-----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, S1ixb3Mk7eEplZ7AEga6kDXu2qUxxP0TvAsjh1VI9HjgJKKf/ox39e0RSVJQ4pSF sx80X/T3RH2SaUNQqzdZAg== 0000931763-02-001367.txt : 20020426 0000931763-02-001367.hdr.sgml : 20020426 ACCESSION NUMBER: 0000931763-02-001367 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20020425 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20020426 FILER: COMPANY DATA: COMPANY CONFORMED NAME: RADIANT SYSTEMS INC CENTRAL INDEX KEY: 0000845818 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-COMPUTER INTEGRATED SYSTEMS DESIGN [7373] IRS NUMBER: 112749765 STATE OF INCORPORATION: GA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-22065 FILM NUMBER: 02621859 BUSINESS ADDRESS: STREET 1: 1000 ALDERMAN DR STREET 2: STE A CITY: ALPHARETTA STATE: GA ZIP: 30202 BUSINESS PHONE: 7707723000 MAIL ADDRESS: STREET 1: 1000 ALDERMAN DRIVE STREET 2: STE A CITY: ALPHARETTA STATE: GA ZIP: 30202 8-K 1 d8k.txt 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): April 25, 2002 -------------- RADIANT SYSTEMS, INC. --------------------- (Exact name of registrant as specified in its charter) Georgia 0-22065 11-2749765 - -------------------------------------------------------------------------------- (State or other (Commission (I.R.S. Employer jurisdiction of File Number) Identification No.) incorporation) 3925 Brookside Parkway, Alpharetta, Georgia 30022 ------------------------------------------------------------------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (770) 576-6000 -------------- (Former name or former address, if changed since last report.) Item 5. Other Events. - ------ ------------ On April 25, 2002, the Company issued a press release announcing its financial results for the three months ended March 31, 2002. A copy of the press release is filed herewith as Exhibit 99.1. Item 7. Financial Statements and Exhibits. - ------ --------------------------------- (a) Financial Statements: None (b) Pro Forma Financial Statements: None (c) Exhibits. The following exhibits are filed with this Report: 99.1 - Press Release of the Registrant (April 25, 2002) 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. RADIANT SYSTEMS, INC. By: /s/ John H. Heyman ------------------------------- John H. Heyman Co-Chief Executive Officer and Chief Financial Officer Dated: April 25, 2002 EXHIBIT INDEX Exhibit Number Exhibit Name ------ ------------ 99.1 Press Release dated April 25, 2002 EX-99.1 3 dex991.txt PRESS RELEASE DATED APRIL 25, 2002 EXHIBIT 99.1 FOR IMMEDIATE RELEASE For More Information, Please Contact John Heyman - Co-Chief Executive and Chief Financial Officer (770) 576-6705 Melissa Coley - Radiant Systems Investor Relations (770) 576-6577 Radiant Systems, Inc. exceeds consensus earnings estimates for the first quarter ended March 31, 2002 Atlanta, GA, April 25, 2002--Radiant Systems, Inc., (NASDAQ: RADS) a leading provider of enterprise-wide technology solutions to businesses that serve the consumer, today announced financial results for the first quarter ended March 31, 2002. Earnings per share results for the quarter exceeded First Call consensus estimates of the financial analysts covering the Company. Net income for the first quarter ended March 31, 2002, was $1.5 million, or $0.05 per diluted share, an increase of $1.1 million, or $0.04 per diluted share, compared to net income of $375,000, or $0.01 per diluted share, for the same period in 2001. Total revenues for the first quarter ended March 31, 2002 were $31.3 million, a decrease of $2.7 million, or 8.0%, from revenues of $34.0 million for the same period in 2001. "The Radiant 6e releases are performing exceptionally well in the field. Our clients are beginning to achieve the benefits from this generation of products which were developed through the outstanding efforts of people across Radiant. We have made significant investments in this suite of products, and with its general release during the first quarter we are beginning see the potential for significant returns on our Radiant 6e investment," commented Radiant Systems Chairman and Co-Chief Executive Officer Erez Goren. Mr. John Heyman, the Company's Co-Chief Executive Officer and Chief Financial Officer commented, "We are pleased with our financial performance during the quarter. Our improved gross margins and continued efforts around cost control led to improved profitability enabling us to exceed consensus earnings per share estimates of $0.02 per diluted share." Mr. Heyman continued, "The release of Radiant 6e is enabling us to begin implementing many of the significant contracts we have previously entered into with our clients. Additionally, these rollouts are producing early, referenceable value statements from our clients that are our most powerful selling tool. Accordingly, we are seeing excellent momentum in our pipeline and expect that to translate into increased revenues and backlog in the future." The Company will webcast its first quarter 2002 financial results conference call today. The webcast will begin at 5:00 p.m. Eastern Time and will be available at http://www.corporate-ir.net/ireye/ir_site.zhtml?ticker=RADS&script=2100. The webcast will also be available for replay through May 30, 2002. Radiant Systems, Inc. helps companies improve product profitability, employee productivity and customer service through use of innovative technology. Radiant's mission is to enable businesses to achieve operational excellence through intelligent technology. To accomplish this mission, Radiant combines powerful technology platforms, deep industry knowledge and strategic partnerships to deliver strong returns on systems investments for companies ranging in size from single site operators to multinational corporations. Headquartered in Atlanta, Radiant Systems (www.radiantsystems.com) has deployed its solutions to tens of thousands of sites worldwide. Certain statements contained in this press release are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, such as statements relating to financial results and plans for future business development activities, and are thus prospective. These statements appear in a number of places in this release and include all statements that are not statements of historical fact regarding intent, belief or current expectations of the Company, its directors or its officers with respect to, among other things: (i) the Company's financing plans; (ii) trends affecting the Company's financial condition or results of operations, including the Company's projected revenues and earnings per share guidance; (iii) the Company's growth strategy and operating strategy; (iv) the Company's new or future product offerings, and (v) the declaration and payment of dividends. The words "may," "would," "could," "will," "expect," "estimate," "anticipate," "believe," "intend," "plans," and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the Company's ability to control. Actual results may differ materially from those projected in the forward-looking statements as a result of various factors. Among the key risks, assumptions and factors that may affect operating results, performance and financial condition are the Company's reliance on a small number of clients for a larger portion of its revenues, fluctuations in its quarterly results, ability to continue and manage its growth, liquidity and other capital resources issues, competition and the other factors discussed in detail in the Company's filings with the Securities and Exchange Commission. MORE RADIANT SYSTEMS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (IN THOUSANDS, EXCEPT SHARE DATA)
ASSETS March 31, December 31, 2002 2001 --------------- --------------- (unaudited) Current assets Cash and cash equivalents ............................................ $ 28,739 $ 33,924 Accounts receivable, net ............................................. 25,453 20,988 Inventories .......................................................... 16,079 17,290 Other short-term assets .............................................. 3,227 3,401 --------------- --------------- Total current assets .................................. 73,498 75,603 Property and equipment, net ............................................... 13,662 14,590 Software development costs, net ........................................... 16,443 15,229 Intangibles and other long-term assets .................................... 24,650 19,740 --------------- --------------- $ 128,253 $ 125,162 =============== =============== LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities Accounts payable and accrued liabilities ............................. $ 11,849 $ 10,176 Customer deposits and unearned revenue ............................... 9,713 9,762 Current portion of long-term debt .................................... 467 460 --------------- --------------- Total current liabilities ............................. 22,029 20,398 --------------- --------------- Long-term debt, less current portion ..................................... 1,031 1,150 --------------- --------------- Total liabilities .................................... 23,060 21,548 --------------- --------------- Shareholders' equity Common stock, no par value; 100,000,000 shares authorized; 27,552,338 and 27,511,793 shares issued and outstanding ............ 0 0 Additional paid-in capital ......................................... 112,997 113,016 Deferred compensation .............................................. (718) (818) Accumulated deficit ................................................ (7,086) (8,584) --------------- --------------- Total shareholders' equity .......................... 105,193 103,614 --------------- --------------- $ 128,253 $ 125,162 =============== ===============
RADIANT SYSTEMS, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (IN THOUSANDS, EXCEPT PER SHARE DATA)
For the three months ended March 31, 2002 March 31, 2001 --------------- --------------- (unaudited) (unaudited) Revenues: System sales .............................................. $ 17,128 $ 20,499 Client support, maintenance and other services ............ 14,160 13,498 --------------- --------------- Total revenues ......................................... 31,288 33,997 Cost of revenues: System sales .............................................. 7,727 10,496 Client support, maintenance and other services ............ 8,529 8,983 --------------- --------------- Total cost of revenues ................................. 16,256 19,479 --------------- --------------- Gross profit ................................................ 15,032 14,518 Operating Expenses: Product development ....................................... 3,462 2,454 Sales and marketing ....................................... 4,807 4,715 Depreciation and amortization ............................. 1,439 2,324 Non-recurring charges ..................................... - 1,023 General and administrative ................................ 2,912 3,998 --------------- --------------- Income from operations ...................................... 2,412 4 Interest income, net ........................................ 206 573 --------------- --------------- Income before income taxes .................................. 2,618 577 Income tax provision ........................................ 1,120 202 --------------- --------------- Net income .................................................. $ 1,498 $ 375 =============== =============== Basic and diluted income per share: Basic income per share .................................. $ 0.05 $ 0.01 =============== =============== Diluted income per share ................................ $ 0.05 $ 0.01 =============== =============== Weighted average shares outstanding: Basic ................................................... 27,560 27,674 =============== =============== Diluted ................................................ 29,006 29,442 =============== ===============
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