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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Current Report
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report (date of earliest event reported): June 5, 1996
Ansoft Corporation
(Exact name of registrant as specified in its charter)
Delaware 0-27874 72-1001909
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification Number)
Four Station Square, Suite 660, Pittsburgh, PA 15219
(Address of principal executive offices) (ZIP Code)
Registrant's telephone number, including area code: (412) 261-3200
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Item 5. Other Events
The registrant's press release dated May 29, 1996 is attached hereto as
Exhibit 99 and is incorporated herein by reference.
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SIGNATURES
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.
ANSOFT CORPORATION
Dated: June 5, 1996 By: /s/ NICHOLAS CSENDES
---------------------------
Nicholas Csendes
President
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Exhibit Index
Exhibit No. Description Reference
----------- ----------- ---------
99 Press Release dated May 29, 1996 Filed herewith.
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Exhibit 99
ANSOFT CORPORATION REPORTS RECORD FINANCIAL PERFORMANCE
PITTSBURGH, May 29 /PRNewswire/ -- Ansoft Corporation (Nasdaq: ANST)
today announced financial results for its fourth quarter and fiscal year ended
April 30, 1996.
Revenue for the fourth quarter of fiscal 1996 totaled $2,682,000, an
increase of 43% from the $1,874,000 reported in the previous year's fourth
quarter. Net income during the quarter was $898,000, or $0.12 per share,
compared to net income of $187,000, or $0.03 per share, in the previous year's
fourth quarter. The fourth quarter results include a net tax benefit of
$612,000, or $0.08 per share, resulting primarily from the partial recognition
of previously unrecorded deferred tax assets.
For the twelve-month period ended April 30, 1996, revenue totaled
$8,695,000, an increase of 41% from the $6,154,000 reported for fiscal 1995.
Net income for fiscal 1996 rose to $1,300,000, or $0.19 per share, compared to
a net loss of $305,000, or $.06 per share, in fiscal 1995. Fiscal 1996 results
include a net tax benefit of $612,000 recognized in the fourth quarter.
"We are very pleased with our financial performance for the fourth quarter
and for the full fiscal year. The increase in revenue and our profitability
reflects our growth strategy, particularly through our direct sales efforts,
and the continued positive leverage of our business," commented Nicholas
Csendes, Ansoft's President and CEO.
Ansoft Corporation develops, markets and supports EDA software products
that enable leading edge performance and/or miniaturization of electronic,
communication and electromechanical systems. Ansoft markets its products
worldwide through its direct sales force and distributors and provides
comprehensive customer support and training. Ansoft customers are leading
electronics, telecommunications and automotive companies, including GM,
Motorola, Raytheon, TRW, Mitsubishi, Texas Instruments, Hitachi,
Lucky-Goldstar, AT&T and Sun Microsystems.
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ANSOFT CORPORATION
Balance Sheets
(In thousands, except per share data)
<TABLE>
<CAPTION>
Assets April 30, 1996 April 30, 1995
------ -------------- --------------
<S> <C> <C>
Current assets:
Cash and cash equivalents $10,728 $116
Accounts receivable, less
allowance for doubtful accounts
of $125 and $70, respectively 1,666 1,100
Investments 119 --
Deferred income taxes 700 --
Prepaid expenses and other assets 91 8
Total current assets 13,304 1,224
Plant and equipment, net 724 521
Other assets 13 13
Investments 1,340
Intangible asset, less
accumulated amortization of
$110 and $86, respectively 10 34
Total assets $15,391 $1,792
Liabilities and Stockholders' Equity
Current liabilities:
Note payable to bank $-- $75
Accounts payable 345 215
Accrued expenses 340 192
Deferred revenue 415 149
Total current liabilities 1,100 631
Total liabilities 1,100 631
Stockholders' equity:
Common stock, par value
$.01 per share; 10,000,000
authorized shares; issued and
outstanding 7,636 and 6,093 shares,
respectively 76 61
Additional paid-in capital 17,204 5,831
Receivable from stockholders -- (442)
Accumulated deficit (2,989) (4,289)
Total stockholders' equity 14,291 1,161
Total liabilities and
stockholders' equity $15,391 $1,792
</TABLE>
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ANSOFT CORPORATION
Statements of Operations
(In thousands, except per share data)
<TABLE>
<CAPTION>
For Three Months For the Year
Ended Ended
April 30, April 30,
1996 1995 1996 1995
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<S> <C> <C> <C> <C>
Revenues:
License $2,359 $1,816 $7,995 $5,921
Service and other 323 58 700 233
Total revenue 2,682 1,874 8,695 6,154
Costs and expenses:
Sales and marketing 1,582 1,017 5,007 3,935
Research and development 508 407 1,766 1,462
General and administrative 347 261 1,269 1,046
Total costs and expenses 2,437 1,685 8,042 6,443
Income (loss) from
operations 245 189 653 (289)
Interest income (expense) 41 (2) 35 (15)
Income (loss) before
income taxes 286 187 688 (305)
Income tax benefit (expense) 612 -- 612 --
Net income (loss) $898 $187 $1,300 $(305)
Net income (loss) per share $0.12 $0.03 $0.19 $(0.06)
Weighted average shares
outstanding 7,302 6,893 6,873 5,527
</TABLE>
CONTACT: Tony Ryan, Controller of Ansoft Corporation, 412-261-3200,
fax, 412-471-9427, or Internet, info(at symbol)ansoft.com/(ANST)
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