-----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, A7txQD0EC+D/G0QNNUlZtF2q8npX5PypjZSZoRUwiov57S5TGXWpV25NeuekLKVb GzuDsqInfrJXaKwJEhLvxQ== 0001144204-09-011780.txt : 20090303 0001144204-09-011780.hdr.sgml : 20090303 20090303092505 ACCESSION NUMBER: 0001144204-09-011780 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20090303 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20090303 DATE AS OF CHANGE: 20090303 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CLARUS CORP CENTRAL INDEX KEY: 0000913277 STANDARD INDUSTRIAL CLASSIFICATION: BLANK CHECKS [6770] 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: 09649813 BUSINESS ADDRESS: STREET 1: ONE LANDMARK SQUARE STREET 2: 22ND FLOOR CITY: STAMFORD STATE: CT ZIP: 06901 BUSINESS PHONE: 7702913900 MAIL ADDRESS: STREET 1: ONE LANDMARK SQUARE STREET 2: 22ND FLOOR CITY: STAMFORD STATE: CT ZIP: 06901 FORMER COMPANY: FORMER CONFORMED NAME: SQL FINANCIALS INTERNATIONAL INC /DE/ DATE OF NAME CHANGE: 19980911 8-K 1 v141450_8k.htm Unassociated Document
United States
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):  March  3, 2009

Clarus Corporation
(Exact name of registrant as specified in its charter)


Delaware
(State or other jurisdiction
of incorporation)
0-24277
(Commission File Number)
58-1972600
(IRS Employer
Identification Number)
   
 
One Landmark Square, 22nd Floor, Stamford Connecticut
(Address of principal executive offices)
06901
(Zip Code)
 
Registrant’s telephone number, including area code:  (203) 428-2000
 
N/A
(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:

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 2.02 Results of Operations and Financial Condition

On March 3, 2009, the Registrant issued an earnings press release announcing financial results for the quarter and fiscal year ended December 31, 2008. A copy of the earnings press release is furnished as Exhibit 99.1 and incorporated herein by reference.
 
The information in this Form 8-K and the Exhibit attached hereto shall not be deemed "filed" for purposes of Section 18 of the Securities 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.


(d) Exhibits.
 
Exhibit 
Description
   
 99.1 
Press Release dated March 3, 2009, with respect to the Registrant's financial results for the quarter and fiscal year ended December 31, 2008. (furnished only).
 

 

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: March 3, 2009
 
  CLARUS CORPORATION  
     
       
 
By:
/s/ Philip A. Baratelli  
  Name: Philip A. Baratelli,  
 
Title:  Chief Financial Officer
           (Principal Financial Officer)
 
       
 

 
 
Exhibit 
Description
   
 99.1 
Press Release dated March 3, 2009, with respect to the Registrant's financial results for the quarter and fiscal year ended December 31, 2008. (furnished only).
 

EX-99.1 2 v141450_ex99-1.htm Unassociated Document

CLARUS ANNOUNCES 2008 RESULTS

STAMFORD, CONNECTICUT -- MARCH 3, 2009 -- Clarus Corporation (OTC:CLRS) today announced financial results for the quarter and fiscal year ended December 31, 2008.  Clarus reported no revenues for the quarter and fiscal years ended December 31, 2008 and 2007.  Net loss for the fourth quarter of 2008 was $487,000 or $0.03 per diluted share compared to net loss of $202,000 or $0.01 per diluted share during the comparable period of 2007.  For the quarter ended December 31, 2008, the increase in net loss was primarily due to a $439,000 reduction in interest income from declining interest rates on our cash, cash equivalents and marketable securities, partially offset by a $148,000 decline in operating expenses due to a reduction in employee bonuses, and non-cash equity compensation, compared to the prior year quarter.  The weighted average investment yield for our investments for the quarter ended December 31, 2008 was 2.62% compared to 5.12% for the quarter ended December 31, 2007.  The current earnings rate as of February 12, 2009, is 2.01%.

Net loss for the fiscal year ended December 31, 2008 was $2.4 million or $0.14 per diluted share compared to net income of $117,000 or $0.01 per diluted share during the comparable period of 2007.  For the fiscal year ended December 31, 2008, the increase in net loss was primarily due to a $1,766,000 reduction in interest income from declining interest rates on our cash, cash equivalents and marketable securities, as well as a $760,000 increase in operating expenses due primarily to increases in non-cash equity compensation, consulting fees, investment management fees, and salaries, year over year.    The weighted average interest rate for our investments for the year ended December 31, 2008 was 2.89% compared to 4.95% for the year ended December 31, 2007.

As of December 31, 2008, Clarus' cash, cash equivalents and marketable securities were $86.0 million compared to $87.1 million as of December 31, 2007.  Our cash, cash equivalents and marketable securities of $86.0 million at December 31, 2008 divided by 17.4 million shares of common stock outstanding equals $4.94 per share.

Clarus estimates that it has available net operating loss, research and experimentation credit and alternative minimum tax credit carryforwards for U.S. federal income tax purposes of approximately $225.4 million, $1.3 million and $56,000, respectively, which expire in varying amounts beginning in the year 2009, after application of the limitation under Section 382 of the Internal Revenue Code.

CONFERENCE CALL SCHEDULED FOR MARCH 3, 2009, AT 4:30 PM (EASTERN)

To access the conference call, please call 866-939-3921 or 678-302-3550 on Tuesday, March 3, 2009 at least 10-15 minutes before the call is scheduled to begin.  There will not be a question/answer session at the end of the conference call.
 
To accommodate our audiences in earlier time zones or anyone unable to listen, there will be an archived replay of the conference call.  The replay will be available shortly after the conclusion of the conference call and can be accessed on the Company’s website www.claruscorp.com.

FORWARD-LOOKING STATEMENTS

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 statements 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 "Risk Factors" 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 our web site at http://www.claruscorp.com or the SEC's web site at http://www.sec.gov.

For more information, contact:

Philip A. Baratelli
Chief Financial Officer
Clarus Corporation
(203) 428-2000
pbaratelli@claruscorp.com

 
CLARUS CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
December 31, 2008 and 2007
(In Thousands, Except Share and Per Share Amounts)
 
ASSETS
   
2008
   
2007
 
CURRENT ASSETS:
           
Cash and cash equivalents
  $ 19,342     $ 41,886  
Marketable securities
    66,670       45,223  
Interest receivable
    24       15  
Prepaids and other current assets
    109       175  
                 
Total current assets
    86,145       87,299  
                 
PROPERTY AND EQUIPMENT, NET
    1,032       1,381  
                 
Total assets
  $ 87,177     $ 88,680  
                 
LIABILITIES AND STOCKHOLDERS' EQUITY
               
                 
CURRENT LIABILITIES:
               
Accounts payable and accrued liabilities
  $ 383     $ 618  
                 
Total current liabilities
    383       618  
                 
Deferred rent
    410       343  
                 
Total liabilities
    793       961  
                 
COMMITMENTS AND CONTINGENCIES
               
                 
STOCKHOLDERS' EQUITY:
               
Preferred stock, $.0001 par value; 5,000,000 shares authorized; none issued
    --       --  
Common stock, $.0001 par value; 100,000,000 shares authorized;
               
17,441,747 and 17,441,747 shares issued; and 17,366,747 and 17,366,747
               
outstanding in 2008 and 2007, respectively
    2       2  
Additional paid-in capital
    370,504       369,827  
Accumulated deficit
    (284,523 )     (282,121 )
Less treasury stock, 75,000 shares at cost
    (2 )     (2 )
Accumulated other comprehensive gain
    403       13  
                 
Total stockholders' equity
    86,384       87,719  
 
               
Total liabilities and stockholders' equity
  $ 87,177     $ 88,680  
 

 
CLARUS CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(IN THOUSANDS, EXCEPT SHARE AND PER SHARE AMOUNTS)
 
   
THREE MONTHS
   
YEARS ENDED
 
   
ENDED DECEMBER 31,
   
DECEMBER 31,
 
   
2008
   
2007
   
2008
   
2007
 
REVENUES:
                       
Total revenues
  $ --     $ --     $ --     $ --  
                                 
OPERATING EXPENSES:
                               
                                 
General and administrative
    954       1,123       4,517       3,767  
Transaction expense
    --       (21 )     --       (13
Depreciation
    89       89       356       359  
                                 
Total operating expenses
    1,043       1,191       4,873       4,113  
                                 
OPERATING LOSS     (1,043 )     (1,191 )     (4,873 )     (4,113 )
OTHER EXPENSE
    2       5       2       6  
INTEREST INCOME
    558       997       2,473       4,239  
                                 
NET (LOSS) INCOME BEFORE TAXES
  $ (487 )   $ (199 )   $ (2,402 )   $ 120  
                                 
INCOME TAXES
    --       3       --       3  
                                 
NET (LOSS) INCOME
  $ (487 )   $ (202 )   $ (2,402 )   $ 117  
                                 
Net (loss) income per common share:
                               
Basic
  $ (0.03 )   $ (0.01 )   $ (0.14 )   0.01  
Diluted
  $ (0.03 )   $ (0.01 )   $ (0.14 )   $ 0.01  
                                 
Weighted average shares outstanding:
                               
Basic
    16,867       16,684       16,867       16,658  
Diluted
    16,867       16,684       16,867       17,051  
 

 
CONSOLIDATED STATEMENTS OF CASH FLOWS
Years Ended December 31, 2008 and 2007
(In Thousands, Except Share Amounts)
 
   
2008
   
2007
 
OPERATING ACTIVITIES:
           
Net (loss) income
  $ (2,402 )   $ 117  
Adjustments to reconcile net (loss) income to net cash used in operating activities:
               
Depreciation of property and equipment
    356       359  
Amortization of discount on securities, net
    (1,945 )     (2,929 )
Equity compensation
    677       444  
Changes in operating assets and liabilities:
               
Decrease in interest receivable, prepaids and other current assets
    57       419  
Decrease in accounts payable and accrued liabilities
    (235 )     (62 )
Increase in deferred rent
    67       66  
Net cash used in operating activities
    (3,425 )     (1,586 )
                 
INVESTING ACTIVITIES:
               
Purchase of marketable securities
    (110,105 )     (150,803 )
Proceeds from the sale and maturity of marketable securities
    90,993       191,147  
Disposal of property and equipment
    --       7  
Purchase of property and equipment
    (7 )     (48 )
Net cash (used in) provided by investing activities
    (19,119 )     40,303  
                 
FINANCING ACTIVITIES:
               
Proceeds from the exercise of stock options
    --       1,438  
Net cash provided by financing activities
    --       1,438  
                 
CHANGE IN CASH AND CASH EQUIVALENTS
    (22,544 )     40,155  
CASH AND CASH EQUIVALENTS, beginning of year
    41,886       1,731  
CASH AND CASH EQUIVALENTS, end of year
  $ 19,342     $ 41,886  
 

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