Moldflow Reports Results from Continuing Operations for Its Third Quarter and Nine Months Ended March 31, 2008

FRAMINGHAM, Mass.—(BUSINESS WIRE)—May 6, 2008— Moldflow Corporation (NASDAQ: MFLO) today announced results from its continuing operations for the third quarter and first nine months of its 2008 fiscal year.

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PLEASE NOTE: In light of the press release issued on May 1, 2008 announcing the signing of a definitive agreement relating to the acquisition of Moldflow Corporation by Autodesk, Inc., the conference call previously scheduled for 11:00 a.m. Eastern Time today to discuss the results of the third fiscal quarter of 2008 has been cancelled.

Results from Continuing Operations for the Third Quarter and First Nine Months of Fiscal 2008:

  • Revenue of $15.8 million for the third quarter, and $46.3 million year to date, was up 13% from the corresponding nine-month period of fiscal 2007.
  • Total product revenue of $7.5 million for the third quarter, and $22.1 million year to date, was up 6% from the corresponding nine-month period of fiscal 2007.
  • Total services revenue of $8.3 million for the third quarter, and $24.2 million year to date, was up 21% from the corresponding nine-month period of fiscal 2007.
  • Non-GAAP operating margin of 18% for both the third quarter and year to date was up from 16% for the corresponding nine-month period of fiscal 2007.
  • EBITDA of $3.5 million for the third quarter, and $10.0 million year to date, was up 25% from the corresponding nine-month period of fiscal 2007.
  • Non-GAAP tax rate of 28% for the third quarter, and 21% for the first nine months of fiscal 2008, compare to a non-GAAP tax rate of 13% in the corresponding nine-month period of the prior fiscal year. GAAP tax rate of 95% for the third quarter, and 43% for the first nine months of fiscal 2008, which included a charge of $1.8 million recorded in connection with the Companys ongoing efforts to settle its outstanding Australian tax audit, compare to a tax rate of 14%, which included the effect of a one-time benefit recorded during the corresponding nine-month period of the prior fiscal year.
  • Non-GAAP net income from continuing operations of $2.8 million for the third quarter, and $9.2 million year to date, was up 18% from the corresponding nine-month period of fiscal 2007.
  • Non-GAAP earnings per diluted share of $0.22 for the third quarter, and $0.74 year to date, up from $0.65 from the corresponding nine-month period of fiscal 2007.
  • Net income from continuing operations as reported in accordance with GAAP was $151,000 or $0.01 per diluted share, and included a net charge of $529,000 for share-based compensation expense for the third quarter. Net income from continuing operations as reported in accordance with GAAP was $5.4 million or $0.45 per diluted share for the first nine months of fiscal 2008, and included total net charges of $1.6 million for share-based compensation expenses, and compared to a $6.6 million or $0.57 per diluted share, with net charges of $1.2 million for share-based compensation expense in the same nine-month period of the prior fiscal year, representing a decrease of 17% primarily related to the charge recorded in connection with the Companys ongoing efforts to settle its outstanding Australian tax audit.
  • Our operating activities from continuing operations generated $8.6 million of cash during the third quarter and $11.7 over the first nine months of fiscal 2008, which was up from $8.9 million generated the corresponding nine-month period of the prior year.

We are pleased with our results for the first nine-months of fiscal 2008, which produced revenue growth rates of 13% and EBITDA growth rates of 25% which were in line with the guidance we had been giving for the full fiscal 2008 year. During the quarter, we continued to see strong sales results in our Asia Pacific region and continued traction in sales of our Moldflow Plastics Insight Enterprise Edition product, commented Roland Thomas, Moldflows President and CEO.

Thomas continued, In contrast to our last fiscal year, the third quarter of fiscal 2008 brought a return to our normal seasonal revenue patterns, whereby our third quarter revenues typically decline from that of our second fiscal quarter. This seasonal impact, combined with an unusually robust result in the same period of prior year, contributed to a challenging year-over-year comparison for our third quarter. Focusing on the nine-month result, however, removes some of this seasonal volatility and highlights the overall progress of the business when compared to last year.

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