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Autodesk Q1 Earnings Drop; Discreet Division Returns To Profitability

Autodesk reported its first-quarter earnings late last week, revealing a nearly 60 percent drop in quarterly profits from the same period a year ago.
The company also warned that its current-quarter performance would be adversely affected by the outbreak of Severe Acute Respiratory Syndrome (SARS), which has hamstrung its Asia/Pacific business operations and grounded its sales force there. First-quarter revenues were $210.8 million, down 8 percent from $229.3 million for the same period last year. Net income for the quarter ended April 30 was $7.5 million (7 cents per diluted share), a steep decline from last year’s $17.6 million first-quarter profit. Autodesk’s Discreet division, makers of 3DS Max and other animation and special-effects software, reported revenues of $38 million, up 8 percent from the same period last year. The results mark Discreet’s return to profitability after seven quarters.

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