MatrixOne Updates Financial Review And Restatement


Update on Projected Filing Dates for the Company's Form 10-Q and Form 10-K

The Company expects to complete the filing of its Form 10-Q and Form 10-K on or before November 8, 2005. As part of management's report on internal controls over financial reporting, the Company will report material weaknesses in its internal controls over financial reporting, which will be further described in the Company's Form 10-K. Upon the filing of these periodic reports, the Company expects to issue a press release and host a conference call to discuss the restatement and its final results for the third and fourth quarters of fiscal 2005.

As previously announced by the Company, the Nasdaq Listing Qualifications Panel granted the Company an additional extension for continued listing on The Nasdaq National Market until November 8, 2005 to complete the filing of its Form 10-Q and Form 10-K. Upon the filing of its Quarterly Report on Form 10-Q for the quarter ended April 2, 2005 and its Annual Report on Form 10-K for the fiscal year ended July 2, 2005, the Company expects to be in compliance with Nasdaq's requirements for continued listing. The fifth character "E" will remain appended to the Company's symbol pending a final determination that the Company is fully compliant with Nasdaq's filing requirements. The Company anticipates filing as soon as practicable, amended Quarterly Reports on Form 10-Q for each of the first two quarters of fiscal 2005 for the purpose of restating its condensed consolidated financial statements for the first two quarters of fiscal 2005 and fiscal 2004.

MatrixOne Provides Financial Update for Fiscal Year 2005

The Company today provided a financial update for its fiscal year ended July 2, 2005. At this time, the Company's financial statement close process and audit of fiscal 2005 are not complete and the estimates provided are subject to change. Based on current preliminary estimates:

-- Total revenues for fiscal 2005 are expected to be between $121.0 million and $127.0 million;

-- Software license revenues for fiscal 2005 are expected to be between $46.0 million and $49.0 million;

-- Service revenues for fiscal 2005 are expected to be between $75.0 million and $78.0 million;

-- Net loss for fiscal 2005 is expected to be between $17.0 million and $20.0 million and will include approximately $4.9 million of accounting, audit and legal expenses related to the financial review, audit and restatement;

-- Cash and cash equivalents as of July 2, 2005 are expected to be approximately $107.0 million; and

-- Deferred revenue as of July 2, 2005 is expected to be between $38.0 million and $42.0 million.

MatrixOne to Release Financial Results for the First Quarter of Fiscal 2006

The Company announced today that it expects to release financial results for the first quarter of fiscal 2006 on Thursday, November 10, 2005, after the market closes. The Company's management team expects to host a live conference call and webcast on that day to discuss the financial results as well as management's forward-looking guidance for the second quarter of fiscal year 2006. Conference call details including dial-in information will be made available in a subsequent press release.

About MatrixOne

MatrixOne, Inc. (NASDAQ: MONEE), a leading global provider of collaborative product lifecycle management (PLM) software and services, enables companies to accelerate product innovation to achieve top line revenue growth and improve bottom line profitability. With world-class PLM solutions and a commitment to customer success, MatrixOne is focused on helping companies across the automotive, aerospace & defense, consumer, machinery, medical device, semiconductor and high-tech industries solve their most challenging new product development and introduction problems. More than 800 companies use MatrixOne's solutions to drive business value and gain a competitive advantage, including industry leaders such as BAE Systems, Bosch, Comau, General Electric, Honda, Johnson Controls, Linde AG, NCR, Nokia, Philips, Porsche, Procter & Gamble, Sony Ericsson, STMicroelectronics and Toshiba. MatrixOne ( www.matrixone.com) is headquartered in Westford, Massachusetts, with locations throughout North America, Europe and Asia-Pacific.

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 - Forward-looking statements in this release do not constitute guarantees of future performance. Such forward-looking statements are subject to risks and uncertainties that could cause our actual results to differ materially from those anticipated. Such statements relate, among other things, to our expected compliance with Nasdaq requirements for continued listing, and the expected magnitude of the adjustments to our financial statements. The risks and uncertainties that may affect forward-looking statements include, among others: the continued listing of our common stock on the NASDAQ Stock Market, unforeseen issues encountered in the review of our revenue recognition practices, and the completion of our audit for the restatement period (commencing fiscal 1999) through the fiscal year ended July 2, 2005. For a more detailed discussion of the risks and uncertainties of our business, please refer to our periodic reports and registration statements filed with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the fiscal year ended July 3, 2004, our Registration Statement on Form S-3 filed on September 29, 2004 as amended, and our Quarterly Report on Form 10-Q for the fiscal quarter ended January 1, 2005. However, the financial statements and other financial information therein may not be relied upon until the restatement process and related audit are completed. The forward-looking statements included in this press release represent our views as of the date of this press release. We anticipate that subsequent events and developments may cause our views to change. We assume no obligation to update any forward-looking information contained in this press release or with respect to the announcements described herein.

MatrixOne and the MatrixOne logo are registered trademarks, and "a leading provider of collaborative product lifecycle management (PLM) solutions for the value chain" is a trademark of MatrixOne, Inc. All other trademarks and service marks are the property of their respective owners.



Contact:
MatrixOne, Inc.
Brian Norris, 978-589-4040
Vice President of Investor Relations

Email Contact


« Previous Page 1 | 2             



Review Article Be the first to review this article

Featured Video
Editorial
Jeff RoweJeff's MCAD Blogging
by Jeff Rowe
Siemens Goes ECAD With Mentor Graphics Acquisition
Jobs
Mechanical Engineer for IDEX Corporation at West Jordan,, UT
GIS Analyst II for Air Worldwide at Boston, MA
Senior Structural Engineer for Design Everest at San Francisco, CA
Business Partner Manager for Cityworks - Azteca Systems, LLC at Sandy, UT
Upcoming Events
Design & Manufacturing, Feb 7 - 9, 2017 Anaheim Convention Center, Anaheim, CA at Anaheim Convention Center Anaheim CA - Feb 7 - 9, 2017
Innorobo 2017 at Docks de Paris Paris France - May 16 - 18, 2017
Display Week 2017 at Los Angeles Convention Center 1201 S Figueroa St Los Angeles CA - May 21 - 26, 2017
SolidCAM: Program your CNCs directly inside your existing CAD system.



Internet Business Systems © 2016 Internet Business Systems, Inc.
595 Millich Dr., Suite 216, Campbell, CA 95008
+1 (408)-337-6870 — Contact Us, or visit our other sites:
AECCafe - Architectural Design and Engineering EDACafe - Electronic Design Automation GISCafe - Geographical Information Services TechJobsCafe - Technical Jobs and Resumes ShareCG - Share Computer Graphic (CG) Animation, 3D Art and 3D Models
  Privacy Policy Advertise