SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 OF
THE SECURITIES EXCHANGE ACT OF 1934
Report on Form 6-K dated October 24, 2003
Commission File No. 0-28578
DASSAULT SYSTEMES S.A.
(Name of Registrant)
9, Quai Marcel Dassault, B.P. 310, 92156 Suresnes Cedex, France
(Address of Principal Executive Offices)
Indicate by check mark whether the registrant files or will file annual
reports under cover of Form 20-F or Form 40-F
Form 20-F X Form 40-F
--- ---
Indicate by check mark if the registrant is submitting the Form 6-K in
paper as permitted by Regulation S-T Rule 101(b)(1):
Yes No X
--- ---
Indicate by check mark if the registrant is submitting the Form 6-K in
paper as permitted by Regulation S-T Rule 101(b)(7):
Yes No X
--- ---
Indicate by check mark whether by furnishing the information contained
in this Form, the registrant is also thereby furnishing the
information to the Commission pursuant to Rule 12g3-2(b) under
the Securities Exchange Act of 1934:
Yes No X
--- ---
If "Yes" is marked, indicate below the file number assigned to the
registrant in connection with Rule 12g3-2(b): 82-___________
ENCLOSURE:
A press release dated October 23, 2003 announcing Dassault Systemes' third
quarter 2003 results.
[DASSAULT SYSTEMES LOGO] COMMUNIQUE DE PRESSE/PRESS RELEASE
[GRAPHIC OMITTED] [GRAPHIC OMITTED]
DASSAULT SYSTEMES REPORTS SOLID GROWTH IN SOFTWARE REVENUE, OPERATING
MARGIN AND EPS FOR THE THIRD QUARTER
o Software revenue up 2% to (euro)152.2 million and up 9% in constant
currencies with total revenue up slightly to (euro)176.3 million and
up 7% in constant currencies for the third quarter
o Both CATIA and SolidWorks deliver unit seat growth, increasing 6% and
9%, respectively, in the third quarter
o U.S. GAAP EPS increases 26% to(euro)0.24 and EPS before acquisition
costs increases 19% to(euro)0.25 in the third quarter
o DS reconfirms 2003 operating margin and EPS objectives; Revenue growth
objective adjusted to 5% - 6% in constant currencies
o DS initiates preliminary 2004 revenue objective
PARIS, FRANCE, October 23, 2003 - Dassault Systemes (DS) (Nasdaq: DASTY;
Euronext Paris: #13065, DSY PA), a worldwide leading software developer of
product lifecycle management (PLM) solutions, reported financial results for the
third quarter and nine months ended September 30, 2003.
FINANCIAL HIGHLIGHTS
Results for the Third Quarter Ended September 30, 2003
------------------------------------------------------
Software revenue results were solid in the third quarter, with software revenue
increasing 2% as reported and 9% in constant currencies in comparison to the
year-ago period. Software revenue, representing 86% of total revenue, was
(euro)152.2 million in the 2003 third quarter, compared to (euro)149.5 million
in the 2002 third quarter. Recurring software revenue continued to be a
significant component of revenue and represented 56% of total software revenue
in the third quarter of 2003.
Total revenue increased slightly year over year as reported and increased 7% in
constant currencies. Total revenue in the third quarter was (euro)176.3 million,
compared to (euro)175.9 million in the year-ago quarter. Services and other
revenue, representing 14% of total revenue, decreased 9% to (euro)24.1 million
in the 2003 third quarter, compared to the prior year period.
Seat licensing activity, totaling 13,478 seats in the quarter, also showed good
growth, with both CATIA and SolidWorks posting increases over the third quarter
of 2002. Specifically, 7,537 CATIA and 5,941
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2
SolidWorks seats were licensed, representing increases of 6% and 9%,
respectively, over the year-ago period.
On a U.S. GAAP basis EPS increased 26% to (euro)0.24 per diluted share in the
2003 third quarter compared to (euro)0.19 per diluted share in the third quarter
of 2002. EPS excluding acquisition costs increased 19% to (euro)0.25 per diluted
share in the third quarter, compared to (euro)0.21 per diluted share in the
third quarter of 2002.
On a U.S. GAAP basis, operating income increased 17% to (euro)42.6 million in
the 2003 third quarter, compared to (euro)36.3 million in the 2002 third
quarter. Operating income before acquisition costs increased 13% to (euro)44.0
million, compared to (euro)38.8 million in the year-ago quarter. The operating
margin before acquisition costs was 25.0% in the 2003 third quarter,
approximately three percentage points higher than the year-ago quarter where the
operating margin was 22.1% before acquisition costs.
Process-centric revenue, including PDM revenue, totaled (euro)146.0 million in
the third quarter, slightly higher than the year-ago period, and up 6% in
constant currencies. PDM revenue increased 9% to (euro)21.4 million and
increased 15% in constant currencies compared to the third quarter of 2002. PDM
end-user software revenue totaled $29.2 million in the 2003 third quarter.
Design-centric revenue totaled (euro)30.3 million in the 2003 third quarter,
level with the year-ago quarter. Design-centric revenue increased 11% in
constant currencies and 14% in U.S. dollars. PDM revenue represented 12% and
design-centric revenue accounted for 17% of total revenue in the 2003 third
quarter.
The Company continued to have a strong financial position with cash and
short-term investments totaling (euro)429.1 million and no bank debt at
September 30, 2003.
Results for the Nine Months Ended September 30, 2003
----------------------------------------------------
Total revenue was (euro)527.0 million for the first nine months of 2003,
compared to (euro)549.7 million in the year-ago period, representing a decrease
of 4% as reported, but an increase of 4% in constant currencies. Software
revenue totaled (euro)449.1 million in the 2003 nine-month period, representing
a decrease of 6%, but an increase of 2% in constant currencies. Year-to-date
process-centric revenue totaled (euro)435.0 million, 4% lower than the year-ago
period, but up 2% in constant currencies. PDM revenue for the first nine months
of 2003 was (euro)59.0 million, an increase of 14% and 22% in constant
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3
currencies in comparison to the year-ago period. Design-centric revenue totaled
(euro)92.0 million for the 2003 nine-month period, representing a decrease of
4%, but increases of 10% in constant currencies and 16% in U.S. dollars compared
to the year-ago period.
On a U.S. GAAP basis EPS increased 6% to (euro)0.68 per diluted share for the
first nine months of 2003, compared to (euro)0.64 per diluted share in the
year-ago period. EPS excluding acquisition costs totaled (euro)0.71 per diluted
share for the 2003 nine-month period, level with the year-ago period where EPS
was (euro)0.71 per diluted share. Year-to-date 39,963 seats have been licensed
comprised of 21,670 CATIA and 18,293 SolidWorks seats.
Bernard Charles, President and Chief Executive Officer, commented, "We set two
key strategic priorities at the outset of 2003: First, to expand our number one
market share position in PLM beyond the 21% achieved in 2002. And second, to
improve our operating margin by up to 1 percentage point, while continuing to
invest in our future as demonstrated by the 4% increase in our R & D headcount
for this year. Based upon our performance year-to-date and our outlook for the
fourth quarter, we believe we are well positioned to achieve these goals.
"DS made good progress in the quarter within a continued cautious spending
environment on the part of our customers as demonstrated by our revenue increase
of 15% when measured in U.S. dollars, outperforming the competition. CATIA V5
continued to gain traction among existing customers and the supplier network.
Moreover, a clear highlight of the quarter is the fact that we are now also
seeing the beginning of true PLM wins within the supply chain, including
decisions by Bosch and Sanyo Machine Works. Version 5 Release 12 was introduced
for CATIA, DELMIA, ENOVIA and SMARTEAM. At the heart of our new release is
Collaborative PLM, enabling companies to move closer to becoming on demand
businesses.
"New companies continue to join our CAA V5 partnership program, resulting in a
broad offering of complementary solutions built on top of our V5 open
architecture. Our partners number over 36 with the addition of Fluent and
IGE+XAO this quarter. Today, we also announced a strategic software development
agreement with Gehry Technologies to create and sell 3D collaborative solutions
to the building industry based upon our CAA V5 development platform."
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Thibault de Tersant, Executive Vice President and CFO, commented, "The third
quarter was marked by several highlights. Software revenue growth was in-line
with our expectations, increasing 9% in constant currencies. Our continued focus
on growing our operating margin through careful cost management met with
favorable results, with a 3 percentage-point improvement over last year to 25.0%
before acquisition costs. And earnings were solid, coming in ahead of our
expectations. Services, however, did not meet our expectations, resulting in
total revenue approximately (euro)4 million lower than our objective when
adjusted for actual currency rates.
"For the fourth quarter, we believe a revenue objective of about (euro)225
million is appropriate as we continue to be cautious about the economic
environment. For the full year, we are maintaining our objective for operating
margin growth of up to 1 percentage point above the operating margin of 27.7%
before acquisition costs achieved in 2002. And, from an earnings perspective, we
are also maintaining our EPS objective of (euro)1.22 to (euro)1.25 per share
before acquisition costs. These objectives for revenue and earnings continue to
be based upon an assumed U.S. dollar to Euro exchange rate of $1.20 per
(euro)1.00 for the fourth quarter. We are modifying our revenue growth objective
for 2003, reflecting lower service revenue in the second half of the year and
our outlook for the fourth quarter. Our 2003 revenue growth objective in
constant currencies is now 5% to 6%.
"Looking ahead to 2004, we are providing our preliminary views at this time. Our
revenue growth objective is about 6% to 7% in constant currencies. Taking an
assumed U.S. dollar to Euro exchange rate of $1.20 per (euro)1.00, therefore,
leads to a reported revenue growth objective of approximately 4 to 5%. At this
point in time, our financial objectives assume a continuation of the current
business environment into 2004."
During the third quarter, the Company's free float increased to 48% from 32% as
a result of the French government's sale of its entire holding in DS. The French
government had been a shareholder since May 31, 2001 as a result of DS'
de-merger from its former parent company, Dassault Aviation, in which the
Government was an equity holder. Following this sale, the shareholder base of DS
is composed as follows: free float of approximately 48.0%, Groupe Industriel
Marcel Dassault with 45.2%, and Charles Edelstenne, Chairman of Dassault
Systemes with 6.8%.
Charles Edelstenne, Chairman, commented, "We were pleased by the level of
interest in our stock during the French government's sale of its DS shares which
was oversubscribed more than four times. It reflects the confidence of investors
in the strong fundamentals of our business and our strategy."
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5
All financial information is unaudited and reported in accordance with U.S.
generally accepted accounting principles (U.S. GAAP). Additional financial
information, specifically noted as such, is also presented that is not in
conformity with U.S. GAAP, with the presentation of operating income, operating
margin and earnings per share before acquisition costs (acquisition costs are
primarily comprised of technology amortization in addition to other acquisition-
related costs) or variances in constant currencies. The Company has provided on
its website www.3ds.com reconciliations between U.S. GAAP and non- U.S. GAAP
figures. All comparative figures are given on a year over year basis unless
specified otherwise.
BUSINESS HIGHLIGHTS
NEW PRODUCT LAUNCHES
DS introduced Version 5 Release 12 -- Collaborative PLM for on demand
businesses. V5R12 allows critical PLM components to be merged in collaborative
workspaces allowing lifecycle management and product design activities to be
conducted in parallel while ensuring synchronization of collaboration in the
context of correct, up-to-date data. New capabilities in ENOVIA Portal 3d com,
including enhanced CATIA-ENOVIA integration, allow 3D data, product structure,
and other relevant product information to be shared in real-time through web
portals.
The new V5R12 product portfolio brings business value to manufacturers in the
following areas:
o Core Business - V5R12 enables companies to organize activities around
their core business and focus on products. V5R12 redraws the
boundaries between traditional product authoring and PDM-related
activities, providing users with unified PLM workspaces in which they
can process all facets of their activity.
o Content for Collaboration - V5R12 helps companies deliver the right
content for collaboration throughout the product lifecycle. This
improves exchanges between extended enterprise teams and helps
businesses respond rapidly to market change.
o Requirements and Specifications - V5R12 allows companies to better
link product design with requirement and specification management in
order to dynamically adapt to market demand.
o Manufacturing Resources - V5R12 provides a unified workspace that
connects product creation and manufacturing resources definition to
help companies make cost-efficient production decisions.
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During the third quarter, DS introduced a PLM industry solution for aerospace
manufacturers based on proven DS PLM Practices. The Best of Breed Structure
Engineering solution integrates the activities and processes required to design
and manufacture structural aircraft parts and assemblies (sheetmetal, machined,
and composite parts) as well as the corresponding tools required to build them.
CUSTOMERS AND PARTNERS HIGHLIGHTS
The First Aircraft Institute of AVIC-I (FAI), a leading Chinese aircraft
research institute, has selected DS PLM solutions to develop China's Advanced
Regional Jet Program, ARJ21. CATIA V5 for collaborative product design and
digital mock-up creation, and ENOVIAVPM for product data and process management,
will enable the institute's engineering teams to share data and work in a common
3D development environment across its multi-site operations.
Bosch, a major automotive supplier, has invested in DELMIA process planning
solutions to meet the requirements outlined for DaimlerChrysler's "Digital
Factory" initiative. Bosch celebrated the introduction of its Cooperative
Engineering program (COPE), with DELMIA Process Engineer at its core, as a
"quantum leap in production planning". The COPE program offers computer-aided
production planning in parallel with product development. Benefits of simulated
production planning include the identification and elimination of potential
problems in a virtual environment, before they become real and incur damage and
costs.
Convenience Food Systems (CFS) has standardized on SolidWorks software to design
the industrial food processing and packaging machines it sells to global food
companies. SolidWorks 3D mechanical design software accelerates large-assembly
design for CFS' machines, while COSMOS analysis software reduces production
errors so CFS can speed products to customers. Based in the Netherlands, CFS is
one of the world's foremost convenience food packaging, preparation, processing,
and marination machine makers.
Evernham Motorsports LLC, a leading NASCAR Winston Cup Series race team, has
selected CATIA V5 for collaborative product development and SMARTEAM for
collaborative lifecycle management to develop high-performance race cars through
virtual testing rather than building costly, full-scale physical prototypes.
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FE Mottram (Non Ferrous) Ltd., a leading alloy metal producer, has streamlined
its smelting processes with DELMIA's QUEST software. QUEST is a 3D simulation
tool used to model and analyze facility layout and process flow. FE Mottram has
already commissioned Phase II of the project where QUEST will be used to
generate "what if" scenarios to reduce internal vehicle movement on site, with
the principal goals being a 50 percent reduction in fuel consumption and further
increases in worksite safety.
Yantai Raffles Shipyard, a premier offshore builder of ships and oil rigs, has
acquired DS product development and data management software, comprised of CATIA
V5 for collaborative virtual product development and ENOVIA LCA and ENOVIA
Portal 3d com for real-time product data management.
Avatech Solutions, Inc., a leading provider of design automation and PLM
solutions for the manufacturing, building design and engineering markets, and DS
have signed a distribution agreement under which Avatech will significantly
expand its marketing, sales and services in North America with integrated
SMARTEAM PLM solutions.
Gehry Technologies, an independent company created by Gehry Partners' research
group, has formed a business partnership with DS and IBM. Gehry Technologies has
received accreditation as a certified IBM Business Partner selling and servicing
IBM and DS' CATIA, ENOVIA and SMARTEAM Product Lifecycle Management software.
Fluent, a world leader in computational fluid dynamics (CFD) software has become
a DS CAA V5 software partner. Fluent will develop, market and sell CFD solutions
based on the DS CAA V5 architecture.
IGE+XAO, a leader in electrical schematic software development, signed a
strategic development agreement under which IGE+XAO as a Gold Software Partner
will develop, market and sell Dassault Systemes CAA V5 based applications for
electrical modeling (functional, topology and logical) and electrical diagrams
generation. Through this partnership, IGE+XAO will complement the existing DS'
V5 electrical PLM solutions.
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Conference call information:
The Company will host a teleconference call today, Thursday, October 23, 2003 at
4:00 PM CET/3:00 PM London/10:00 AM New York. The conference call will be
available via the Internet by accessing www.3ds.com. A replay of the conference
call will be available until November 22, 2003 via the Internet by accessing
www.3ds.com.
Statements above that are not historical facts but express expectations or
objectives for the future, including but not limited to statements regarding the
Company's objectives for 2003 fourth quarter revenue, 2003 EPS on a reported
basis, 2003 revenue growth in constant currencies, 2003 operating margin growth
objective and 2004 financial objectives, including revenue growth objectives as
reported and in constant currencies, are forward-looking statements (within the
meaning of Section 27A of the Securities Act of 1933, as amended). Such
forward-looking statements are based on management's current views and
assumptions and involve known and unknown risks and uncertainties. Actual
results or performances may differ materially from those in such statements due
to, among other factors: (i) currency fluctuations, (ii) global economic
conditions, (iii) market demand for our products and services, (iv) new product
developments and technological changes, and (v), our ability to recruit and
retain skilled personnel. Unfavorable changes in any of the above or other
factors described in the Company's SEC reports, including the Form 20F for the
year ended December 31, 2002, which was filed with the SEC on May 15, 2003,
could materially affect the Company's financial position or results of
operations.
ABOUT DASSAULT SYSTEMES
As world leader in PLM (Product Lifecycle Management) solutions, the Dassault
Systemes group brings value to more than 60,000 customers in 80 countries. A
pioneer in the 3D software market since 1981, Dassault Systemes develops and
markets PLM application software and services that support industrial processes
and provide a 3D vision of the entire lifecycle of products from conception to
retirement. Dassault Systemes offering includes PLM integrated solutions for
product development (CATIA, ENOVIA, DELMIA, SMARTEAM), 3D solutions
(SolidWorks), and 3D components (SPATIAL). Dassault Systemes is listed on the
Nasdaq (DASTY) and Euronext Paris (#13065, DSY.PA) stock exchanges. For more
information, visit http://www.3ds.com.
(Tables to follow)
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DASSAULT SYSTEMES
KEY FIGURES
(in millions of Euro, except per share data)
3rd QUARTER
-----------
3Q03 3Q02 Variance
-------- -------- ------------
Process-Centric excluding PDM
revenue 124.6 125.9 (1%)
PDM revenue 21.4 19.6 9%
Design-Centric revenue 30.3 30.4 0%
Revenue 176.3 175.9 0%
AMERICAS 49.9 52.6 (5%)
EUROPE 79.2 79.0 0%
ASIA 47.2 44.3 6%
Operating Income(1) 44.0 38.8 13%
Operating Margin(1) 25.0% 22.1%
Net Income(1) 28.2 24.3 16%
EPS(1) 0.25 0.21 19%
Closing Headcount 4,063 3,905 4%
Nine Months Ended
-----------------
YTD 03 YTD 02 Variance
------ ------ --------
Process-Centric excluding PDM 376.0 402.4 (7%)
PDM 59.0 51.8 14%
Design-Centric 92.0 95.5 (4%)
Revenue 527.0 549.7 (4%)
Americas 152.5 160.6 (5%)
Europe 239.0 251.6 (5%)
Asia 135.5 137.5 (1%)
Operating Income (1) 127.8 130.6 (2%)
Operating Margin (1) 24.3% 23.8%
Net Income (1) 81.7 82.8 (1%)
EPS (1) 0.71 0.71 0%
(1) Excluding acquisition costs
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DASSAULT SYSTEMES
CONSOLIDATED STATEMENT OF INCOME DATA
(in millions of Euro, except per share data)
Three Months Ended Nine Months Ended
September 30, September 30, September 30, September 30,
2003 2002 2003 2002
------------- ------------- ------------- -------------
Software 152.2 149.5 449.1 475.5
Service and Other 24.1 26.4 77.9 74.2
------------- ------------- ------------- --------------
Total Revenue (euro) 176.3 (euro) 175.9 (euro) 527.0 (euro) 549.7
Software 5.1 6.3 16.5 18.0
Service and Other 19.4 23.9 65.9 68.2
------------ ------------- ------------- --------------
Total Cost of Revenue (euro) 24.5 (euro) 30.2 (euro) 82.4 (euro) 86.2
Gross Profit (euro) 151.8 (euro) 145.7 (euro) 444.6 (euro) 463.5
Research and Development 53.6 53.5 159.8 167.0
Marketing and Sales 41.4 41.4 121.1 128.7
General and Administration 12.8 12.0 35.9 37.2
Acquisition Costs 1.4 2.5 4.9 9.0
------------ ------------- ------------- --------------
Total Research, Selling, (euro) 109.2 (euro) 109.4 (euro) 321.7 (euro) 341.9
Administration and Acquisition
expenses
============ ============= ============= ==============
Operating Income (1) (euro) 42.6 (euro) 36.3 (euro) 122.9 (euro) 121.6
Financial revenue and Other 1.0 0.7 2.6 4.6
Income before income taxes 43.6 37.0 125.5 126.2
Income tax expense 16.5) (15.0) (47.9) (51.2)
------------ ------------- ------------- --------------
Net Income (1) (euro) 27.1 (euro) 22.0 (euro) 77.6 (euro) 75.0
============ ============= ============= ==============
Basic net income per share (1) (euro) 0.24 (euro) 0.19 (euro) 0.69 (euro) 0.66
============ ============= ============= ==============
Diluted net income per share (1) (euro) 0.24 (euro) 0.19 (euro) 0.68 (euro) 0.64
============ ============= ============= ==============
Basic weighted average shares
outstanding 112.9 114.2 113.1 114.1
(in millions)
============ ============= ============= ==============
Diluted weighted average shares 114.8 115.0 114.3 116.8
outstanding (in millions)
(1) Excluding acquisition costs, operating income and net income
would have been as follows:
Operating Income (euro) 44.0 (euro) 38.8 (euro) 127.8 (euro) 130.6
============ ============= ============= ===============
Net Income (euro) 28.2 (euro) 24.3 (euro) 81.7 (euro) 82.8
============ ============= ============= ===============
Diluted net income per share (euro) 0.25 (euro) 0.21 (euro) 0.71 (euro) 0.71
============ ============= ============= ===============
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DASSAULT SYSTEMES
CONSOLIDATED STATEMENT OF INCOME DATA
PERCENTAGE VARIANCE
(EXCLUDING ACQUISITION COSTS)
(in millions of Euro, except per share data)
Excluding acquisition costs, the consolidated statements of income data
would have been as follows:
Three Months Ended
September 30, 2003 September 30, 2002 Variance
------------------ ------------------ ---------
Software 152.2 149.5 1.8%
Service and Other 24.1 26.4 (8.7%)
------------- -------------
Total Revenue (euro) 176.3 (euro) 175.9 0.2%
Software 5.1 6.3 19.0%)
Service and Other 19.4 23.9 18.8%)
------------- -------------
Total Cost of Revenue (euro) 24.5 (euro) 30.2 18.9%)
Gross Profit (euro) 151.8 (euro) 145.7 4.2%
Research and Development 53.6 53.5 0.2%
Marketing and Sales 41.4 41.4 0.0%
General and Administration 12.8 12.0 6.7%
------------- ------------
Total Research, Selling,
Administration (euro) 107.8 (euro) 106.9 0.8%
============= ============
Operating Income (euro) 44.0 (euro) 38.8 13.4%
Financial revenue and Other 1.0 0.7 42.9%
Income before income taxes 45.0 39.5 13.9%
Income tax expense (16.8) (15.2) N/A
Net Income (euro) 28.2 (euro) 24.3 16.0%
============= ============
Diluted net income per share (euro) 0.25 (euro) 0.21 19.0%
============= ============
Diluted weighted average
shares outstanding (in millions) 114.8 115.0
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DASSAULT SYSTEMES
CONSOLIDATED STATEMENT OF INCOME DATA
PERCENTAGE VARIANCE
(EXCLUDING ACQUISITION COSTS)
(in millions of Euro, except per share data)
Excluding acquisition costs, the consolidated statements of income data
would have been as follows:
Nine Months Ended
September 30, September 30,
2003 2002 Variance
---------------- ----------------- --------
Software 449.1 475.5 (5.6%)
Service and Other 77.9 74.2 5.0%
-------------- --------------
Total Revenue (euro) 527.0 (euro) 549.7 (4.1%)
Software 16.5 18.0 (8.3%)
Service and Other 65.9 68.2 (3.4%)
-------------- --------------
Total Cost of Revenue (euro) 82.4 (euro) 86.2 (4.4%)
Gross Profit (euro) 444.6 (euro) 463.5 (4.1%)
Research and Development 159.8 167.0 (4.3%)
Marketing and Sales 121.1 128.7 (5.9%)
General and Administration 35.9 37.2 (3.5%)
-------------- --------------
Total Research, Selling, Administration (euro) 316.8 (euro) 332.9 (4.8%)
============== ==============
Operating Income (euro) 127.8 (euro) 130.6 (2.1%)
Financial revenue and Other 2.6 4.6 43.5%)
Income before income taxes 130.4 135.2 (3.6%)
Income tax expense (48.7) (52.4) N/A
Net Income (euro) 81.7 (euro) 82.8 (1.3%)
============== ==============
Diluted net income per share (euro) 0.71 (euro) 0.71 0.0%
============== ==============
Diluted weighted average shares outstanding 114.3 116.8
(in millions)
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DASSAULT SYSTEMES
CONDENSED CONSOLIDATED BALANCE SHEETS
(in millions of Euro)
September 30, 2003 December 31, 2002
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ASSETS
Cash and short-term investments 429.1 388.4
Accounts receivable, net 148.8 229.5
Other assets 311.3 302.3
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Total assets (euro) 889.2 (euro) 920.2
LIABILITIES
AND SHAREHOLDERS' EQUITY
Total liabilities 274.9 291.9
Shareholders' equity 614.3 628.3
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Total liabilities and
shareholders' equity (euro) 889.2 (euro) 920.2
CONTACT:
Dassault Systemes: FD International:
Didier Gaillot/Valerie Agathon Harriet Keen
33.1.40.99.69.24 44.20.7831.3113
Michele Katz Jean-Benoit Roquette / Emma Rutherford
1.631.288.1145 Nelly Dimey/Lorie Lichtlen
33.1.47.03.68.10
Deborah Ardern-Jones / Matt Dallas
1.212.497.9202 / 1.212.850.5626
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9, quai Marcel Dassault, BP 310, 92156 Suresnes Cedex, FRANCE,
Tel : + 33 1 40 99 40 99 - Fax : +33 1 42 04 45 81 - http://www.3ds.com
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
DASSAULT SYSTEMES S.A.
Date: October 24, 2003 By: /s/ Thibault de Tersant
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Name: Thibault de Tersant
Title: Executive Vice President,
Finance and Administration
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