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Accelrys Announces First Quarter Results

Stocks in this article: ACCL

Accelrys, Inc. (NASDAQ:ACCL) today reported financial results for the fiscal quarter ended March 31, 2012. Non-GAAP revenue for the quarter ended March 31, 2012 increased $2.3 million to $41.8 million from $39.5 million for the same quarter of the previous year, or an increase of 6%.

Non-GAAP net income was $4.6 million, or $0.08 per diluted share, for the quarter ended March 31, 2012 compared to non-GAAP net income of $4.7 million, or $0.08 per diluted share, for the same quarter of the previous year. Non-GAAP free cash flow was $7.7 million for the quarter ended March 31, 2012 compared to non-GAAP free cash flow of $9.1 million for the same quarter of the previous year.

The GAAP results for the quarter ended March 31, 2012 were impacted by the business combination accounting associated with the acquisitions of Contur Industry Holding AB and Contur Software AB (collectively, “Contur”) and VelQuest Corporation (“VelQuest”), both in 2011, and the merger with Symyx Technologies in 2010, and by other nonrecurring acquisition-related and restructuring costs. GAAP revenue, GAAP operating loss, GAAP royalty and other income and GAAP net loss for the quarter ended March 31, 2012 were negatively impacted by fair value adjustments to both deferred revenue ($2.4 million) and deferred royalty income ($0.2 million). GAAP operating loss was also negatively impacted by business consolidation, transaction and restructuring costs ($0.6 million), stock-based compensation expense ($1.8 million), and purchased intangible asset amortization ($4.2 million), offset by an adjustment to include acquisition-related cost of revenue related to VelQuest non-GAAP revenue recognized during the quarter ended March 31, 2012 ($0.2 million). GAAP net loss for the same period was negatively impacted by additional purchased intangible asset amortization ($0.4 million), offset by removing the impact ($0.1 million) of the amortization of note receivable discount related to our promissory note receivable from Intermolecular, Inc. (“Intermolecular”).

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