-----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, OVL5hcn2PnuTiuOedHxTLvtCXLQlimzdul1GgkbfAUqYbTpWjj+srnoVCAs5BV94 GINZaOezHScrKzNSfdSjYg== 0001019687-04-001588.txt : 20040723 0001019687-04-001588.hdr.sgml : 20040723 20040722134422 ACCESSION NUMBER: 0001019687-04-001588 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20040722 ITEM INFORMATION: ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20040722 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: 04926112 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-072204.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 22, 2004 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 22, 2004. ITEM 12. RESULTS OF OPERATIONS AND FINANCIAL CONDITION. On July 22, 2004, Persistence Software, Inc., a Delaware corporation ("Persistence"), will announce its financial results for the six month period ended June 30, 2004. A copy of Persistence's press release regarding the announcement of its financial results is attached as Exhibit 99.1 hereto and incorporated by reference herein. 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 22, 2004 By: /s/ CHRISTOPHER T. KEENE ------------------------------------- Christopher T. Keene President and Chief Executive Officer PERSISTENCE SOFTWARE, INC. INDEX TO EXHIBITS Exhibit Number Description - -------------- ----------- 99.1 Press Release of Persistence Software, Inc. dated July 22, 2004. EX-99.1 2 persistence_8kex99-1.txt EXHIBIT 99.1 FOR IMMEDIATE RELEASE PRESS RELEASE Contact: Professional Investment Community and Media -------- ------------------------------------------- Brian Tobin Joe Diaz or Joe Dorame Corporate Controller RCG Capital Markets Group, Inc. Persistence Software, Inc. 480.675.0400 650.372.3647 btobin@persistence.com PERSISTENCE SOFTWARE ANNOUNCES SECOND QUARTER FINANCIAL RESULTS SAN MATEO, CALIF. -- JULY 22, 2004 -- Persistence(R) Software (NASDAQ: PRSW), a technology leader for data access and caching, today announced financial results for the second quarter of fiscal 2004 ended June 30, 2004. For the quarter, revenues were $2.3 million compared with $2.1 million for the first quarter of 2004, and $2.9 million for the second quarter of 2003. The Company reported its third consecutive quarter of profitability, earning $129,000, or $0.05 per share, fully diluted, compared with net income of $56,000, or $0.02 per share, fully diluted in the first quarter of 2004, and a net loss of $624,000, or $(0.26) per share, fully diluted, in the second quarter of 2003. Christopher Keene, chief executive officer of Persistence, commented, "We have just completed our third consecutive quarter of profitability, have grown revenue more than 12 percent compared to last quarter, and have increased our cash balance by over $100,000 during this quarter as well. While the fundamentals of our industry continue to be difficult, the operating results for the quarter reflect our on-going dedication to improving revenue growth while carefully managing expenses in a manner that is consistent with the fundamentals of the business". The Company will discuss these results in a conference call scheduled for 4:15 p.m. Eastern July 22, 2004. Interested parties can access the call by dialing (877) 858-9308 (domestic) or (706) 643-0580 (international) or by accessing the webcast at www.persistence.com/company/investors.html. A replay of the call will be available at (800) 642-1687 (domestic) or (706) 645-9291 (international), access number 8772039, for 3 days following the call; and the webcast can be accessed at www.persistence.com/company/investors.html for 30 days. ABOUT PERSISTENCE Persistence Software is a technology leader for data access and caching infrastructure. Persistence provides infrastructure software specifically designed to eliminate data access bottlenecks - such as redundant database queries - that cause poor application performance. For mission-critical applications, Persistence Data Services products simplify and optimize access to enterprise data by providing tightly integrated object-to-relational mapping, intelligent caching and guaranteed cache synchronization. Patented Persistence products have helped over 100 Global 2000 companies achieve breakthrough performance, scalability, availability and developer productivity. Find Persistence on the web at www.persistence.com. 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, THE POSSIBILITY THAT WE MAY NOT ACHIEVE OUR SALES TARGETS, 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, RISKS ASSOCIATED WITH OUR DECLINING SALES, OUR DEPENDENCE ON OUR NEWEST EDGEXTEND PRODUCT, FAILURE 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, 2003, THE QUARTERLY REPORT ON FORM 10-QSB FOR THE QUARTER ENDED MARCH 31, 2004 AND IN OUR OTHER FILINGS WITH THE SECURITIES AND EXCHANGE COMMISSION. EDGEXTEND, POWERTIER AND DIRECTALERT ARE REGISTERED TRADEMARKS OF PERSISTENCE SOFTWARE, INC. ALL OTHER PRODUCT, TRADEMARK, COMPANY, OR SERVICE NAMES MENTIONED HEREIN ARE THE PROPERTY OF THEIR RESPECTIVE OWNERS. -FINANCIAL TABLES FOLLOW- PERSISTENCE SOFTWARE, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS ( Unaudited ) ( In thousands, except per share amounts )
THREE MONTHS ENDED SIX MONTHS ENDED JUN. 30, JUN. 30, JUN. 30, JUN. 30, 2004 2003 2004 2003 ------------ ------------ ------------ ------------ Revenues: Licenses $ 1,139 $ 1,656 $ 1,982 $ 2,950 Service 1,182 1,220 2,396 2,449 ------------ ------------ ------------ ------------ Total revenues 2,321 2,876 4,378 5,399 ------------ ------------ ------------ ------------ Cost of revenues: Licenses 23 22 42 61 Service 317 459 583 936 ------------ ------------ ------------ ------------ Total cost of revenues 340 481 625 997 ------------ ------------ ------------ ------------ Gross profit 1,981 2,395 3,753 4,402 ------------ ------------ ------------ ------------ Operating expenses: Sales and marketing 755 1,545 1,537 3,076 Research and development 622 803 1,193 1,652 General and administrative 470 657 944 1,300 Purchased intangibles -- -- (110) -- ------------ ------------ ------------ ------------ Total operating expenses 1,847 3,005 3,564 6,028 ------------ ------------ ------------ ------------ Income / (Loss) from operations 134 (610) 189 (1,626) Interest and other income, net 4 5 6 13 Income taxes (9) (19) (9) (19) ------------ ------------ ------------ ------------ Net income / (loss) $ 129 $ (624) $ 186 $ (1,632) ------------ ------------ ------------ ------------ Basic net profit / (loss) per share $ 0.05 $ (0.26) $ 0.07 $ (0.68) ------------ ------------ ------------ ------------ Diluted net profit / (loss) per share $ 0.05 $ (0.26) $ 0.07 $ (0.68) ------------ ------------ ------------ ------------ Shares used in calculating basic net profit / (loss) per share 2,716 2,406 2,715 2,404 ------------ ------------ ------------ ------------ Shares used in calculating diluted net profit / (loss) per share 2,743 2,406 2,741 2,404 ------------ ------------ ------------ ------------
PERSISTENCE SOFTWARE, INC. CONDENSED CONSOLIDATED BALANCE SHEETS ( Unaudited ) ( In thousands ) AS OF JUN. 30, DEC. 31, 2004 2003 ------------ ------------ Assets: Current assets: Cash, cash equivalents $ 4,987 $ 5,680 Accounts receivable, net 1,044 1,498 Prepaids and other current assets 390 258 ------------ ------------ Total current assets 6,421 7,436 Property and equipment, net 105 95 Purchased intangibles, net 41 59 Other assets 37 37 ------------ ------------ Total assets $ 6,604 $ 7,627 ============ ============ Liabilities and Stockholders' Equity: Current liabilities: Accounts payable $ 353 $ 329 Accrued liabilities 1,004 1,262 Deferred revenues (net of long term portion) 2,002 2,565 Current portion of long-term obligations 5 334 ------------ ------------ Total current liabilities 3,364 4,490 Long-term liabilities Long-term portion of deferred revenues -- 84 Long-term obligations 10 18 ------------ ------------ Total long-term liabilities 10 102 ------------ ------------ Total liabilities 3,374 4,592 ------------ ------------ Stockholders' equity: Common stock, net 67,129 67,112 Accumulated deficit (63,891) (64,076) Other (8) (1) ------------ ------------ Total stockholders' equity 3,230 3,035 ------------ ------------ Total liabilities and stockholders' equity $ 6,604 $ 7,627 ============ ============ ### -----END PRIVACY-ENHANCED MESSAGE-----