UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q/A
(Mark One)
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the period ended March 31, 1992
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR
15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ______________ to ______________
Commission file number 0-16230
STRUCTURAL DYNAMICS RESEARCH CORPORATION
(Exact name of registrant as specified in its charter)
Ohio 31-0733928
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
2000 Eastman Drive, Milford, Ohio 45150
(Address of principal executive offices)
(Zip Code)
(513) 576-2400
(Registrant's telephone number, including area code)
Indicate by check mark whether the registrant (1) has filed all
reports required to be filed by Section 13 or 15(d) of the
Securities Exchange Act of 1934 during the preceding 12 months (or
for such shorter period that the registrant was required to file
such reports), and (2) has been subject to such filing requirements
for the past 90 days.
Yes [X] No [ ]
As of April 30, 1992 there were 27,917,600 shares of the
Registrant's Common Stock without par value issued and outstanding.
The Registrant hereby amends the following items and financial
statements of its Quarterly Report on Form 10-Q for the quarter
ended March 31, 1992 as set forth below. Items not referenced
below are not amended. Items referenced below are amended in their
entirety as set forth below:
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements.
STRUCTURAL DYNAMICS RESEARCH CORPORATION AND SUBSIDIARIES
Consolidated Statement of Operations
For the Three Month Periods Ended March 31, 1992 and 1991
(Unaudited)
(in thousands, except share data)
Three Months Ended March 31,
1992 1991
Revenue:
Software products and services $21,578 $16,224
Maintenance 6,997 5,284
Engineering services 5,794 7,053
Net revenue 34,369 28,561
Cost and expenses:
Cost of revenue 8,135 8,442
Research and development expenses 4,977 4,850
Selling, general and
administrative expenses 17,798 13,530
Total cost and expenses 30,910 26,822
Operating income 3,459 1,739
Other income, principally interest 573 638
Income before income taxes and
cumulative effect of
accounting change 4,032 2,377
Income taxes 1,447 864
Income after income taxes and
before cumulative effect of
accounting change 2,585 1,513
Cumulative effect of
accounting change 700 --
Net income $3,285 $1,513
Earnings per share:
Before cumulative effect
of accounting change $.09 $.05
Cumulative effect of
accounting change .02 --
Earnings per share $.11 $.05
Average number of shares of
common stock and common stock
equivalents outstanding 31,160 28,786
See accompanying notes to consolidated financial statements.
STRUCTURAL DYNAMICS RESEARCH CORPORATION AND SUBSIDIARIES
Consolidated Balance Sheet
March 31, 1992 and December 31, 1991
(Unaudited)
(in thousands)
March 31, December 31,
1992 1991
Assets
Current assets:
Cash and cash equivalents $ 32,046 $ 31,319
Investments 18,174 16,490
Trade accounts receivable, net 23,263 22,713
Other accounts receivable 2,707 4,235
Prepaid expenses 4,410 4,335
Total current assets 80,600 79,092
Property and equipment, at cost:
Computer and other equipment 29,953 29,515
Office furniture and equipment 7,408 6,958
Leasehold improvements 3,343 3,294
40,704 39,767
Less accumulated depreciation and
amortization 23,947 24,853
Net property and equipment 16,757 14,914
Computer software construction costs,
net 22,023 20,462
Other assets 237 4,871
Total assets $ 119,617 $ 119,339
See accompanying notes to consolidated financial statements.
STRUCTURAL DYNAMICS RESEARCH CORPORATION AND SUBSIDIARIES
Consolidated Balance Sheet
March 31, 1992 and December 31, 1991
(Unaudited)
(in thousands, except share data)
March 31, December 31,
1992 1991
Liabilities and Shareholders' Equity
Current liabilities:
Accounts payable $ 7,023 $ 6,386
Accrued expenses 14,103 16,621
Accrued income taxes 349 438
Deferred revenue 11,674 10,440
Total current liabilities 33,149 33,885
Deferred income taxes and other 362 5,095
Shareholders' equity:
Common stock, stated value $.0069
per share; 50,000 authorized shares
in 1992 and 1991; 27,750 issued
shares in 1992 and 27,081 issued
shares in 1991, net of 1,743 treasury
shares in 1992 and 2,036 in 1991 193 188
Capital in excess of stated value 40,946 38,440
Retained earnings 45,167 41,882
Foreign currency translation adjustment (200) (151)
Total shareholders' equity 86,106 80,359
Total liabilities and
shareholders' equity $ 119,617 $119,339
See accompanying notes to consolidated financial statements.
STRUCTURAL DYNAMICS RESEARCH CORPORATION AND SUBSIDIARIES
Condensed Consolidated Statement of Cash Flows
For the Three Months Ended March 31, 1992 and 1991
(Unaudited)
(in thousands)
Three Months Ended March 31,
1992 1991
Net cash provided by
operating activities $ 5,979 $ 1,921
Cash flows from
investing activities:
Purchases of investments, net (1,684) (16,183)
Additions to property and
equipment, net (3,595) (3,706)
Additions to computer
software construction costs (2,412) (1,083)
Additions to purchased
computer software (10) -
Other, net (13) (23)
Net cash used in
investing activities (7,714) (20,995)
Cash flows from financing
activities:
Stock issued under employee
benefit plans 2,693 1,152
Purchases of treasury stock (182) (54)
Increase (decrease) in long-term
obligations 0 (34)
Net cash provided by
financing activities 2,511 1,064
Effect of exchange rate
changes on cash (49) (34)
Increase (decrease) in cash
and cash equivalents 727 (18,044)
Cash and cash equivalents:
Beginning of period 31,319 43,175
End of period $ 32,046 $ 25,131
See accompanying notes to consolidated financial statements.
STRUCTURAL DYNAMICS RESEARCH CORPORATION AND SUBSIDIARIES
Notes to Consolidated Financial Statements
(Unaudited)
(in thousands)
(1) Basis of Presentation
The accompanying unaudited consolidated financial statements have
been prepared by the Company pursuant to the rules and regulations
of the Securities and Exchange Commission. As permitted by the
rules of the Securities and Exchange Commission applicable to
quarterly reports on Form 10-Q, these notes are condensed and do
not contain all disclosures required by generally accepted
accounting principles. In the opinion of management, these
financial statements contain all adjustments (consisting of only
normal recurring adjustments, unless otherwise noted) necessary to
present fairly the Company's financial position, results of
operations and cash flows as of the dates and for the periods
indicated.
(2) Restatement of Financial Statements
The financial statements included herein have been restated from
those previously published to reflect correction of errors in the
accounting for (a) revenue recognition and revenue related expenses
and (b) accrued expenses. Additionally, the related income tax
effects have been adjusted.
(3) Income Taxes
Effective January 1, 1992, the Company adopted Statement of
Financial Accounting Standards No. 109, "Accounting for Income
Taxes." The effect of applying this statement was to increase net
income by $.02 per share for the three month period ended March 31,
1992. The adoption has been reflected as a cumulative effect of a
change in accounting principle in these financial statements.
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations.
Results of Operations
(in thousands)
Revenue
Consolidated revenue increased by $5,808 (or 20%) for the three
months ended March 31, 1992 as compared to the corresponding 1991
period. Software segment revenue increased 33% over the
corresponding period in 1991. I-DEAS license revenue increased
11%, maintenance revenue increased 32% and license revenue from a
marketing agreement with a significant customer increased 74%.
Engineering services segment revenue decreased 18% due to decreased
consulting activities in the industrial and aerospace markets.
Expenses
Cost of revenue in 1992 decreased 4% as compared to the same period
in 1991 primarily due to a decrease in engineering services costs
to offset the decline in revenue. This decrease was partially
offset by an increase in variable costs directly associated with
the software revenue growth.
Due to the Company's continuing commitment to the technological
advancement of its software product line, research and development
expenses increased as compared to the corresponding 1991 period.
This increase was offset by an increase in the amount of software
construction costs capitalized.
Selling, general and administrative expenses increased by 32% in
1992 over 1991 due to continued expansion of the field sales and
support organization, as well as increased general corporate
expenses.
Other
Other income (principally interest) has decreased as compared to
the same period in 1991 due to declining interest rates.
Taxes
Effective January 1, 1992 the Company adopted Statement of
Financial Accounting Standards No. 109, "Accounting for Income
Taxes". The effect of initially adopting this statement was to
increase net income by $700 or $.02 per share for the three month
period ended March 31, 1992. The adoption has been reflected as a
cumulative effect of a change in accounting principle in these
financial statements.
Quarterly Results
Future quarterly results could be impacted by factors such as order
deferrals, a slower growth rate in the market, increased
competition or adverse changes in general economic conditions in
any of the countries in which the Company does business. Any
shortfall in revenue or earnings could have an immediate and
significant adverse effect on the trading price of the Company's
stock in any given period.
Liquidity and Capital Resources
At March 31, 1992, the Company had cash and investments of $50,220.
The Company has no current commitments for material capital
expenditures. These existing sources of liquidity and funds
anticipated to be generated from operations are expected to provide
adequate cash to fund the Company's projected needs for the
foreseeable future.
PART II. OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K.
(A) Exhibits filed as part of this report:
11(a) Calculation of Primary Earnings Per Common Share
11(b) Calculation of Fully Diluted Earnings Per Common
Share
(B) Reports on Form 8-K filed during the quarter ended March
31, 1992: None.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on
its behalf by the undersigned thereunto duly authorized.
STRUCTURAL DYNAMICS RESEARCH CORPORATION
January 13, 1995 By: /s/ Jeffrey J. Vorholt
(Date) (Jeffrey J. Vorholt,
Vice President and Controller)
*Pursuant to the last sentence
of General Instruction G to
Form 10-Q, Jeffrey J. Vorholt
has executed this Quarterly
Report on Form 10-Q both on
behalf of the registrant and
in his capacity as its
principal financial and
accounting officer.
EXHIBIT 11(a)
STRUCTURAL DYNAMICS RESEARCH CORPORATION AND SUBSIDIARIES
Calculation of Primary Earnings Per Common Share
(in thousands, except share data)
Three Months Ended March 31,
1992 1991
Income after income
taxes and before cumulative
effect of accounting change $ 2,585 $ 1,513
Cumulative effect of accounting
change 700 --
Net income $ 3,285 $ 1,513
Average Number of Shares of
Common Stock Outstanding 27,468 25,785
Average Number of Common Stock
Equivalents:
Effect of stock options
outstanding after
application of the
treasury stock method 3,692 2,468
31,160 28,253
Primary Earnings Per Common Share:
Before cumulative effect of
accounting change $ .09 $ .05
Cumulative effect of accounting
change .02 --
Earnings per share $ .11 $ .05
Exhibit 11(b)
STRUCTURAL DYNAMICS RESEARCH CORPORATION AND SUBSIDIARIES
Calculation of Fully Diluted Earnings Per Common Share
(in thousands, except share data)
Three Months Ended March 31,
1992 1991
Income after income
taxes and before cumulative
effect of accounting change $ 2,585 $ 1,513
Cumulative effect of accounting
change 700 --
Net income $ 3,285 $ 1,513
Average Number of Shares of
Common Stock Outstanding 27,468 25,785
Average Number of Common Stock
Equivalents:
Effect of stock options
outstanding after
application of the
treasury stock method 3,692 3,001
31,160 28,786
Fully Diluted Earnings
Per Common Share:
Before cumulative effect
of accounting change $ .09 $ .05
Cumulative effect of
accounting change .02 --
Earnings per share $ .11 $ .05
