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Parametric beats 1Q estimates

Parametric Technology Corp. (Nasdaq: PMTC) topped earnings estimates for its first quarter Tuesday, but saw its revenue slip from a year ago. The company also inked a deal with EMC Corp.(NYSE: EMC).

Shares in the manufacturing and engineering software maker ended Friday's session down 0.50 to 16.13.

The company 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 earnings of 5 cents a share. Earnings were also up year-over-year, as compared to the $17.6 million, or 6 cents a share, earned in the year-ago period.

Revenue for the quarter was $234.9 million, higher than the 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 it had signed an alliance with information storage company EMC, under which the partners will develop products to store vast amounts of data generated from Parametric's products.