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Symyx Acquisition Drives 46 Percent Q3 Revenue Boost for Accelrys

NEW YORK (GenomeWeb News) – Accelrys today reported a 46 percent increase in revenues for the three-month period ended Sept. 30, the first full quarter to include revenues from its acquisition of Symyx Technologies in July.

Accelrys reported third-quarter revenue of $29.1 million compared to $20 million for the comparable period of 2009, which represents financial figures for Accelrys only. The company did not provide combined numbers for Symyx and Accelrys in the year-ago period. Revenues for the quarter fell short of analysts' estimates of $30.29 million.

R&D spending increased 144 percent to $9.2 million from $3.8 million in the year-ago period, while SG&A expenses doubled to $21.4 million from $10.9 million in the comparable quarter of 2009.

The company reported a net loss of $3.4 million, or $.06 per diluted share, compared to net income of $1.8 million, or $0.07 per diluted share, for the same quarter of the prior year.

Accelrys said that its revenue, operating income, other income, and net income were negatively impacted by a $12.6 million fair value adjustment to deferred revenue and a $200,000 adjustment to deferred royalty income.

In addition, operating income was negatively affected by $9.5 million in additional costs for business consolidation and restructuring, $2.4 million in stock-based compensation expense, and $3.7 million in purchased intangible asset amortization.

Net income was also negatively impacted by $600,000 in additional purchased intangible asset amortization, but benefited by the release of $16.5 million in valuation allowances against deferred tax assets associated with the deferred tax liability that was recorded upon the merger with Symyx.

For the fourth quarter, Accelrys said it expects non-GAAP revenue to be between $42 million and $43 million, and non-GAAP earnings to be between $.07 and $.08 per diluted share.

As of Sept. 30, Accelrys held $148.5 million in cash, cash equivalents, and marketable securities.

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