb News) – Accelrys said after the close of the market on Tuesday that its first-quarter revenues were up 7 percent year over year.

Total revenues for the three months ended March 31 were $42.1 million, compared to $39.4 million for the first quarter a year ago, short of the average Wall Street estimate of $45.4 million.

The firm's licensing and subscription revenues increased to $22.3 million from $21.7 million, while revenues from the maintenance of perpetual licenses increased to $10.1 million from $9.5 million. Content revenues were down to $2.6 million from $3.5 million, and professional services and other revenues spiked to $7.2 million from $4.7 million.

The San Diego-based firm recorded a net loss of $5.7 million, or $.10 per share, in the quarter, compared to a net loss of $2.3 million, or $.04 per share, in Q1 2012. On a non-GAAP basis, Accelrys had EPS of $.06, short of the average Wall Street estimate of $.08.

"The first quarter results were reasonably in line with our internal targets for revenue and earnings, with the exception of the [currency] headwinds we experienced in Japan," Accelrys President and CEO Max Carnecchia said in a statement. "However, the first quarter was challenging from an orders perspective causing us to make downward revisions to our calendar 2013 outlook."

Accelrys' product development costs rose 8 percent to $10.4 million from $9.6 million a year ago, and its SG&A spending was up 6 percent to $19.5 million from $18.4 million.

Accelrys finished the quarter with $130.3 million in cash, cash equivalents, and marketable securities.

For full-year 2013, the firm is guiding to adjusted revenues of between $176 million and $181 million and adjusted EPS of between $.32 and $.34.

In Wednesday morning trade on the Nasdaq, shares of Accelrys were down 14 percent to $8.46.

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