PTC Reports Fiscal 2002 First Quarter Results

NEEDHAM, Mass., Jan. 15 /PRNewswire-FirstCall/ -- PTC (Nasdaq: PMTC - news), the product development company(TM), today reported revenue totaling $198.6 million for the first quarter ended December 29, 2001, compared with $234.9 million for the same period last year. Pro forma net income, excluding non- recurring charges and the amortization of intangible assets, was $6.8 million, or $0.03 per diluted share, compared to $19.0 million and $0.07 per diluted share, for the year-ago period.

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    Including non-recurring charges and the amortization of intangible assets, the net loss for the first quarter was $2.9 million or $0.01 per diluted share, compared to net income of $12.3 million or $0.05 per diluted share, for the same period last year. During the quarter, the Company recorded non- recurring charges of $6.1 million related to recent actions to reduce its cost structure.

    "Earnings were in line with our target for the quarter despite weaker revenue, which was below our expectations," said C. Richard Harrison, president and chief executive officer. "These earnings reflect the benefits of our previously announced cost reductions as well as strong expense management. Revenue continues to be affected by adverse macroeconomic conditions, particularly in North America and Japan. Our first quarter is our seasonally weakest selling period and revenue should improve sequentially during the fiscal year."

    Operating Highlights

    Total Windchill® revenue in the first quarter was $48.6 million, compared to $50.4 million a year ago. PTC received first quarter orders for Windchill from customers such as Marconi Communications, Lockheed Martin, NASA, Schneider Electric and Toshiba.

    During the quarter, PTC expanded its suite of collaboration solutions with the launch of its third solution, PTC® DynamicDesignLink(TM), to enable manufacturers and their customers to interactively customize and define "designed-to-order" products. The Web-based solution provides significant value to manufacturers developing products that are engineered to a buyer's specific performance requirements or have initiatives around mass customization, product line rationalization, or design modularization. The fourth solution focused on product lifecycle management is expected to launch in the second quarter of fiscal 2002.

    Additionally, the Company continued to add systems integrators, including Samsung SDS and Siemens Business Services, to deepen its enterprise consulting partner program in important geographies. These integrators complement our existing network of premier global integrators. The Company now has active relationships with 53 systems integrator partners and has over 550 premier partner consultants technically trained.

    The Company's total design solutions revenue for the first quarter was $150.0 million, compared to $184.5 million a year ago. Design solutions sales included orders from ABB, Kwang Yang Motor, The Stanley Works, Toyota Racing Development and Weatherford.

    "We have been working hard to capitalize on the importance of product development," continued Harrison. "This is evidenced by partnerships with market-leading software vendors like Siebel, announced yesterday, and the expansion of our network of systems integrators, value-added resellers, and hardware vendors like HP and Sun. We also launched in the first quarter our advertising campaign focused on the significance of product development as a core business initiative. We have better-positioned ourselves to endure the economic downturn and thrive in a recovery through the expansion of our product suite, the tighter integration of our software products, the deepening of our partner relationships, leveraging our base of over 33,000 customers, and our lower cost structure."

    The Company will provide detailed financial information and an outlook update on its first quarter results conference call and live webcast on January 15 at 10 a.m. ET. To access the live webcast, please visit www.ptc.com/for/investors.htm. A replay of the call will be available until 5:00 p.m. EDT on January 18, 2002. To access the replay by phone, dial 402-220-2142. To access the replay via Webcast, please visit www.ptc.com/for/investors.htm.

    The unaudited consolidated statement of income and condensed consolidated balance sheet for the first quarter are attached.

    About PTC

    PTC (Nasdaq: PMTC - news) develops, markets, and supports software solutions that help manufacturers get superior products to market before their competitors. PTC is the world's largest software company with a total commitment to product development. The company services more than 33,000 customers worldwide. Further information on PTC is available at http://www.ptc.com.

    Except for the historical information contained herein, matters discussed in this news release may constitute forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those projected. These include: the success of our product development, integration and distribution efforts; our ability to realize revenue from the larger, strategic business opportunities we are pursuing as well as from our point solutions; market acceptance of the Windchill enterprise solutions, which have a longer sales cycle than our other products; our ability to compete successfully in the MCAD industry and stabilize our MCAD license revenue; the success of our partnering and customer satisfaction initiatives; the success of our Windchill integrated solutions strategy initiatives and our efforts to differentiate our MCAD offerings by targeting synergies with Windchill; the success of our cost reduction initiatives; and the effects of a weakening economy which may impact the overall demand for software and related services; as well as other risks and uncertainties detailed from time to time in reports filed by PTC with the Securities and Exchange Commission, including the Company's most recent reports on Form 10-K and 10-Q.

    PTC, The Product Development Company, Pro/ENGINEER, Pro/COLLABORATE, Windchill, PTC ProjectLink, PTC PartsLink, PTC DynamicDesignLink and all PTC product names and logos are trademarks or registered trademarks of Parametric Technology Corporation or its subsidiaries in the United States and in other countries. All other companies and products referenced herein have trademarks or registered trademarks of their respective holders.

                          PARAMETRIC TECHNOLOGY CORPORATION
                     UNAUDITED CONSOLIDATED STATEMENTS OF INCOME
                        (in thousands, except per share data)
    
                                                          Three Months Ended
                                                      December 29,   December 30,
                                                          2001           2000
        Revenue:
         License                                         $64,343       $101,300
         Service                                         134,262        133,644
        Total revenue                                    198,605        234,944
    
        Costs and expenses:
         Cost of license revenue                           4,364          3,807
         Cost of service revenue                          50,329         60,086
         Sales and marketing                              84,511         92,433
         Research and development                         34,689         35,809
         General and administrative                             15,370                  17,369
              Amortization  of  goodwill  and
                other  intangible  assets                                                    9,165                    9,439
              Non-recurring  charges                                                          6,089                            -
            Total  costs  and  expenses                                                  204,517                218,943
    
            Operating  income  (loss)                                                    (5,912)                  16,001
              Other  income,  net                                                                      255                    1,256
            Income(loss)  before  income  taxes                                  (5,657)                  17,257
            Provision  for  (benefit  from)  income  taxes                (2,708)                    5,003
            Net  income  (loss)                                                              $(2,949)                $12,254
    
            Earnings  (loss)  per  share:
              Diluted                                                                                $  (0.01)                    $0.05
              Weighted  average  shares  and  dilutive
                equivalent  shares  outstanding                                    260,353                270,416
    
    
                                                PARAMETRIC  TECHNOLOGY  CORPORATION
                                                                PRO  FORMA  RESULTS
                                            (in  thousands,  except  per  share  data)
    
            Excluding  amortization  of  goodwill  and  other  intangible  assets  and
            non-recurring  charges:
    
            Operating  income                                                                  $  9,342                $25,440
            Net  income                                                                              $  6,790                $18,954
            Net  income  per  share  -  diluted                                          $0.03                    $0.07
            Weighted  average  shares  and  dilutive
              equivalent  shares  outstanding                                      262,453                270,416
    
    
                                                PARAMETRIC  TECHNOLOGY  CORPORATION
                                  UNAUDITED  CONDENSED  CONSOLIDATED  BALANCE  SHEETS
                                                                    (in  thousands)
    
                                                                                                      December  29,      September  30,
                                                                                                                2001                      2001
    
            ASSETS
    
            Cash  and  investments                                                        $227,720              $249,098
            Accounts  receivable,  net                                                  166,132                185,444
            Other  assets                                                                          376,859                363,296
    
            Total  assets                                                                        $770,711              $797,838
    
            LIABILITIES  AND  STOCKHOLDERS'  EQUITY
    
            Total  liabilities                                                              $380,288              $398,136
            Stockholders'  equity                                                          390,423                399,702
    
            Total  liabilities  and  stockholders'  equity            $770,711              $797,838
    
    
            Investor  Relations  Contact:                  Public  Relations  Contact:
              Tom  Barth                                                      Roberta  Carlton
              781-370-5889                                                781-370-5479
              
      Email  Contact                                              
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