-----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, MD5bpIJZCcZwR3w+VM2V6b5Bt7Qw2oSgkYJTsC49zjmEKOlm83X/akxDw/QYTObO KHO+17Hl43zBCaA+QdYn7w== 0000950135-04-000753.txt : 20040217 0000950135-04-000753.hdr.sgml : 20040216 20040217075058 ACCESSION NUMBER: 0000950135-04-000753 CONFORMED SUBMISSION TYPE: 8-K/A PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20040129 ITEM INFORMATION: Regulation FD Disclosure FILED AS OF DATE: 20040217 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ASCENTIAL SOFTWARE CORP CENTRAL INDEX KEY: 0000799089 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-PREPACKAGED SOFTWARE [7372] IRS NUMBER: 943011736 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K/A SEC ACT: 1934 Act SEC FILE NUMBER: 000-15325 FILM NUMBER: 04602359 BUSINESS ADDRESS: STREET 1: 50 WASHINGTON STREET CITY: WESTBOROUGH STATE: MA ZIP: 01581 BUSINESS PHONE: 6509266300 MAIL ADDRESS: STREET 1: 50 WASHINGTON STREET CITY: WESTBOROUGH STATE: MA ZIP: 01581 FORMER COMPANY: FORMER CONFORMED NAME: INFORMIX CORP DATE OF NAME CHANGE: 19920703 8-K/A 1 b49547a1e8vkza.htm ASCENTIAL SOFTWARE CORPORATION ASCENTIAL SOFTWARE CORPORATION
 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 8-K/A

(Amendment No. 1)

CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): January 29, 2004

Ascential Software Corporation

(Exact name of registrant as specified in charter)
         
Delaware   000-15325   94-3011736
(State or other jurisdiction of
incorporation		   (Commission
File Number) 		  (IRS Employer
Identification No.)
     
50 Washington Street
Westborough, Massachusetts		    
 01581 
(Address of principal executive offices)   (Zip Code)

Registrant’s telephone number, including area code: (508) 366-3888

Not Applicable

(Former name or former address, if changed since last report)

 

 

Item 9. Regulation FD Disclosure and Item 12. Results of Operations and Financial Condition

     On January 29, 2004, Ascential Software Corporation (the “Company”) announced its financial results for the fourth quarter and year ended December 31, 2003. The full text of the press release publicly disseminated on January 29, 2004 in connection with the announcement (the “Original Press Release”) was attached as Exhibit 99.1 to the Company’s Current Report on Form 8-K furnished to the Securities and Exchange Commission on January 29, 2004. The Company subsequently discovered that its computations of diluted earnings per share information contained a worksheet error resulting in certain earnings per share amounts being higher than previously reported in the Original Press Release.

     Due to the unintended inclusion of total options outstanding rather than total options “in the money” in the number of diluted outstanding shares of the Company, certain of the diluted share amounts are actually lower, and consequently certain earnings per share amounts are actually higher, than those previously included in the Original Press Release. The correct numbers of diluted shares (in thousands) are 62,115 for the three months ended December 31, 2003 and 59,703 for the year ended December 31, 2003, rather than 63,145 and 63,447, respectively, as previously announced. Based upon the actual diluted share numbers: the actual diluted net income per share for the fourth quarter is $0.28, rather than $0.27; the actual diluted net income per share for the year ended December 31, 2003 is $0.26, rather than $0.25; and the pro forma adjusted net income per share for the year ended December 31, 2003 is $0.23, rather than $0.21. The pro forma adjusted net income per share for the fourth quarter ended December 31, 2003 is unchanged at $0.09.

     Attached hereto as Exhibit 99.1 to this Current Report on Form 8-K/A and incorporated herein by reference are the updated tables, rectifying the errors reflected in the tables attached to the Original Press Release. Except for the revisions noted above, no other changes were required to be made to the Original Press Release.

     The information in this Form 8-K/A and the Exhibit attached hereto shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, except as expressly set forth by specific reference in such a filing.

 

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.

         
Date: February 17, 2004   ASCENTIAL SOFTWARE CORPORATION
         
    By:   /s/ Robert C. McBride
       
        Robert C. McBride
Vice President and Chief Financial Officer

 

 

EXHIBIT INDEX

     
Exhibit No.   Description
 
99.1   Tables (revising tables included in press release dated January 29, 2004)

  EX-99.1 3 b49547a1exv99w1.htm EX-99.1 REV. TABLES TO PRESS RELEASE DTD 01/29/04 EX-99.1 REV. TABLES TO PRESS RELEASE DTD 01/29/04

 

Exhibit 99.1

ASCENTIAL SOFTWARE CORPORATION
PRO FORMA UNAUDITED CONSOLIDATED STATEMENT OF OPERATIONS
(In thousands, except per share data)

                                                     
        Three Months Ended December 31, 2003   Three Months Ended December 31, 2002
       
 
                        Pro Forma                   Pro Forma
        GAAP   Adjustments(1)   Adjusted   GAAP   Adjustments(1)   Adjusted
       
 
 
 
 
 
NET REVENUES
                                                
   
Licenses
   $ 30,011     $ —     $ 30,011     $ 18,847     $ (77 )   $ 18,770  
   
Services
     34,461       —       34,461       15,204       (96 )     15,108  
 
    
     
     
     
     
     
 
 
     64,472       —       64,472       34,051       (173 )     33,878  
 
    
     
     
     
     
     
 
COSTS AND EXPENSES
                                                
   
Cost of licenses
     4,463       (1,463 )     3,000       3,605       (1,113 )     2,492  
   
Cost of services
     13,644       (1,055 )     12,589       7,448       (432 )     7,016  
   
Sales and marketing
     26,875       (587 )     26,288       15,851       —       15,851  
   
Research and development
     9,801       (376 )     9,425       4,767       —       4,767  
   
General and administrative
     10,995       (3,937 )     7,058       9,747       (3,530 )     6,217  
   
Merger, realignment and other charges (2)
     1,771       (1,771 )     —       4,299       (4,299 )     —  
 
    
     
     
     
     
     
 
 
     67,549       (9,189 )     58,360       45,717       (9,374 )     36,343  
 
    
     
     
     
     
     
 
Operating income (loss)
     (3,077 )     9,189       6,112       (11,666 )     9,201       (2,465 )
OTHER INCOME (EXPENSE)
                                                
 
Interest income
     2,195       —       2,195       4,633       —       4,633  
 
Interest expense
     (119 )     —       (119 )     (6 )     —       (6 )
 
Adjustment to gain on sale of database business
     —       —       —       (3,200 )     3,200       —  
 
Impairment of long-term investments
     —       —       —       (2,187 )     2,187       —  
 
Other, net
     1,850       (1,989 )     (139 )     (986 )     623       (363 )
 
    
     
     
     
     
     
 
INCOME (LOSS) BEFORE INCOME TAXES
     849       7,200       8,049       (13,412 )     15,211       1,799  
 
Income tax expense (benefit) (4)
     (16,494 )     18,909       2,415       (3,244 )     3,680       436  
 
    
     
     
     
     
     
 
NET INCOME (LOSS)
   $ 17,343     $ (11,709 )   $ 5,634     $ (10,168 )   $ 11,531     $ 1,363  
 
    
     
     
     
     
     
 
NET INCOME (LOSS) PER COMMON SHARE(3)
                                                
   
Basic
   $ 0.29             $ 0.09     $ (0.17 )           $ 0.02  
 
    
             
     
             
 
   
Diluted
   $ 0.28             $ 0.09     $ (0.17 )           $ 0.02  
 
    
             
     
             
 
SHARES USED IN PER SHARE CALCULATIONS(3)
                                                
   
Basic
     59,541               59,541       59,229               59,229  
 
    
             
     
             
 
   
Diluted
     62,115               62,115       59,229               59,396  
 
    
             
     
             
 

(1)   The following table summarizes the adjustments for the respective periods presented:

                   
      Three Months Ended   Three Months Ended
      December 31, 2003   December 31, 2002
     
 
 
Net income (loss), GAAP
   $ 17,343     $ (10,168 )
 
Mercator transition costs
     3,587       —  
 
Database transaction and transition costs, including merger, realignment and other costs
     200       5,113  
 
Adjustment to gain on sale of database business
     —       3,200  
 
Amortization of acquired intangibles
     2,273       1,345  
 
Stock based compensation charges
     211       —  
 
Merger, realignment and other charges, excluding database
     929       2,279  
 
Litigation settlement (income) costs
     —       623  
 
Loss on long term investments
     —       2,187  
 
Content management activity, net
     —       464  
 
Income tax expense (benefit)
     (18,909 )     (3,680 )
 
    
     
 
Pro forma adjusted net income
   $ 5,634     $ 1,363  
 
    
     
 

(2)   Merger, realignment and other charges principally include severance and real estate costs related to the consolidation or elimination of offices. These costs are the result of a realignment of the business due to business combinations, a sale of a business or the termination of a product line.
(3)   On June 17, 2003 the Company effected a 1-for-4 reverse stock split. Accordingly, all share and earnings per share figures have been restated as though the reverse split was in effect for all periods presented.
(4)   An assumed tax rate of 30% has been used in calculating the tax provision related to pro forma results, which excludes a non-recurring tax benefit included in the GAAP tax provision.

 

 

ASCENTIAL SOFTWARE CORPORATION
PRO FORMA UNAUDITED CONSOLIDATED STATEMENT OF OPERATIONS
(In thousands, except per share data)

                                                     
        Twelve Months Ended December 31, 2003   Twelve Months Ended December 31, 2002
       
 
                        Pro Forma                   Pro Forma
        GAAP   Adjustments(1)   Adjusted   GAAP   Adjustments(1)   Adjusted
       
 
 
 
 
 
NET REVENUES
                                                
   
Licenses
   $ 92,550     $ —     $ 92,550     $ 59,611     $ (137 )   $ 59,474  
   
Services
     93,036       (176 )     92,860       53,407       (1,389 )     52,018  
 
    
     
     
     
     
     
 
 
     185,586       (176 )     185,410       113,018       (1,526 )     111,492  
 
    
     
     
     
     
     
 
COSTS AND EXPENSES
                                                
   
Cost of licenses
     15,291       (4,899 )     10,392       18,350       (10,068 )     8,282  
   
Cost of services
     40,050       (1,765 )     38,285       33,089       (4,305 )     28,784  
   
Sales and marketing
     79,950       (1,416 )     78,534       73,080       (763 )     72,317  
   
Research and development
     27,515       (725 )     26,790       24,044       (3,077 )     20,967  
   
General and administrative
     30,838       (7,384 )     23,454       41,054       (15,027 )     26,027  
   
Merger, realignment and other charges (2)
     3,857       (3,857 )     —       23,669       (23,669 )     —  
   
In-process research and development
     2,000       (2,000 )     —       1,170       (1,170 )     —  
 
    
     
     
     
     
     
 
 
     199,501       (22,046 )     177,455       214,456       (58,079 )     156,377  
 
    
     
     
     
     
     
 
Operating income (loss)
     (13,915 )     21,870       7,955       (101,438 )     56,553       (44,885 )
OTHER INCOME (EXPENSE)
                                                
 
Interest income
     11,129       —       11,129       20,194       —       20,194  
 
Interest expense
     (207 )     —       (207 )     (84 )     —       (84 )
 
Adjustment to gain on sale of database business
     —       —       —       3,040       (3,040 )     —  
 
Impairment of long-term investments
     —       —       —       (2,187 )     2,187       —  
 
Other, net
     2,502       (1,989 )     513       (929 )     (2,504 )     (3,433 )
 
    
     
     
     
     
     
 
INCOME (LOSS) BEFORE INCOME TAXES
     (491 )     19,881       19,390       (81,404 )     53,196       (28,208 )
 
Income tax expense (benefit) (4)
     (16,296 )     22,115       5,819       (17,831 )     11,649       (6,182 )
 
    
     
     
     
     
     
 
NET INCOME (LOSS)
   $ 15,805     $ (2,234 )   $ 13,571     $ (63,573 )   $ 41,547     $ (22,026 )
 
    
     
     
     
     
     
 
NET INCOME (LOSS) PER COMMON SHARE(3)
                                                
   
Basic
   $ 0.27             $ 0.23     $ (1.03 )           $ (0.36 )
 
    
             
     
             
 
   
Diluted
   $ 0.26             $ 0.23     $ (1.03 )           $ (0.36 )
 
    
             
     
             
 
SHARES USED IN PER SHARE CALCULATIONS(3)
                                                
   
Basic
     58,409               58,409       61,931               61,931  
 
    
             
     
             
 
   
Diluted
     59,703               59,703       61,931               61,931  
 
    
             
     
             
 

(1)   The following table summarizes the adjustments for the respective periods presented:

                   
      Twelve Months Ended   Twelve Months Ended
      December 31, 2003   December 31, 2002
     
 
 
Net income (loss), GAAP
   $ 15,805     $ (63,573 )
 
Mercator transition costs
     4,956       —  
 
In-process research and development
     2,000       1,170  
 
Database transaction and transition costs, including merger, realignment and other costs
     3,111       22,916  
 
Adjustment to gain on sale of database business
     —       (3,040 )
 
Amortization of acquired intangibles
     6,446       4,628  
 
Stock based compensation charges
     211       —  
 
Merger, realignment and other charges, excluding database
     1,983       14,133  
 
Asset impairment due to termination of a product line
     —       727  
 
Litigation settlement (income) costs
     1,125       (2,504 )
 
Loss on long term investments
     —       2,187  
 
Content management activity, net
     49       12,979  
 
Income tax expense (benefit)
     (22,115 )     (11,649 )
 
    
     
 
Pro forma adjusted net income (loss)
   $ 13,571     $ (22,026 )
 
    
     
 

(2)   Merger, realignment and other charges principally include severance and real estate costs related to the consolidation or elimination of offices. These costs are the result of a realignment of the business due to business combinations, a sale of a business or the termination of a product line.
(3)   On June 17, 2003 the Company effected a 1-for-4 reverse stock split. Accordingly, all share and earnings per share figures have been restated as though the reverse split was in effect for all periods presented.
(4)   An assumed tax rate of 30% has been used in calculating the tax provision related to pro forma results, which excludes a non-recurring tax benefit included in the GAAP tax provision.

 

 

ASCENTIAL SOFTWARE CORPORATION
PRO FORMA UNAUDITED CONSOLIDATED STATEMENT OF OPERATIONS
(In thousands, except per share data)

                                                     
        Three Months Ended December 31, 2003           Three Months Ended September 30, 2003
       
         
                        Pro Forma                   Pro Forma
        GAAP   Adjustments(1)   Adjusted   GAAP   Adjustments(1)   Adjusted
       
 
 
 
 
 
NET REVENUES
                                                
   
Licenses
   $ 30,011     $ —     $ 30,011     $ 22,353     $ —     $ 22,353  
   
Services
     34,461       —       34,461       23,536       —       23,536  
 
    
     
     
     
     
     
 
 
     64,472       —       64,472       45,889       —       45,889  
 
    
     
     
     
     
     
 
COSTS AND EXPENSES
                                                
   
Cost of licenses
     4,463       (1,463 )     3,000       3,874       (1,210 )     2,664  
   
Cost of services
     13,644       (1,055 )     12,589       10,331       (213 )     10,118  
   
Sales and marketing
     26,875       (587 )     26,288       19,531       (829 )     18,702  
   
Research and development
     9,801       (376 )     9,425       6,834       (349 )     6,485  
   
General and administrative
     10,995       (3,937 )     7,058       6,472       (539 )     5,933  
   
Merger, realignment and other charges (2)
     1,771       (1,771 )     —       1,654       (1,654 )     —  
   
In-process research and development
     —       —       —       2,000       (2,000 )     —  
 
    
     
     
     
     
     
 
 
     67,549       (9,189 )     58,360       50,696       (6,794 )     43,902  
 
    
     
     
     
     
     
 
Operating income (loss)
     (3,077 )     9,189       6,112       (4,807 )     6,794       1,987  
OTHER INCOME (EXPENSE)
                                                
 
Interest income
     2,195       —       2,195       2,719       —       2,719  
 
Interest expense
     (119 )     —       (119 )     (58 )     —       (58 )
 
Other, net
     1,850       (1,989 )     (139 )     576       —       576  
 
    
     
     
     
     
     
 
INCOME (LOSS) BEFORE INCOME TAXES
     849       7,200       8,049       (1,570 )     6,794       5,224  
 
Income tax expense (benefit) (4)
     (16,494 )     18,909       2,415       129       1,439       1,568  
 
    
     
     
     
     
     
 
NET INCOME (LOSS)
   $ 17,343     $ (11,709 )   $ 5,634     $ (1,699 )   $ 5,355     $ 3,656  
 
    
     
     
     
     
     
 
NET INCOME (LOSS) PER COMMON SHARE(3)
                                                
   
Basic
   $ 0.29             $ 0.09     $ (0.03 )           $ 0.06  
 
    
             
     
             
 
   
Diluted
   $ 0.28             $ 0.09     $ (0.03 )           $ 0.06  
 
    
             
     
             
 
SHARES USED IN PER SHARE CALCULATIONS(3)
                                                
   
Basic
     59,541               59,541       58,195               58,195  
 
    
             
     
             
 
   
Diluted
     62,115               62,115       58,195               59,946  
 
    
             
     
             
 

(1)   The following table summarizes the adjustments for the respective periods presented:

                   
      Three Months Ended   Three Months Ended
      December 31, 2003   September 30, 2003
     
 
 
Net income (loss), GAAP
   $ 17,343     $ (1,699 )
 
Mercator transition costs
     3,587       1,369  
 
In-process research and development
     —       2,000  
 
Database transaction and transition costs, including merger, realignment and other costs
     200       816  
 
Amortization of acquired intangibles
     2,273       1,555  
 
Stock based compensation charges
     211       —  
 
Merger, realignment and other charges, excluding database
     929       1,054  
 
Income tax expense (benefit)
     (18,909 )     (1,439 )
 
    
     
 
Pro forma adjusted net income
   $ 5,634     $ 3,656  
 
    
     
 

(2)   Merger, realignment and other charges principally include severance and real estate costs related to the consolidation or elimination of offices. These costs are the result of a realignment of the business due to business combinations, a sale of a business or the termination of a product line.
(3)   On June 17, 2003 the Company effected a 1-for-4 reverse stock split. Accordingly, all share and earnings per share figures have been restated as though the reverse split was in effect for all periods presented.
(4)   An assumed tax rate of 30% has been used in calculating the tax provision related to pro forma results, which excludes a non-recurring tax benefit included in the GAAP tax provision.

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