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Autodesk Posts Flat Q2 Revenues, Cites Dip In Discreet Sales

Autodesk posted Q2 financial results, posting $231.4 million in revenue -- down $1.4 million from last year -- and missing the company's sales forecasts of $240-$250 million.
The company also trimmed its full-year revenue forecast to $970-$990 million from an earlier estimate of $1-$1.02 billion, but said it will maintain its 2002 earnings forecast by trimming expenses. The company's Q2 net income hit $19 million ($0.34 per diluted share), compared to $21 million ($0.35 per diluted share) a year ago. The dip in revenue was attributed to "slowing in the worldwide economies especially in Europe, failure to achieve customer acceptance of key new design and entertainment applications, failure to grow new Internet-related services and businesses, inability of customers to obtain external financing, failure to achieve anticipated revenue results from newly acquired businesses, and foreign currency fluctuations." Autodesk executives said said that sales in the Discreet division fell 20 percent from the prior quarter, from $49.1 million to $39.7 million.

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