Parametric beats expectations; revenue slips
The engineering software maker tops earnings and revenue estimates for its first quarter, but sales dip below the year-ago figure.
Shares in the Waltham, Mass.-based manufacturing and engineering software maker started Tuesday's session down $1.19, or 7 percent, to $14.94.
For the quarter ended Dec. 30, Parametric reported pro forma net income, excluding the amortization of intangible assets, of $19 million, or 7 cents a share, easily beating the First Call analyst consensus figure of 5 cents a share. The company earned $17.6 million, or 6 cents a share, in the same period a year ago.
Revenue for the quarter was $234.9 million, which was higher than Wall Street's expectation of $232 million but lower than the $239 million recorded in the same period last year.
Including the amortization of intangible assets, net income was $12.3 million, or 5 cents per diluted share, compared with $10.4 million, or 4 cents per diluted share, for the same period in fiscal 2000.
Separately, Parametric said Tuesday it signed a deal with information storage company EMC, under which the partners will develop products to store vast amounts of data generated from Parametric's products.