Intergraph Reports First Quarter 2005 Results


IMGS revenue for the quarter was $49.3 million, a decrease of 1.6% from the first quarter of the prior year and a sequential decrease of 10.8% from the fourth quarter of 2004. The revenue decrease from the first quarter of 2004 was primarily due to the completion of a large map production contract in 2004 and a large international mapping order in the prior year, partially offset by an increase in product and maintenance revenue. Revenue in the first quarter declined from the fourth quarter of 2004 due to customer spending cycles. Operating income for the quarter was $0.6 million, or 1.3% of revenue, compared to operating income of $2.6 million, or 5.2% of revenue, in the first quarter of the prior year and operating income of $2.5 million, or 4.5% of revenue, in the fourth quarter of 2004. The operating income declines in both the year-over-year and sequential quarter comparisons were primarily the result of the restructuring charge and lower revenue for the quarter. Higher gross margins and lower operating expenses for the quarter partially offset the revenue decline from the fourth quarter of 2004. IMGS backlog declined $12.0 million to $56.6 million during the first quarter. Backlog is expected to increase in the second quarter due to international orders that closed in April and are scheduled to be shipped in the second and third quarter of 2005.
Process, Power & Marine (PP&M):
(dollars in millions)
                                                    Quarterly Results
                                                  --------------------
                                                    Q1     Q4     Q1
                                                   2005   2004   2004
                                                  ------ ------ ------

Revenue                                           $38.7  $43.5  $33.0
Year-over-year growth                              17.2%  25.3%   8.3%

Operating income - before restructuring            $6.3   $9.9   $3.5
Operating margin - before restructuring            16.4%  22.6%  10.6%

Restructuring charges                                 -      -   $0.8

Operating income                                   $6.3   $9.9   $2.7
Operating margin                                   16.4%  22.6%   8.1%


PP&M revenue for the quarter was $38.7 million, an increase of 17.2% from the first quarter of the prior year and a decrease of 11.1% from the fourth quarter of 2004. The revenue increase from the first quarter of 2004 was primarily the result of growth in global accounts, several new customer wins and continued growth in maintenance revenue. The sequential revenue decline was typical as the fourth quarter is normally the strongest quarter for PP&M. In addition, revenue of $2.6 million was recognized in the fourth quarter of 2004 due to the delivery of SmartPlant 3D Version 5.0. Operating income for the quarter was $6.3 million, or 16.4% of revenue, compared to $2.7 million, or 8.1% of revenue, in the first quarter of the prior year and $9.9 million, or 22.6% of revenue, in the fourth quarter of 2004. The year-over-year operating income increase was primarily due to higher software revenue producing higher gross margins, partially offset by higher operating expenses. The operating income decrease from the fourth quarter of 2004 was primarily due to lower revenue in the first quarter.
Intergraph Solutions Group (ISG):
(dollars in millions)
                                           Quarterly Results   
                                         ---------------------
                                           Q1      Q4     Q1   Ending
                                          2005    2004   2004  Backlog
                                         ------ ------- ------ -------

Revenue                                  $31.5   $30.8  $33.3   $65.2
Year-over-year growth                    (5.3%) (16.1%)   5.4%

Operating income                          $2.9    $2.0   $4.5
Operating margin                           9.2%    6.3%  13.6%


ISG revenue for the quarter was $31.5 million, a decrease of 5.3% from the first quarter of the prior year and an increase of 2.4% from the fourth quarter of 2004. The revenue decrease from the first quarter of 2004 was primarily the result of reduced third-party product revenue, the planned reduction in legacy hardware maintenance, and services completed for a large U.S. Air Force contract. The sequential revenue increase was primarily due to an increase in labor utilization and third-party product revenue. Operating income for the quarter was $2.9 million, or 9.2% of revenue, compared to $4.5 million, or 13.6% of revenue, in the first quarter of the prior year and $2.0 million, or 6.3% of revenue, in the fourth quarter of 2004. The year-over-year operating income decrease was primarily due to the revenue decline as military contracts were completed. The operating income increase from the fourth quarter of 2004 was primarily the result of the revenue increase and improved gross margins due to improved labor utilization. ISG backlog increased $4.4 million to $65.2 million during the first quarter due to increased orders from the U.S. Department of Defense.
Intergraph Public Safety (IPS):
(dollars in millions)
                                                                                   Quarterly  Results      
                                                                                    --------------------
                                                                                        Q1          Q4          Q1      Ending
                                                                                      2005      2004      2004    Backlog
                                                                                    ------  ------  ------  -------

Revenue                                                                      $18.4    $18.5    $17.2      $40.8
Year-over-year  growth                                              6.7%      6.2%      1.8%

Operating  income                                                      $2.4      $2.2      $2.1
Operating  margin                                                      13.2%    12.1%    12.3%
 


« Previous Page 1 | 2 | 3 | 4 | 5  Next Page »



Review Article Be the first to review this article
Trimble

Harris

Featured Video
Jobs
Structural Engineer for The Planate Management Group LLC at Perry Point, MD
Mechanical Engineer for The Planate Management Group LLC at Perry Point, MD
Upcoming Events
AfricaGIS 2017 Conference at ECA, 5h Floor, Room 5S17S Addis Ababa Ethiopia - Nov 20 - 24, 2017
2nd Conference GISRAfrica 2017 at Abuja Abuja Nigeria - Nov 23 - 24, 2017
2017 Conference on Big Data from Space (BiDS'17) at Centre de Congrès Pierre Baudis Toulouse France - Nov 28 - 30, 2017
GeoDATA 2017 London Showcase at ILEC Conference Centre 4 Lillie Road London United Kingdom - Nov 30, 2017
Teledyne Optech
CADalog.com - Countless CAD add-ons, plug-ins and more.



Internet Business Systems © 2017 Internet Business Systems, Inc.
25 North 14th Steet, Suite 710, San Jose, CA 95112
+1 (408) 882-6554 — Contact Us, or visit our other sites:
AECCafe - Architectural Design and Engineering EDACafe - Electronic Design Automation TechJobsCafe - Technical Jobs and Resumes  MCADCafe - Mechanical Design and Engineering ShareCG - Share Computer Graphic (CG) Animation, 3D Art and 3D Models
  Privacy PolicyAdvertise