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by Jeff Moad, MA Editorial Staff Posted on Wednesday, February 28, 2007 6:25:00 PM Sign Up to receive Daily News Alerts in your E-mail Inbox    | Abstract: | Riding strong demand from manufacturing customers and for its 3D design products, PLM vendor reports on fiscal 2007 and details results of its internal investigation into past options-granting practices. |
| Keywords: | Autodesk, PLM, product lifecycle management, earnings, fourth quarter, financial results, revenue, options investigation, backdating, 3D design, Inventor, Manufacturing Solutions, emerging markets |
PLM software provider Autodesk Inc. yesterday reported strong fourth-quarter revenue growth, driven by increasing business from the company's manufacturing customers, rising demand for Autodesk's 3D products, and vigorous growth in revenues from emerging economies. The strong financial results, however, were marred by the company's admission that it had made "numerous administrative errors" since 1998 in processing employee stock option grants, which will require Autodesk to restate its earnings for the past four years. Discovery of the improprieties, which followed a seven-month internal audit and investigation, also prevented Autodesk from issuing full fourth-quarter financial results. The company has not publicly reported its net earnings or earnings-per-share results since the second quarter of fiscal 2007. Autodesk said it expects pre-tax, non-cash charges incurred as a result of the restatement to be between $38 million and $45 million. [Click to continue] |
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