Accelrys Inc. (ACCL, Financial) filed Quarterly Report for the period ended 2012-03-31.
Accelrys Inc has a market cap of $439.6 million; its shares were traded at around $7.95 with a P/E ratio of 23.4 and P/S ratio of 3.1.
Product Development Expenses. Product development expenses increased to $9.6 million for the three months ended March 31, 2012, as compared to $8.5 million for the three months ended March 31, 2011. As a percentage of revenue, product development expenses decreases slightly to 24% for the three months ended March 31, 2012 as compared to 25% for the three months ended March 31, 2011. The increase in product development expenses during the quarter ended March 31, 2012 was primarily attributable to an increase in personnel and related expenses of approximately $1.1 million as a result of higher headcount and an increase in professional fees of approximately $0.1 million, offset by a decrease in overhead expense of approximately $0.1 million.
Sales and Marketing Expenses. Sales and marketing expenses increased to $13.9 million for the three months ended March 31, 2012, as compared to $13.5 million for the three months ended March 31, 2011. As a percentage of revenue, sales and marketing expenses were 35% for the three months ended March 31, 2012 as compared to 39% for the three months ended March 31, 2011. The increase in sales and marketing expenses during the quarter ended March 31, 2012 was primarily attributable to an increase in personnel and related expenses of approximately $0.3 million and an increase in professional fees of approximately $0.1 million.
Business consolidation, transaction and restructuring costs of $1.6 million for the three months ended March 31, 2011, consisted of $1.1 million in business consolidation costs and $0.5 million in restructuring costs. As a percentage of revenue, business consolidation and restructuring costs were 5% for the three months ended March 31, 2011. Transaction and integration related included personnel costs of $0.5 million related to employees who have been notified they are being terminated from the Company, and professional service and other costs of $0.6 million directly related to the Merger and integrating Symyx into the Company.
Net royalty and other income was $1.6 million for the three months ended March 31, 2012 as compared to $2.3 million for the three months ended March 31, 2011. Significant components of net royalty and other income for the three months ended March 31, 2012 included royalty revenue of $1.6 million, interest income of $0.6 million, amortization of discount on promissory notes receivable of $0.2 million, partially offset by a foreign currency exchange loss of $0.3 million and amortization of purchased intangible assets of $0.4 million. Significant components of net royalty and other income for the three months ended March 31, 2011 included interest income of $0.3 million, royalty revenue of $2.1 million, and a foreign currency exchange gain of $0.6 million, partially offset by royalty expense of $0.1 million and amortization of purchased intangible assets of $0.6 million.
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Accelrys Inc has a market cap of $439.6 million; its shares were traded at around $7.95 with a P/E ratio of 23.4 and P/S ratio of 3.1.
Highlight of Business Operations:
Cost of Revenue. Cost of revenue increased slightly to $9.9 million for the three months ended March 31, 2012, as compared to $9.6 million for the three months ended March 31, 2011. As a percentage of revenue, cost of revenue decreased slightly to 25% for the three months ended March 31, 2012 as compared to 28% for the three months ended March 31, 2011. The increase in cost of revenue during the quarter ended March 31, 2012 was primarily attributable to an increase in personnel and related expenses in our services department of approximately $0.8 million from higher headcount and an increase in professional fees of approximately $0.1 million consisting primarily of consulting costs, partially offset by a decrease in software and content royalties of approximately $0.3 million, a decrease in capitalized labor costs of 0.2 million and a decrease in overhead expense of approximately $0.1 million.Product Development Expenses. Product development expenses increased to $9.6 million for the three months ended March 31, 2012, as compared to $8.5 million for the three months ended March 31, 2011. As a percentage of revenue, product development expenses decreases slightly to 24% for the three months ended March 31, 2012 as compared to 25% for the three months ended March 31, 2011. The increase in product development expenses during the quarter ended March 31, 2012 was primarily attributable to an increase in personnel and related expenses of approximately $1.1 million as a result of higher headcount and an increase in professional fees of approximately $0.1 million, offset by a decrease in overhead expense of approximately $0.1 million.
Sales and Marketing Expenses. Sales and marketing expenses increased to $13.9 million for the three months ended March 31, 2012, as compared to $13.5 million for the three months ended March 31, 2011. As a percentage of revenue, sales and marketing expenses were 35% for the three months ended March 31, 2012 as compared to 39% for the three months ended March 31, 2011. The increase in sales and marketing expenses during the quarter ended March 31, 2012 was primarily attributable to an increase in personnel and related expenses of approximately $0.3 million and an increase in professional fees of approximately $0.1 million.
Business consolidation, transaction and restructuring costs of $1.6 million for the three months ended March 31, 2011, consisted of $1.1 million in business consolidation costs and $0.5 million in restructuring costs. As a percentage of revenue, business consolidation and restructuring costs were 5% for the three months ended March 31, 2011. Transaction and integration related included personnel costs of $0.5 million related to employees who have been notified they are being terminated from the Company, and professional service and other costs of $0.6 million directly related to the Merger and integrating Symyx into the Company.
Net royalty and other income was $1.6 million for the three months ended March 31, 2012 as compared to $2.3 million for the three months ended March 31, 2011. Significant components of net royalty and other income for the three months ended March 31, 2012 included royalty revenue of $1.6 million, interest income of $0.6 million, amortization of discount on promissory notes receivable of $0.2 million, partially offset by a foreign currency exchange loss of $0.3 million and amortization of purchased intangible assets of $0.4 million. Significant components of net royalty and other income for the three months ended March 31, 2011 included interest income of $0.3 million, royalty revenue of $2.1 million, and a foreign currency exchange gain of $0.6 million, partially offset by royalty expense of $0.1 million and amortization of purchased intangible assets of $0.6 million.
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