Autodesk ( ADSK) on Thursday reported that income and revenue were down year over year in the company's first fiscal quarter and warned that the current quarter would not meet Wall Street's expectations.

In the April quarter, net income for the maker of design and special effects software was $7.5 million, or 7 cents per share, compared with $17.6 million, or 15 cents per diluted share in the year-earlier period, according to generally accepted accounting principles. Revenue was $211 million, down 8% year over year.

However, revenue grew by 8% sequentially and EPS rose a penny compared with the fourth quarter. And the results were better than expected by analysts who had projected income of 5 cents on revenue of $205.9 million.

But looking to the second quarter, the company expects revenue to range from $207 million to $212 million, well below expectations. Net income will range from 7 cents to 10 cents a share.

Analysts polled by Thomson First Call expect the company to earn a net profit of 13 cents in the July quarter on sales of $217.6 million.

CEO Carol Bartz called the sequential growth a good beginning to the year and said in a prepared statement: "These results confirm that our new releases provide customers with the increased productivity and quick return on investment that they demand."

Autodesk is best known for AutoCAD, a longtime staple of engineering workstations. AutoCAD and its cheaper version, AutoCAD LT, last year accounted for just under 50% of the company's revenue.

Four years ago, the company purchased special effects software developer Discreet, and products derived from that acquisition now account for about 16% of the company's revenue. AutoCAD software is now popular in Hollywood and has been used on a number of films that won Academy Awards for special effects, including the first two installations of Lord of the Rings.

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