PTC Announces Fiscal 2008 Q3 Results

About PTC

PTC (Nasdaq: PMTC - News) provides leading product lifecycle management (PLM), content management and dynamic publishing solutions to more than 50,000 companies worldwide. PTC customers include the world's most innovative companies in manufacturing, publishing, services, government and life sciences industries. PTC is included in the S&P Midcap 400 and Russell 2000 indices. For more information on PTC, please visit http://www.ptc.com.

Statements in this news release that are not historical facts, including statements about our confidence that we will achieve our fiscal 2008 financial targets, our expected revenue growth rates and projected revenue and earnings, are forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those projected. These risks include the possibility that our customers may not continue to spend at recent levels or may elect to defer or forego investment in our solutions in the current economic climate. In addition, our purchase price allocations associated with our first quarter acquisitions, including CoCreate, are preliminary and may change. Likewise, our assumptions concerning our future GAAP and non-GAAP effective income tax rates are based on estimates and other factors that could change, including geographic mix of our revenue and profits and loans and cash repatriations from foreign subsidiaries. Other risks and uncertainties that could cause actual results to differ materially from those projected are detailed from time to time in reports we file with the Securities and Exchange Commission, including our most recent Annual Report on Form 10-K.

PTC, The Product Development Company, and all other PTC product names and logos are trademarks or registered trademarks of Parametric Technology Corporation or its subsidiaries in the United States and in other countries. All other companies referenced herein are trademarks or registered trademarks of their respective holders.

PARAMETRIC TECHNOLOGY CORPORATION

UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
         
Three Months Ended Nine Months Ended
June 28, June 30, June 28, June 30,
2008   2007 2008   2007
Revenue:
License $ 77,557 $ 62,098 $ 217,658 $ 200,022
Service   194,191       162,766     553,125       474,605  
Total revenue   271,748       224,864     770,783       674,627  
 
Costs and expenses:
Cost of license revenue (1) 8,760 4,084 20,106 11,855
Cost of service revenue (1) 76,802 67,673 221,894 204,855
Sales and marketing (1) 78,762 74,573 223,149 215,694
Research and development (1) 47,374 39,798 134,656 117,935
General and administrative (1) 20,294 16,855 64,653 56,489
Amortization of acquired intangible assets 4,044 1,764 11,252 5,440
In-process research and development -- 544 1,887 544
Restructuring charge   3,790       --     15,367       --  
Total costs and expenses   239,826       205,291     692,964       612,812  
 
Operating income 31,922 19,573 77,819 61,815
Other income (expense), net   (7,110 )     2,268     (5,859 )     4,396  
Income before income taxes 24,812 21,841 71,960 66,211
Provision for (benefit from) income taxes   10,342       (58,624 )   28,762       (46,806 )
Net income $ 14,470     $ 80,465   $ 43,198     $ 113,017  
Earnings per share:
Basic $ 0.13 $ 0.71 $ 0.38 $ 1.00
Weighted average shares outstanding 113,491 113,154 113,661 112,610
Diluted $ 0.12 $ 0.68 $ 0.37 $ 0.96
Weighted average shares outstanding 117,363 117,500 117,565 117,423

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