Accelrys Inc. (ACCL, Financial) filed Quarterly Report for the period ended 2009-12-31.
Accelrys Inc. has a market cap of $165.9 million; its shares were traded at around $6.02 with a P/E ratio of 66.9 and P/S ratio of 2.1. ACCL is in the portfolios of George Soros of Soros Fund Management LLC.
Product Development Expenses. Product development expenses decreased 5% to $11.0 million for the nine months ended December 31, 2009, as compared to $11.6 million for the nine months ended December 31, 2008. As a percentage of revenue, product development expenses decreased to 17% for the nine months ended December 31, 2009, as compared to 19% for the nine months ended December 31, 2008. The decrease in product development expenses was primarily attributable to favorable foreign currency fluctuations of $0.5 million and a decrease in consulting costs of $0.4 million. These amounts were partially offset by an increase in personnel related costs of $0.5 million.
Sales and Marketing Expenses. Sales and marketing expenses increased 1% to $25.3 million for the nine months ended December 31, 2009, as compared to $25.1 million for the nine months ended December 31, 2008. As a percentage of revenue, sales and marketing expenses were consistent at 41% for each of the nine months ended December 31, 2009 and 2008. The increase in sales and marketing expenses is primarily attributable to an increase in consulting costs of $0.7 million, partially offset by unfavorable foreign currency fluctuations of $0.2 million and a decrease in personnel related costs of $0.2 million.
Net interest and other income was $0.6 million for the nine months ended December 31, 2009, as compared to $1.0 million for the nine months ended December 31, 2008. The decrease in net interest and other income was primarily attributable to lower interest income of approximately $0.9 million due to a decrease in interest rates obtained on our cash and marketable securities balances during the nine months ended December 31, 2009, partially offset by a $0.4 million change in the charge to the income statement related to our auction rate securities portfolio as well as favorable foreign currency fluctuations of $0.1 million.
We had cash, cash equivalents, marketable securities, and restricted cash of $77.6 million as of December 31, 2009, as compared to $81.8 million as of March 31, 2009, a decrease of $4.2 million. The decrease in cash, cash equivalents, marketable securities and restricted cash during the nine months ended December 31, 2009 was primarily attributable to cash used in operations of $5.5 million and purchases of property and equipment of $0.5 million, partially offset by favorable foreign currency fluctuations of $0.9 million. Our quarterly operating cash flows are significantly impacted by changes in accounts receivable balances. Due to the seasonality of our business, accounts receivable balances have historically increased significantly in the third quarter of each fiscal year as a result of higher order intake. The collection of these accounts receivable balances has generally resulted in positive cash flows from operations in the fourth quarter of each fiscal year, while we have historically experienced negative cash flows from operations in the other three fiscal quarters.
Net cash provided by investing activities was $24.3 million for the nine months ended December 31, 2009, as compared to net cash used in investing activities of $1.4 million for the nine months ended December 31, 2008. Significant components of cash flows from investing activities for the nine months ended December 31, 2009 included net purchases of property and equipment of $0.5 million, a net decrease in our marketable securities portfolio of $22.6 million and a decrease in our restricted cash of $2.2 million. Significant components of cash flows from investing activities for the nine months ended December 31, 2008 included net purchases of property and equipment of $0.6 million, purchases of software licenses of $1.9 million, and a net decrease in our marketable securities portfolio of $1.1 million.
Read the The complete Report
Accelrys Inc. has a market cap of $165.9 million; its shares were traded at around $6.02 with a P/E ratio of 66.9 and P/S ratio of 2.1. ACCL is in the portfolios of George Soros of Soros Fund Management LLC.
Highlight of Business Operations:
Revenue increased 7% to $22.1 million for the three months ended December 31, 2009, as compared to $20.6 million for the three months ended December 31, 2008. Revenues during the quarter ended December 31, 2009 were favorably impacted by an increase in software revenues of $1.2 million and services revenues of $0.3 million, partially offset by a decrease in maintenance and other revenue of $0.1 million.Product Development Expenses. Product development expenses decreased 5% to $11.0 million for the nine months ended December 31, 2009, as compared to $11.6 million for the nine months ended December 31, 2008. As a percentage of revenue, product development expenses decreased to 17% for the nine months ended December 31, 2009, as compared to 19% for the nine months ended December 31, 2008. The decrease in product development expenses was primarily attributable to favorable foreign currency fluctuations of $0.5 million and a decrease in consulting costs of $0.4 million. These amounts were partially offset by an increase in personnel related costs of $0.5 million.
Sales and Marketing Expenses. Sales and marketing expenses increased 1% to $25.3 million for the nine months ended December 31, 2009, as compared to $25.1 million for the nine months ended December 31, 2008. As a percentage of revenue, sales and marketing expenses were consistent at 41% for each of the nine months ended December 31, 2009 and 2008. The increase in sales and marketing expenses is primarily attributable to an increase in consulting costs of $0.7 million, partially offset by unfavorable foreign currency fluctuations of $0.2 million and a decrease in personnel related costs of $0.2 million.
Net interest and other income was $0.6 million for the nine months ended December 31, 2009, as compared to $1.0 million for the nine months ended December 31, 2008. The decrease in net interest and other income was primarily attributable to lower interest income of approximately $0.9 million due to a decrease in interest rates obtained on our cash and marketable securities balances during the nine months ended December 31, 2009, partially offset by a $0.4 million change in the charge to the income statement related to our auction rate securities portfolio as well as favorable foreign currency fluctuations of $0.1 million.
We had cash, cash equivalents, marketable securities, and restricted cash of $77.6 million as of December 31, 2009, as compared to $81.8 million as of March 31, 2009, a decrease of $4.2 million. The decrease in cash, cash equivalents, marketable securities and restricted cash during the nine months ended December 31, 2009 was primarily attributable to cash used in operations of $5.5 million and purchases of property and equipment of $0.5 million, partially offset by favorable foreign currency fluctuations of $0.9 million. Our quarterly operating cash flows are significantly impacted by changes in accounts receivable balances. Due to the seasonality of our business, accounts receivable balances have historically increased significantly in the third quarter of each fiscal year as a result of higher order intake. The collection of these accounts receivable balances has generally resulted in positive cash flows from operations in the fourth quarter of each fiscal year, while we have historically experienced negative cash flows from operations in the other three fiscal quarters.
Net cash provided by investing activities was $24.3 million for the nine months ended December 31, 2009, as compared to net cash used in investing activities of $1.4 million for the nine months ended December 31, 2008. Significant components of cash flows from investing activities for the nine months ended December 31, 2009 included net purchases of property and equipment of $0.5 million, a net decrease in our marketable securities portfolio of $22.6 million and a decrease in our restricted cash of $2.2 million. Significant components of cash flows from investing activities for the nine months ended December 31, 2008 included net purchases of property and equipment of $0.6 million, purchases of software licenses of $1.9 million, and a net decrease in our marketable securities portfolio of $1.1 million.
Read the The complete Report
