-----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,
A7zkGErKFy/5wVHUL5laIUAq+GYjF04A4z3M8pKHzftHi4z26vZagn5+IsfNExQy
muFSXNYtcbdKqMMndxYsfQ==
UNITED STATES
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
April 23, 2003
Date of Report (Date of earliest event reported)
SIEBEL SYSTEMS, INC.
(Exact name of Registrant as specified in its charter)
2207 Bridgepointe Parkway
(650) 477-5000
Item 9. Regulation FD Disclosure. This Form 8-K is being furnished to report information pursuant to
Item 12 -- Disclosure of Results of Operations and Financial Condition. See Item 12 below. Item 12. Disclosure of Results of Operations and Financial Condition. On April 23, 2003, Siebel Systems, Inc. issued a press release announcing
results for the quarter ended March 31, 2003. A copy of the press release is attached as Exhibit 99.1
to this Current Report and is incorporated herein by reference. Item 7. Financial Statements and Exhibits. (c) Exhibits.
99.1
Press Release, dated as of April 23, 2003, entitled "Siebel Systems Reports
Revenue and Earnings for the Quarter Ended March 31, 2003."
San Mateo, CA 94404
(Address of principal executive offices, including zip code)
(Registrant's telephone number, including area code)
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.
SIEBEL SYSTEMS, INC. |
(Registrant) |
Dated: April 23, 2003
By: | /s/ Kenneth A. Goldman |
| |
Kenneth A. Goldman | |
Senior Vice President, Finance and Administration and Chief Financial Officer |
INDEX TO EXHIBITS
99.1 |
Press Release, dated as of April 23, 2003, entitled "Siebel Systems Reports Revenue and Earnings for the Quarter Ended March 31, 2003." |
Exhibit 99.1
NEWS RELEASE
Siebel Systems
Reports Revenues and Earnings
for the Quarter Ended March 31, 2003
SAN MATEO, Calif.-April 23, 2003-Siebel Systems, Inc. (NASDAQ: SEBL), a leading provider of eBusiness applications software, today announced revenues and earnings for the quarter ended March 31, 2003.
Revenues for the first quarter of 2003 were $332.8 million. Net income was $4.6 million, or $0.01 per share.
Revenues from license fees for the first quarter of 2003 were $112.1 million. Revenues from maintenance, consulting, and other services were $220.7 million.
The company's cash, cash equivalents, and short-term investments were $2.22 billion at March 31, 2003, an increase of $59.2 million from December 31, 2002. Days sales outstanding in accounts receivable remained the same at 63 days in Q1 2003 versus Q4 2002.
Quarterly Highlights
Siebel Systems Secures New Customers:
The company concluded new software licensing agreements with more than 160 new customers in the first quarter including ABSA Bank Ltd.; Ceridian Corporation; Caixa d'Estalvis i Pensions de Barcelona; City of Los Angeles Department of Water and Power; Colegio de Medicos de Barcelona; EDF; GES Exposition Services, Inc.; Globacom Limited; Grupo Roche Syntex De Mexico, S.A. de C.V.; H.J. Heinz Company; Independent Health Association, Inc.; INDRA Systemas, S.A.; Interpolis N.V.; Invitrogen Corporation; KOS Pharmaceuticals, Inc.; Motorists Mutual Insurance Company; Nefit Buderus B.V.; Norges Eksportråd; One Call Medical Inc.; Puerto Rico Telephone Company, Inc.; Tata Engineering; The Guardian Life Insurance Company of America; The MathWorks, Inc.; and TV Cabo Portugal S.A.Siebel Systems Secures Repeat Orders:
In the first quarter, the company concluded additional software licensing agreements with more than 230 existing customers. Siebel Systems realized significant reorders from 3COM Corporation; American Power Conversion Corporation; Atesia S.p.A.; Aventis Pharma SpA; Bayer AG; BNP Paribas; Boehringer Ingelheim Ltd.; Bose Corporation; Bouygues Telecom; ClientLogic B.V.; FNV Bondgenoten; Hoffman La-Roche AG; Irish Life & Permanent Plc; I.T. Telecom S.p.A.; London Borough of Tower Hamlets; London Electricity Group Plc; Lufthansa Cargo AG; Mexx International B.V.; Novo Nordisk AS; Sabre Holdings; Servei de Telecommunicacions d'Andorra; Siemens Business Services GmbH & Co. OHG; Sun Life Assurance Company of Canada; Tollpost Globe AS; VVF Vacances; and Zapadoceska energetika.Aberdeen Group Survey Shows Overwhelming Majority of Siebel Customers Report
CRM ROI
Siebel Systems and Siebel Customers Receive Industry Accolades
Siebel Systems Ships 50 New Industry-Specific Integration Applications for
Universal Application Network
Siebel Analytics Leads Market for Customer
Analytic Applications
IBM and Siebel Systems Unite to Deliver Industry-Specific Integration
Solutions
Customer Engagements
3Com Corporation
, a tier-one provider of networking products, plans to implement Siebel Call Center as its new service standard to help nearly 400 representatives enhance customer relationships through a consistent, world-class service experience. Thousands of 3Com users currently rely on Siebel Sales, Siebel Marketing, and Siebel Partner Relationship Management for demand generation, for opportunity management, and to improve lead conversion rates in concert with thousands of partners and resellers. Through its use of Siebel eBusiness Applications, the networking leader has already achieved cost savings of $3 million per year, as well as improvements in data quality, sales productivity, and responsiveness to customer and partner needs.City of Los Angeles Department of Water & Power (LADWP),
the nation's largest municipally owned utility, plans to deploy Siebel Energy to approximately 1,100 users to improve overall service efficiency and deliver one-stop service. All LADWP employees will have complete customer and service history at their fingertips, enabling them to better support a wide variety of energy efficiency and water conservation programs across multiple channels. Marking the largest implementation of Siebel Energy in a municipal utility distribution company environment, LADWP expects its new consolidated CRM platform to help it better understand customer needs, to more effectively manage customer programs and relationships, and to improve customer care.The Guardian Life Insurance Company of America
, the fourth-largest mutual life insurance company in the United States, has standardized on Siebel Insurance to enhance multichannel sales, marketing, and service. Designed to meet the specific needs of insurers, Siebel Insurance will enable approximately 650 group insurance field sales representatives, benefits advisors, and support staff to manage sales opportunities and help to ensure that more than 14,000 brokers have the flexibility to customize products for Guardian plan holders. Siebel Insurance will also serve as the single customer service and support desktop application for more than 500 customer service representatives and will allow Guardian to increase customer self-service using IVR and the Web. Guardian executives also plan to leverage Siebel Insurance to execute direct marketing campaigns and analyze customer and business data to support stronger, more profitable relationships with brokers, plan holders, individual members, and healthcare providers.H.J. Heinz Company
, one of the world's largest food processors and marketers, plans to deploy Siebel Consumer Goods to provide support for sales, merchandising, and customer service throughout its U.S. retail channel. Providing best-in-class sales volume planning and trade promotions management functionality, Siebel Consumer Goods will allow more than 300 Heinz field sales representatives to gain greater visibility into and act upon demand trends for its leading consumer brands, such as Heinz® ketchup, Ore-Ida® frozen potatoes, Boston Market® frozen meals, Smart Ones® frozen meals and desserts, and Classico® premium pasta sauces.Irish Life & Permanent plc
, a leading provider of personal financial services in Ireland, is expanding its implementation of Siebel eBusiness Applications to its retail banking division. More than 1,000 personal sales advisors in branches across Ireland will now use Siebel Finance to drive sales of the bank's portfolio of personal banking, mortgage, savings and investment, and loans services. Irish Life & Permanent has already successfully implemented Siebel Insurance across the life and pensions sales force and contact center to support seamless, high-quality sales and service across multiple lines of business, products, and channels of communication.Lufthansa Cargo AG,
the global leader in premium airfreight solutions, is extending its use of Siebel Sales from 600 to close to 1,000 sales representatives worldwide as part of a company-wide sales initiative. The airport-to-airport freight company relies on Siebel Sales to support global sales of its premium services. The Siebel application provides Lufthansa Cargo sales representatives with a 360-degree view of customer interactions, allowing representatives to proactively target customers and coordinate all account activities globally. Siebel Sales also helps increase the effectiveness of the company's multichannel marketing campaigns by providing greater visibility into marketing activities on a worldwide basis.Sabre Holdings
, a world leader in travel commerce, selected Siebel eBusiness Applications to enhance customer satisfaction and employee productivity while reducing costs. Based on its previous success with Siebel Call Center, Sabre Holdings is now extending its Siebel eBusiness implementation to better serve travelers, corporations, travel agents, and travel suppliers around the globe.Tata Engineering,
India's premier automobile and commercial vehicle manufacturer, has selected Siebel Automotive-a suite of applications designed specifically for the automotive industry-to manage its customer and dealer relationship programs. More than 250 of the manufacturer's customer support, sales, and service employees, together with the domestic and international Tata dealer and service station network, are expected to use Siebel Automotive's partner relationship management and field service capabilities to gain a single view of customer relationships, enhance sales force productivity, improve post-sales service, and increase revenue generation per dealer.About Siebel Systems
# # #
Investor Contact: Siebel Systems Investor Relations Department (650) 295-5656 Investor.relations@siebel.com |
Media Contact: Siebel Public Relations (650) 295-5455 PublicRelations@siebel.com |
*CRM Suite Magic Quadrant 2003: Business-to-Business, M. Maoz, 28 February
2003.
CRM Suite Magic Quadrant 2003: Business-to-Consumer, M. Maoz, March 2003.
CRM Sales Suite Vendors: 2003 Magic Quadrant, R. DeSisto, 5 February 2003.
The 1H03 Direct Sales Technology Magic Quadrant, J. Galvin, 10 February
2003.
Sales Configuration Vendors: 1H03 MQ, R. DeSisto, 4 February 2003.
CRM Field Service Management Magic Quadrant 2003, M. Maoz, 13 February 2003.
Partner Relationship Management: 2003 Magic Quadrant, R. DeSisto, C. Marcus, 11
February 2003.
Customer Service and Support Suite 2003 Magic Quadrant, M. Maoz, 18 February
2003.
eService Suite 1H03 Magic Quadrant, E. Kolsky, March 2003.
EMEA Sales Applications Magic Quadrant 1H03, E. Thompson, 28 February 2003.
EMEA CSS Magic Quadrant 4Q02, A. Bona, J. Davies, 6 December 2002.
**CRM Large-Enterprise-Suite 2003 Magic Quadrant Criteria, M. Maoz, G. Herschel, B. Eisenfeld, 24 January 2003, Page 1.
The Magic Quadrant is copyrighted December 2002, February and March 2003 by Gartner, Inc. and is reused with permission. Gartner's permission to print or reference its Magic Quadrant should not be deemed to be an endorsement of any company or product depicted in the quadrant. The Magic Quadrant is Gartner's opinion and is an analytical representation of a marketplace at and for a specific time period. It measures vendors against Gartner-defined criteria for a marketplace. The positioning of vendors within a Magic Quadrant is based on the complex interplay of many factors. Gartner does not advise enterprises to select only those firms in the Leaders segment. In some situations, firms in the Visionary, Challenger, or Niche Player segments may be the right match for an enterprise's requirements. Well-informed vendor selection decisions should rely on more than a Magic Quadrant. Gartner research is intended to be one of many information sources including other published information and direct analyst interaction. Gartner expressly disclaims all warranties, express or implied of fitness of this research for a particular purpose.
Siebel is a trademark of Siebel Systems, Inc. and may be registered in certain jurisdictions. All other product and company names mentioned are the property of their respective owners and are mentioned for identification purposes only.
Except for the historical information contained herein, this press release contains forward-looking statements that involve risks and uncertainties. The success of the agreements, relationships and products described above and the future operating results of Siebel Systems, Inc. may differ from the results discussed or forecasted in the forward-looking statements due to factors that include, but are not limited to, risks associated with the eBusiness software applications market, dependence on the Internet, risks associated with new versions and new products and risks associated with rapid technological change. Further information on potential factors that could affect the financial results of Siebel Systems, Inc. are included in its Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and its other filings with the Securities and Exchange Commission, which are available at www.sec.gov. Siebel Systems assumes no obligation to update the information in this press release.
SIEBEL SYSTEMS, INC.
Consolidated Balance Sheets
(in thousands; except per share data)
December 31, March 31, 2002 2003 ------------- ------------- Assets Current assets: Cash and cash equivalents........................................... $ 667,511 $ 672,388 Short-term investments.............................................. 1,494,093 1,548,457 ------------- ------------- Total cash, cash equivalents, and short-term investments..... 2,161,604 2,220,845 Marketable equity securities........................................ 4,613 3,786 Accounts receivable, net............................................ 275,764 234,720 Deferred income taxes............................................... 96,518 96,752 Prepaids and other.................................................. 49,901 41,942 ------------- ------------- Total current assets......................................... 2,588,400 2,598,045 Property and equipment, net............................................ 273,024 255,211 Goodwill............................................................... 80,949 81,968 Intangible assets, net................................................. 10,354 8,771 Other assets........................................................... 37,580 35,692 Deferred income taxes.................................................. 42,711 42,711 ------------- ------------- Total assets................................................. $ 3,033,018 $ 3,022,398 ============= ============= Liabilities and Stockholders' Equity Current liabilities: Accounts payable.................................................... $ 15,239 $ 11,124 Accrued expenses.................................................... 319,622 295,486 Restructuring obligations........................................... 42,703 40,768 Deferred revenue.................................................... 270,575 284,498 ------------- ------------- Total current liabilities.................................... 648,139 631,876 Restructuring obligations, less current portion........................ 111,845 98,480 Other long-term liabilities, less current portion...................... 15,574 16,332 Convertible subordinated debentures.................................... 300,000 300,000 ------------- ------------- Total liabilities............................................ 1,075,558 1,046,688 ------------- ------------- Commitments and contingencies Stockholders' equity: Common stock; $0.001 par value; 2,000,000 shares authorized; 486,428 and 488,819 shares issued and outstanding, respectively... 486 489 Additional paid-in capital........................................... 1,486,612 1,493,467 Deferred compensation................................................ (3,438) (2,855) Accumulated other comprehensive income............................... 28,681 34,872 Retained earnings.................................................... 445,119 449,737 ------------- ------------- Total stockholders' equity................................... 1,957,460 1,975,710 ------------- ------------- Total liabilities and stockholders' equity................... $ 3,033,018 $ 3,022,398 ============= =============
SIEBEL SYSTEMS, INC.
Consolidated Statements of Operations and Comprehensive Income
(in thousands, except per share data)
Three Months Ended March 31, ---------------------- 2002 2003 ---------- ----------- Revenues: Software............................................. $ 246,047 $ 112,092 Professional services, maintenance and other......... 231,800 220,663 ---------- ----------- Total revenues................................... 477,847 332,755 ---------- ----------- Cost of revenues: Software............................................. 5,295 4,721 Professional services, maintenance and other......... 131,133 125,512 ---------- ----------- Total cost of revenues........................... 136,428 130,233 ---------- ----------- Gross margin................................ 341,419 202,522 ---------- ----------- Operating expenses: Product development.................................. 83,719 79,271 Sales and marketing.................................. 137,255 100,172 General and administrative........................... 30,067 26,366 ---------- ----------- Total operating expenses......................... 251,041 205,809 ---------- ----------- Operating income (loss)..................... 90,378 (3,287) Other income, net....................................... 10,593 10,503 ---------- ----------- Income before income taxes.................. 100,971 7,216 Income taxes............................................ 36,350 2,598 ---------- ----------- Net income.................................. $ 64,621 $ 4,618 ========== =========== Diluted net income per share............................ $ 0.12 $ 0.01 ========== =========== Shares used in diluted share computation................ 542,990 511,391 ========== =========== Basic net income per share.............................. $ 0.14 $ 0.01 ========== =========== Shares used in basic share computation.................. 470,489 487,254 ========== ===========
SIEBEL SYSTEMS, INC.
Condensed Consolidated Statements of Cash Flows
(in thousands)
Three Months Ended March 31, ----------------------- 2002 2003 ---------- ------------ Cash flows from operating activities: Net income.............................................................. $ 64,621 $ 4,618 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization........................................ 35,838 41,982 Tax benefit from exercise of stock options........................... 10,000 -- Deferred income taxes................................................ 504 55 Provision for doubtful accounts and sales returns.................... 4,757 3,779 Other, net........................................................... (2,252) (1,294) Changes in operating assets and liabilities: Accounts receivable............................................... 22,379 37,338 Prepaids and other................................................ 16,341 7,959 Accounts payable and accrued expenses............................. 5,285 (30,249) Restructuring obligations......................................... -- (15,300) Deferred revenue.................................................. 32,029 13,923 ---------- ------------ Net cash provided by operating activities....................... 189,502 62,811 ---------- ------------ Cash flows from investing activities: Purchases of property and equipment..................................... (22,645) (9,255) Purchases of short-term investments, net of sales....................... (74,636) (55,951) Other, net.............................................................. (1,009) (42) ---------- ------------ Net cash used in investing activities........................... (98,290) (65,248) ---------- ------------ Cash flows from financing activities: Proceeds from issuance of common stock, net of repurchases.............. 43,440 5,266 Proceeds from equipment financing....................................... 24,873 -- Repayments of capital lease obligations................................. (2,001) (3,256) ---------- ------------ Net cash provided by financing activities....................... 66,312 2,010 ---------- ------------ Effect of exchange rate fluctuations....................................... (2,240) 5,304 ---------- ------------ Change in cash and cash equivalents........................................ 155,284 4,877 Cash and cash equivalents, beginning of period............................. 799,090 667,511 ---------- ------------ Cash and cash equivalents, end of period................................... $ 954,374 $ 672,388 ========== ============