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North Bay Business Journal

Tuesday, November 15, 2011, 3:50 pm

Autodesk third-quarter earnings increase 22 percent

‘Over $1.5 billion in cash and marketable securities and no debt’

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    SAN RAFAEL — Design software maker Autodesk Inc. (Nasdaq: ADSK) today reported its third-quarter net income increased 22.9 percent in the previous 12 months, and net revenues rose 15.1 percent.

    Adjusted net income increased to $72.8 million, or 32¢ per diluted share, in the company’s third quarter ended Oct. 31 from $ 53.6 million, or 23¢ a share. Quarterly unadjusted earnings per share were 44 cents — besting Thompson Reuters’ 19-analyst consensus of 41 cents — up from 32 cents a year before.

    Revenue grew to $548.6 million in the third quarter from $476.7 million in the year-ago period. Revenue growth on a constant-currency basis was 12 percent.

    “Our strong revenue gains coupled with continued cost controls resulted in a healthy improvement in profitability and cash flow from operations,” Carl Bass, Autodesk president and chief executive. “We experienced double-digit growth across all geographies, with particular strength in Asia Pacific. All of our businesses performed well, driven by continued adoption of our suites.”

    For the first nine months of Autodesk’s fiscal year, net revenues were $1,62 billion, up nearly 14 percent from $1.42 billion a year before. The company estimates fourth-quarter revenue will be $575 million to $590 million with earnings per share of 26 to 29 cents (42 to 45 cents unadjusted). For fiscal 2012, projections are for $2.198 billion to $2.213 billion in revenue.

    “We continue to advance on our plan of driving revenue growth and expanding our operating margin, controlling our costs and making appropriate investments in the future of our business,” said Mark Hawkins, executive vice president and chief financial officer. “Our cash flow from operating activities remained strong, growing 20 percent, and helped fund a number of small, but important, business and technology acquisitions and strategic investments during the quarter. Our balance sheet remains solid with over $1.5 billion in cash and marketable securities and no debt.”

    The company’s stock price was $34.04 a share at the close of trading Monday, up 43 cents, or 1.28 percent, from the closing price Friday.

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