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Exa Reports First Quarter Fiscal 2014 Financial Results

Revenue at High End of Guidance Range Increased 11%, or 14% on a Constant Currency Basis, From a Year Ago Profitability Metrics Above Guidance

BURLINGTON, Mass., June 4, 2013 (GLOBE NEWSWIRE) -- Exa ® Corporation (Nasdaq:EXA), a global innovator of fluids simulation solutions for product engineering, today announced financial results for the first quarter of fiscal 2014, which ended April 30, 2013.

"Revenue in the first quarter was at the high end of our guidance, increasing 11%, or 14% on a constant currency basis, from a year ago," said Stephen Remondi, President and Chief Executive Officer of Exa. "With the return of customer spending materializing, we are beginning to see the results of investments that we made over the last several quarters in our field organization. We are particularly encouraged by the strong growth of 40% we saw in project revenue, which we regard as a leading indicator to future licensing activity. "

"While certain vertical markets and geographies continue to face economic challenges, overall we have seen an improvement in product development activity among our customer base. With simulation solutions that can replace the need for costly prototypes, we remain confident in our ability to see sequential improvements in year-over-year top line growth as we progress through the remainder of fiscal 2014."

First Quarter Fiscal 2014 Financial Highlights

Revenue
  • Total revenue for the first quarter of fiscal 2014, which ended April 30, 2013, was $12.5 million, compared to $11.3 million in the comparable period in fiscal 2013. Revenue in the first quarter grew by 11%, or 14% on a constant currency basis, compared with the corresponding period in fiscal 2013.
  • License revenue was $10.7 million for the first quarter of fiscal 2014, compared to $10.0 million in the comparable period in fiscal 2013.
  • Project revenue was $1.8 million for the first quarter of fiscal 2014, compared to $1.3 million in the comparable period in fiscal 2013.

Profitability
  • Each profitability metric for which the company provides guidance was better than expectations. Decreases in year-over-year profitability comparisons were as expected, and primarily due to anticipated investments in long-term growth and public company costs.
  • GAAP loss from operations was ($0.5) million in the first quarter of fiscal 2014, compared to GAAP income from operations of $0.4 million in the comparable period in fiscal 2013.
  • Non-GAAP loss from operations was ($0.1) million in the first quarter of fiscal 2014, compared to non-GAAP income from operations of $0.7 million in the comparable period in fiscal 2013.
  • Adjusted EBITDA was $0.3 million in the first quarter of fiscal 2014, compared to $1.0 million in the comparable period in fiscal 2013.
  • GAAP net loss was ($0.5) million in the first quarter of fiscal 2014, compared to GAAP net income of $0.1 million for the comparable period in fiscal 2013. GAAP net loss per share was ($0.04), based on 13.3 million weighted average shares outstanding, compared to GAAP net income per share of $0.01 for the comparable period in fiscal 2013, based on 10.5 million diluted weighted average shares outstanding.
  • Non-GAAP net loss was ($0.3) million, or ($0.02) per diluted share in the first quarter of fiscal 2014, compared to net income of $0.3 million, or $0.03 per diluted share, in the first quarter of fiscal 2013.

Balance Sheet
  • The company had $47.9 million in cash and cash equivalents at April 30, 2013, compared to $30.7 million at January 31, 2013. This seasonal first quarter increase is consistent with typical patterns of strong cash collections early in the year followed by the recognition of deferred revenue through the remainder of the year.
  • Subsequent to the end of the quarter, the company repaid all outstanding obligations under its term loan facility.

Business Outlook

Based on information available as of June 4, 2013, Exa is issuing guidance for the second quarter and full year fiscal 2014 as indicated below. This guidance includes a one-time other expense charge of $0.8 million in the second quarter associated with the repayment of our term loan facility. Despite net costs associated with our term loan repayment and an adverse foreign exchange impact from fluctuations in the Japanese Yen, guidance for the full fiscal year is unchanged from previously provided expectations.

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