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1993-03-06
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AUTODESK REPORTS 48 PERCENT INCREASE IN FOURTH QUARTER REVENUES
Company Achieves Stated Financial and Operating Goals
Sausalito, CA - February 23, 1993 - Autodesk, Inc. reported net revenues for
the quarter ended January 31, 1993 increased 48 percent to $98.6 million from
$66.5 million for the same quarter in the prior fiscal year. Net income for
the fourth quarter was $11.2 million, or $.44 per share compared with $9.5
million, or $.38 per share in the prior fiscal year. Fourth quarter earnings
per share reflect a one-time charge of $.12 for the settlement of a
class-action lawsuit filed against the Company in February 1992.
Net revenues for the fiscal year ended January 31, 1993 were $353.2 million,
representing an increase of 29 percent over net revenues of $274.0 million for
the previous fiscal year. Net income for fiscal year '93 was $43.9 million or
$1.76 per share compared to $57.8 million or $2.31 per share for fiscal year
'92. This decrease in net income reflects significant investments in products,
markets and infrastructure, which positions Autodesk for improved long-term
revenue growth.
The Company's increase in fourth quarter net revenues was primarily
attributable to continued strong worldwide sales of AutoCAD Release 12 and
record upgrades to AutoCAD, particularly in the Americas and Europe. Compared
to the same period last year, revenues in Europe increased more than 40
percent, while the Americas grew by more than 60 percent.
"I am pleased that we achieved the financial and operating goals set at the
beginning of the year," said Carol Bartz, Chairman and CEO of Autodesk, adding
"Our upgrade numbers have proven AutoCAD Release 12 to be the fulfillment of
user wish-list requests and we expect it to continue to be a strong seller.
"I am confident that Autodesk's robust core technology, strategic
partnerships, and world class products will continue to drive the marketplace
for design automation software. In fiscal '93, we released more than 25
software products to address many phases of the design spectrum, from
conceptual sketching to visualization to production. We are also committed to
diversifying our revenue stream. For example, revenues from our Emerging
Businesses, which includes the Multimedia Division, climbed more than 75
percent in fiscal '93."
Autodesk Focuses on Core Technologies
Autodesk sharpened its focus in fiscal '93, reemphasizing core technologies
such as mechanical computer-aided design (MCAD) and geographic information
systems (GIS), while at the same time divesting itself of non-core
technologies. The Company also devoted resources to its infrastructure,
resulting in more rapid delivery of new and upgraded products and a more
aggressive localization process for foreign versions than at any other time
in the Company's history.
Autodesk further strengthened its 3D modeling, design and manufacturing
capabilities with the third quarter acquisition of Micro Engineering Solutions
(MES), a leading developer of manufacturing CAD/CAM software with strong ties
to the automotive industry.
"We are expanding and integrating the Autodesk family of products to make it
even more responsive to today's challenging and rigorous mechanical design and
manufacturing environment," said Len Rand, vice president of Autodesk's Design
Automation Group, adding "The MES acquisition, now the Autodesk Mechanical
Division (AMD), underscores our commitment to the design automation market and
to supplying high-end mechanical design products to customers worldwide."
Autodesk's customer base totals more than 1.8 million users who are supported
either directly by the Company or through a network of authorized Dealers.
Independent application developers supply more than 1,600 products to
customize AutoCAD to a variety of disciplines, ranging from civil engineering
to facilities management.
A summary of Autodesk's operating results is as follows:
Three months ended January 31
1993 1992
Net revenues $ 98,560,000 $ 66,526,000
Net income $ 11,194,000 $ 9,514,000
Net income per share $ .44 $ .38
Fiscal year ended January 31
1993 1992
Net revenues $353,154,000 $273,974,000
Net income $ 43,873,000 $ 57,794,000
Net income per share $ 1.76 $ 2.31