Dassault Expects Q1 Revenue Flat at 310M Euros

The preliminary and unaudited non-IFRS financial information which follows is based upon initial closing information and is subject to further review. Non-IFRS revenue excludes deferred revenue writedowns; non-IFRS EPS and non-IFRS operating margin also exclude deferred revenue write-downs as well as stock-based compensation expense, amortization of acquired intangibles and other income and expense, net and non-IFRS EPS also reflects the net tax effects related to the items excluded herein.

Preliminary and Unaudited 2009 First Quarter non-IFRS Financial Information

• Non-IFRS total revenue is estimated at about €310 million (1% reported growth compared to Q108) approximately 6% below DS non-IFRS total revenue objective of about €325 to €335 million.

• Average exchange rates of US$1.30 per €1.00 and JPY122 to €1.00 closely tracked to currency assumptions used by DS to develop its first quarter objectives.

• Non-IFRS EPS is estimated at about €0.37, in line with DS non-IFRS EPS objective of about €0.36 to €0.42. Preliminary non-IFRS operating margin is estimated at about 19%, also in line with DS non-IFRS objective of 18% to 21%.

• DS was able to drive in excess of €15 million of additional savings during the quarter compared to its former goal.

• DS targets an additional €80 to €90 million of incremental savings for 2009 compared to its former goal.

• Non-IFRS total revenue decreased approximately 6% in constant currencies. Non-IFRS software revenue decreased an estimated 5%, with new licenses decreasing about 40% and recurring software revenue increasing about 15%, with all figures in constant currencies.

• For the 2008 first quarter, non-IFRS total revenue was €307.9 million, non-IFRS operating margin was 22.8% and non-IFRS earnings per diluted share totaled €0.41.

Bernard Charlès, Dassault Systems President and Chief Executive Officer, commented, “Our non-IFRS total revenue grew a modest 1% year-over-year, as the business environment, as measured by various economic data, weakened further during the first quarter in comparison to the fourth quarter of 2008. This change was evident across our market segments and brands and caused our revenue to be below our objective by 6%.

“However, thanks to our cost containment measures, preliminary earnings and margin results for the 2009 first quarter were in line with our objectives. In view of the changes in the market and consistent with our priorities, we are targeting an additional €80 to €90 million of incremental savings for the year 2009 compared to our former goal.

“These enhanced savings will be achieved while maintaining our operating capacity in order to serve and support our customers, as well as sales and software partners while sustaining our strategic R&D initiatives.”

Today’s Conference Call Information

Dassault Systems will host a conference call today, Thursday, April 16, 2009 at 1:00 PM London/2:00 PM CET/8:00 AM New York. The dial-in numbers for the conference call are as follows: callers within Europe as well as other international callers may dial +44 (0) 1452 569 393; and callers within the U.S. may dial: +1 866 434 1089. A replay of the conference call will be available by dialing +44 (0) 1452 550 000, access code 95442454. Additionally, the conference call will be available via the Internet by accessing http://www.3ds.com/company/finance.

The Company will return to its pre-release quiet period beginning Monday, April 20, 2009 and will have no further comments on its financial results until it releases its full first quarter financial results on Thursday, April 30, 2009.

Information in Constant Currencies

When the Company believes it would be helpful for understanding trends in its business, the Company provides percentage increases or decreases in its revenue (on a non-IFRS basis) to eliminate the effect of changes in currency values, particularly the U.S. dollar (US$) and the Japanese yen (JPY), relative to the euro. When trend information is expressed herein "in constant currencies", the results of the "current" period have first been recalculated using the average exchange rates of the comparable period in the preceding year, and then compared with the results of the comparable period in the preceding year. First quarter average exchange rates: US$1.30 per €1.00 and JPY122 to €1.00 for the 2009 first quarter, compared to US$1.50 per €1.00 and JPY158 to €1.00 for the 2008 first quarter.

Cautionary Statement Regarding Preliminary Non-IFRS Financial Information

The above statements contain estimates of the Company's non-IFRS 2009 first quarter financial information. The Company is continuing to review its financial and operating results, and actual results may differ materially from those contained herein based on further review, any additional accounting adjustments and other factors.

About Dassault Systems

As a world leader in 3D and Product Lifecycle Management (PLM) solutions, Dassault Systems brings value to more than 100,000 customers in 80 countries. A pioneer in the 3D software market since 1981, Dassault Systems develops and markets PLM application software and services that support industrial processes and provide a 3D vision of the entire lifecycle of products from conception to maintenance to recycling. The Dassault Systems portfolio consists of CATIA for designing the virtual product - SolidWorks for 3D mechanical design - DELMIA for virtual production - SIMULIA for virtual testing - ENOVIA for global collaborative lifecycle management, and 3DVIA for online 3D lifelike experiences. Dassault Systems’ shares are listed on Euronext Paris (#13065, DSY.PA) and Dassault Systems’ ADRs may be traded on the US Over-The- Counter (OTC) market (DASTY).

For more information, visit http://www.3ds.com. 

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See Also

Dassault Systems Website
CATIA directory - by TenLinks.com
CATIA Reading Room - articles, tutorials, reviews and news, by CADdigest.com

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Source: Material used in press releases is often supplied by external sources and used as is.