ANSYS Announces Revenue of $21.3 Million and 24% Adjusted Earnings Per Share Growth to $0.26 for the First Quarter of 2002

SOUTHPOINTE, Pa., April 24 /PRNewswire-FirstCall/ -- ANSYS, Inc. (NASDAQ:ANSS), a global innovator of simulation software and technologies aimed at optimizing customers' product development processes, today announced first quarter 2002 results. ANSYS's first quarter results, excluding the impact of acquisition-related amortization, reflect:

- - A 17% increase in total reported revenue to $21.3 million from $18.2 million in the first quarter of 2001;

- - An overall gross profit margin of 87% and an operating margin, excluding total amortization, of 29%; and

- - A 24% increase in first quarter adjusted earnings per share to $0.26 from $0.21 in the first quarter of 2001.

First Quarter 2002 Reported Results:

ANSYS reported net income for the quarter ended March 31, 2002 of $3.9 million, or $0.25 diluted earnings per share, based on 15.8 million weighted average common shares outstanding. This compares with 2001's first quarter reported net income of $2.4 million, or $0.15 diluted earnings per share, based on 15.5 million weighted average common shares outstanding. Excluding the impact of acquisition-related amortization, ANSYS first quarter 2002 diluted earnings per share grew 24% to $0.26 from $0.21 in the first quarter of 2001.

First quarter revenue was positively impacted by sales of paid-up licenses to leading companies such as General Electric Company, Hutchinson Technology Inc., Maytag Company, Siemens AG, Canon and Hitachi.

Additionally, ANSYS experienced solid renewals in the lease and service components of the business as evidenced by renewals from Delphi, Lockheed Martin Defense, Procter & Gamble, Volvo, Robert Bosch, NEC Corporation and Mitsubishi Electric Corporation.

Jim Cashman, ANSYS President and CEO, stated, "While we continue to remain very optimistic about our full-year plan, and more importantly, our long-term future, we are also faced with the realities and challenges that stem from the slower pace of economic recovery that exists across our major markets. In spite of the macroeconomic conditions that we are faced with, as we have demonstrated in the past, we have solid internal disciplines and consistent business visibility which we will use to continue to focus our efforts and resources towards delivering results in line with our plan for 2002. "

Cashman further commented, "We are excited about the recent releases of our new and enhanced software products and continue to be encouraged by new investments in ANSYS solutions from a broad range of customers."

During the first quarter of 2002, ANSYS repurchased a total of 143,700 shares at a total cost of $3.3 million. The Company continues to maintain an active open market repurchase program. ANSYS also experienced solid operating cash flow and ended the quarter with approximately $50 million in cash and short-term investments on its balance sheet.

ANSYS will hold a conference call at 10:30 A.M. Eastern Time on April 24, 2002 to discuss first quarter results and the Company's business prospects. The dial in number is 800-857-7001 and the passcode is "ANSYS". A replay will be available until April 26 by dialing 888-568-0156. The conference call will be webcast live and can be accessed, along with other financial information, on the Company's website, located at http://www.ansys.com/.

Some matters discussed in this news release constitute forward-looking statements under the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties. These forward looking statements include statements with respect to, optimism about our full-year plan and our long-term future, our ability through solid internal discipline and consistent business visibility to focus efforts and resources toward delivering results inline with our plan for 2002 and excitement about the recent releases of our new and enhanced software products.

All forward looking statements in this press release are subject to risks and uncertainties, such as the risk of a general economic downturn in one or more of the Company's primary geographic markets, the risk that the Company has underestimated the severity of the current economic downturns in its markets, uncertainties regarding the effects of a general economic downturn on the demand for the Company's products and services, the risk that the Company's sales will be adversely impacted at a later stage in the current global economic downturn, the risk that the Company has overestimated the strength of the demand among its customers for its products in a weakening economy, risks of problems arising from customer contract cancellations, uncertainties regarding customer acceptance of new products, the risk that the Company will not achieve its full-year or long-term plan as a result of unforeseen circumstances, the risk that the Company's efforts and resources will not be adequate to deliver results inline with our plan for 2002, the risk that new investments in ANSYS solutions from a broad range of customers will not yield significant additional revenue, the risk that recent releases of our new and enhanced software products will result in the Company's prediction of future operating results inaccurate, the risk that the Company's operating results will be adversely affected by possible delays in developing, completing, or shipping new or enhanced products, the risk of changes in the price of our common stock affecting our willingness to continue the stock repurchase program, uncertainties regarding fluctuations in quarterly results, including uncertainties regarding the timing of orders from significant customers and regional economies, and other factors that are detailed from time to time in reports filed by ANSYS, Inc. with the Securities and Exchange Commission, including ANSYS, Inc.'s 2001 Annual Report and Form 10-K and the most recent quarterly report on Form 10-Q.

ANSYS, Inc. is committed to providing the most open and flexible analysis solutions to meet customer requirements for engineering software in today's competitive marketplace. ANSYS, Inc. partners with leading design software suppliers to develop state-of-the-art CAD-integrated products. ANSYS and its global network of ANSYS Support Distributors provide sales, support and training for customers. 

www.ansys.com

 

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