Business Services Industry
Dassault Systemes Reports Solid First Quarter Performance, with Revenue, Operating Margin and EPS above Objectives
Business Wire, April 29, 2004
DASSAULT SYSTEMES
NON-U.S. GAAP CONSOLIDATED STATEMENT OF INCOME DATA
PERCENTAGE VARIANCE
(EXCLUDING ACQUISITION COSTS)
(in millions of Euro, except per share data)
Three Months Ended
March 31, 2004 March 31, 2003 Variation
-------------- -------------- ---------
Software 148.9 145.1 2.6%
Service and Other 27.3 24.3 12.3%
---------- ----------
Total Revenue EUR 176.2 EUR 169.4 4.0%
Software 4.8 5.8 (17.2)%
Service and Other 24.7 21.9 12.8%
---------- -----------
Total Cost of Revenue EUR 29.5 EUR 27.7 6.5%
Gross Profit EUR 146.7 EUR 141.7 3.5%
Research and Development 54.1 53.6 0.9%
Marketing and Sales 37.8 39.6 (4.5)%
General Administration 11.3 11.7 (3.4)%
---------- -----------
Total Research, Selling,
Administration EUR 103.2 EUR 104.9 (1.6)%
========== =========== ========
Operating Income EUR 43.5 EUR 36.8 18.2%
Financial revenue and Other 1.4 2.0 (30.0)%
Income before income taxes 44.9 38.8 15.7%
Income tax expense (16.3) (14.6) N/M
Net Income EUR 28.6 EUR 24.2 18.2%
========== =========== ========
Diluted net income per share EUR 0.25 EUR 0.21 19.0%
========== =========== ========
Diluted weighted average
shares outstanding (in
millions) 115.8 114.0
DASSAULT SYSTEMES
CONSOLIDATED STATEMENT OF INCOME DATA
RECONCILIATIONS NON-U.S. GAAP / U.S. GAAP
(in millions of Euro, except per share data)
Three Months Ended
March 31, 2004
----------------------------------------
Excluding
Reported Acquisition Acquisition
Amount Costs Costs
----------------------------------------
Software 148.9 148.9
Service and Other 27.3 27.3
---------- ----------
Total Revenue EUR 176.2 EUR 176.2
Software 4.8 4.8
Service and Other 24.7 24.7
---------- ----------
Total Cost of Revenue EUR 29.5 EUR 29.5
Gross Profit EUR 146.7 EUR 146.7
Research and Development 54.1 54.1
Marketing and Sales 37.8 37.8
General Administration 11.3 11.3
Acquisition Costs 0.6 (0.6) -
---------- ==========
Total Research, Selling,
Administration EUR 103.8 EUR 103.2
========== ==========
Operating Income EUR 42.9 EUR 43.5
Financial revenue and Other 1.4 1.4
Income before income taxes 44.3 44.9
Income tax expense (16.1) (0.2) (16.3)
Net Income EUR 28.2 EUR 28.6
========== ==========
Diluted net income per
share EUR 0.24 EUR 0.25
========== ==========
Diluted weighted average
shares outstanding
(in millions) 115.8 115.8
March 31, 2003
----------------------------------------
Excluding
Reported Acquisition Acquisition
Amount Costs Costs
----------------------------------------
Software 145.1 145.1
Service and Other 24.3 24.3
---------- ----------
Total Revenue EUR 169.4 EUR 169.4
Software 5.8 5.8
Service and Other 21.9 21.9
---------- ----------
Total Cost of Revenue EUR 27.7 EUR 27.7
Gross Profit EUR 141.7 EUR 141.7
Research and Development 53.6 53.6
Marketing and Sales 39.6 39.6
General Administration 11.7 11.7
Acquisition Costs 2.1 (2.1) -
========== ==========
Total Research, Selling,
Administration EUR 107.0 EUR 104.9
========== ==========
Operating Income EUR 34.7 EUR 36.8
Financial revenue and Other 2.0 2.0
Income before income taxes 36.7 38.8
Income tax expense (14.4) (0.2) (14.6)
Net Income EUR 22.3 EUR 24.2
========== ==========
Diluted net income per
share EUR 0.20 EUR 0.21
========== ==========
Diluted weighted average
shares outstanding (in
millions) 114.0 114.0
DASSAULT SYSTEMES
CONDENSED CONSOLIDATED BALANCE SHEETS
(in millions of Euro)
March 31, 2004 December 31, 2003
-------------- -----------------
ASSETS
Cash and short-term investments 560.5 439.7
Accounts receivable, net 147.5 227.6
Other assets 292.9 297.2
------------ -----------
Total assets EUR 1,000.9 EUR 964.5
LIABILITIES
AND SHAREHOLDERS' EQUITY
Total liabilities 299.2 306.8
Shareholders' equity 701.7 657.7
------------ -----------
Total liabilities and
shareholders' equity EUR 1,000.9 EUR 964.5
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