NEEDHAM, Mass., April 3 /PRNewswire-FirstCall/ -- PTC (Nasdaq: PMTC) today
announced that it expects revenue for the fiscal 2003 second quarter ended
March 29, 2003 to be in the range of $170 million to $172 million, 3% - 4%
below analyst consensus estimates of $177 million. Operating expenses are
expected to be approximately $180 million, on track with the Company's target.
GAAP loss per share for the second quarter is expected to be in the range of
$0.05 - $0.06, due to the combination of the shortfall in revenue as well as
an increase in the tax provision expected to be incurred for the quarter.
(Logo: http://www.newscom.com/cgi-bin/prnh/20000821/NEM002LOGO )
Preliminary results indicate that license revenue will be between $53 and
$55 million, a sequential increase. MCAD license revenue is expected to be
higher sequentially and Windchill license revenue is expected to be
approximately flat with last quarter's results. However, overall license
revenue is expected to fall short of the Company's initial expectations,
primarily due to several customers delaying large orders at the end of the
quarter.
C. Richard Harrison, president and chief executive officer, commented:
"Although we did not achieve our revenue targets for the quarter, I am
encouraged by the preliminary indication of an increase in license revenue
from last quarter amidst the geopolitical uncertainties that all companies
face today. This is a validation of the strength of our product offering and
Product First vision. Additionally, we were encouraged by the number of
customers selecting Pro/ENGINEER Wildfire in its first quarter of
availability.
"Now that we have begun to see traction with our new products and our
distribution strategy, we believe we can safely lower our cost structure
without jeopardizing the progress we have made in transforming our business
and improving customer satisfaction," concluded Harrison. "We will implement
significant cost reduction initiatives during the remainder of fiscal 2003,
and will share further details during our earnings call in two weeks."
PTC expects to announce final results for the second quarter on Wednesday,
April 16, before the market opens. On that day, the company will hold a
conference call and live webcast to discuss its results and provide an outlook
update at 10 a.m. ET. To access the live webcast, please visit
http://www.ptc.com/for/investors.htm. To access the live call, please dial
877-917-3410 (in the U.S.), and +1-712-257-3640 (international). Please use
passcode PTC. A replay of the call will be available until 5:00 p.m. ET on
April 21, 2003. To access the replay via Webcast, please visit
http://www.ptc.com/for/investors.htm. To access the replay by phone, please dial
402-998-1030.
About PTC
PTC (Nasdaq: PMTC) develops, markets, and supports software solutions that
help manufacturers win with superior products. PTC is the world's largest
software company with a total commitment to product development and product
lifecycle management. The company services more than 35,000 customers
worldwide. Further information on PTC is available at http://www.ptc.com.
Except for the historical information contained herein, matters discussed
in this news release may constitute forward-looking statements that involve
risks and uncertainties that could cause actual results to differ materially
from those projected. These include: the Company's final operating results for
the second quarter of fiscal 2003; the success of our product development,
integration and distribution initiatives, including our Product First
initiative; our ability to realize revenue from the larger, strategic business
opportunities we are pursuing as well as from our point solutions; the growth
of the PLM market and acceptance of the Windchill applications, which have a
longer sales cycle than our other products; the acceptance of Pro/ENGINEER
Wildfire and our ability to compete successfully in the MCAD industry and
stabilize our MCAD license and services revenue; continued execution of our
cost reduction initiatives; and the effects of a weak IT spending environment
which has impacted the overall demand for software and related services; as
well as other risks and uncertainties detailed from time to time in reports
filed by PTC with the Securities and Exchange Commission, including the
Company's most recent reports on Form 10-K and 10-Q.
PTC, The Product Development Company, Product First, Pro/ENGINEER,
Wildfire, Windchill, and all PTC product names and logos are trademarks or
registered trademarks of Parametric Technology Corporation or its subsidiaries
in the United States and in other countries. All other companies and products
referenced herein have trademarks or registered trademarks of their respective
holders.
Investor Relations Contact: Public Relations Contact:
Meredith Mendola Roberta Carlton
781-370-6151 781-370-5479
mmendola@ptc.com rcarlton@ptc.com
SOURCE PTC
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Photo Notes:
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PRN Photo Desk, 888-776-6555 or 212-782-2840
Related links:
http://www.ptc.com
CONTACT:
Investor Relations - Meredith Mendola,
mmendola@ptc.com +1-781-370-6151, Public Relations - Roberta
Carlton, rcarlton@ptc.com, +1-781-370-5479, both of PTC
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