ANSYS, Inc. Reports Second Quarter 2009 Results and Updates Outlook

ANSYS, INC. AND SUBSIDIARIES

Consolidated Statements of Income
(in thousands, except per share data)
(Unaudited)
           
Three Months Ended Six Months Ended
June 30,

2009

June 30,

2008

June 30,

2009

June 30,

2008

Revenue:
Software licenses $ 73,136 $ 73,915 $ 143,625 $ 147,551
Maintenance and service 48,890   37,331   94,711   73,240  
 
Total revenue 122,026 111,246 238,336 220,791
 
Cost of sales:
Software licenses 2,366 2,056 4,666 4,403
Amortization of software and
acquired technology 9,001 4,768 17,997 9,952
Maintenance and service 12,193 13,706 24,525 27,082
Restructuring charges 498   -   498   -  
Total cost of sales 24,058   20,530   47,686   41,437  
 
Gross profit 97,968 90,716 190,650 179,354
 
Operating expenses:
Selling, general and administrative 32,570 28,153 66,395 56,862
Research and development 19,909 16,528 39,939 32,486
Amortization 4,021 2,181 8,019 4,351
Restructuring charges 808   -   808   -  
Total operating expenses 57,308   46,862   115,161   93,699  
 
Operating income 40,660 43,854 75,489 85,655
 
Interest expense (2,941 ) (1,242 ) (6,218 ) (2,227 )
Interest income 360 1,212 929 2,808
Other (expense) income, net (817 ) (378 ) (1,305 ) 554  
 
Income before income tax provision 37,262 43,446 68,895 86,790
 
Income tax provision 10,125   15,317   20,663   32,807  
 
Net income $ 27,137   $ 28,129   $ 48,232   $ 53,983  
 
Earnings per share – basic:
Basic earnings per share $ 0.31 $ 0.36 $ 0.55 $ 0.69
Weighted average shares – basic 87,726 78,503 88,296 78,403
 
 
Earnings per share - diluted:
Diluted earnings per share $ 0.30 $ 0.34 $ 0.53 $ 0.66
Weighted average shares – diluted 91,048 82,083 91,612 81,863

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