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SOFTWARE INDUSTRY NEWS |
Aspen Tech reports third quarter 2010 financial results |
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Aspen Technology, Inc., better known as Aspen Tech – the provider of software and services to the process industries has declared its financial results for its third quarter of fiscal 2010, ended March 31, 2010. Total revenue was $45.6 million, down from $71.3 million during the same quarter in the prior year, and a loss from operations of $19.6 million mainly on account of the ratable revenue recognition associated with the company’s new aspenONE licensing model. Cash balance was $119.1 million as at March 31, 2010. Aspen Tech did not sell any installments receivable to raise cash during the quarter and continued to reduce its secured borrowings balance, which was $87.4 million at the end of the quarter. Mark Fusco, AspenTech CEO said he was pleased with the company’s cash flow in the third quarter, and that Aspen Tech is in the early stages of ramping the company’s subscription cash flow model. |
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