Another uninspiring quarter from SMMX. The company is sitting on $4.59 in cash er share and is scheduled to receive $41 from the sale of its interest in Ilypsa. This is probably dead money until they start booking some new contracts. Still holding.
Symyx Reports Second Quarter 2007 Results
Wednesday July 25, 4:14 pm ET
Maintains 2007 Full Year Outlook from Operations of $(0.04) to $0.06
Proceeds from Sale of Symyx's Interest in Ilypsa to Add
Approximately $0.70 Per Share to 2007 Earnings
SANTA CLARA, Calif.--(BUSINESS WIRE)--Symyx Technologies, Inc. (Nasdaq:SMMX - News) today announced financial results for its second quarter ended June 30, 2007.
Second quarter 2007 financial highlights included:
-- Revenue of $25.6 million
-- Net loss of $1.5 million, or $0.04 per share, including non-cash amortization of $0.02 per share and stock-based compensation expenses of $0.02 per share
-- Cash, cash-equivalents and marketable securities increased $2.7 million to $152.7 million since the end of 2006
-- Also during the second quarter, Isy Goldwasser was elected chief executive officer and joined Symyx's board of directors. Subsequent to the quarter's close, the company appointed Gerard Abraham as president of Symyx Tools, completing its business unit management team. Furthermore, after quarter close Amgen Inc. completed the acquisition of Ilypsa; Symyx expects to receive approximately $41 million in pre-tax cash proceeds in its third fiscal quarter in exchange for its approximately 10% equity interest in Ilypsa. Symyx may receive up to an additional $4.1 million in July 2008, subject to claims against the holdback provided for in the transaction.
Isy Goldwasser, Symyx chief executive officer, commented, "We are transitioning Symyx to achieve operational excellence in our Tools, Software and Research Services businesses as well as to pursue strategic investment opportunities. We made notable progress with the addition of new business unit leadership, continue to invest in sales and marketing and continue to make operational improvements across the company."
Symyx Second Quarter Results
Revenue for the second quarter of 2007 was $25.6 million, compared to revenue of $28.4 million in the second quarter of last year; prior quarter results included revenue of $0.4 million related to the sensor business the company spun out in November 2006. Revenue for the recently completed quarter consisted of:
Three Months Ended June 30, 2007
-------------------------------------------
Service Product License Fees Total
Revenue Sales and Royalties Revenue
--------- --------- -------------- --------
Research Collaborations $9,498 $-- $2,500 $11,998
Symyx Tools 1,053 5,864 7 6,924
Symyx Software 2,903 -- 2,389 5,292
Materials and IP Licensing -- -- 1,343 1,343
--------- --------- -------------- --------
Total $13,454 $5,864 $6,239 $25,557
========= ========= ============== ========
Symyx Third Quarter and Full Year 2007 Outlook
For the third quarter of 2007, Symyx forecasts revenue of $23-$28 million, including approximately $20 million of currently committed revenue it expects to recognize during the quarter. Symyx forecasts third quarter diluted earnings per share of $0.63-$0.69, which assumes an effective income tax rate of approximately 40% and includes a benefit of approximately $0.70 per share, net of income tax, from the sale of Symyx's interest in Ilypsa, approximately $0.02 per share for the amortization of acquisition-related intangible assets and approximately $0.03 per share for stock-based compensation expense.
For the full year, Symyx forecasts 2007 diluted earnings per share of $0.66-$0.76 on revenue of $110-$120 million, including approximately $94 million in committed revenue it has recognized or expects to recognize during the year. This outlook assumes an effective income tax rate of approximately 40% in the fourth quarter of 2007 and includes a benefit of approximately $0.70 per share, net of income tax, from the sale of Symyx's interest in Ilypsa, approximately $0.08 per share for the amortization of acquisition-related intangible assets and approximately $0.13 per share for stock-based compensation expense.
Conference Call
Isy Goldwasser, chief executive officer, and Rex Jackson, acting chief financial officer, will host a webcast today at 5:00 pm ET, 2:00 pm PT, to discuss Symyx's recent business and financial results and outlook. A question and answer session will follow immediately. A live audio webcast of the event and slide show presentation will accompany management's discussion and will be available through the investors section of the Symyx website at www.symyx.com. For audio only, the dial-in numbers are 800-311-0799 (domestic and Canada) and 719-457-2695 (international). Interested parties may access a replay which will be available for approximately two weeks on Symyx's website or by dialing 888-203-1112 (domestic and Canada) and 719-457-0820 (international), reservation 5244398. The webcast and audio are open to all interested parties.
<snip>
SYMYX TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
(unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
-------------------- ------------------
2007 2006 2007 2006
----------- -------- --------- --------
Revenue:
Service revenue $ 13,454 $14,625 $ 27,027 $28,402
Product sales 5,864 5,233 10,482 10,396
License fees and royalties 6,239 8,566 13,015 16,692
----------- -------- --------- --------
Total revenue 25,557 28,424 50,524 55,490
----------- -------- --------- --------
Operating expenses:
Cost of products sold 3,247 2,468 4,913 4,550
Research and development 16,247 16,717 33,205 31,504
Sales, general and
administrative 9,613 8,885 19,365 16,653
Amortization of intangible
assets arising from
business combinations 958 1,037 1,918 2,074
----------- -------- --------- --------
Total operating expenses 30,065 29,107 59,401 54,781
----------- -------- --------- --------
Income (loss) from operations (4,508) (683) (8,877) 709
Interest and other income, net 1,786 2,053 3,494 3,760
----------- -------- --------- --------
Income (loss) before income tax
provision and equity in loss (2,722) 1,370 (5,383) 4,469
Income tax benefit (expense) 1,252 (605) 3,155 (2,040)
Equity in loss from investment
in Visyx Technologies Inc. - - (214) -
----------- -------- --------- --------
Net income (loss) $ (1,470) $ 765 $ (2,442) $ 2,429
=========== ======== ========= ========
Basic net income (loss) per
share $ (0.04) $ 0.02 $ (0.07) $ 0.07
=========== ======== ========= ========
Shares used in computing basic
net income (loss) per share 33,316 33,722 33,192 33,533
=========== ======== ========= ========
Diluted net income (loss) per
share $ (0.04) $ 0.02 $ (0.07) $ 0.07
=========== ======== ========= ========
Shares used in computing
diluted net income (loss) per
share 33,316 34,800 33,192 34,689
=========== ======== ========= ========
SELECTED CONSOLIDATED BALANCE SHEET INFORMATION
(in thousands)
June 30, December
2007 31,
2006
----------- ---------
(unaudited) (Note 1)
Cash, cash equivalents and
available-for-sale securities $152,652 $149,995
Working capital 148,143 146,180
Property, plant and equipment,
net 30,894 31,222
Long-term investment 13,500 13,714
Goodwill and other intangible
assets, net 29,586 31,657
Total assets 251,121 260,006
Current liabilities 23,133 30,839
Noncurrent foreign deferred tax
liabilities 790 791
Stockholders' equity 227,198 228,376
Note 1: The selected consolidated balance sheet information at December 31, 2006 has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by U.S. generally accepted accounting principles for complete financial statements.
Contact:
Symyx Technologies, Inc.
Rex S. Jackson, 408-773-4000
Executive Vice President, Acting CFO and General Counsel
ir@symyx.com
or
Teresa J. Thuruthiyil, 408-773-4075
Vice President, Investor and Public Relations
ir@symyx.com
--------------------------------------------------------------------------------
Source: Symyx Technologies, Inc.
biz.yahoo.com |
