BURLINGTON, Mass., March 27, 2013 (GLOBE NEWSWIRE) -- Exa ® Corporation (Nasdaq:EXA), a global innovator of fluids simulation solutions for product engineering, today announced financial results for the fourth quarter and fiscal 2013, which ended January 31, 2013.
"Revenue of $13.1 million in the fourth quarter was level with the fourth quarter last year," said Stephen Remondi, President and Chief Executive Officer of Exa. "Customers slowed their discretionary spending slightly more than we had anticipated at the end of the calendar year, resulting in revenue that was at the lower end of our guidance for the fourth quarter. With expenses that were higher than projected, primarily due to shifts in the timing of expenses, we produced a net loss of ($0.3) million, or ($0.03) per share, which corresponds to a non-GAAP net loss of ($0.1) million, or ($0.01) per average weighted share. Over the course of the year, we made significant investments in expanding our sales and field engineering teams to pursue and generate new business in the broader ground transportation and closely adjacent markets. While these investments did not yield the level of return we expected in the fiscal year in terms of revenue growth, we firmly believe that these additional investments position us strongly to improve revenue growth in fiscal 2014 and beyond.
"Looking to fiscal 2014, the expected return of customer spending in the new calendar year appears to be materializing. We saw strong renewal activity among our top customers late in our fourth quarter, and have significantly added to our total customer count. This combined with the highly visible nature of our license model, adds to our confidence in our ability to reaccelerate revenue growth in fiscal 2014. We are focused on generating the return on the investments we made in fiscal year 2013. Our customers continue to recognize significant value from our technology, and we believe we remain firmly positioned to deliver healthy growth over the longer-term."