-----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, Nx8m3gW6O0LYFC/s1+Fs561nXBKwvC+Zj4CyN4s7MwuOoG7ouMzxZ2j45cGgBfB+ hJzavF+qpXWEHu1i6ftylw== 0001144204-04-006095.txt : 20040507 0001144204-04-006095.hdr.sgml : 20040507 20040507143515 ACCESSION NUMBER: 0001144204-04-006095 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20040506 ITEM INFORMATION: ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20040507 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CLARUS CORP CENTRAL INDEX KEY: 0000913277 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-PREPACKAGED SOFTWARE [7372] IRS NUMBER: 581972600 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-24277 FILM NUMBER: 04788558 BUSINESS ADDRESS: STREET 1: 3970 JOHNS CREEK CT STREET 2: STE 100 CITY: SUWANEE STATE: GA ZIP: 30024 BUSINESS PHONE: 7702913900 MAIL ADDRESS: STREET 1: 3970 JOHNS CREEK CT STREET 2: STE 100 CITY: SUWANEE STATE: GA ZIP: 30024 FORMER COMPANY: FORMER CONFORMED NAME: SQL FINANCIALS INTERNATIONAL INC /DE/ DATE OF NAME CHANGE: 19980911 8-K 1 v03118_8k.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 Date of Report (Date of earliest event reported) May 6, 2004 ----------- Clarus Corporation ------------------ (Exact name of registrant as specified in its charter) Delaware 0-24277 58-1972600 - -------------------------------------------------------------------------------- (State or other jurisdiction (Commission File Number) (IRS Employer of incorporation) Identification No.) One Pickwick Plaza, Greenwich, Connecticut 06830 - -------------------------------------------------------------------------------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (203) 302-2000 --------------- N/A --- (Former name or former address, if changed since last report.) Item 7. Financial Statements, Pro Forma Financial Information and Exhibits (c) Exhibits. Exhibit 99.1 Press Release dated May 6, 2004 with respect to the Registrant's financial results for the first quarter ended March 31, 2004 (furnished only). Item 12. Disclosure of Results of Operations and Financial Condition On May 6, 2004, the Registrant issued an earnings press release announcing financial results for the first quarter ended March 31, 2004. A copy of the earnings press release is furnished as Exhibit 99.1 and incorporated herein by reference. The information furnished herein, including Exhibit 99.1, shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference in such filing. 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. Dated: May 6, 2004 CLARUS CORPORATION By: /s/ Nigel P. Ekern ---------------------------- Nigel P. Ekern, Chief Administrative Officer By: /s/ Susan Luckfield ---------------------------- Susan Luckfield, Controller EXHIBIT INDEX Number Exhibit - ------ ------- Exhibit 99.1 Press Release dated May 6, 2004 EX-99.1 2 v03118_ex99-1.txt FOR IMMEDIATE RELEASE CONTACT Nigel Ekern Chief Administrative Officer Clarus Corporation (203) 302-2000 nekern@claruscorp.com CLARUS ANNOUNCES FIRST QUARTER 2004 RESULTS GREENWICH, CONNECTICUT -- MAY 6, 2004 -- Clarus Corporation (Nasdaq: CLRS) today announced financial results for the quarter ended March 31, 2004. Clarus reported no revenues for the first quarter of 2004, compared to $53,000 from the recognition of deferred software service fees during the comparable period of 2003. Net loss for the first quarter of 2004 was $471,000 or $0.03 per diluted share compared to a net loss of $2.4 million or $0.15 per diluted share during the comparable period of 2003. As of March 31, 2004, Clarus' cash, cash equivalents and marketable securities were $87.5 million (or $5.27 gross cash per share(1)) compared to $88.7 million as of December 31, 2003. Clarus has available net operating loss, capital loss, research and experimentation credit and alternative minimum tax credit carryforwards for U.S. federal income tax purposes of approximately $113.7 million, $15.2 million, $1.3 million and $53,000, respectively, which expire in varying amounts beginning in the year 2009 to the extent not previously limited under section 382 of the Internal Revenue code. Clarus has also incurred foreign losses in the amount of approximately $4.0 million that are available to offset future taxable income in foreign jurisdictions. Nigel Ekern, Clarus' Chief Administrative Officer stated, "We continue our efforts to identify and evaluate suitable acquisition and merger opportunities as part of our strategy to redeploy our cash and utilize our NOL's, to the extent available. We believe that the transaction environment has improved and Clarus should benefit from that in its efforts to complete the asset redeployment." Clarus does not currently intend to hold conference calls to discuss quarterly earnings releases unless we consummate an acquisition in connection with our redeployment strategy. At such time, we plan to resume holding quarterly conference calls to review earnings and our operating performance. Clarus, formerly a provider of e-commerce business solutions, is seeking to redeploy its assets and use its substantial cash and cash equivalent assets to enhance stockholder value. (1) Gross cash per share at March 31, 2004 equals cash, cash equivalents and marketable securities of $87.5 million divided by 16.6 million common shares outstanding. Clarus has provided this Non-GAAP measure because it believes that it is useful to investors assessing the extent of the Clarus' assets available for redeployment. Clarus is not aware of any comparable GAAP measure. This press release contains forward-looking statements within the meaning of the Securities Act of 1933 and the Exchange Act of 1934. Information in this release includes Clarus' beliefs, expectations, intentions and strategies regarding Clarus, its future and its products and services. Assumptions relating to the forward-looking statements involve judgments with respect to, among other things, future economic, competitive and market conditions and future business decisions, all of which are difficult or impossible to predict accurately and many of which are beyond our control. Actual results could differ materially from those projected in the forward-looking statements as a result of certain risks including our inability to execute successfully our planned effort to redeploy our assets to enhance stockholder value, the unavailability of our net operating loss carry forward, and that the unaudited financial information provided in this press release may be adjusted as a result of the year end audit. Clarus cannot guarantee its future performance. All forward-looking statements contained in this release are based on information available to Clarus as of the date of this release and Clarus assumes no obligation to update the forward-looking statement contained herein. For further information regarding the risks and uncertainties in connection with Clarus' business, please refer to the "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Factors That May Affect Our Future Results" sections of Clarus' filings with the Securities and Exchange Commission, including but not limited to, its most recent annual report on Form 10-K and quarterly reports on Form 10-Q, copies of which may be obtained at the SEC's web site at http://www.sec.gov. CLARUS CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (IN THOUSANDS, EXCEPT SHARE AND PER SHARE AMOUNTS)
MARCH 31, DECEMBER 31, 2004 2003 --------- --------- ASSETS CURRENT ASSETS: Cash and cash equivalents $ 38,667 $ 15,045 Marketable securities 48,800 73,685 Accrued interest receivable 602 507 Prepaids and other current assets 381 132 --------- --------- Total current assets 88,450 89,369 PROPERTY AND EQUIPMENT, NET 538 38 OTHER ASSETS: Deposits and other long-term assets 38 38 --------- --------- TOTAL ASSETS $ 89,026 $ 89,445 ========= ========= LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES: Accounts payable and accrued liabilities $ 1,217 $ 1,520 Deferred revenue 1,106 1,106 --------- --------- Total current liabilities 2,323 2,626 --------- --------- Total liabilities 2,323 2,626 --------- --------- STOCKHOLDERS' EQUITY: Preferred stock, $.0001 par value; 5,000,000 shares authorized; none issued -- -- Common stock, $.0001 par value; 100,000,000 shares authorized; 16,663,240 and 16,649,048 shares issued and 16,588,240 and 16,574,048 outstanding in 2004 and 2003, respectively 2 2 Additional paid-in capital 368,452 367,031 Accumulated deficit (277,238) (276,767) Treasury stock, at cost (2) (2) Accumulated other comprehensive income 41 (17) Deferred compensation (4,552) (3,428) --------- --------- Total stockholders' equity 86,703 86,819 --------- --------- TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 89,026 $ 89,445 ========= =========
CLARUS CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) (IN THOUSANDS, EXCEPT PER SHARE AMOUNTS) THREE MONTHS ENDED MARCH 31, ------------------------- 2004 2003 -------- -------- REVENUES: Services fees $ -- $ 53 -------- -------- Total revenues -- 53 OPERATING EXPENSES: General and administrative 723 1,891 Provision for doubtful accounts -- 67 Depreciation and amortization -- 761 -------- -------- Total operating expenses 723 2,719 OPERATING LOSS (723) (2,666) OTHER INCOME/(EXPENSE) 17 (48) INTEREST INCOME 235 358 INTEREST EXPENSE -- (56) -------- -------- NET LOSS $ (471) $ (2,412) ======== ======== Loss per common share: Basic $ (0.03) $ (0.15) Diluted $ (0.03) $ (0.15) Weighted average shares outstanding Basic 16,081 15,739 Diluted 16,081 15,739 CLARUS CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (IN THOUSANDS, EXCEPT SHARE AMOUNTS)
THREE MONTHS ENDED MARCH 31, ------------------------- 2004 2003 -------- -------- CASH FLOWS FROM OPERATING ACTIVITIES: Net loss $ (471) $ (2,412) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation and amortization on property and equipment -- 761 Amortization of deferred employee compensation 246 4 Amortization of premiums on purchases of marketable securities 369 -- Provision for doubtful accounts -- (67) Loss/(Gain) on sale of marketable securities (17) 48 Changes in operating assets and liabilities: Accounts receivable -- 534 Interest receivable, prepaid and other current assets (344) 394 Assets held for sale -- 48 Accounts payable and accrued liabilities (303) 224 Deferred revenue -- (53) Liabilities to be assumed -- (220) -------- -------- NET CASH (USED IN) OPERATING ACTIVITIES (520) (739) CASH FLOWS FROM INVESTING ACTIVITIES: Purchase of marketable securities (39,829) (35,765) Proceeds from maturity of marketable securities 13,176 43,629 Proceeds from sale of marketable securities 51,244 -- Additions to property and equipment (500) -- -------- -------- NET CASH PROVIDED BY INVESTING ACTIVITIES 24,091 7,864 CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from the exercises of stock options 51 391 Proceeds from issuance of common stock related to employee stock purchase plan -- 10 -------- -------- NET CASH PROVIDED BY FINANCING ACTIVITIES 51 401 -------- -------- Effect of exchange rate change on cash -- (86) CHANGE IN CASH AND CASH EQUIVALENTS 23,622 7,440 CASH AND CASH EQUIVALENTS, beginning of period 15,045 42,225 -------- -------- CASH AND CASH EQUIVALENTS, end of period $ 38,667 $ 49,665 ======== ======== SUPPLEMENTAL CASH FLOW DISCLOSURE: Cash paid for interest $ -- $ 56 ======== ======== NON CASH TRANSACTION Issuance of Restricted Stock $ 50 $ -- ======== ========
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