Autodesk to Restate

Autodesk(ADSK Quote) on Tuesday increased fourth-quarter revenue by 19% from a year ago, attributable to robust business of model-based 3D products and in emerging markets.

But as a result of the company's completed voluntary review of its stock option grant practices and related accounting issues, Autodesk expects to restate previously issued financial statements for fiscal years 2003 through 2006 to correct errors.

The San Rafael, Calif.-based design-software maker said that because it has not yet filed its second- and third-quarter fiscal 2007 financial statements, many adjustments have been made to those financial results.

The adjustment to the first quarter of 2007 will be recorded in the second quarter due to its insignificance, the company said.

The company currently estimates that the pretax, noncash charges to be restated will range between $38 million and $45 million for stock-based compensation expense over the period of the review.

The balance of the restated amount will be recorded as a charge to retained earnings as of Jan. 31, 2002.

Autodesk's fourth-quarter revenue of $497 million is in line with Thomson First Call analysts' estimates.

Autodesk said that fiscal first-quarter 2008 revenue will be in the range of $490 million to $500 million, vs. Street estimates of $500.7 million.

For the fiscal second quarter, the company forecasts sales of $505 million to $515 million, short of analysts' expectation of $517 million.

After hours, shares of Autodesk recently lost $2.63, or 6.5%, to $38.17. They closed the regular session off $1.38.