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Proc-Type: 2001,MIC-CLEAR
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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 Date of Report (Date of earliest event reported): July 11,
2002 CHORDIANT SOFTWARE, INC.
(Exact name of Registrant as specified in its charter)
Delaware |
93-1051328 |
(State or other jurisdiction of incorporation) |
(I.R.S. Employer Identification No.) |
Commission file number:
000-29357
20400 Stevens Creek Boulevard, Suite 400
Cupertino, CA 95014
Registrant's telephone number, including area code: (408) 517-6100
Item 5. Other Events.
On July 11, 2002 we issued a press release announcing our preliminary results for the second quarter ended June 30, 2002.
A copy of the press release issued by us is attached to this Report as Exhibit 99.1 and is incorporated by reference herein.
Item 7. Financial Statements and Exhibits.
Not applicable.
Not applicable.
Number Description
99.1 Press Release of Chordiant Software, Inc. dated July 11, 2002.
SIGNATURE
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 hereunto duly authorized.
Signature |
Title |
Date |
/s/ Steve G. Vogel
Steve G. Vogel |
Senior Vice President of Finance, Chief Financial Officer and Secretary (Principal Accounting Officer) |
July 11, 2002 |
EXHIBIT INDEX
Exhibit |
|
99.1 |
Press Release of Chordiant Software, Inc., dated July 11, 2002. |
CUPERTINO, Calif.--(BUSINESS WIRE)--July 11, 2002--Chordiant Software,
Inc. (Nasdaq:CHRD) today announced preliminary results for the second quarter
ended June 30, 2002. Chordiant expects to report revenues of approximately $15
million for the second quarter, compared to $18.5 million reported for the same
period of 2001. The company had previously expected revenue of $22 to $23
million and a pro forma net loss of 4 cents per share for the second quarter of
2002.
Chordiant met previous cash usage projections of $0 to 2 million in
operations for the second quarter of 2002. Chordiant's cash, cash equivalents
and short-term investments for the second quarter ending June 30, 2002, are
expected to be approximately $44 million, which reflects net cash usage of
approximately $5 million for the acquisition of OnDemand on April 1, 2002, and
proceeds of $3 million from the sale of common stock.
"The second quarter was very difficult. As a result of our customers'
lengthening contract cycle a number of transactions have moved out even where
Chordiant had been selected," said Steve Vogel, senior vice president and Chief
Financial Officer of Chordiant. "In spite of our revenue shortfall, we are
pleased with the management team's expense controls, strong cash collections and
the overall management of our business which allowed us to meet our cash flow
projections for the second quarter. With on going expense controls we continue
to lower our breakeven point."
"Even in this difficult environment, we continue to strengthen the domestic
sales organization, broaden product offerings and grow strategic relationships,"
said Stephen Kelly, Chief Executive Officer of Chordiant. "The sales pipeline is
strong internationally and is growing in the Americas and our competitive
position is solid. Moving forward, we have increased our sensitivity to
customers' longer contracting processes and have built this into our forecasting
model," Kelly added.
Second quarter 2002 pro forma net loss, which excludes in-process research
and development, stock-based compensation, one-time restructuring costs and
amortization of acquired intangible assets, is expected to be 13 cents per
share, compared to a pro forma net loss of 14 cents per share reported for the
second quarter of 2001. On a U.S. GAAP (Generally Accepted Accounting
Principles) basis, Chordiant's second quarter net loss is expected to be 18
cents per share, compared to a net loss of 25 cents per share for the prior
year.
Chordiant will announce the final results of its second quarter on Tuesday,
July 23, 2002, after the close of the market.
Teleconference Webcast Today (July 11) at 2:30 P.M. (PDT)
Chordiant management has scheduled a teleconference for 2:30 p.m. (PDT), and
5:30 p.m. (EDT) today to discuss the preliminary financial results and business
events for the second quarter of 2002. This teleconference will be Web-cast live
for all investors. Industry analysts and media are invited to attend the
conference on a listen-only basis. For more information, please visit the
Investor Relations section of Chordiant's Web site at
http://www.chordiant.com. From this
site, you can listen to the teleconference, assuming that your computer system
is configured properly. A phone replay will also be available for seven days
after the live call at 303/590-3000, access code 485800.
About Chordiant Software, Inc.
Chordiant Software, Inc. (www.chordiant.com)
is a worldwide leader in developing and delivering Dynamically Driven CRM(TM)
solutions for global B2C enterprises.
The Chordiant solution enables enterprises to gain a sustained competitive
advantage through more efficient and effective marketing, selling and customer
service. Only Chordiant delivers real-time, adaptive, process-centric solutions
that provide multidimensional customer interactions. The unique Chordiant JX
Architecture(TM) leverages existing investments inside the enterprise and
beyond, to enable brand consistency throughout the extended enterprise,
resulting in a more relevant and consistent customer experience.
Headquartered in Cupertino, California, Chordiant maintains offices in
Boston; Chicago; Manchester, N.H.; New York; London; Paris; Amsterdam,
Netherlands; Frankfurt and Munich, Germany; Madrid, Spain; Johannesburg, South
Africa; Sydney and Melbourne, Australia.
Safe Harbor
This news release includes "forward-looking statements" that are subject to
risks, uncertainties and other factors that could cause actual results or
outcomes to differ materially from those contemplated by the forward-looking
statements. Forward-looking statements in this release are generally identified
by words, such as "believes," "anticipates," "plans," "expects," "will,"
"would," "guidance," "projects" and similar expressions which are intended to
identify forward-looking statements. There are a number of important factors
that could cause the results of Chordiant to differ materially from those
indicated by these forward-looking statements, including, among others,
potential difficulties in the assimilation of operations, strategies,
technologies, personnel and products of acquired companies and technologies, the
impact of perceived or actual weakening of economic conditions on customers' and
prospective customers' spending on Chordiant software and services; quarterly
fluctuations in Chordiant's revenues or other operating results; failure by
Chordiant to meet financial expectations of analysts and investors, including
failure resulting from significant reductions in demand from earlier anticipated
levels; risks related to market acceptance of Chordiant's products;
customization and deployment delays or errors associated with Chordiant
products; impact of long sales and implementation cycles for certain Chordiant
products; reliance by Chordiant on a limited number of customers for a majority
of its revenues; Chordiant's need to retain and enhance business relationships
with systems integrators and other parties; Chordiant's use in its products of
third-party software; activities by Chordiant and others regarding protection of
intellectual property; and competitors' release of competitive products and
other actions. Further information on potential factors that could affect the
financial results of Chordiant are included in risks detailed from time to time
in Chordiant's Securities and Exchange Commission filings, including without
limitation Chordiant's Annual Report on Form 10-K filed on March 29, 2002. These
filings are available on a Web site maintained by the Securities and Exchange
Commission at http://www.sec.gov. Chordiant
does not undertake an obligation to update forward-looking or other statements
in this release.
Note to Editors: Chordiant and the Chordiant logo are registered trademarks
of Chordiant Software, Inc., JX Architecture and Dynamically Driven CRM are
trademarks of Chordiant Software, Inc. All other trademarks and registered
trademarks are the properties of their respective owners.
CONTACT: Chordiant Software, Inc. Steve Polcyn, 408/517-6282 steve.polcyn@chordiant.com Steve Vogel, 408/517-6112 steve.vogel@chordiant.com