DS Releases Preliminary First Quarter 2009 Financial Results

PARIS — (BUSINESS WIRE) — April 15, 2009 Dassault Systemes (DS) (Paris: DSY) (NASDAQ: DASTY) releases preliminary unaudited non-IFRS financial results for the first quarter ended March 31, 2009. DS will hold a conference call today to discuss preliminary results at 1:00 PM London/2:00 PM CET/8:00 AM New York as described further below.

The preliminary and unaudited non-IFRS financial information which follows is based upon initial closing information and is subject to further review. Non-IFRS revenue excludes deferred revenue write-downs; non-IFRS EPS and non-IFRS operating margin also exclude deferred revenue write-downs as well as stock-based compensation expense, amortization of acquired intangibles and other income and expense, net and non-IFRS EPS also reflects the net tax effects related to the items excluded herein.

Preliminary and Unaudited 2009 First Quarter non-IFRS Financial Information

  • Non-IFRS total revenue is estimated at about €310 million (1% reported growth compared to Q108) approximately 6% below DS non-IFRS total revenue objective of about €325 to €335 million.
  • Average exchange rates of US$1.30 per €1.00 and JPY122 to €1.00 closely tracked to currency assumptions used by DS to develop its first quarter objectives.
  • Non-IFRS EPS is estimated at about €0.37, in line with DS non-IFRS EPS objective of about €0.36 to €0.42. Preliminary non-IFRS operating margin is estimated at about 19%, also in line with DS non-IFRS objective of 18% to 21%.
  • DS was able to drive in excess of €15 million of additional savings during the quarter compared to its former goal.
  • DS targets an additional €80 to €90 million of incremental savings for 2009 compared to its former goal.
  • Non-IFRS total revenue decreased approximately 6% in constant currencies. Non-IFRS software revenue decreased an estimated 5%, with new licenses decreasing about 40% and recurring software revenue increasing about 15%, with all figures in constant currencies.
  • For the 2008 first quarter, non-IFRS total revenue was €307.9 million, non-IFRS operating margin was 22.8% and non-IFRS earnings per diluted share totaled €0.41.

Bernard Charlès, Dassault Systemes President and Chief Executive Officer, commented, “Our non-IFRS total revenue grew a modest 1% year-over-year, as the business environment, as measured by various economic data, weakened further during the first quarter in comparison to the fourth quarter of 2008. This change was evident across our market segments and brands and caused our revenue to be below our objective by 6%.

“However, thanks to our cost containment measures, preliminary earnings and margin results for the 2009 first quarter were in line with our objectives. In view of the changes in the market and consistent with our priorities, we are targeting an additional €80 to €90 million of incremental savings for the year 2009 compared to our former goal.

“These enhanced savings will be achieved while maintaining our operating capacity in order to serve and support our customers, as well as sales and software partners while sustaining our strategic R&D initiatives.”

Today’s Conference Call Information

Dassault Systemes will host a conference call today, Thursday, April 16, 2009 at 1:00 PM London/2:00 PM CET/8:00 AM New York. The dial-in numbers for the conference call are as follows: callers within Europe as well as other international callers may dial +44 (0) 1452 569 393; and callers within the U.S. may dial: +1 866 434 1089. A replay of the conference call will be available by dialing +44 (0) 1452 550 000, access code 95442454. Additionally, the conference call will be available via the Internet by accessing http://www.3ds.com/company/finance.

The Company will return to its pre-release quiet period beginning Monday, April 20, 2009 and will have no further comments on its financial results until it releases its full first quarter financial results on Thursday, April 30, 2009.

Information in Constant Currencies

When the Company believes it would be helpful for understanding trends in its business, the Company provides percentage increases or decreases in its revenue (on a non-IFRS basis) to eliminate the effect of changes in currency values, particularly the U.S. dollar (US$) and the Japanese yen (JPY), relative to the euro. When trend information is expressed herein "in constant currencies", the results of the "current" period have first been recalculated using the average exchange rates of the comparable period in the preceding year, and then compared with the results of the comparable period in the preceding year. First quarter average exchange rates: US$1.30 per €1.00 and JPY122 to €1.00 for the 2009 first quarter, compared to US$1.50 per €1.00 and JPY158 to €1.00 for the 2008 first quarter.


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