8-K 1 d8k.htm FORM 8-K Form 8-K

 

 

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): August 11, 2010

 

 

SALARY.COM, INC.

(Exact name of registrant as specified in its charter)

 

 

Delaware

(State of incorporation or organization)

 

001-33312   04-3465241
(Commission file number)   (I.R.S. employer identification no.)

160 Gould Street, Needham, Massachusetts 02494

(Address of Principal Executive Offices) (Zip code)

Registrant’s telephone number, including area code: (781) 851-8000

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 


Item 9.01. Financial Statements and Exhibits.

 

(b) Pro Forma Financial Information

As disclosed in its Quarterly Report on Form 10-Q for the period ended June 30, 2010, which was filed with the Securities Exchange Commission on August 16, 2010, on August 11, 2010, Salary.com, Inc. completed the sale of all of the outstanding shares of capital stock of its wholly-owned subsidiary, Genesys Software Systems, Inc., to Genesys Acquisition Corp. The pro forma financial information required by this item with respect to this transaction is set forth below.


SALARY.COM, INC.

PRO FORMA CONSOLIDATED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED MARCH 31, 2010

(IN THOUSANDS, EXCEPT PER SHARE DATA)

(unaudited)

 

     Salary.com, Inc.
Consolidated
As Reported
    Genesys
Software
Systems (a)
    Salary.com, Inc.
Pro Forma
Consolidated
 

Revenue:

      

Subscription revenues

   $ 42,685      $ (6,532   $ 36,153   

Advertising revenues

     3,065        —          3,065   
                        

Total revenues

     45,750        (6,532     39,218   

Cost of revenues

     14,458        (4,416     10,042   
                        

Gross profit

     31,292        (2,116     29,176   
                        

Operating expenses:

      

Research and development

     9,696        (1,199     8,497   

Sales and marketing

     21,788        (270     21,518   

General and administrative

     15,208        (729     14,479   

Amortization of intangible assets

     3,007        (1,082     1,925   

Impairment charges

     5,599        (5,599     —     

Restructuring charges

     2,039        (230     1,809   
                        

Total operating expenses

     57,337        (9,109     48,228   
                        

Loss from operations

     (26,045     6,993        (19,052
                        

Other income (expense):

      

Interest income

     12        —          12   

Other income (expense)

     (106     13        (93
                        

Total other expense, net

     (94     13        (81
                        

Loss before taxes

     (26,139     7,006        (19,133
                        

Income tax expense

     97        17        114   
                        

Net loss

   $ (26,236   $ 6,989      $ (19,247
                        

Net loss per share - basic and diluted

   $ (1.59     $ (1.17
                  

Weighted average shares outstanding - basic and diluted

     16,456          16,456   


SALARY.COM, INC.

PRO FORMA CONSOLIDATED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED MARCH 31, 2009

(IN THOUSANDS, EXCEPT PER SHARE DATA)

(unaudited)

 

     Salary.com, Inc.
Consolidated
As Reported
    Genesys
Software
Systems (a)
    Salary.com, Inc.
Pro Forma
Consolidated
 

Revenue:

      

Subscription revenues

   $ 39,630      $ (1,884   $ 37,746   

Advertising revenues

     2,825        —          2,825   
                        

Total revenues

     42,455        (1,884     40,571   

Cost of revenues

     13,157        (1,476     11,681   
                        

Gross profit

     29,298        (408     28,890   
                        

Operating expenses:

      

Research and development

     8,846        (312     8,534   

Sales and marketing

     26,139        (218     25,921   

General and administrative

     15,723        (299     15,424   

Amortization of intangible assets

     1,988        (309     1,679   

Impairment charges

     —          —          —     

Restructuring charges

     3,081        —          3,081   
                        

Total operating expenses

     55,777        (1,138     54,639   
                        

Loss from operations

     (26,479     730        (25,749
                        

Other income (expense):

      

Interest income

     537        (2     535   

Other income (expense)

     (308     (2     (310
                        

Total other expense, net

     229        (4     225   
                        

Loss before taxes

     (26,250     726        (25,524
                        

Income tax expense

     208        —          208   
                        

Net loss

   $ (26,458   $ 726      $ (25,732
                        

Net loss per share - basic and diluted

   $ (1.62     $ (1.58
                  

Weighted average shares outstanding - basic and diluted

     16,320          16,320   


SALARY.COM, INC.

NOTES TO THE UNAUDITED PRO FORMA CONSOLIDATED FINANCIAL STATEMENTS

(IN THOUSANDS)

(a) Reflects the elimination of the results of operations for the Genesys Software Systems, Inc. business.


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.

 

    SALARY.COM, INC.
Date: August 17, 2010   By:  

/S/    BRYCE CHICOYNE        

    Bryce Chicoyne
    Senior Vice President and Chief Financial Officer