MapBiz: Autodesk Books Record Quarter
Computer-aided design software publisher Autodesk, Inc. today announced record net revenues for its fiscal fourth quarter which ended January 31, 2006. Autodesk reported net revenues of $417 million, a 17% increase over the fourth quarter of the previous year.
Fourth quarter net income was $83 million, or $0.33 per diluted share on a GAAP basis. Net income in the fourth quarter of the prior year was $66 million, or $0.26 per diluted share on a GAAP basis. The company made its announcement after U.S. markets had closed and its stock closed down about 2%. However, the company's performance exceeded analysts' expectations and the stock was up almost 4% in after-hours trading.
The company said its performance was driven by strong growth in new seats and subscriptions, increasing penetration of its vertical and 3D products and continued strong profitability. Autodesk said that revenues from new seats and emerging businesses represented approximately two-thirds of its total revenues in the fourth quarter.
Executive Chairman Carol Bartz said Autodesk has raised its fiscal 2007 forecast from its November target. "We are very confident about our future...," said Ms. Bartz. The company will continue its practice of "retiring" its older software. AutoCAD 2002 will be retired in March, after which Ms. Bartz says the company will launch a new product portfolio with new releases of all the company's major products.
The chairman is optimistic for the long-term. She told Reuters, "I think we (will) have a big run on both sides for a long time. Considering the fact that ultimately the majority of our base should move to 3D, and we are only 10 percent there, that is a huge opportunity."