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Autodesk reports fourth quarter and full year 2010 results |
Autodesk, Inc., the maker of 2D and 3D design, engineering and entertainment software for the manufacturing, building and construction, and media and entertainment markets has reported financial results for the fourth quarter and full year fiscal 2010.
For the quarter, revenue was $456 million, an increase of nine percent sequentially and a decrease of seven percent compared to the fourth quarter of fiscal 2009. GAAP diluted earnings per share were $0.21 as compared to diluted earnings per share of $0.13 in the third quarter of fiscal 2010, and a diluted loss per share of $0.47 in the fourth quarter of fiscal 2009. Cash flow from operations was $126 million, an increase of 169 percent sequentially and 45 percent compared to the fourth quarter of fiscal 2009.
The company said that performance in revenue and profitability was driven by better revenue from commercial new seat licenses, revenue from every geography, product type, and from manufacturing, AEC, and platform solutions and emerging business segments.
For the full fiscal year 2010, Autodesk reported revenues of $1.7 billion, a decrease of 26 percent compared to fiscal 2009. GAAP diluted earnings per share were $0.25 as compared to diluted earnings per share of $0.80 in fiscal 2009. Cash flow from operations was $247 million, a drop of 58 percent compared to fiscal 2009. GAAP total spend (GAAP cost of revenue plus GAAP operating expenses) decreased by $423 million, or 20 percent compared to fiscal 2009.
Carl Bass, Autodesk president and CEO said Autodesk finished the year with “better than anticipated” revenue and profitability in the fourth quarter. He attributed the results to an improving demand environment and continued competitive displacements.
Bass termed fiscal 2010 as “a challenging year by any measure,” saying that the company acted to significantly reduce its cost structure and increase efficiency. “As a result, we greatly exceeded our initial goal of pre-tax cost savings of $250 million. Those actions, and our continued investments in essential parts of our business, helped strengthen Autodesk and position the company for long-term growth and success,” he said.
For the first quarter of fiscal 2011, Autodesk said it expects revenue to be in the range of $420 million to $440 million. GAAP earnings per diluted share are anticipated in the range of $0.02 and $0.07. For the full fiscal year 2011, Autodesk said operating margin on a GAAP basis is expected to increase significantly compared to fiscal 2010, while declining to offer specific guidance.
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