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AspenTech announces Q2 2010 financial results |
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Aspen Technology, Inc., a provider of software and services to the process industries, has announced its financial results for its second quarter of fiscal 2010, ended December 31, 2009. AspenTech reported total revenues of $42.7 million, significantly lower than $82.6 million reported for the second quarter of the prior year. The company said this drop in revenue was primarily due to the ratable revenue recognition associated with the company‘s new aspenONE licensing model. Subscription revenue includes all revenue associated with the company‘s new aspenONE licensing model, and was reported at approximately $1.2 million for the quarter. No subscription revenue was recorded in the year ago period as the company‘s new aspenONE licensing model was launched during the first quarter of fiscal 2010. The company said subscription revenue is recognized over the course of the multi- year agreement, and recognition begins when the first payment is due, which is typically 30 days after the contract is signed. Software revenue was $9 million during the quarter as compared to $47.3 million in the year ago period. AspenTech said In fiscal 2010, software revenue related to term contracts is recognized over the contract term, generally as payments become due. In prior fiscal year periods, the company predominantly recognized term license revenue on an up-front basis, and what was previously categorized as license revenue typically equaled license bookings. However, in the second quarter of fiscal year 2009, license revenue was approximately $17 million lower than license bookings as a result of certain license bookings not meeting the criteria for up-front revenue recognition. Services and other revenue, which includes professional services, maintenance and other revenue, was $32.5 million in the Q2 of fiscal 2010, lower than $35.4 million in the year ago period. The year-over-year decline, the company said, was a result of the more challenging economic environment compared to the year ago period. Services other revenue was up sequentially compared to $28.7 million in the first quarter of fiscal 2010. For the quarter ended December 31, 2009, AspenTech reported a loss from operations of $29.3 million due primarily to the ratable revenue recognition associated with the company‘s new aspenONE licensing model. For the same period in the previous year, the company had reported income from operations of $18.8 million. Net loss was $30.7 million in the second quarter of fiscal 2010, leading to net loss per basic and diluted share of $0.34 compared to net income per diluted share of $0.25 in the same period last year. AspenTech had a cash balance of $109.4 million at December 31, 2009, as against $109 million at the end of the first quarter of fiscal 2010. The company did not sell any installments receivable to raise cash during the second quarter of fiscal 2010 and it continued to reduce its secured borrowings balance, which was $96.5 million at the end of the quarter, down $12.3 million compared to $108.8 million at the end of the first quarter of fiscal 2010. Mark Fusco, AspenTech CEO said a solid transaction flow drove product-related bookings of approximately $95 million during the quarter. He said that after bringing the company's financial statements current with the filing of our first quarter results and subsequently filing the second quarter results in a timely manner, the company was approved to relist its common stock on the NASDAQ stock market under the ticker symbol 'AZPN‘. The company closed 18 product-related bookings of over $1 million during the second quarter, and 57 product related bookings between $250,000 and $1 million. Average deal size for product-related bookings over $100,000 was $778,000 in the second quarter. |
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