-----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, U0ZUoY+7Ob1bay/Ao5VbUSyY2BFx1xTqWnjJQp5yADKke0oAULCQX3uGxan8kta8 TQmOIkOKPKsK3WCF3C82Lw== 0001104659-04-028492.txt : 20040927 0001104659-04-028492.hdr.sgml : 20040927 20040924173303 ACCESSION NUMBER: 0001104659-04-028492 CONFORMED SUBMISSION TYPE: 8-K/A PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20040917 ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20040927 DATE AS OF CHANGE: 20040924 FILER: COMPANY DATA: COMPANY CONFORMED NAME: VERSANT CORP CENTRAL INDEX KEY: 0000865917 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-PREPACKAGED SOFTWARE [7372] IRS NUMBER: 943079392 STATE OF INCORPORATION: CA FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: 8-K/A SEC ACT: 1934 Act SEC FILE NUMBER: 000-28540 FILM NUMBER: 041045724 BUSINESS ADDRESS: STREET 1: 6539 DUMBARTON CIRCLE CITY: FREMONT STATE: CA ZIP: 94555 BUSINESS PHONE: 5107891500 MAIL ADDRESS: STREET 1: 6539 DUMBARTON CIRCLE CITY: FREMONT STATE: CA ZIP: 94555 FORMER COMPANY: FORMER CONFORMED NAME: VERSANT OBJECT TECHNOLOGY CORP DATE OF NAME CHANGE: 19960428 8-K/A 1 a04-10894_18ka.htm 8-K/A

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20549

 

FORM 8-K/A

 

Current Report Pursuant
to Section 13 or 15(d) of the
Securities Exchange Act of 1934

 

Date of Report (Date of Earliest Event Reported): September 16, 2004

 

VERSANT CORPORATION

(Exact name of Registrant as Specified in its Charter)

 

California

(State or Other Jurisdiction of Incorporation)

 

000-28540

 

94-3079392

(Commission File Number)

 

(I.R.S. Employer Identification Number)

 

6539 Dumbarton Circle
Fremont California 94555

(Address of Principal Executive Offices, including Zip Code)

 

(510) 789-1500

(Registrant’s Telephone Number, including Area Code)

 

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

 

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 (see General Instruction A.2 below):

 

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

 

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

 

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

 

o  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.

 

On September 17, 2004, Versant Corporation (“Versant”) filed a Current Report on Form 8-K to report the completion of its sale to ems ePublishing AG, a privately held German company based in Karlsruhe, Germany (“EMS”), of all the stock of Poet GmbH, an indirect Versant subsidiary that owned the assets and employed the personnel of Versant’s Catalog Solutions Business. This sale (the “Sale”) was consummated pursuant to a Share Purchase and Transfer Agreement dated September 13, 2004 between EMS and Poet Software GmbH, another subsidiary of Versant that owned all the shares of Poet GmbH.

 

This filing amends the Current Report on Form 8-K filed on September 17, 2004 and is filed to provide pro forma financial information with respect to the Sale required by Item 9.01.  Please also note that on September 13, 2004, Versant filed a Current Report on Form 8-K which provides additional information regarding this transaction.

 

(b)           Pro forma financial information.

 

The following unaudited pro forma condensed consolidated financial information is furnished as Exhibit 99.01 to this report:

 

•             Pro forma condensed consolidated balance sheet as of July 31, 2004; and

•             Pro forma condensed consolidated statement of operations for the nine months ended July 31, 2004.

 

A pro forma condensed statement of operations for the fiscal year ended October 31, 2003 is not included because this period did not include operations of the Catalog Solutions Business.  Versant did not acquire the Catalog Solutions Business until March 2004 as a result of its merger with Poet.

 

(c)                                  Exhibits.

 

The following exhibits are filed or furnished herewith:

 

2.01         Share Purchase and Transfer Agreement dated as of September 13, 2004 between Poet Software GmbH and ems ePublishing AG and attached list of annexes thereto (translated to English from the original German text) (incorporated by reference to Exhibit 2.01 to Versant’s Current Report on Form 8-K filed on September 17, 2004 (File No. 000-28540)).

 

99.01                     Unaudited Pro Forma Condensed Consolidated Financial Information.

 

Pursuant to Item 601(b)(2) of Regulation of S-K, certain annexes, exhibits and schedules to Exhibit 2.01 have been omitted but will be furnished supplementally to the Commission upon request.

 

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.

 

 

VERSANT CORPORATION

 

 

 

 

Date: September 24, 2004

 

By: /s/ Lee McGrath

 

 

Lee McGrath, Chief Financial Officer

 

2

 

EXHIBIT INDEX

 

Exhibit

 

Exhibit Title

2.01

 

Share Purchase and Transfer Agreement dated as of September 13, 2004 between Poet Software GmbH and ems ePublishing AG and attached list of annexes thereto (translated to English from the original German text) (incorporated by reference to Exhibit 2.01 to Versant’s Current Report on Form 8-K filed on September 17, 2004 (File No. 000-28540)).

 

 

 

99.01

 

Unaudited Pro Forma Condensed Consolidated Financial Information.

 

Pursuant to Item 601(b)(2) of Regulation of S-K, certain annexes, exhibits and schedules to Exhibit 2.01 have been omitted but will be furnished supplementally to the Commission upon request.

 

3

 EX-99.1 2 a04-10894_1ex99d1.htm EX-99.1

EXHIBIT 99.01

 

VERSANT CORPORATION AND SUBSIDIARIES

PRO FORMA CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands)

 

 

 

Consolidated
July 31, 2004

 

Adjustment for
Catalog Solutions
July 31, 2004

 

Pro forma
July 31, 2004

 

 

 

(unaudited)

 

(unaudited)

 

(unaudited)

 

 

 

 

 

 

 

 

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

5,188

 

$

(414

)

$

4,774

 

Accounts receivable, net of allowances of $455

 

4,570

 

(793

)

3,777

 

Other current assets

 

890

 

(50

)

840

 

Total current assets

 

10,648

 

(1,257

)

9,391

 

 

 

 

 

 

 

 

 

Property and equipment, net

 

1,153

 

(66

)

1,087

 

Other assets

 

82

 

 

 

82

 

Intangibles, net of accumulated amortization

 

6,466

 

(1,500

)

4,966

 

Goodwill

 

16,895

 

 

 

16,895

 

Total assets

 

$

35,244

 

$

(2,823

)

$

32,421

 

 

 

 

 

 

 

 

 

LIABILITIES AND SHAREHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

Line of credit

 

$

—

 

$

 

 

$

—

 

Accounts payable

 

845

 

(175

)

670

 

Accrued liabilities

 

3,745

 

(454

)

3,291

 

Current portion of deferred revenue

 

3,519

 

(231

)

3,288

 

Current portion of deferred rent

 

68

 

 

 

68

 

Total current liabilities

 

8,177

 

(860

)

7,317

 

 

 

 

 

 

 

 

 

Long-term liabilities, net of current portion:

 

 

 

 

 

 

 

Long-term portion of deferred revenue

 

45

 

 

 

45

 

Long-term portion of deferred rent

 

262

 

 

 

262

 

Total long-term liabilities

 

307

 

—

 

307

 

 

 

 

 

 

 

 

 

Total liabilities

 

8,484

 

(860

)

7,624

 

Shareholders’ equity:

 

 

 

 

 

 

 

Convertible preferred stock, no par value

 

—

 

 

 

—

 

Common stock, no par value

 

94,081

 

 

 

94,081

 

Deferred stock compensation

 

(201

)

 

 

(201

)

Accumulated deficit

 

(67,543

)

(1,963

)

(69,506

)

Accumulated other comprehensive income

 

423

 

 

 

423

 

Total shareholders’ equity

 

26,760

 

(1,963

)

24,797

 

Total liabilities and shareholders’ equity

 

$

35,244

 

$

(2,823

)

$

32,421

 

 

See accompanying notes 1 and 3 to pro forma condensed consolidated financial statements.


 

VERSANT CORPORATION AND SUBSIDIARIES

PRO FORMA CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share amounts)

(unaudited)

 

 

 

Nine Months Ended
July 31, 2004

 

 

 

Consolidated

 

Adjustment for
Catalog
Solutions

 

Pro forma

 

 

 

 

 

 

 

 

 

Revenue:

 

 

 

 

 

 

 

License

 

$

7,083

 

$

(307

)

$

6,776

 

Maintenance

 

5,257

 

(472

)

4,785

 

Professional services

 

5,328

 

(244

)

5,084

 

Total revenue

 

17,668

 

(1,023

)

16,645

 

 

 

 

 

 

 

 

 

Cost of revenue:

 

 

 

 

 

 

 

License

 

404

 

(7

)

397

 

Maintenance

 

1,384

 

(481

)

903

 

Professional services

 

4,837

 

(176

)

4,661

 

Amortization of purchased intangibles

 

474

 

(163

)

311

 

Total cost of revenue

 

7,099

 

(827

)

6,272

 

 

 

 

 

 

 

 

 

Gross profit

 

10,569

 

(196

)

10,373

 

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

 

Marketing and sales

 

6,801

 

(795

)

6,006

 

Research and development

 

4,455

 

(664

)

3,791

 

General and administrative

 

3,540

 

(374

)

3,166

 

Restructuring charge

 

414

 

(414

)

—

 

Impairment of intangibles

 

1,024

 

 

 

1,024

 

Stock based compensation

 

99

 

 

 

99

 

Total operating expenses

 

16,333

 

(2,247

)

14,086

 

 

 

 

 

 

 

 

 

Loss from operations

 

(5,764

)

2,051

 

(3,713

)

 

 

 

 

 

 

 

 

Other income, net

 

243

 

 

 

243

 

 

 

 

 

 

 

 

 

Loss before taxes and deemed dividend

 

(5,521

)

2,051

 

(3,470

)

Provision for income taxes

 

68

 

 

 

68

 

Net loss

 

$

(5,589

)

$

2,051

 

$

(3,538

)

Deemed dividend to preferred shareholders

 

(2,422

)

 

 

(2,422

)

Cumulative effect of accounting change

 

35

 

 

 

35

 

Net loss applicable to common shareholders

 

$

(7,976

)

$

2,051

 

$

(5,925

)

 

 

 

 

 

 

 

 

Basic and diluted net loss per share applicable to common shareholders

 

$

(0.27

)

$

0.07

 

$

(0.20

)

 

 

 

 

 

 

 

 

Basic and diluted weighted average common shares

 

29,400

 

29,400

 

29,400

 

 

See accompanying notes 1 and 2 to pro forma condensed consolidated financial statements.

 

 

1


 

VERSANT CORPORATION AND SUBSIDIARIES

NOTES TO PRO FORMA CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

 

Pro forma adjustments include:

 

1)     The elimination of the Catalog Solutions balance sheet as of July 31, 2004 and results of operations for the nine months ended July 31, 2004.

 

2)     The elimination of amortization expense of the intangible assets associated with the Catalog Solutions for the nine months ended July 31, 2004 in the amount of approximately $163,000.

 

3)     The elimination of the net identified intangible assets of $1.5 million associated with the Catalog Solutions business.

 

 -----END PRIVACY-ENHANCED MESSAGE-----