-----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, L+IeZyKtvp0+43BYKuAF2tJ6UQX9ToCw6TLa5FlhJueqasI2+MOBaG9S4WYGu0/o Jp8I8ZxUeVlsIGAnweo51w== 0001019687-03-001501.txt : 20030724 0001019687-03-001501.hdr.sgml : 20030724 20030724123435 ACCESSION NUMBER: 0001019687-03-001501 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20030724 ITEM INFORMATION: Financial statements and exhibits ITEM INFORMATION: Regulation FD Disclosure FILED AS OF DATE: 20030724 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PERSISTENCE SOFTWARE INC CENTRAL INDEX KEY: 0001084400 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-PREPACKAGED SOFTWARE [7372] IRS NUMBER: 943138935 STATE OF INCORPORATION: CA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-25857 FILM NUMBER: 03800328 BUSINESS ADDRESS: STREET 1: 1720 SOUTH AMPHLETT BLVD., 3RD FLOOR CITY: SAN MATEO STATE: CA ZIP: 94402 BUSINESS PHONE: 6503417733 MAIL ADDRESS: STREET 1: 1720 S. AMPHLETT BLVD, 3RD FLOOR CITY: SAN MATEO STATE: CA ZIP: 94402 8-K 1 persistence_8k-072403.txt 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 JULY 24, 2003 Date of Report (Date of earliest event reported) PERSISTENCE SOFTWARE, INC. (Exact name of registrant as specified in its charter) DELAWARE (State or other jurisdiction of incorporation) 000-25857 94-3138935 (Commission File Number) (I.R.S. Employer Identification No.) 1720 SOUTH AMPHLETT BLVD., THIRD FLOOR SAN MATEO, CALIFORNIA 94402 (Address of principal executive offices, with zip code) (650) 372-3600 (Registrant's telephone number, including area code) ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS. (a) Not applicable. (b) Not applicable. (c) Exhibits: 99.1 Press Release of Persistence Software, Inc. dated July 24, 2003. ITEM 9. REGULATION FD DISCLOSURE. In accordance with SEC Release No. 33-8216, the following information, which is intended to be furnished under "Item 12. Results of Operations and Financial Condition," is instead being furnished under "Item 9. Regulation FD Disclosure." The following information shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing. On July 24, 2003, Persistence Software, Inc., a Delaware corporation ("Persistence"), issued a press release of the financial results for the six month period ended June 30, 2003. A copy of Persistence's press release is attached as Exhibit 99.1 hereto and incorporated by reference into this Form 8-K. 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 hereunto duly authorized. PERSISTENCE SOFTWARE, INC. Date: July 24, 2003 By: /s/ Christine Russell ----------------------- Christine Russell Chief Financial Officer PERSISTENCE SOFTWARE, INC. INDEX TO EXHIBITS Exhibit Number Description - -------------- ----------- 99.1 Press Release of Persistence Software, Inc. dated July 24, 2003. EX-99.1 3 persistence_8kex99-1.txt EXHIBIT 99.1 PERSISTENCE SOFTWARE ANNOUNCES SECOND QUARTER FINANCIAL RESULTS SAN MATEO, CALIF. -- JULY 24, 2003 -- Persistence(R) Software (NASDAQ: PRSW), a leading provider of data services software for distributed data access and management, today announced financial results for the second quarter ended June 30, 2003. For the quarter, revenues were $2,876,000, compared with $2,523,000 for the first quarter of 2003. The Company reported a net loss of $624,000, or $(0.26) per share compared with a net loss of $1,008,000 or $(0.42) per share for the first quarter of 2003. Revenues for the second quarter last year were $5,730,000 with a net profit of $215,000 or $.10 per share. All per share numbers have been adjusted to reflect a 1-for-10 reverse stock split that was effected in the second quarter of 2003. Cash balances at June 30, 2003 were $ 6.2 million compared to $7.1 million as of March 31, 2003 and $7.3 million as of June 30, 2002. Christopher Keene, chief executive officer of Persistence Software, Inc., commented, "We were pleased to see the license revenue component grow by 28 percent compared to the first quarter of 2003. At the same time, our loss narrowed by 38 percent from the first quarter of this year as we continue to conservatively manage expenses." Mr. Keene continued "Yesterday we announced that NetJets(R), the fractional jet ownership leader and pioneer, has successfully deployed Persistence's data services architecture, which integrates and continuously synchronizes all information within the business so that critical applications all have the same up-to-date information about customers, planes and crews. This customer is indicative of the wide range of applications where Persistence's Data Services products can improve the efficiency for sharing and distributing critical data." The Company will discuss these results in a conference call scheduled for 4:15 p.m. Eastern July 24, 2003. Interested parties can access the call by dialing (877) 858-9308 or by accessing the webcast at http://www.persistence.com/company/ir.php. A replay of the call will be available at (706) 645-9291, access number 1707747, for 3 days following the call; and the webcast can be accessed at http://www.persistence.com/company/ir.php for 30 days. ABOUT PERSISTENCE Persistence Software provides to Global 2000 companies the Data Services infrastructure to create real-time, highly scalable applications without incurring the high costs of additional hardware and replicated databases. Data Services addresses a critical need for most global companies to eliminate costs from their highly fragmented data infrastructure by creating integrated and synchronized data across the enterprise. Founded in 1991, Persistence is a publicly traded company (NASDAQ: PRSW) with a large, established customer base. Over the past 11 years, Persistence pioneered the core data services technologies and has been awarded seven caching and mapping patents, some of which have been licensed to Sun and Cisco Systems. Persistence data services solutions power some of the world's most demanding applications, including those of Citibank, FedEx, Eurocontrol, Reuters, Sabre and Wells Fargo. Please visit http://www.persistence.com for more information. Persistence Software is headquartered in San Mateo, California. Please visit http://www.persistence.com for more information. Except for the historical information contained herein, the matters discussed in this press release are forward-looking statements involving risks and uncertainties, which could cause actual results to differ materially from those in such forward-looking statements. Potential risks and uncertainties include, but are not limited to, Persistence Software's limited operating history; potential fluctuations in our operating results; our potential need to raise cash in the future; uncertainties related to our long sales cycle; our reliance on a relatively small number of customers; our dependence on revenues from EdgeXtend, which was only released in 2002; our need to manage our resources or attract and retain the services of key employees; our need to deliver products that are free of defects and errors and meet rapidly changing technology standards and customer requirements; our need to build a strong direct sales team and develop third party sales channels; our dependence on enterprise-wide system deployments; and our need to address competition from companies with substantially greater resources. Further information regarding these and other risks and uncertainties is included in our annual Report on Form 10-K for the year ended December 31, 2002, as amended, our Form 10-Q for the quarter ended March 31, 2003, as amended, and our other filings with the Securities and Exchange Commission. -Financial tables follow- PERSISTENCE SOFTWARE, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS ( In thousands, except per share amounts )
THREE MONTHS ENDED SIX MONTHS ENDED JUN. 30, JUN. 30, JUN. 30, JUN. 30, 2003 2002 2003 2002 -------- -------- -------- -------- Revenues: Licenses $ 1,656 $ 4,104 $ 2,950 $ 4,937 Service 1,220 1,626 2,449 2,954 -------- -------- -------- -------- Total revenues 2,876 5,730 5,399 7,891 -------- -------- -------- -------- Cost of revenues: Licenses 22 75 61 102 Service 459 759 936 1,527 -------- -------- -------- -------- Total cost of revenues 481 834 997 1,629 -------- -------- -------- -------- Gross profit 2,395 4,896 4,402 6,262 -------- -------- -------- -------- Operating expenses: Sales and marketing 1,545 2,586 3,076 5,020 Research and development 803 1,038 1,652 2,156 General and administrative 657 919 1,300 1,846 Amortization of purchased intangibles -- 142 -- 354 -------- -------- -------- -------- Total operating expenses 3,005 4,685 6,028 9,376 -------- -------- -------- -------- Profit / (Loss) from operations (610) 211 (1,626) (3,114) Interest and other income, net (14) 4 (6) 20 -------- -------- -------- -------- Net profit / (loss) $ (624) $ 215 $(1,632) $(3,094) -------- -------- -------- -------- Basic net profit / (loss) per share $ (0.26) $ 0.11 $ (0.68) $ (1.54) -------- -------- -------- -------- Diluted net profit / (loss) per share N/A $ 0.10 N/A $ (1.54) -------- -------- -------- -------- Shares used in calculating basic net profit / (loss) per share 2,406 2,015 2,404 2,012 -------- -------- -------- -------- Shares used in calculating diluted net profit / (loss) loss per share N/A 2,048 N/A 2,012 -------- -------- -------- --------
PERSISTENCE SOFTWARE, INC. CONDENSED CONSOLIDATED BALANCE SHEETS ( In thousands ) AS OF JUN. 30, DEC. 31, 2003 2002 --------- --------- Assets: Current assets: Cash, cash equivalents $ 6,174 $ 8,903 Accounts receivable, net 1,948 1,252 Prepaids and other current assets 222 392 --------- --------- Total current assets 8,344 10,547 Property and equipment, net 205 375 Purchased intangibles, net 78 123 Deposits and other assets 55 55 --------- --------- Total assets $ 8,682 $ 11,100 ========= ========= Liabilities and Stockholders' Equity: Current liabilities: Accounts payable $ 412 $ 325 Accrued liabilities 1,836 1,910 Deferred revenues (net of long term portion) 2,257 2,529 Current portion of long-term obligations 713 841 --------- --------- Total current liabilities 5,218 5,605 Long-term liabilities Long-term portion of deferred revenues 373 691 Long-term obligations 35 93 --------- --------- Total long-term liabilities 408 784 --------- --------- Total liabilities 5,626 6,389 --------- --------- Stockholders' equity: Common stock, net 66,062 66,072 Accumulated deficit (63,002) (61,370) Other (4) 9 --------- --------- Total stockholders' equity 3,056 4,711 --------- --------- Total liabilities and stockholders' equity $ 8,682 $ 11,100 ========= ========= -----END PRIVACY-ENHANCED MESSAGE-----