Better sales execution and new product introductions contributed to our solid performance in the quarter, said Bill Weyand, chairman and CEO, SDRC. SDRC expanded its product data management (PDM) leadership position and continued to gain ground on the competition in the first quarter, posting Metaphase and Metaphase Express license growth of 42% compared to solid 32% growth in the fourth quarter, with 48% of Metaphase license revenue in this quarter from new customers.
Building on SDRC’s momentum from the fourth quarter of 2000, our Metaphase Express suite of software and industry domain expertise, combined with rapid implementation, is meeting the needs of our customers in the aerospace, defense, and automotive marketplaces, continued Weyand. We will leverage our improved business execution, market traction, and vision of collaborative product management to expand, both horizontally and vertically, into other industries and markets throughout 2001.
First quarter 2001 Metaphase orders in excess of $500,000 were received from Nissan, BAE SYSTEMS, Toyota, Lockheed Martin, Teleflex Automotive, Northrop Grumman and Rockwell. I-DEAS orders in excess of $500,000 in first quarter 2001 were received from SteinhilberSchwehr, Mazda and Nissan.
Additionally, SDRC’s results reflect a reduction in the company’s best estimate of the effective tax rate expected to be applicable for the full fiscal year. SDRC restructured its approach to Asian product distribution in the first quarter contributing to a reduction in SDRC’s effective tax rate, from 38% in the fourth quarter to 25% in the first quarter.
Earlier this month SDRC acquired Inovie Software, Inc. of San Diego, California. This strategic acquisition is one of several initiatives over the coming months that will enhance SDRC’s web-based, collaborative environment for product management, while taking SDRC into the strategically compatible e-workplace market for project management.
SOURCE: COMPANY PRESS RELEASE
