-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, W0HspBProuIbu+gquPsgXsXPbSyxgbqT835czZbVhKhUiQmnJ9V9zut+5obJdJjs zKkP4whKSg82dm1BHmf4Ew== 0000950135-02-005203.txt : 20021121 0000950135-02-005203.hdr.sgml : 20021121 20021121161050 ACCESSION NUMBER: 0000950135-02-005203 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20021121 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20021121 FILER: COMPANY DATA: COMPANY CONFORMED NAME: INFINIUM SOFTWARE INC CENTRAL INDEX KEY: 0001002044 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-COMPUTER INTEGRATED SYSTEMS DESIGN [7373] IRS NUMBER: 042734036 STATE OF INCORPORATION: MA FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-14855 FILM NUMBER: 02836243 BUSINESS ADDRESS: STREET 1: 25 COMMUNICATIONS WAY STREET 2: DRAWER 6000 CITY: HYANNIS STATE: MA ZIP: 02601 BUSINESS PHONE: 5087782000 FORMER COMPANY: FORMER CONFORMED NAME: SOFTWARE 2000 INC /MA/ DATE OF NAME CHANGE: 19960322 8-K 1 b44824ise8vk.txt INFINIUM SOFTWARE SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 -------------------- FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported): November 21, 2002 INFINIUM SOFTWARE, INC. ------------------------------------------------------ (Exact name of registrant as specified in its charter) MASSACHUSETTS 0-27030 04-2734036 - ----------------------------- ----------- ------------------ (State or other jurisdiction (Commission (IRS Employer of incorporation) File Number) Identification No.) 25 COMMUNICATIONS WAY, HYANNIS, MA 02601 --------------------------------------------------------------------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (508) 778-2000 N/A ------------------------------------------------------------- (Former name or former address, if changed since last report) ITEM 5. OTHER EVENTS. Infinium Software, Inc. (the "Company") entered into an Agreement and Plan of Merger, dated as of October 28, 2002 (the "Merger Agreement"), by and among the Company, SSA Global Technologies, Inc. ("SSA"), a Delaware corporation, and Samurai Merger Subsidiary, Inc. ("Samurai"), a Massachusetts corporation and wholly-owned subsidiary of SSA. Pursuant to the Merger Agreement, Samurai will be merged with and into the Company and, as a result, the Company will become a wholly-owned subsidiary of SSA (the "Merger"). The Company previously announced its results of operations for the fourth quarter and fiscal year ended September 30, 2002 in a press release filed under Form 8-K on October 30, 2002. In connection with the upcoming Special Meeting of Stockholders, the Company is filing as an exhibit 99.1 to this Form 8-K its unaudited consolidated financial statements as of September 30, 2002 and 2001, and for each of the three fiscal years ended September 30, 2002, 2001 and 2000. ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS. (c) Exhibits. See Exhibit Index attached hereto. SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Date: November 21, 2002 INFINIUM SOFTWARE, INC. By: /s/ William B. Gerraughty, Jr. ------------------------------------- Name: William B. Gerraughty, Jr. Title: Chief Financial Officer EXHIBIT INDEX EXHIBIT NO. EXHIBIT DESCRIPTION - ----------- ------------------- Exhibit 99.1 Infinium Software, Inc. unaudited consolidated financial statements as of September 30, 2002 and 2001, and for each of the three fiscal years ended September 30, 2002, 2001 and 2000. EX-99.1 3 b44824isexv99w1.txt UNAUDITED FINANCIAL STATMENTS EXHIBIT 99.1 The following presents the unaudited consolidated financial statements of Infinium Software, Inc. as of September 30, 2002 and 2001, and for each of the three fiscal years ended September 30, 2002, 2001 and 2000. The information presented below for the fiscal year ended September 30, 2002 is unaudited and does not include footnote disclosure, but does include all adjustments (consisting only of normal recurring entries) which Infinium's management believes to be necessary for the fair presentation of the financial position, results of operations, and changes in cash flows for the period presented. Certain prior year amounts have been reclassified to conform with current year's presentation. INFINIUM SOFTWARE, INC. CONSOLIDATED BALANCE SHEET UNAUDITED
(IN THOUSANDS, EXCEPT PER SHARE DATA) SEPTEMBER 30, ----------------------- 2002 2001 -------- -------- ASSETS Current assets: Cash and cash equivalents $ 24,843 $ 13,210 Marketable securities at fair market value 511 2,076 Accounts receivable, less allowance for doubtful accounts of $438 and $1,876 at September 30, 2002 and 2001, respectively 6,447 6,841 Prepaid expenses and other current assets 1,195 2,499 Net current assets of discontinued operations -- 233 -------- -------- Total current assets 32,996 24,859 -------- -------- Property and equipment, net 5,316 6,958 Capitalized software development costs, net 477 1,122 Other assets 2,738 2,358 -------- -------- Total assets $ 41,527 $ 35,297 ======== ======== LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) Current liabilities: Accounts payable $ 2,232 $ 4,345 Accrued expenses 9,015 13,599 Income taxes payable 283 282 Lease obligations, short-term portion 231 239 Deferred revenue 26,272 27,588 -------- -------- Total current liabilities 38,033 46,053 -------- -------- Lease obligations, long-term portion 302 524 Deferred revenue 1,430 1,400 -------- -------- Total liabilities 39,765 47,977 -------- -------- Commitments and contingencies Common stock, $0.01 par value; authorized 40,000 shares, issued 13,663 and 13,365 shares at September 30, 2002 and 2001, respectively 137 134 Additional paid-in capital 39,546 38,936 Deferred stock-based compensation (154) (297) Accumulated deficit (37,341) (51,362) Accumulated other comprehensive loss (229) (69) -------- -------- 1,959 (12,658) Less: Treasury stock at cost, 96 and 171 shares at September 30, 2002 and 2001, respectively (197) (22) -------- -------- Total stockholders' equity (deficit) 1,762 (12,680) -------- -------- Total liabilities and stockholders' equity (deficit) $ 41,527 $ 35,297 ======== ========
INFINIUM SOFTWARE, INC. CONSOLIDATED INCOME STATEMENT UNAUDITED
(IN THOUSANDS, EXCEPT PER SHARE DATA) FISCAL YEAR ENDED SEPTEMBER 30, --------------------------------------- 2002 2001 2000 -------- -------- --------- Revenue: Software license fees $ 10,700 $ 10,363 $ 20,473 Services revenue 55,992 66,347 76,108 -------- -------- --------- Total revenue 66,692 76,710 96,581 -------- -------- --------- Operating costs and expenses: Cost of software license fees 1,582 8,157 7,101 Cost of services 16,873 21,944 35,410 Research and development 10,239 16,165 21,296 Sales and marketing 17,405 27,182 36,102 General and administrative 7,541 16,431 15,620 -------- -------- --------- Total operating costs and expenses 53,640 89,879 115,529 -------- -------- --------- Income (loss) from operations 13,052 (13,169) (18,948) Other income, net 93 22 6,104 Gain on sale of subsidiary 337 -- -- -------- -------- --------- Income (loss) from continuing operations before provision for (benefit from) income taxes 13,482 (13,147) (12,844) Provision for (benefit from) income taxes (539) (2,284) 6,860 -------- -------- --------- Net income (loss) from continuing operations 14,021 (10,863) (19,704) Discontinued operations: Loss from operations of ASP segment -- (11,658) (8,112) Loss from disposal of ASP segment -- (1,811) -- -------- -------- --------- Net income (loss) $ 14,021 $(24,332) $ (27,816) ======== ======== ========= Income (loss) per share data: Basic income (loss) per share from continuing operations $ 1.07 $ (0.84) $ (1.56) ======== ======== ========= Diluted income (loss) per share from continuing operations $ 0.98 $ (0.84) $ (1.56) ======== ======== ========= Basic and diluted loss per share from ASP segment $ -- $ (1.04) $ (0.64) ======== ======== ========= Basic income (loss) per share $ 1.07 $ (1.88) $ (2.20) ======== ======== ========= Diluted income (loss) per share $ 0.98 $ (1.88) $ (2.20) ======== ======== ========= Weighted average shares outstanding - basic 13,153 12,941 12,668 ======== ======== ========= Weighted average shares outstanding - diluted 14,361 12,941 12,668 ======== ======== =========
INFINIUM SOFTWARE, INC. CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY (DEFICIT) UNAUDITED FOR THE FISCAL YEARS ENDED SEPTEMBER 30, 2002, 2001, AND 2000 (IN THOUSANDS)
Accumulated Deferred Retained Other Total Compre- Common Additional Stock Earnings Comprehensive Treasury Stockholders' hensive Shares Common Paid-In Compensa- (Accumulated Income Stock Equity Income Issued Stock Capital tion Deficit) (Loss) At Cost (Deficit) (Loss) --------------------------------------------------------------------------------------------------- Balance at September 30, 1999 12,607 $ 126 $ 36,306 -- $ 1,188 $ (257) $(2,020) $ 35,343 --------------------------------------------------------------------------------------- Stock issued in connection with Dexton acquisition 320 3 1,837 1,840 Treasury stock reissued upon exercise of stock options and employee stock purchase plan 184 (248) 1,810 1,746 Comprehensive loss: Net loss for the year (27,816) (27,816) $ (27,816) Unrealized gain on marketable equity securities 525 525 525 Cumulative translation adjustment 25 25 25 --------- Comprehensive loss $ (27,266) ------------------------------------------------------------------------------------------========= Balance at September 30, 2000 12,927 129 38,327 -- (26,876) 293 (210) 11,663 --------------------------------------------------------------------------------------- Issuance of restricted stock 430 4 855 $ (859) Executive option compensation 62 (62) New shares issued for employee stock purchase plan 8 1 11 12 Treasury stock reissued for employee stock purchase plan 36 (154) 210 92 Purchase of treasury stock at cost (22) (22) Amortization of deferred stock compensation 269 269 Cancellation of restricted stock (355) 355 Comprehensive loss: Net loss for the year (24,332) (24,332) $ (24,332) Unrealized loss on marketable equity securities (571) (571) (571) Cumulative translation adjustment 209 209 209 --------- Comprehensive loss $ (24,694) ------------------------------------------------------------------------------------------========= Balance at September 30, 2001 13,365 134 38,936 (297) (51,362) (69) (22) (12,680) --------------------------------------------------------------------------------------- Issuance of restricted stock 296 3 231 (234) New shares issued for employee stock purchase plan 57 7 64 Purchase of treasury stock at cost (205) (205) Amortization of deferred stock compensation 275 275 Cancellation of restricted stock (102) 102 (8) (8) Exercise of stock options 2 424 31 455 Comprehensive income: Net income for the year 14,021 14,021 $ 14,021 Unrealized loss on marketable equity securities (53) (53) 53 Cumulative translation adjustment (107) (107) (107) --------- Comprehensive income $ 13,967 ------------------------------------------------------------------------------------------========= Balance at September 30, 2002 13,663 $ 137 $ 39,546 $ (154) $(37,341) $ (229) $ (197) $ 1,762 =======================================================================================
INFINIUM SOFTWARE, INC. CONSOLIDATED STATEMENT OF CASH FLOWS UNAUDITED
(IN THOUSANDS) FISCAL YEAR ENDED SEPTEMBER 30, ---------------------------------- 2002 2001 2000 -------- -------- -------- Cash flows from operating activities: Net income (loss) $ 14,021 $(24,332) $(27,816) Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Loss from discontinued operations -- 11,658 8,112 Loss on disposal of discontinued operations -- 1,811 -- Depreciation and amortization 3,090 11,123 8,680 Write-down of goodwill and intangibles -- 3,937 -- Loss on disposal of fixed assets 62 546 -- Write-down of marketable securities 58 331 -- Non-cash compensation 275 270 -- Allowance for doubtful accounts 387 217 (271) Deferred income taxes -- -- 7,295 Gain on sale of Dexton (337) -- -- Changes in operating assets and liabilities, net of effects from corporate acquisitions: Accounts receivable (375) 8,807 1,404 Prepaid expenses and other current assets 1,149 1,955 (325) Other assets (350) -- (163) Accounts payable (1,243) (2,473) (1,233) Accrued expenses (3,306) (2,360) 1,519 Income taxes payable 30 (149) (315) Deferred revenue (866) (7,204) (1,574) -------- -------- -------- Net cash provided by (used in) continuing operations: 12,595 4,137 (4,687) Net cash used in discontinued operations: (1,647) (5,836) (14,886) -------- -------- -------- Net cash provided by (used in) operating activities: 10,948 (1,699) (19,573) -------- -------- -------- Cash flows from investing activities: Proceeds from sale of Dexton 5 -- -- Purchase of marketable securities -- (4,123) (4,148) Sale of marketable securities 1,453 4,219 25,713 Purchase of property and equipment (454) (658) (2,877) Capitalization of internal software development costs (265) (2,353) (1,557) Corporate acquisitions, net of cash acquired -- -- (4,575) -------- -------- -------- Net cash provided by (used in) investing activities 739 (2,915) 12,556 -------- -------- -------- Cash flows from financing activities: Proceeds from the exercise of stock options and employee stock purchase plan 519 104 1,746 Payments on capital lease obligations (230) (143) -- Purchase of treasury stock (213) (22) -- -------- -------- -------- Net cash (used in) provided by financing activities 76 (61) 1,746 -------- -------- -------- Effect of foreign exchange rate on cash (130) 220 (163) Net increase (decrease) in cash and cash equivalents 11,633 (4,455) (5,434) -------- -------- -------- Cash and cash equivalents, beginning of year 13,210 17,665 23,099 Cash and cash equivalents, end of year $ 24,843 $ 13,210 $ 17,665 ======== ======== ======== Supplemental cash flow information: Cash paid during the year for: Interest $ 133 $ 117 $ 25 Income taxes paid (refunded), net of refunds received $ (584) $ (2,089) $ (785) Supplemental disclosure of non-cash investing and financing activities: Equipment purchased under capital leases $ -- $ 338 $ -- Common stock issued in acquisition $ -- $ -- $ 1,840 Note payable incurred in acquisition $ -- $ -- $ 1,500 Issuance of restricted stock $ 234 $ 859 $ --
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