Archive for August, 2011
BURLINGTON, MA – August 23, 2011 – Aspen Technology, Inc. (NASDAQ: AZPN), a leading provider of software and services to the process industries, today announced financial results for its fourth quarter and fiscal year 2011, ended June 30, 2011.
Mark Fusco, Chief Executive Officer of AspenTech, said, “The fourth quarter was a strong finish to the fiscal year. The company exceeded its fiscal 2011 guidance for each key financial metric, including license TCV growth, free cash flow and all income statement objectives. At the same time, we took actions that we believe will enhance long-term shareholder value, including reducing our secured borrowings, completing the secondary offering of certain shares held by Advent International and announcing a $40 million share repurchase program.”
“We continue to gain market share in our engineering business, where we believe there remains a significant opportunity to drive greater adoption of our full product suite and expand the number of users. We also have a leadership position in the manufacturing and supply chain segment of the process manufacturing market, which represents a multi-billion market dollar opportunity. We are the only vendor with an integrated suite of best-of-breed applications across each of these disciplines, and we believe AspenTech is well positioned to continue growing our recurring revenue, license TCV and subscription cash flow.”
Fourth Quarter and Fiscal Year 2011 Business Highlights
Summary of Fourth Quarter Fiscal Year 2011 Financial Results
AspenTech’s total revenue of $52.6 million increased 38% from $38.2 million in the fourth quarter of the prior year.
For the quarter ended June 30, 2011, AspenTech reported a loss from operations of $18.3 million due primarily to the multi-year revenue model transition following the introduction at the beginning of fiscal 2010 of the company’s aspenONE subscription offering, which has ratable revenue recognition. For the quarter ended June 30, 2010, the company reported a loss from operations of $35.6 million.
Net income was $41.7 million for the quarter ended June 30, 2011, leading to net income per diluted share of $0.43. Net income included a net tax benefit of $57.3 million related to the reversal of the valuation allowance on the deferred tax assets on the company’s balance sheet. Net loss per diluted share was $0.37 in the same period last fiscal year.
Non-GAAP loss from operations, which adds back stock-based compensation expense and restructuring charges and excludes the above mentioned tax benefit, was $16.1 million for the fourth quarter of fiscal 2011, compared to a non-GAAP loss from operations of $32.8 million in the same period last fiscal year. Non-GAAP net loss was $19.0 million, or ($0.20) per share, for the fourth quarter of fiscal 2011, compared to a non-GAAP net loss of $31.3 million, or ($0.34) per share, in the same period last fiscal year. A reconciliation of GAAP to non-GAAP results is included in the financial tables included in this press release.
AspenTech had a cash balance of $150.0 million at June 30, 2011, a decrease of $1.0 million from the end of the prior quarter. The company generated $10.4 million in cash flows from operations and invested $840 thousand in capital expenditures, leading to free cash flow of $9.6 million for the three months ended June 30, 2011. The company continued to reduce its secured borrowings balance and used $6.4 million in cash to execute against the previously announced share repurchase program.
Summary of Fiscal Year 2011 Financial Results
AspenTech’s total revenue of $198.2 million increased 19% from $166.3 million for fiscal year 2010.
For the fiscal year ended June 30, 2011, AspenTech reported a loss from operations of $54.6 million, an improvement from a loss from operations of $109.4 million for fiscal year 2010.
Net income was $10.3 million for the fiscal year ended June 30, 2011, leading to net income per diluted share of $0.11, an improvement from a net loss per basic and diluted share of $1.18 for fiscal year 2010.
Non-GAAP loss from operations, which adds back stock-based compensation expense and restructuring charges and excludes the tax benefit recorded in the fourth quarter, was $45.1 million for fiscal year 2011, an improvement compared to a non-GAAP loss from operations of $93.0 million for fiscal year 2010. Non-GAAP net loss was $43.5 million, or ($0.45) per share, for fiscal year 2011, an improvement compared to a non-GAAP net loss of $91.8 million, or ($1.01) per share, for fiscal year 2010. A reconciliation of GAAP to non-GAAP results is included in the financial tables included in this press release.
The company generated $63.3 million in cash flows from operations and invested $4.8 million in capital expenditures, leading to free cash flow of $58.5 million for the twelve months ended June 30, 2011, an increase of 66% compared to the comparable year ago period.
Use of Non-GAAP Financial Measures
This press release contains “non-GAAP financial measures” under the rules of the U.S. Securities and Exchange Commission. Non-GAAP financial measures are not based on a comprehensive set of accounting rules or principles. This non-GAAP information supplements, and is not intended to represent a measure of performance in accordance with, disclosures required by generally accepted accounting principles, or GAAP. Non-GAAP financial measures should be considered in addition to, not as a substitute for or superior to, financial measures determined in accordance with GAAP. A reconciliation of GAAP to non-GAAP results is included in the financial tables included in this press release.
Management considers both GAAP and non-GAAP financial results in managing AspenTech’s business. As the result of adoption of new licensing models, management believes that, for the next few years, a number of AspenTech’s performance indicators based on GAAP, including revenue, gross profit, operating income (loss) and net income (loss), will be of limited value in assessing AspenTech’s performance, growth and financial condition. Accordingly, management instead is focusing on certain non-GAAP and other business metrics, including the non-GAAP metrics set forth in this press release, to track AspenTech’s business performance. None of these non-GAAP metrics should be considered as an alternative to any measure of financial performance calculated in accordance with GAAP.
Conference Call and Webcast
AspenTech will host a conference call and webcast today, August 23, 2011, at 4:30 p.m. (Eastern Time), to discuss the company’s financial results for the fourth quarter and fiscal year 2011 as well as the company’s business outlook. The live dial-in number is (877) 245-0126, conference ID code 83352271. Interested parties may also listen to a live webcast of the call by logging on to the Investor Relations section of AspenTech’s website, http://www.aspentech.com/corporate/investor.cfm, and clicking on the “webcast” link. A replay of the call will be archived on AspenTech’s website and will also be available via telephone at (855) 859-2056 or (404) 537-3406, conference ID code 83352271 through August 30, 2011.
AspenTech is a leading global provider of mission-critical process optimization software solutions, which are designed to manage and optimize plant and process design, operational performance, and supply chain planning. AspenTech’s aspenONE® software and related services have been developed specifically for companies in the process industries, including energy, chemicals, pharmaceuticals, and engineering and construction. Customers use AspenTech’s solutions to improve their competitiveness and profitability by increasing throughput and productivity, reducing operating costs, enhancing capital efficiency, and decreasing working capital requirements. To see how the world’s leading process manufacturers rely on AspenTech to achieve their operational excellence goals, visit www.aspentech.com.
© 2011 Aspen Technology, Inc. AspenTech, aspenONE and the Aspen leaf logo are trademarks of Aspen Technology, Inc. All rights reserved. All other trademarks are property of their respective owners.
The second and third paragraphs of this press release contain forward-looking statements for purposes of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Actual results may vary significantly from AspenTech’s expectations based on a number of risks and uncertainties, including, without limitation: demand for, or usage of, our aspenONE software declines for any reason; AspenTech’s failure to realize the anticipated financial (including cash flow) and operational benefits of the aspenONE subscription offering; unforeseen difficulties or uncertainties in the application of accounting standards; weaknesses in AspenTech’s internal controls; and other risk factors described from time to time in AspenTech’s periodic reports filed with the Securities and Exchange Commission.
AspenTech cannot guarantee any future results, levels of activity, performance, or achievements. AspenTech expressly disclaims any current intention to update forward-looking statements after the date of this press release.
Aspen Technology Announces Financial Results for the Fourth Quarter and Fiscal Year 2011
Aspen Technology, Inc. (NASDAQ: AZPN), a leading provider of software and services to the process industries, today announced financial results for its fourth quarter and fiscal year 2011, ended June 30, 2011. »
BOSTON (August 17, 2011) — To guide HR organizations through the myriad of benefit regulations and shrinking resources, HighRoads today announced its Performance Diagnostic Scorecard to help companies gauge how they compare to high-performing organizations in three mission-critical domains: compliance, automation, and analysis.
“HighRoads is leveraging our decade old relationship with Fortune 500 employers, extensive data bases containing tens of thousands of normalized medical plans, vendor SLAs, completed RFPs and experience to provide a custom analysis for companies wishing to identify key areas of improvement,” said Eric Parmenter, vice president of consulting, HighRoads. “We’ve designed a best practices scorecard targeting the most critical facets of health benefits management and compliance,” explained Parmenter.
HR Executives complete the Performance Diagnostic which is then compared to best practices of high-performing organizations. Areas of analysis include:
• Compliance with regulations
• Automation processes and data management to streamline workflow, adhere to best practice and reduce cost and risk
• Analysis of programs, vendors and communication to improve cost and cost trend, and overall effectiveness of benefit programs
With the answers, HighRoads benchmarks the company and provides a one-page scorecard as well as a 15 to 20 page report in narrative format on how they perform in each category. Companies are graded on a scale of 0 to 5, with 5 being best practice. The estimated cost advantage of high performing companies is 10 – 20% more favorable than average companies and 20 – 40% more efficient than low performing companies.
“By providing this analysis for mid-market companies, we are giving executives a clear 360 degree look at not only areas for improvement but also where they are in line with best practices,” noted Parmenter.
A sample of the scorecard is illustrated below:
The HighRoads HR Performance Diagnostic Scorecard is integrated into HighRoads’ consulting practice offering Fortune 1,000 and mid-market companies full service support in strategy and planning, pricing and implementation, contracts, ERISA compliance, vendor sourcing and selection, and process audit and redesign.
For a PDF version of this release click here
Mid-Market Companies Now Have a Tool for Compliance, Automation and Cost Control Best Practices
To guide HR organizations through the myriad of benefit regulations and shrinking resources, HighRoads today announced its Performance Diagnostic Scorecard »
NEWTON, Mass. – August 17, 2011 – Curaspan Health Group®, the company that transformed discharge planning more than 10 years ago with the industry-leading eDischargeTM application, today introduced another innovation: DischargeCentral. The new DischargeCentral software-as-a-service (SaaS) application combines the ease of use that approximately 400 leading hospitals nationwide rely on to streamline patient transitions from one level of care to another with the power of state-of-the-art technology and a new intuitive user interface.
The recognized expert in building secure electronic patient-transition networks that connect hospitals, post-acute providers and suppliers, Curaspan has begun moving its eDischarge customers to DischargeCentral in a staged roll-out that will be completed by the end of the year.
“Built on a flexible new platform, DischargeCentral extends the capabilities of our discharge-planning application for use in every level of care,” said Thomas R. Ferry, founder, president and CEO of Curaspan Health Group. “A post-acute care provider that needs to discharge a patient to another level of care, including back to the hospital, can easily use DischargeCentral to be more efficient than ever and contribute to better care outcomes and financial results.” (Watch Ferry on Curaspan TV.)
DischargeCentral is part of the Curaspan Synchronized Patient Management portfolio of complementary applications: DischargeCentral for discharge planning; ReferralCentral® for referral management; and RideCentral® for ordering and dispatching non-emergent transport. Synchronized Patient Management fosters collaboration among the various participants along the continuum of care by enabling them to share the same patient records, results and reviews, from a user-specific point of view.
“We think that Synchronized Patient Management is central to provider success in managing patient transitions. It’s a proven and unique combination of a shared technology platform that supports workflow automation which, in turn, drives the automatic capture and display of business intelligence” added Ferry. “With that data comes more-informed decision-making and better results. As Synchronized Patient Management continues to evolve with new products like DischargeCentral, it will become an increasingly powerful, fully integrated solution.”
Ferry founded Curaspan in 1999 and helped set the standard for the secure transmission of clinical information about patients moving from one level of care to another in order to efficiently match patient needs with available resources. Today, its customers include Johns Hopkins Health System, NewYork-Presbyterian Hospital, Saint Thomas Health Services (part of Ascension Health), Riverside Health System, Sentara Healthcare, Indiana University Health Bloomington, Vanguard Health Systems, Apria Healthcare, American Medical Response, Gentiva Health Services, Golden LivingCenters, Life Care Centers of America and SunBridge Healthcare.
About Curaspan Health Group
Curaspan Health Group builds secure electronic patient-transition networks for hospitals, post-acute providers and payers to optimize patient care. Curaspan software-as-a-service (SaaS) applications empower users with real-time, predictive decision-making data that enables all participants to continuously monitor care, improve communication and ensure compliance. This informatics exchange is integrated with the proprietary Curaspan Provider Data BankTM, the industry’s most comprehensive and up-to-date system of actionable patient-transition intelligence, and is complemented by the clinical process expertise of credentialed advisors. The Health Care Advisory Board and KLAS repeatedly have recognized Curaspan for its industry-leading software. Curaspan is headquartered in Newton, Mass. For more information please visit Curaspan.com, or tell us how to contact you.
eDischarge Software-as-a-Service Application Text: -A +A Print Send Curaspan Health Group Unveils DischargeCentral, the New-and-Improved eDischarge Software-as-a-Service Application
Curaspan Health Group®, the company that transformed discharge planning more than 10 years ago with the industry-leading eDischargeTM application, today introduced another innovation: DischargeCentral. »
30 Year Distinction Held by Few Software Companies Demonstrates Commitment to Optimization for Energy, Chemical, Pharmaceutical, Engineering & Construction and other Process Industries
BURLINGTON, MA – August 12, 2011 –
What: AspenTech officially incorporated 30 years ago today
When: August 12, 2011
The company is among a select few software vendors that have achieved this milestone, which includes Microsoft, Oracle, and SAP. This distinction underscores AspenTech’s commitment to delivering the most innovative process optimization solutions that create high value for process industry companies across engineering, manufacturing, and supply chain operations.
For perspectives from AspenTech executives and success stories that highlight the company’s focus on optimization and its value, watch AspenTech’s corporate video.
AspenTech is a leading supplier of software that optimizes process manufacturing – for energy, chemicals, pharmaceuticals, engineering and construction, and other industries that manufacture and produce products from a chemical process. With integrated aspenONE solutions, process manufacturers can implement best practices for optimizing their engineering, manufacturing and supply chain operations. As a result, AspenTech customers are better able to increase capacity, improve margins, reduce costs and become more energy efficient. To see how the world’s leading process manufacturers rely on AspenTech to achieve their operational excellence goals, visit www.aspentech.com
AspenTech Celebrates 30 Years of Being in Business
Today marks the 30th Anniversary of AspenTech's incorporation, following the Advanced Systems for Process Engineering (ASPEN) project at the Massachusetts Institute of Technology in 1981. »
WITHINGS BP MONITOR This $130 machine sendsblood-pressure readings to yourphone, and saves them for analysis.
By FARHAD MANJOO
Published: August 3, 2011
ONE recent morning, I woke up at 6:45, spent about 20 minutes preparing for the day (mainly this involves my persnickety multistep coffee-making process), and then strolled down the hall
to my home office.
In that time, I’d walked only about 400 steps and burned about 200 calories, and things went downhill from there. According to a log created by Fitbit, a tiny gadget that hooks onto my belt loop and tracks my activities, I had only tiny spurts of movement the rest of the workday.
There was a big spike of activity around lunchtime, when I walked about 50 steps to the kitchen and 50 steps back, and a couple other small flurries when I walked to the bathroom or answered the door for the delivery guy. Most of the time, though, I remained parked in front of my
computer, as sedentary as a hibernating bear.
Although Fitbit doesn’t explicitly acknowledge this in its marketing materials, the gadget makes you feel bad about yourself. The device ($100) is a super-powered pedometer; it monitors movement while you sleep as well as counts your steps, and it sends all the data back to
Fitbit’s Web-based tracking program, which displays your lethargy on the sort of precise charts and graphs that economists use to monitor recessions.
The theory underlying Fitbit is that once you know where you’re failing, you can begin to make healthy changes in your life. And these changes don’t have to be very big – for instance, mulling the Fitbit data, I noticed that on the weekend I recorded more than twice as much daily
activity as I had on the weekdays. But I don’t recall working especially hard on that weekend – I’d just walked around the garden a couple times to water the plants.
And this was the point: I didn’t even have to do anything strenuous to get in slightly better shape.
Fitbit is one of the best of several health-related gadgets I’ve been testing recently. They run the gamut – a few were modern versions of old technology, including a novel
body scale, blood-pressure monitors and one amazing thermometer.
Others, like the Fitbit, are meant to let you track and display your fitness in the hope that you’ll change your lazy ways. But all these devices fit nicely into what has been called the “self-tracking” or “quantified self” movement, in which folks use technology to measure their bodily functions either to improve their health or, increasingly, just to have fun.
Take, for instance, the MyTrek, a wireless pulse monitor made by Scosche. The $129 workout device, which will go on sale this fall at Apple, Target and 24 Hour Fitness stores, slips around your arm, where it tracks your pulse and your movements.
The MyTrek connects to an iPhone or iPod Touch, which displays and remembers all your workout statistics.
For instance, it shows a graph of your pulse rate throughout the exercise session, the number of calories you burned, and the distance you traveled. Scosche says that measuring your pulse, rather than just your movement (like the Fitbit), leads to a more accurate estimate of calories burned.
This may be so, but I was disappointed that the MyTrek data can be viewed only on an Apple device. The company plans an app for Android phones to be released next year, and a representative said it was considering offering ways to view your pulse data on the Web or other devices as well.
I also tested the Withings WiFi Body Scale, which in some respects works like every other bathroom scale: You step on it, it displays your weight.
But then it transmits the data over your home Internet connection to your computer or your phone (it works on Macs and Windows, as well as Android phones, the iPhone, iPad or iPod Touch). The scale’s software displays a graph of your weight over time and calculates your fat percentage and body-mass index. It also lets you create profiles for up to eight people, and track each person’s weight on a dedicated graph.
At $159, it is pricey for a bathroom scale, but I suspect it will prove useful to dieters and others watching their weight.
Withings also makes a blood-pressure monitor that works with the iPhone, iPad and iPod Touch. It sells for about $130, while another Apple-friendly blood-pressure monitor, made by iHealth, sells for about $100.
I tested both and found the Withings model to be slightly better than iHealth’s. For some reason, the iHealth dock wouldn’t fit into my phone unless I removed my phone’s protective case; I didn’t have that problem with the Withings version.
Still, they were both easy to use, and each worked the same way: After connecting it to my phone, I slipped the cuff around my arm and pressed Start. The cuff began to expand, and within a minute my blood-pressure reading appeared on my phone. Each app saves your readings, so you can see how your blood pressure changes over time.
Adam Lin, the general manager of iHealth, told me that while home blood-pressure devices aren’t new, Apple-friendly versions are aimed at a younger set. “The calls we’re getting are from people who are 35 or 40, people who are saying they’ve just been diagnosed with hypertension and they want this kind of device,” he said.
Of all the gadgets I tried, my favorite is the Exergen TemporalScanner, a thermometer that doesn’t connect to your phone or to the Web, and doesn’t save your data over time. But it allowed me to accurately measure my baby’s temperature without removing his clothes, even while he is sleeping.
This was a revelation to me: Pediatricians have long argued that the only accurate way to measure a baby’s temperature is rectally. Other methods (under the arm, under the tongue or in the ear canal) give readings that are slightly lower or higher than the true one. The Exergen thermometer, $33 on Amazon, promises to give a more accurate reading of an infant’s temperature, and to do so without disturbing the baby. The thermometer, a small hand-held device, has an infrared scanner at its tip. Place the thermometer on your child’s forehead (or your spouse’s – it’s for adults, too), hit the scan button and slowly slide the thermometer across the skin. The temperature reading appears instantly.
The thermometer was invented by Francesco Pompei, a research scientist and Exergen’s founder. He said that the device reads the temperature of the temporal artery, which is in the forehead and has long been considered one of the places near the outside of the body that best reflects “core” temperature.
A study in the Archives of Pediatrics & Adolescent Medicine, reflecting this theory, concluded that Exergen’s thermometer came far closer than inner-ear thermometers at determining the infants’ true temperature, as measured rectally. The study did show that forehead thermometers could not replace rectal thermometers; in some cases, the TemporalScanner missed fevers that were found rectally.
But the TemporalScanner is far more convenient than measuring a baby’s temperature rectally, which allows you to measure it more often, sometimes just for the peace of mind of knowing he’s O.K. Who can resist?
The new Vertex M5TM is a high performance indirect/direct fixture for T5 and T5HO lamps. The optical design provides peak intensity at angles as low as 115 degrees and fixture efficiencies of 95% and higher.
The rectilinear sides and angled lower housing create a low-profile visually appealing fixture, suitable for many office and commercial applications. Additionally, Vertex M5 is Cradle to Cradle Silver Certified and is available with the choice of either a white blade baffle, or a soft glow lens. A fixture-integrated photosensor that enables our CS/dlh daylight harvesting Control Solution is also available with Vertex M5.
Vertex M5 Boasts a Unique Shape and High Performance
The new Vertex M5™ is a high performance indirect/direct fixture for T5 and T5HO lamps. The optical design provides peak intensity at angles as low as 115 degrees and fixture efficiencies of 95% and higher. »