PTC Reports 1Q Results

PTC, the product development company, reported revenue totaling $234.9 million for the first quarter ended December 30, 2000, compared to $239 million for the same period last year. Pro forma net income for the quarter, which excludes the amortization of intangible assets, was $19 million compared to $17.6 million for the year-ago period. Including the amortization of intangible assets, net income was $12.3 million, compared with $10.4 million for the same period in fiscal 2000. C. Richard Harrison, president and CEO, said: "We are pleased with the performance this quarter and the confirmation we are receiving from the market and our customers on the importance of product development as the core of competitive advantage. Smart companies are investing in the product development process in order to bring innovative products to market faster than their competition." The company continues to see significant growth and a high level of customer interest in the overall CPC market. Total Windchill revenue in the quarter was $50.4 million, as compared to $38.3 million a year ago, an increase of 32 percent. In the first quarter, PTC received large orders for Windchill from new customers such as Hewlett-Packard, General Dynamics, and Evans and Sutherland. "In addition, we see a steady increase in the number of companies signing follow-on orders for Windchill solutions, expanding our leadership position," said Harrison. PTC also shipped Windchill version 5.1 the latest version of PTC's family of web-based collaboration software. Featured in this release is new functionality developed to address open business-to-business (B2B) connectivity, manufacturing, eCatalog development, and data engineering requirements.