-----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, DP5k3smJ6WdvuMbf9pAkatvAFF9iava9vrLX7LYk5e9Y4So3HRlb94s+ORzqiRew 0teCiIO7MgABwPJQrttD1A== 0000940986-00-000001.txt : 20000307 0000940986-00-000001.hdr.sgml : 20000307 ACCESSION NUMBER: 0000940986-00-000001 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20000210 ITEM INFORMATION: FILED AS OF DATE: 20000301 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MUSTANG COM INC /CA/ CENTRAL INDEX KEY: 0000940986 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-PREPACKAGED SOFTWARE [7372] IRS NUMBER: 770204718 STATE OF INCORPORATION: CA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 000-25678 FILM NUMBER: 558289 BUSINESS ADDRESS: STREET 1: 6200 LAKE MING RD CITY: BAKERSFIELD STATE: CA ZIP: 93306 BUSINESS PHONE: 6618732500 MAIL ADDRESS: STREET 1: 6200 LAKE MING RD CITY: BAKERSFIELD STATE: CA ZIP: 93306 FORMER COMPANY: FORMER CONFORMED NAME: MUSTANG SOFTWARE INC DATE OF NAME CHANGE: 19950313 8-K 1 1 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): February 10, 2000 MUSTANG.COM, INC. (Exact name of registrant as specified in its charter) California 0-25678 77-0204718 (State or other jurisdiction (Commission (I.R.S. Employer of incorporation) File Number) Identification No.) 6200 Lake Ming Road, Bakersfield, CA 93306 (Address of principal executive offices) (ZIP Code) Registrant's telephone number, including area code: (661) 873-2500 (Former name or former address, if changed since last report) 2 Item 5. Other Events On February 10, 2000, registrant issued a press release announcing its unaudited financial results at, and for the three and twelve months ended, December 31, 1999. A copy of that press release is attached as Exhibit 99.1 to this Form 8-K and is incorporated herein by reference. Item 7. Financial Statements and Exhibits (c) Exhibits. 99.1 Press release of February 10, 2000. 3 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. MUSTANG.COM, INC. MUSTANG.COM, INC. By:__/S/__ Donald M. Leonard Vice President of Finance and Chief Financial Officer 4 EXHIBIT 99.1 Mustang.com, Inc. Reports Revenues Up 85% for Fiscal Year 1999 Compared to Fiscal Year 1998 BAKERSFIELD, Calif., Feb. 10, 2000 Mustang.com Continues Aggressive Growth Plans, Increasing Headcount by 45% Over Last Quarter Mustang.com, Inc. (Nasdaq:MSTG), a leader in the eBusiness and eService infrastructure markets, today reported results for its fourth quarter and year ended December 31, 1999. These results reflect eight consecutive quarters of revenue growth -- at a compounded rate of 17% -- as well as a rapid expansion of the company's engineering, sales and marketing efforts. Revenues for the fourth quarter ended December 31, 1999 increased 57% to $1,106,278 as compared to $706,120 reported for the prior year period. The net loss for the quarter was $574,039, or ($0.10) per basic and diluted share, as compared to the net loss of $146,718, or ($0.04) per basic and diluted share, reported a year ago. Revenues for the year ended December 31, 1999 increased 85% to $3,710,935 as compared to $2,010,721 reported for the prior year period. The net loss for the period was $906,276, or ($0.19) per basic and diluted share, as compared to a net loss of $1,156,515, or ($0.31) per basic and diluted share, reported a year ago. Commenting on the results, President and Chief Executive Officer Jim Harrer said, "I'm very pleased with the number of hurdles we cleared in 1999 as we completed our turn-around strategy to emerge as a leading provider of trusted eService solutions. Fiscal 1999 was spent working with hundreds of customers and prospects to develop cutting edge technology to meet their demanding electronic support demands. Our focus was on building a product line that would be in demand. Accomplishing this during the first half of the year represented a major challenge and outstanding efforts by the entire team." Continued Harrer, "In Q4, on the success of our private financing, we began an aggressive growth strategy, doubling our headcount and finishing the year with 58 employees, up from 25 (132%) from the start of the year. Our plan is to continue this aggressive growth strategy through 2000, focusing most of our attention in the area of sales, marketing, research and development and Mustang Services -- our Professional Services division. We believe it is imperative to build the infrastructure to support the customer demands through our current and future growth." 5 1999 Highlights Over 11,000 Mustang Message Center Agent Seats Licensed. The total number of Agent Licenses for Mustang Message Center at the end of 1999 was 11,192 adding 5,629 agents in 1999 alone making it one of the most widely used email management applications in the world. Mustang.com Successfully Raised $5.6 Million To Fuel Growth in Sales and Marketing. Mustang.com, Inc. ended the year with $8.8 million in cash and equivalents, up from $1.8 million a year ago enabling the company to invest in expanding its engineering, sales, marketing and services organizations. Mustang.com, Inc., completed re-branding efforts to focus on delivering trusted eService solutions. Shedding its image as developer of online retail software, the market welcomed the change from Mustang Software, Inc. to Mustang.com, Inc. -- Trusted eService Solutions for the Enterprise. Mustang Message Center 3.0 Released. Mustang's fourth generation email management solutions are built on scalability and flexibility working with the most widely used enterprise email platforms today including Microsoft Exchange, Lotus Notes and Novell GroupWise. Mustang.com's customers use the Mustang Message Center platform and suite of applications to deliver world-class, trusted eService solutions and self-service help to enhance customer loyalty, generate additional sales revenue and reduce the cost of electronic communication. Mustang.com Extends Message Center Platform. Mustang.com announced the availability of a host of applications for the Message Center platform including KnowledgeLink (web-based self-help), AgentPro (dedicated message management client), TeleAgent (seamless integration with third- party CRM solutions) and Notify (real-time paging and alarm notification). Mustang.com, Inc., Ends 1999 with 335 Customers. Mustang.com signed more than 180 in 1999, up from 153, the number signed as of year end 1998, an increase of 119%. Our customers span Fortune 500 customers and leading .com companies including: Barclay's Bank, Costco, Dow Jones, eOffering, eStamp.com, GTE, iPrint.com, Lucent, Mail.com, NORDSTROM.com, Progressive Insurance, 3COM and Zdnet. Mustang.com wins Eight Awards in 1999. Mustang Message Center received eight industry awards in 1999 bringing the total to 20 since the product's launch in 1997. The awards bridge multiple markets including customer service, computer telephony integration and the general computer industry and networking audiences. Mustang.com, Inc., Partnered with Leading Technology Partners. Mustang Message Center is designed as the premiere e-mail management engine for 6 third-party technology partners. Leveraging the company's expanded strategic focus on indirect channel development Mustang.com is pleased to announce the addition of leading technology partners including FaceTime Communications; Government Technology Services, Inc.; NexCen Technologies; Pipkins, Inc.; Quintus Corporation; TCS Management Corporation; Witness Systems, Inc. About Mustang.com and Mustang Message Center Mustang.com enables loyal, high quality customer relationships through the design, development and support of Internet and e-mail based customer management software applications. Mustang Message Center is an award- winning eService solution that improves e-mail management in mission- critical, high-volume customer service operations. Hundreds of companies worldwide actively utilize the Mustang Message Center for 24x7, mission- critical customer service, supporting hundreds of thousands of transactions every day. Corporate headquarters are located at 6200 Lake Ming Road, Bakersfield, CA 93306; with offices in Chicago, IL; Ft. Lauderdale, FL; Los Angeles, CA; New York, NY; Phoenix, AZ; Seattle, WA; and Washington, D.C. Inquiries can be addressed via voice, 661-873-2500; fax, 661-873-2499; or e-mail, info@mustang.com. Additional information is available from Mustang.com on the Web at http://www.mustang.com. Cautionary Note Regarding Forward-looking Statements Under the Private Securities Litigation Reform Act of 1995: Information in this release that involves Mustang.com's expectations, beliefs, hopes, plans, intentions or strategies regarding the future are forward-looking statements that involve risks and uncertainties. These statements include statements about Mustang.com's strategies in the marketplace, its market position and its relationship with customers. All forward-looking statements included in this release are based upon information available to Mustang.com as of the date of the release, and we assume no obligation to update any such forward-looking statement. These statements are not guarantees of future performance and actual results could differ materially from our current expectations. Factors that could cause or contribute to such differences include, but are not limited to, competition, increased competition due to Mustang.com's expanded product offering, risks associated with the evolving and varying demand for customer communication software, our ability to expand our operations, acceptance of email and the Internet as a communications medium, litigation over property rights, and general economic factors. These and other factors are risks associated with our business that may affect our operating results are discussed in the Company's most recently filed annual 10k and our quarterly reports on Form 10-Q filed with the SEC. Mustang.com, Inc., Mustang Message Center and the Mustang.com's logo are trademarks of Mustang.com, Inc. 7 Mustang.com, Inc. Unaudited Condensed Balance Sheets
December 31 1999 1998 ASSETS Current Assets: Cash & cash equivalents $ 8,847,602 $ 1,849,700 Accounts Receivable, net 693,739 409,077 Inventory and other current assets 17,123 28,856 Total Current Assets 9,558,464 2,287,633 Fixed Assets, net 628,078 592,855 Other Assets 2,485 11,183 - - --------------------------------------------------------------------------- Total Assets $ 10,189,027 $ 2,891,671 = =========================================================================== LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities Accounts payable $ 492,942 $ 233,854 Accrued liabilities 424,781 214,157 Deferred revenues 250,000 125,000 Current portion of Capital Lease 9,111 8,259 - - --------------------------------------------------------------------------- Total Current Liabilities 1,176,834 581,270 - - --------------------------------------------------------------------------- Capital lease, less current portion 251,636 260,747 - - --------------------------------------------------------------------------- Total Liabilities 1,428,470 842,017 = =========================================================================== Stockholders' Equity Preferred stock -- 730,229 Common stock 15,966,363 7,618,954 Accumulated deficit (7,205,806) (6,299,529) - - --------------------------------------------------------------------------- Total Stockholders' Equity 8,760,557 2,049,654 - - --------------------------------------------------------------------------- Total Liabilities and Stockholders' Equity $ 10,189,027 $ 2,891,671 = ===========================================================================
8 Mustang.com, Inc. Unaudited Condensed Statement of Operations
Three Months Ended Twelve Months Ended December 31 December 31 1999 1998 1999 1998 Revenue $ 1,106,278 $ 706,120 $ 3,710,935 $ 2,010,721 Costs of revenue 150,423 36,503 441,386 177,928 - - - - -------------------------------------------------------------------------- Gross profit 955,855 669,617 3,269,549 1,832,793 - - - - -------------------------------------------------------------------------- OPERATING EXPENSES Research & development 333,636 162,358 820,554 611,990 Selling & marketing 658,938 264,168 1,638,298 974,525 General & administrative 606,420 404,897 1,853,730 1,430,335 - - - - -------------------------------------------------------------------------- Total Operating expenses 1,598,994 831,423 4,312,582 3,016,850 - - - - -------------------------------------------------------------------------- Income (loss) from operations (643,139) (161,806) (1,043,033) (1,184,057) Other income (expenses), net 69,100 15,088 137,557 28,342 - - - - -------------------------------------------------------------------------- Income (loss) before provision for income taxes (574,039) (146,718) (905,476) (1,155,715) - - - - -------------------------------------------------------------------------- Provision (benefit) for income taxes -- -- 800 800 - - - - -------------------------------------------------------------------------- Net income (loss) $ (574,039) $ (146,718) $ (906,276) $(1,156,515) = = = =========================================================================== Net income (loss) per common share $ (0.10) $ (0.04) $ (0.19) $ (0.31) = = = =========================================================================== Weighted average number of shares outstanding 5,756,666 4,098,845 4,821,680 3,707,334 = = = ===========================================================================
CONTACT: Mustang.com, Inc. Don Leonard, 661/873-2580 investor@mustang.com -----END PRIVACY-ENHANCED MESSAGE-----