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NEEDHAM, Mass. - Product design company Parametric Technology Corp. said Tuesday its fiscal first-quarter profit fell 53 percent on a drop in revenue and an increase in costs and expenses.
The company said it earned $4.7 million, or 4 cents per share, in the three-month period ending Jan. 3. That compares with earnings of $9.9 million or 8 cents per share, in same period a year before.
Excluding one-time items, Needham, Mass.-based PTC earned 15 cents per share in the latest quarter.
Sales fell less than 1 percent to $240.4 million from $241.2 million. Costs rose nearly 5 pecent to $236.9 million.
Analysts polled by Thomson Reuters expected profit of 15 cents per share on sales of $239.7 million. Analysts typically exclude one-time costs and gains from their estimates.
Chief Executive C. Richard Harrison said the company is seeing longer lead times and reduced spending on large deals.
For the fiscal second quarter, Parametric said it expects per-share results to range from a loss of 10 cents to a profit of 19 cents. It expects to recognize a restructuring charge of between $15 million to $20 million in the quarter, to reduce operating expenses. When those charges are excluded, Parametric expects to earn between 4 cents and 10 cents per share in the quarter.
The company forecast revenue between $220 million and $230 million.
Analysts predict income of 20 cents per share on revenue of $240.8 million, excluding one-time items.
Parametric expects fiscal 2009 revenue of about $960 million, which would be down from the $1.1 billion it recorded in fiscal 2008. Parametric predicts earnings per share, less one-time costs, will range between 43 cents and 49 cents for the year. Without one-time charges, the company expects to earn 90 cents per share in fiscal 2009.
Analysts predict revenue of $998.3 million and income of 96 cents per share, excluding one-time items.
Shares of Parametric rose 12 cents to close at $9.41.
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