For the first quarter, the SMMX revenues beat analyst expectations ($36.9 million versus the consensus estimate of $36.2 million) but the loss of $.20 per share exceeded the consensus estimate of $.19 per share.
Symyx Technologies Reports First Quarter 2008 Financial Results
Wednesday April 30, 4:05 pm ET
SANTA CLARA, CA--(MARKET WIRE)--Apr 30, 2008 -- Symyx Technologies, Inc. (NasdaqGS:SMMX - News) today announced financial results for the first quarter ended March 31, 2008. Symyx reported:
-- Revenue: $36.9 million
-- Loss per share: $0.20
-- Cash and cash equivalents: $71.3 million
Isy Goldwasser, Chief Executive Officer, commented, "We achieved our first quarter financial targets with contributions from each of our three businesses. Notable achievements during the quarter include a solid performance by Symyx Software, a newly trained sales force, and a sound cash position. Going forward, we remain focused on our business unit initiatives, driving higher performance in our sales organization, and on operational excellence and expense management."
"Symyx exited the first quarter with a solid balance sheet, including $71 million in cash on hand due to better than planned seasonal renewals in Symyx Software, good collections and effective cash management," added Rex S. Jackson, Chief Financial Officer. "We continue to focus on balancing support for our 2008 plan with proper alignment of our cost structure."
Symyx First Quarter 2008 Financial Results
First quarter 2008 revenue includes, by business area:
Three Months Ended March
31,
-------------------------
2008 2007
------------ ------------
Symyx Research $ 11,091 $ 14,203
Symyx Tools 5,791 5,761
Symyx Software 20,025 5,003
------------ ------------
Total $ 36,907 $ 24,967
============ ============
Symyx excludes from first quarter results approximately $4.2 million of MDL's first quarter 2008 deferred revenue Symyx cannot recognize under generally accepted accounting principles (GAAP). If included, this revenue would contribute approximately $0.08 per share to Symyx' operating results. Expenses include non-cash amortization of intangibles from acquisitions of approximately $0.06 per share, and non-cash, stock-based compensation expense of approximately $0.02 per share.
Cash and cash-equivalents at quarter end totaled $71.3 million, reflecting solid Q4 renewals, good collections and effective cash management.
Symyx Second Quarter and Full Year 2008 Financial Outlook
For the second quarter of 2008, Symyx forecasts revenue of $36-$40 million, and a loss per share of ($0.20)-($0.14). Symyx excludes from this forecast approximately $2 million of MDL's second quarter 2008 deferred revenue Symyx cannot recognize under GAAP. If included, this revenue would contribute approximately $0.04 per share to Symyx' operating results. Expenses include approximately $0.06 per share of amortization of acquisition-related intangibles, and non-cash, stock-based compensation expenses of approximately $0.02 per share.
Symyx reiterates its full year 2008 revenue range of $165-175 million, and a net loss per share of ($0.34)-($0.28). Symyx excludes from its full-year estimates approximately $7 million of MDL's 2008 deferred revenue it cannot recognize under GAAP, and includes non-cash amortization of intangibles from acquisitions and stock-based compensation expenses.
Conference Call and Webcast
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 Symyx' website at www.symyx.com. For audio only, the dial-in numbers are 877-397-0297 (U.S. and Canada) and 719-325-4916 (international). Interested parties may access a replay which will be available for approximately two weeks on Symyx' website or by dialing 888-203-1112 (U.S. and Canada) and 719-457-0820 (international), reservation 6347270. The webcast and audio are open to all interested parties.
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SYMYX TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
(unaudited)
Three Months Ended
March 31,
------------------------
2008 2007
----------- -----------
Revenue:
Service $ 18,515 $ 13,573
Product 4,568 4,618
License fees, content and royalties 13,824 6,776
----------- -----------
Total revenue 36,907 24,967
----------- -----------
Costs:
Cost of service 4,666 1,680
Cost of products sold 2,187 1,666
Cost of license fees, content and royalties 1,603 -
Amortization of intangible assets 1,781 699
----------- -----------
Total costs 10,237 4,045
----------- -----------
Gross profit 26,670 20,922
----------- -----------
Operating expenses:
Research and development 20,687 15,413
Sales, general and administrative 15,233 9,617
Amortization of intangible assets arising from
business combinations 1,477 261
----------- -----------
Total operating expenses 37,397 25,291
----------- -----------
Loss from operations (10,727) (4,369)
Interest and other income (expense), net (396) 1,708
----------- -----------
Loss before income tax benefit and equity in loss (11,123) (2,661)
Income tax benefit 4,331 1,903
Equity in loss from investment in Visyx
Technologies Inc. - (214)
----------- -----------
Net loss $ (6,792) $ (972)
=========== ===========
Basic and diluted net loss per share $ (0.20) $ (0.03)
=========== ===========
Shares used in computing basic and diluted net
loss per share 33,542 33,069
=========== ===========
SELECTED CONSOLIDATED BALANCE SHEET INFORMATION
(in thousands)
March 31, December 31,
2008 2007
------------ ------------
(unaudited) (Note 1)
Cash, cash equivalents and available-for-sale
securities $ 71,262 $ 45,472
Accounts receivable $ 15,834 $ 23,047
Goodwill and other intangible assets, net $ 181,065 $ 180,515
Total assets $ 329,857 $ 314,982
Deferred revenue $ 38,960 $ 15,905
Stockholders' equity $ 249,323 $ 252,241
Note 1: The selected consolidated balance sheet information at December 31, 2007 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:
For more information:
Rex S. Jackson
Executive Vice President and CFO
Symyx Technologies, Inc.
(408) 773-4000
Email Contact
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Source: Symyx Technologies, Inc.
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