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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.

Parametric Technology topped earnings estimates for its first quarter Tuesday, but saw its revenue slip from a year ago.

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.