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Accelrys' Q3 Revenues Inch up 1 Percent

NEW YORK (GenomeWeb News) – Accelrys reported after the close of the market Wednesday that its third quarter revenues increased 1 percent year over year due primarily to a boost from its professional services.

The San Diego-based science informatics firm reported total revenues of $40.9 million for the three months ended Sept. 30, compared to $40.5 million for the third quarter of 2012. On a non-GAAP basis, which includes a deferred revenue fair value adjustment, its revenue for the quarter was $44.3 million, beating the average Wall Street estimate of $43.9 million.

Accelrys said that its license and subscription revenue was $20.7 million versus $23.2 million for Q3 2012, while its maintenance and perpetual licenses revenues were $9.9 million versus $9.6 million, and sales attributed to content were $2.4 million, down from $2.9 million. Its professional services and other revenue was $7.9 million, up from $4.8 million year over year.

The firm posted a net loss of $8.3 million, or $.15 per share, for the quarter, compared to net income of $601,000, or $.01 per share, for Q3 2012. On a non-GAAP basis, it posted net income of $7.9 million, or $.14 per share, beating analysts' consensus estimate of $.10 per share.

Accelrys reported product development costs of $8.6 million, down from $9.7 million. Its SG&A costs were flat year over year at $17.1 million. The firm's consolidation, restructuring, and headquarters relocation costs totaled $9.8 million in the quarter versus $606,000 for such costs in Q3 2012. Its purchased intangible asset amortization charge was $2.4 million, up from $2.1 million.

Accelrys exited the quarter with $125.7 million in cash, cash equivalents, and marketable securities.

Three months ago Accelrys announced a restructuring program that included laying off 80 of its employees, or approximately 12 percent of its total workforce. It also said that it would abandon part of its facilities in San Ramon, Calif.