Business News

Autodesk Announces Preliminary Third Quarter Results

Tuesday 04. November 2008 - Autodesk, Inc. (NASDAQ:ADSK) today announced preliminary financial results for the third quarter ended October 31, 2008. Based on preliminary financial data, the company expects total revenue to be in the range of $604 million to $607 million.

GAAP earnings are expected to be in the range of $0.41 to $0.43 per diluted share. Non-GAAP earnings are expected to be in the range of $0.53 to $0.55 per diluted share and exclude $0.07 related to stock-based compensation expense and $0.05 for the amortization of acquisition related intangibles.

“The sharp downturn of the global economy is substantially impacting our business,” said Carl Bass, Autodesk president and CEO. “Demand for our products fell dramatically in October in all geographies as the financial crisis worsened. With many of our customers and partners unable to secure credit, projects are being delayed and our business is being impacted. While our currency hedge will provide a net benefit to our third quarter, the considerable strengthening of the U.S. dollar and our unusually low ending level of backlog will likely create a significant headwind for the next few quarters.

“Our third quarter net income will include the benefit of some reductions to previous cost estimates. In addition we have begun to take actions to reduce our cost structure in this uncertain economic environment which we believe will position the company to emerge from this downturn in a stronger financial and competitive position.”