Autodesk Shares Fall 6.5% on Restatement, Soft Guidance

Autodesk reported only partial results for its latest quarter yesterday saying it was in the midst of an internal options probe that would require it to restate results from 2003-2006. The news sent shares down 6.5% in after hours trading.Autodesk did report revenue grew 19% in its latest quarter totaling $497 million; this was in-line with Thomson Financial consensus estimates. Revenue was helped by model-based 3D software products and gains in emerging markets. Looking ahead, Autodesk predicts revenue between $490-$500 million in its next quarter. Analysts were expecting revenue of $500.6 million. The company expects its financial restatement will add $38-$45 million to past results. As a result of the restatement, Autodesk has not yet filed fiscal second or third quarter statements from the recently ended fiscal year. Shares fell $2.65, or 6.5%, to $38.15 in after hours action.

Sources: Autodesk F4Q07 Earnings Call Transcript, Press Release, Business Week, MarketWatch, TheStreet.com, Reuters
Commentary: Autodesk: FY Q4 Revs In Line; 2008 Guidance Light; Options Probe Finds Backdating; Stock Slips [Barron's] • Think Restatements Don’t Matter? Think Again.[Barron's] • Will Autodesk's 3-D Migration Help Drive Growth?
Stocks/ETFs to watch: Autodesk, Inc. (ADSK). Competitors: Parametric Technology (PMTC), Adobe (ADBE). ETFs: iShares Goldman Sachs Software Index (IGV)

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