SAN RAFAEL, Calif., Feb. 26 /PRNewswire-FirstCall/ -- Autodesk, Inc. (Nasdaq: ADSK) today reported record revenue of $599 million for the fourth quarter of fiscal 2008, an increase of 20 percent over the fourth quarter of fiscal 2007. Fourth quarter net income was $96 million, or $0.40 per diluted share, on a GAAP basis and $124 million, or $0.52 per diluted share, on a non-GAAP basis. Net income in the fourth quarter of the prior year was $96 million, or $0.40 per diluted share on a GAAP basis, and $113 million, or $0.46 per diluted share, on a non-GAAP basis. A reconciliation between GAAP and non-GAAP results is provided at the end of this press release.
"Autodesk delivered another quarter of solid revenue results, capping another record year," said Carl Bass, Autodesk president and CEO. "Our results demonstrate the strength and stability our business model provides. Because our geographic balance and customer and industry diversification help insulate Autodesk from changes in any one particular market, we remain optimistic about the coming year."
Autodesk's performance in the fourth quarter of fiscal 2008 was driven by strong growth in revenue generated in international geographies, revenue from new seats as well as continued customer migration from 2D to 3D design solutions, offset by slower than expected growth in the Americas. Compared to the fourth quarter of fiscal 2007, revenue in EMEA increased 38 percent to $262 million. Revenue in Asia Pacific increased 24 percent year-over-year to $131 million. Revenue from the emerging economies in Asia Pacific, EMEA and Latin America increased 52 percent and were 19 percent of total revenue. Strong growth in these international geographies was offset by revenue growth in the Americas of 2 percent over the fourth quarter of fiscal 2007.
Combined revenue from the Company's model-based 3D products -- Inventor, Revit, Civil 3D and NavisWorks software -- increased 21 percent over the fourth quarter of fiscal 2007 to $146 million. Autodesk shipped approximately 21,000 commercial seats of Revit and NavisWorks, over 17,000 commercial seats of Inventor and over 7,500 commercial seats of Civil 3D.
Revenue from all new commercial seats increased by 30 percent compared to the fourth quarter of fiscal 2007.
Fiscal 2008 Highlights
For fiscal 2008, revenue was a record $2.172 billion, an increase of 18 percent compared to fiscal 2007. Fiscal 2008 net income was $356 million, or $1.47 per diluted share, on a GAAP basis and $456 million, or $1.88 per diluted share, on a non-GAAP basis. Net income in fiscal 2007 was $290 million, or $1.19 per diluted share, on a GAAP basis and $375 million, or $1.53 per diluted share, on a non-GAAP basis.
The following statements are forward-looking statements which are based on current expectations and which involve risks and uncertainties some of which are set forth below.
First Quarter Fiscal 2009
Net revenue for the first quarter of fiscal 2009 is expected to be in the range of $575 million and $585 million. However, the company is lowering its previous estimate of earnings per diluted share. GAAP earnings per diluted share are expected to be in the range of $0.35 and $0.37. Non-GAAP earnings per diluted share are expected to be in the range of $0.46 and $0.48 and exclude $0.08 related to stock-based compensation expense and $0.03 for the amortization of acquisition related intangibles and the write off of acquired IPR&D.