Reiterates Previously Announced First Quarter Business Outlook Plans to
Further Reduce Cost Structure
SAN RAFAEL, Calif., April 2 /PRNewswire-FirstCall/ -- Autodesk, Inc.
(Nasdaq: ADSK) announced that key members of its senior management team will
deliver presentations at its annual Investor Day meeting today. At the event,
management will provide an overview of the company's long-term opportunities,
global market and industry trends.
First Quarter Fiscal 2010 Business Outlook
The following statements are forward-looking statements which are based on
current expectations and which involve risks and uncertainties, some of which
are set forth below.
The company reiterated its previously announced business outlook for the
first quarter of fiscal 2010. As originally outlined on February 26, 2009,
revenue for the first quarter of fiscal 2010 is expected to be between $400
million and $440 million. GAAP loss per diluted share is expected to be in
the range of $0.20 and $0.08. Non-GAAP earnings per diluted share is expected
to be in the range of $0.00 and $0.12 and excludes $0.07 related to
restructuring charges, $0.08 related to stock-based compensation expense and
$0.05 for the amortization of acquisition related intangibles. The GAAP EPS
range assumes a tax rate of 31% and the non-GAAP EPS range assumes a tax rate
of 27%.
Plan to Further Reduce Cost Structure
Autodesk anticipates taking steps to further decrease its operating
expenses by between $100 and $150 million on an annualized basis. The company
plans to achieve these savings through a combination of actions including
reductions in discretionary spending, facilities consolidations, reductions in
its contingent workforce, and staff reductions. Details of the plan are
expected to be finalized, approved, and announced next month. These
initiatives would be in addition to the pre-tax cost savings of approximately
$130 million annually that the company announced on January 15, 2009 as part
of a restructuring plan.
"We have not seen an improvement in global economic conditions and we
believe that taking additional actions to reduce our cost structure is
appropriate at this time," said Carl Bass, Autodesk president and CEO.
"Combined, our restructuring in January and this new initiative would
eliminate between $230 and $280 million in pre-tax operating expenses on an
annualized basis. As we navigate this severe economic downturn, we will
continue to invest in targeted areas of our business while reducing costs
throughout the organization. I'm confident these actions will serve to
increase our efficiencies and strengthen our leadership position."
Annual Investor Day Meeting Webcast
Autodesk's annual Investor Day meeting is being held today in San
Francisco. A live webcast of today's event will be available beginning at
8.30 a.m. Pacific time at www.autodesk.com/investors. A webcast and podcast
replay of the event will be available beginning later today at
www.autodesk.com/investors. This replay will be maintained for at least twelve
months.
Safe Harbor Statement
This press release contains forward-looking statements that involve risks
and uncertainties, including statements in the paragraphs under "First Quarter
Fiscal 2010 Business Outlook" above and the statements about our cost savings
and restructuring initiatives, and our investment strategy. Factors that could
cause actual results to differ materially include the following: difficulties
implementing our restructuring plans and cost savings initiatives, general
market and business conditions, our performance in particular geographies,
including emerging economies, the financial and business condition of our
reseller and distribution channels, fluctuation in foreign currency exchange
rates, failure to achieve planned cost reductions and productivity increases,
difficulties encountered in integrating new or acquired businesses and
technologies, unexpected fluctuations in our tax rate, the timing and degree
of expected investments in growth opportunities, slowing momentum in
maintenance or subscription revenues, failure to achieve sufficient
sell-through and efficiencies in our channels for new or existing products,
pricing pressure, failure to achieve continued migration from 2D products to
3D products, changes in the timing of product releases and retirements,
failure of key new applications to achieve anticipated levels of customer
acceptance, failure to achieve continued success in technology advancements,
interruptions or terminations in the business of the Company's consultants or
third party developers, and unanticipated impact of accounting for technology
acquisitions.
Further information on potential factors that could affect the actual
financial results of Autodesk are included in the Company's report on Form
10-K for the year ended January 31, 2009, which is on file with the Securities
and Exchange Commission. Autodesk does not assume any obligation to update
the forward-looking statements provided to reflect events that occur or
circumstances that exist after the date on which they were made.
About Autodesk
Autodesk, Inc. is a world leader in 2D and 3D design software for the
manufacturing, construction, and media and entertainment markets. Since its
introduction of AutoCAD software in 1982, Autodesk has developed the broadest
portfolio of state-of-the-art digital prototyping solutions to help customers
experience their ideas before they are real. Fortune 1000 companies rely on
Autodesk for the tools to visualize, simulate and analyze real-world
performance early in the design process to save time and money, enhance
quality and foster innovation. For additional information about Autodesk,
visit http://www.autodesk.com.
Note: Autodesk and AutoCAD are registered trademarks of Autodesk, Inc., in
the US and/or other countries. Autodesk reserves the right to alter product
offerings and specifications at any time without notice, and is not
responsible for typographical or graphical errors that may appear in this
document.
(C) 2009 Autodesk, Inc. All rights reserved.
Investors:
David Gennarelli, david.gennarelli@autodesk.com, 415-507-6033
Press:
Pam Pollace, pam.pollace@autodesk.com, 415-547-2441
Colleen Rubart, colleen.rubart@autodesk.com, 415-547-2368
SOURCE Autodesk, Inc.
Web Site: http://www.autodesk.com
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