PTC believes that the complaint is without merit and will contest the lawsuit vigorously.
The complaint references PTC's recent financial restatements relating to the allocation of deferred maintenance revenue, as detailed in PTC's annual report on Form 10-K for the fiscal year ended September 30, 2002. As previously disclosed in public statements and its most recent Form 10-K, following the implementation of a new accounting system in late 2002, the Company subsequently determined that it had miscalculated the allocation of deferred maintenance revenues in prior fiscal periods. As a result, the Form 10-K included restated financial statements that reduced the Company's reported revenue by a relatively small amount for fiscal years 1999, 2000 and 2001: 0.4%, 1.6% and 0.3% respectively. For fiscal 2002, the Company had previously announced unaudited results of $753.9 million in total revenue; the revised total reported in our Form 10-K is $742.0 million, or a reduction of 1.6%.
PTC (NASDAQ: PMTC) develops, markets, and supports software solutions that help manufacturers win with superior products. 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 constitute forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those projected. These include our ability to contest and defend the recently filed class action lawsuit to avoid any adverse impact on our financial condition as well as such 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.
Investor Relations Contact: PTC Public Relations Contact: Meredith Mendola Roberta Carlton (781) 370-6151 (781) 370-5479 Email Contact Email Contact
Web site: http://www.ptc.com/