Ansoft Corporation Revenue Increases 15%; Net Income Increases 69%
PITTSBURGH--(BUSINESS WIRE)--Aug. 14, 2007--Ansoft Corporation (NASDAQ:ANST) today announced financial results for its first quarter of fiscal 2008 ended July 31, 2007. Revenue for the first quarter totaled $19.9 million, an increase of 15% compared to $17.3 million reported in the previous fiscal year's first quarter. Operating income for the first quarter was $5.2 million representing an 84% increase when compared to operating income of $2.8 million in the previous fiscal year's first quarter. On a generally accepted accounting principles (GAAP) basis, net income for the first quarter was $3.9 million, or $0.15 per diluted share, representing a 69% increase when compared to GAAP net income of $2.3 million, or $0.09 per diluted share in the previous fiscal year's first quarter. GAAP net income for first quarter includes employee stock-based compensation expense of $0.2 million, or $0.01 per diluted share. This compares to employee stock-based compensation expense of $0.6 million, or $0.02 per diluted share in the previous fiscal year's first quarter. Additionally, GAAP net income for both the current and previous year's first quarter includes acquisition related amortization of $0.3 million, or $0.01 per diluted share. During the current quarter, the Company repurchased 853,632 shares of its common stock. "We are pleased to report strong revenue and earnings growth for the first quarter," said Nicholas Csendes, Ansoft's President and CEO. "For the next fiscal quarter, we anticipate continued revenue growth of around 10-15%." Ansoft is a leading developer of high-performance electronic design automation (EDA) software. Engineers use Ansoft software to achieve first-pass system success when designing mobile communication and Internet-access devices, broadband networking components and systems, integrated circuits (ICs), printed circuit boards (PCBs) and electromechanical systems. Ansoft markets its products worldwide through its own direct sales force and has comprehensive customer-support and training offices throughout North America, Asia and Europe. This press release contains forward-looking statements including those related to revenue growth for the current fiscal year that are made pursuant to the safe harbor provisions of the Private Securities Litigation Act of 1995. These forward-looking statements are based on management's current expectations and assumptions that are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied in such forward-looking statement, including, but not limited to, management's ability to forecast revenues and control expenses and the amount, timing and structure of software licenses. For further information regarding risks and uncertainties associated with Ansoft's business, please refer to the "Management's Discussion and Analysis of Financial Condition and Results of Operations" section of Ansoft's SEC filings, including, but not limited to, its annual report on Form 10-K for the fiscal year ended April 30, 2007 and quarterly reports on Form 10-Q, copies of which may be obtained at Ansoft's website at www.ansoft.com/about/investor/index.cfm. All information in this release is as of August 14, 2007. Ansoft undertakes no duty to update any forward-looking statement to conform the statement to actual results or changes in Ansoft's expectations. For full financials, please see this press release in its entirety at http://www.ansoft.com/news/press_release.