About PTC
PTC (Nasdaq: PMTC - News) provides leading product lifecycle management (PLM), content management and dynamic publishing solutions to more than 50,000 companies worldwide. PTC customers include the world's most innovative companies in manufacturing, publishing, services, government and life sciences industries. PTC is included in the S&P Midcap 400 and Russell 2000 indices. For more information on PTC, please visit http://www.ptc.com.
Statements in this news release that are not historical facts, including statements about our confidence that we will achieve our fiscal 2008 financial targets, our expected revenue growth rates and projected revenue and earnings, are forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those projected. These risks include the possibility that our customers may not continue to spend at recent levels or may elect to defer or forego investment in our solutions in the current economic climate. In addition, our purchase price allocations associated with our first quarter acquisitions, including CoCreate, are preliminary and may change. Likewise, our assumptions concerning our future GAAP and non-GAAP effective income tax rates are based on estimates and other factors that could change, including geographic mix of our revenue and profits and loans and cash repatriations from foreign subsidiaries. Other risks and uncertainties that could cause actual results to differ materially from those projected are detailed from time to time in reports we file with the Securities and Exchange Commission, including our most recent Annual Report on Form 10-K.
PTC, The Product Development Company, and all other PTC product names and logos are trademarks or registered trademarks of Parametric Technology Corporation or its subsidiaries in the United States and in other countries. All other companies referenced herein are trademarks or registered trademarks of their respective holders.
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PARAMETRIC TECHNOLOGY CORPORATION |
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| UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||||||||
| (in thousands, except per share data) | |||||||||||||||||
| Three Months Ended | Nine Months Ended | ||||||||||||||||
| June 28, | June 30, | June 28, | June 30, | ||||||||||||||
| 2008 | 2007 | 2008 | 2007 | ||||||||||||||
| Revenue: | |||||||||||||||||
| License | $ | 77,557 | $ | 62,098 | $ | 217,658 | $ | 200,022 | |||||||||
| Service | 194,191 | 162,766 | 553,125 | 474,605 | |||||||||||||
| Total revenue | 271,748 | 224,864 | 770,783 | 674,627 | |||||||||||||
| Costs and expenses: | |||||||||||||||||
| Cost of license revenue (1) | 8,760 | 4,084 | 20,106 | 11,855 | |||||||||||||
| Cost of service revenue (1) | 76,802 | 67,673 | 221,894 | 204,855 | |||||||||||||
| Sales and marketing (1) | 78,762 | 74,573 | 223,149 | 215,694 | |||||||||||||
| Research and development (1) | 47,374 | 39,798 | 134,656 | 117,935 | |||||||||||||
| General and administrative (1) | 20,294 | 16,855 | 64,653 | 56,489 | |||||||||||||
| Amortization of acquired intangible assets | 4,044 | 1,764 | 11,252 | 5,440 | |||||||||||||
| In-process research and development | -- | 544 | 1,887 | 544 | |||||||||||||
| Restructuring charge | 3,790 | -- | 15,367 | -- | |||||||||||||
| Total costs and expenses | 239,826 | 205,291 | 692,964 | 612,812 | |||||||||||||
| Operating income | 31,922 | 19,573 | 77,819 | 61,815 | |||||||||||||
| Other income (expense), net | (7,110 | ) | 2,268 | (5,859 | ) | 4,396 | |||||||||||
| Income before income taxes | 24,812 | 21,841 | 71,960 | 66,211 | |||||||||||||
| Provision for (benefit from) income taxes | 10,342 | (58,624 | ) | 28,762 | (46,806 | ) | |||||||||||
| Net income | $ | 14,470 | $ | 80,465 | $ | 43,198 | $ | 113,017 | |||||||||
| Earnings per share: | |||||||||||||||||
| Basic | $ | 0.13 | $ | 0.71 | $ | 0.38 | $ | 1.00 | |||||||||
| Weighted average shares outstanding | 113,491 | 113,154 | 113,661 | 112,610 | |||||||||||||
| Diluted | $ | 0.12 | $ | 0.68 | $ | 0.37 | $ | 0.96 | |||||||||
| Weighted average shares outstanding | 117,363 | 117,500 | 117,565 | 117,423 | |||||||||||||
