DS Reports 2008 Third Quarter Financial Results Well in Line With its Objectives (Revenue up 12%)

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 (in both U.S. GAAP and on a non-GAAP basis) to eliminate the effect of changes in currency values, particularly the U.S. dollar and the Japanese yen, 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.

About Dassault Systèmes:

As a world leader in 3D and Product Lifecycle Management (PLM) solutions, Dassault Systèmes brings value to more than 100,000 customers in 80 countries. A pioneer in the 3D software market since 1981, Dassault Systèmes develops and markets PLM application software and services that support industrial processes and provide a 3D vision of the entire lifecycle of products from conception to maintenance to recycling. The Dassault Systèmes portfolio consists of CATIA for designing the virtual product - SolidWorks for 3D mechanical design - DELMIA for virtual production - SIMULIA for virtual testing - ENOVIA for global collaborative lifecycle management, and 3DVIA for online 3D lifelike experiences. Dassault Systèmes shares are listed on Euronext Paris (#13065, DSY.PA) and Dassault Systèmes ADRs may be traded on the U.S. Over-The-Counter (OTC) market (DASTY). For more information, visit http://www.3ds.com

CATIA, DELMIA, ENOVIA, SIMULIA, SolidWorks and 3DVIA are registered trademarks of Dassault Systèmes or its subsidiaries in the US and/or other countries.

DASSAULT SYSTEMES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (U.S. GAAP)

(in millions of Euro, except per share data, unaudited)

 

Three months ended Nine months ended
Sept. 30, Sept. 30, Sept. 30, Sept. 30,
2008 2007 2008 2007
New licenses revenue 90.5 92.8 292.4 284.8
Periodic licenses, maintenance and product development revenue 186.0 163.1 531.2 470.2
Software revenue 276.5 255.9 823.6 755.0
Services and other revenue 41.8 43.2 128.3 140.7
Total Revenue 318.3 299.1 951.9 895.7
Cost of software revenue (excluding amortization of acquired intangibles) 14.3 16.0 41.7 41.8
Cost of services and other revenue 37.6 38.4 112.1 117.1
Research and development 78.1 76.3 228.4 228.3
Marketing and sales 91.3 83.5 279.0 254.9
General and administrative 26.5 24.4 78.5 70.4
Amortization of acquired intangibles 11.4 13.6 32.9 35.4
Other operating income and expense, net 6.0 0.0 8.5 0.0
Total Operating Expenses 265.2 252.2 781.1 747.9
Operating Income 53.1 46.9 170.8 147.8
Financial revenue and other, net 9.9 1.7 10.1 8.0
Income before income taxes 63.0 48.6 180.9 155.8
Income tax expense (19.6) (17.4) (54.3) (53.7)
Minority interest (0.1) (0.1) (0.2) (0.2)
Net Income 43.3 31.1 126.4 101.9
Basic net income per share 0.37 0.27 1.08 0.88
Diluted net income per share 0.36 0.26 1.06 0.85
Basic weighted average shares outstanding (in millions) 117.9 116.8 117.5 116.3
Diluted weighted average shares outstanding (in millions) 119.9 120.4 119.5 119.5

U.S. GAAP revenue variation as reported and in constant currencies

Three months ended Sept. 30, 2008 Nine months ended Sept. 30, 2008
Variation* Variation in cc** Variation* Variation in cc**
GAAP Revenue 6% 10% 6% 12%
GAAP Revenue by activity
Software Revenue 8% 12% 9% 15%
Services and other Revenue (3%) 0% (9%) (4%)
GAAP Software Revenue by segment
PLM software revenue 8% 11% 9% 14%
of which CATIA software revenue 6% 9% 11% 17%
of which ENOVIA software revenue 16% 22% 7% 13%
Mainstream 3D software revenue 9% 14% 9% 13%
GAAP Revenue by geography
Americas 6% 15% 2% 15%
Europe 12% 12% 12% 12%
Asia (2%) 1% 2% 7%

*   Variation compared to the same period in the prior year.  ** In constant currencies.

DASSAULT SYSTEMES

CONDENSED CONSOLIDATED BALANCE SHEETS (U.S. GAAP)

(in millions of Euro, unaudited)

 

Sept. 30, Dec. 31,
2008 2007
ASSETS
Cash and short-term investments 829.6 626.6
Accounts receivable, net 265.1 320.0
Other assets 1,069.5 1,004.5
Total Assets 2,164.2 1,951.1
LIABILITIES AND SHAREHOLDERS' EQUITY
Long-term debt 200.8 202.9
Other liabilities 651.9 552.4
Shareholders' equity 1,311.5 1,195.8
Total Liabilities and Shareholders' equity 2,164.2 1,951.1

DASSAULT SYSTEMES

CONDENSED CONSOLIDATED CASH FLOW STATEMENTS (U.S. GAAP)

(in millions of Euro, unaudited)

 

Three months ended Nine months ended
Sept. 30, 2008 Sept. 30, 2007 Variation Sept. 30, 2008 Sept. 30, 2007 Variation
Net Income 43.3 31.1 12.2 126.4 101.9 24.5
Depreciation and Amortization of Property, Plant & Equipment 5.5 7.3 (1.8) 17.0 19.8 (2.8)
Amortization of intangible assets 12.6 12.2 0.4 36.2 37.1 (0.9)
Other Non Cash P&L Items 0.1 1.4 (1.3) 0.2 (4.2) 4.4
Changes in working capital 6.0 10.9 (4.9) 81.8 85.5 (3.7)
Net Cash provided by operating activities 67.5 62.9 4.6 261.6 240.1 21.5
Acquisition of assets and equity, net of cash acquired (42.1) (30.4) (11.7) (66.7) (90.3) 23.6
Sale of assets and equity 0.4 0.1 0.3 36.6 0.1 36.5
Loans and others (0.3) 0.2 (0.5) (0.3) (0.5) 0.2
Net Cash provided by (used in) investing activities (42.0) (30.1) (11.9) (30.4) (90.7) 60.3
Borrowings 0.0 0.0 0.0 0.0 0.0 0.0
Share repurchase 0.0 0.0 0.0 (35.0) 0.0 (35.0)
DS Stock Option and preferred Stock Exercise 19.5 10.1 9.4 42.8 37.9 4.9
Cash dividend paid 0.0 0.0 0.0 (53.7) (50.8) (2.9)
Payments on capital lease obligations 0.0 0.0 0.0 0.0 (0.4) 0.4
Net Cash provided by (used in) financing activities (1) 19.5 10.1 9.4 (45.9) (13.3) (32.6)
Effect of exchange rate changes on

treasury (2)

44.9 (16.4) 61.3 17.7 (24.2) 41.9
Increase in treasury (2) 89.9 26.5 63.4 203.0 111.9 91.1
Treasury (2) at beginning of period 739.7 544.6 626.6 459.2
Treasury (2) at end of period 829.6 571.1 829.6 571.1

(1) Excluding changes in short-term investments.

(2) Treasury includes cash, cash equivalents and short-term investments.

DASSAULT SYSTEMES

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