- Significant Earnings Improvement on Higher Revenue, Lower Expense -
NEEDHAM, Mass., April 8 /PRNewswire-FirstCall/ -- PTC (Nasdaq: PMTC) today
announced that it expects its financial results for the fiscal 2004 second
quarter ended April 3, 2004 to exceed the Company's earlier guidance. Based
on preliminary data, PTC now expects to report:
* Total revenue of approximately $164 million, exceeding the Company's
prior guidance of $150 million to $160 million for the quarter.
* Approximately breakeven earnings per share on a GAAP basis, which
includes a restructuring charge of approximately $16 million associated
with PTC's previously announced cost reduction plan, as well as a
one-time benefit to cost of service of approximately $5 million. PTC
had previously provided guidance of a net loss per share of ($0.05) to
($0.09) for the second quarter.
* End of quarter cash and investments of approximately $220 million
compared with cash and investments of $190 million at the end of the
previous quarter.
"Our earnings improvement was driven by stronger sequential revenue
performance, particularly within our design solutions offerings, and the solid
execution of our previously announced cost reduction program," said C. Richard
Harrison, president and chief executive officer. "Our performance during the
quarter gives us increased confidence in our ability to achieve a significant
year-over-year improvement in financial results for fiscal 2004."
PTC also announced today the acquisition of OHIO Design Automation, a
leading provider of electronic design verification, visualization and
collaboration solutions (see press release dated April 8, 2004). The all-cash
transaction closed on April 7, 2004 and is valued at approximately $12
million, subject to the fulfillment of certain conditions.
PTC expects to announce final results for the second quarter on Wednesday,
April 21, 2004 before the market opens. On that day at 10 a.m. ET, the
Company will hold a conference call and live webcast to discuss its results
and provide an outlook update (the earnings press release and accompanying
financial and operating statistics will be accessible prior to the conference
call and webcast on the Company's web site). To access the live webcast,
please visit http://www.ptc.com/for/investors.htm. To access the live call, please
dial 888-730-9134 (in the U.S.) or +1-630-395-0024 (international). Please
use passcode PTC. A replay of the call will be available until 5:00 p.m. ET
on April 26, 2004. To access the replay via webcast, please visit
http://www.ptc.com/for/investors.htm. To access the replay by phone, please dial
402-220-4148.
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 finalization of the
operating results for the second quarter of fiscal 2004; continued execution
of our cost reduction initiatives and our ability to efficiently utilize our
resources, minimizing organization disruption while at the same time achieving
our revenue targets; continued adoption by customers of our product offerings,
including our design solutions products and our Windchill Link solutions; 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.
Investor Relations Contact: Public Relations Contact:
Meredith Mendola Maria Battaglia
781-370-6151 781-370-5245
mmendola@ptc.com mbattaglia@ptc.com
SOURCE PTC
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Related links:
http://www.ptc.com
http://www.ptc.com/for/investors.htm
CONTACT:
Investor Relations: Meredith Mendola,
+1-781-370-6151, or mmendola@ptc.com, Public Relations: Maria
Battaglia, +1-781-370-5245, or mbattaglia@ptc.com, both of PTC
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