Revenue for the years 2002, 2003 and 2004 was $234 million, $253 million and $277 million, respectively. While software revenue was relatively flat, maintenance and service revenue increased 43% in two years. In 2004, revenue was almost evenly split between America, Europe and AP. This reflects growing AP revenue and shrinking US revenue.
Figure 3 MSC.Software Three Year Financial Performance
On April 26, 2006 PTC reported results of its second quarter of fiscal 2006, the period ended March 31, 2006. Total revenue for the quarter was $200 million, an increase of 14% form the $176 million in the same quarter a year ago and a 4% increase from the $192.5 million in the just prior quarter. The $200 million was at the high end of the guidance given a quarter ago. License revenue for the quarter was $54.6 million, accounting for 27% of total revenue. This was an increase of 3.6% year-over-year and a decrease of 6.7% sequentially. Maintenance revenue was $89 million, accounting for 45% of total revenue. This was an increase of nearly 6% year-over-year and essentially flat sequentially. Service revenue was $56 million, accounting for 28% of total revenue. This was an increase of 44% year- over-year and an increase of 26% sequentially.
Desktop Solutions generated revenue of $131 million in the last quarter, accounting for 66% of total revenue, while Enterprise Solutions generated revenue of $68 million accounting, for 34% of total revenue.
North American revenue was $78 million, accounting for 39% of total; European revenue was $67 million, accounting for 22% of total revenue; and Asia Pacific revenue was $55 million, accounting for 28% of total revenue. NA revenue was up 23% year-over-year, European revenue up 13% year-over-year and AP revenue up 3% year-over-year.
Net income for the last quarter was $10.7 million, down 48% from the $20.5 million in the year ago quarter, but up 43% from the $7.5 million in the just prior quarter. PTC adopted FAS 123 in the fourth quarter of fiscal year 2005, and therefore the GAAP results from the year-ago period do not include the cost of stock-based compensation.
C. Richard Harrison, president and chief executive officer, said, "We executed well in the second quarter of (fiscal) 2006. We delivered record revenue in our Enterprise Solutions category, launched a major release of Pro/ENGINEER, and we have since completed our product integration of Arbortext and Windchill. Also, our new relationship with IBM has already reached a milestone as we closed our first joint transaction under the agreement we announced in January."
On April 26th PTC announced a definitive agreement to acquire Mathsoft Engineering & Education, Inc. (Mathsoft) for $63.25 million in cash. Mathsoft is the provider of Mathcad, software that helps engineering organizations create, automate, document and reuse engineering calculations critical to the product development process, as well as other mathematics-driven processes. Mathsoft has annual revenue of approximately $20 million and over 250,000 professional users worldwide. Based in Cambridge, Massachusetts, Mathsoft has 130 employees in seven countries including the United States, United Kingdom, Germany and Japan.
On May 11, 2006 UGS Corporation announced the results for the first quarter of 2006, the period ended March 31, 2006. Total revenue for the quarter was $273 million, an increase of 8.4% from the $252 million in the first quarter of 2005, but a 16% decline from the $326 million in the just previous quarter. The $273 million was a 13% increase on a constant currency basis. License revenue was $79.5 million, accounting for 29% of total revenue. This was nearly 9% year-over-year increase, but a 30% decline sequentially. Maintenance revenue was $126 million, accounting for 46% of total revenue. This was an almost 13% year-over-year increase, but a 7% decline sequentially. Software revenue (license + maintenance) was up 11%, or 15% in terms of constant currency. Service revenue was $69 million, accounting for 25% of total revenue. This was a 1% increase year-over- year, and a 12% decline sequentially.
Table 7 reveals that the area of UGS growth is clearly cPDm. cPDM revenue increased 29% including acquisitions, or 8% growth without acquisitions, over the same period a year earlier. On a constant currency basis, cPDM revenue increased 33% with acquisitions, or 12% without acquisitions. The Americas accounted for 45% of total revenue, EMEA for 36% and Asia for 19%. Revenue from the Americas was up 11%, from EMEA up 7% and from Asia up 5%.
Net loss for the recent quarter was $19 million, compared to a loss of $8.2 million in the first quarter of 2005, and compared to a net gain $12.9 million in the just prior quarter. EBITDA for the quarter was $48.1 million, compared to $46.7 million a year earlier, and compared to $92.7 in the just prior quarter. Also on May 11, UGS announced that India's Tata Consultancy Services (TCS), a leading global services organization, joined the UGS Partner Program as a UGS System Integration Alliance Partner.