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Exa Reports Second Quarter Fiscal 2013 Financial Results

BURLINGTON, Mass., Sept. 6, 2012 (GLOBE NEWSWIRE) -- Exa ® Corporation (Nasdaq:EXA), a global innovator of fluids simulation solutions for product engineering, today announced financial results for the second quarter of fiscal 2013, which ended July 31, 2012.

"We are pleased with the company's second quarter performance and strong financial results in our first quarter as a public company," said Stephen Remondi, President and Chief Executive Officer of Exa. "Our differentiated technology enables customers to perform accurate and detailed aerodynamic, thermal and acoustic simulations of their designs to improve product quality and performance while increasing efficiency of their design process. During the second quarter we made significant progress in deploying PowerFLOW deeper into our target markets. Existing customers expanded usage of PowerFLOW across their global engineering footprints and added simulation capacity as they begin to leverage advanced optimization techniques to seek further improvements in their designs. Both new and existing customers added simulation capabilities to tackle new challenges such as the reduction of fan noise and to meet tougher emissions regulations. Outside of ground transportation, we continued to make strong progress with early adopters in the aerospace market.

"We believe we are still in the early stages of penetrating the markets available to us for simulation-based solutions to replace costly and time-consuming physical prototypes. Our strategy to invest in our R&D team and field organization continues to progress and we believe that continued investments will help increase the value we can deliver to our customers and as a result solidify our position as a leading provider of simulation-based design technology, enabling us to continue our track record of profitable growth."

Second Quarter Fiscal 2012 Financial Highlights

Revenue
  • Total revenue for the second quarter of fiscal 2013, which ended July 31, 2012, was $11.8 million, an increase of 9% from the comparable period in fiscal 2012.
  • License revenue for the second quarter of fiscal 2013 was $10.2 million, up 7% from the year ago period.
  • Project revenue was $1.6 million, up 28% from the year ago period.
  • Foreign exchange fluctuations negatively impacted total revenue in the second quarter of fiscal 2013 by $0.2 million compared to the first quarter of fiscal 2013 and by $0.5 million compared to the comparable period in fiscal 2012.

Profitability
  • GAAP income from operations was $0.9 million for the second quarter of fiscal 2013, a decrease of 29% from the comparable period in fiscal 2012, due primarily to planned increases in research and development and sales and marketing headcount.
  • Non-GAAP income from operations was $1.2 million for the second quarter of fiscal 2013, compared to $1.4 million in the comparable period in fiscal 2012.
  • Adjusted EBITDA was $1.6 million for the second quarter of fiscal 2013, compared to $1.8 million in the comparable period in fiscal 2012.
  • GAAP net income was $0.9 million for the second quarter of fiscal 2013, an increase from net income of $0.5 million for the comparable period in fiscal 2012. GAAP net income per share was $0.08, based on diluted weighted average shares outstanding of 11.8 million, compared to $0.05 for the comparable period in fiscal 2012, based on diluted weighted average shares outstanding of 10.3 million.
  • Non-GAAP net income was $1.1 million for the second quarter of fiscal 2013, an increase of over 100% from the comparable period in fiscal 2012. Non-GAAP net income per diluted share was $0.10, compared to $0.06 for the second quarter of fiscal 2011.

Balance Sheet
  • The company had $43.3 million in cash and cash equivalents at July 31, 2012, an increase from $16.0 million at April 30, 2012. The increase in cash was primarily due to its successful initial public offering, which raised $34.6 million in net proceeds through the sale of 4.2 million shares of common stock.

Business Outlook

Based on information available as of September 6, 2012, Exa is issuing guidance for the full year 2013 and third quarter as follows:

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