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Accelrys' Q1 Revenues Shoot up 66 Percent

By a GenomeWeb staff reporter

NEW YORK (GenomeWeb News) – Accelrys reported late on Tuesday that revenues for the first quarter rose 66 percent.

The San Diego-based software solutions firm said that for the three months ended March 31, it posted $34.6 million in revenues, up from $20.8 million a year ago. Revenues for the quarter included $4 million in content revenue, related to databases that it acquired when it merged with Symyx during the summer. Accelrys had no content revenue in the year-ago period.

In addition, license and subscription revenue rose to $19.5 million, up 23 percent from $15.9 million, while maintenance and perpetual license revenue nearly tripled to $7.8 million from $2.7 million a year ago. Professional services and other revenue increased 50 percent to $3.3 million from $2.2 million.

The company's net loss for the quarter ballooned to $5.7 million, or $.10 per share, more than double the $2.4 million, or $.09 per share, net loss it posted a year ago. Results were impacted by its merger with Symyx and include a fair value adjustment of $4.9 million to deferred revenue, Accelrys said in a statement.

Also, the company recorded $4.4 million in purchased intangible asset amortization and $1.6 million in consolidation and restructuring costs.

On a non-GAAP basis, EPS for the quarter was $.08, compared to a loss of $.01 a year ago.

Max Carnecchia, president and CEO of Accelrys, said in a statement that he was pleased his firm continues to reap the gains of its purchase of Symyx, and it remains focused on optimizing its product portfolio.

"To that end, we are commencing the restructuring and streamlining of our content product lines in order to better integrate them with our software business," he said.

Accelrys' R&D costs in the quarter shot up 93 percent to $8.5 million from $4.4 million a year ago. Its SG&A costs spiked 23 percent to $17.9 million from $14.5 million.

Accelrys ended the quarter with $151.7 million in cash, cash equivalents, and marketable securities.

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