PTC will restate prior financial reports

Parametric Technology Corp., maker of software used to manage online content and publishing systems, today issued fiscal fourth quarter earnings, and said it would restate some of its financial results.

The news, along with 2008 guidance that pleased investors, sent Parametric shares up $1.63, or 9.2 percent, to $19.35 in premarket trading. Shares closed at $17.72 on Tuesday.

For the quarter ended Sept. 30, Parametric said it earned $36.1 million, or 31 cents per share.

The company, which also said it plans to restate previous financial results related to certain transactions recorded during the 2001 to 2006 fiscal years, did not provide year-ago figures.

Excluding one-time charges and gains, the company said it posted an adjusted profit of $44.5 million, or 38 cents per share, for the recent quarter.

Revenue totaled $266.7 million, representing a 9 percent increase from the fourth quarter of 2006, the company said.

Analysts polled by Thomson Financial expected profit of 26 cents per share on $246 million in revenue.

For fiscal 2007, Parametric said it earned $155.8 million, or $1.33 per share, on $941.5 million in revenue.

Parametric said the restatement stems from what appears to be a fraudulent scheme conducted by a Toshiba Corp. employee.

The revenue associated with the transactions is about $41 million and is expected to lower the company's fiscal 2006 revenue by about $8 million, Parametric said.

The company said that as part of the restatement it also plans to record adjustments to correct other previously identified immaterial errors.

Parametric said it does not expect its results for the fourth quarter and fiscal year 2007 to be materially affected by the restatement. Parametric plans to complete the restatement and to file its annual report by the Nov. 29 deadline. (AP)