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 14, 1999
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META GROUP, INC.
(Exact name of Registrant as specified in its charter)
DELAWARE 0-27280 06-0971675
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(State or other jurisdiction of (Commission file (I.R.S. Employer
incorporation or organization) Number) (Identification No.)
208 Harbor Drive, Stamford, CT 06912
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number including area code: (203) 973-6700
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No change since last report
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(Former name or address, if changed since last report)
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Item 5. Other Events.
On April 14, 1999, the Registrant announced (i) preliminary results for
the fiscal quarter ended March 31, 1999 and (ii) a stock repurchase program to
purchase up to 1,200,000 shares of its Common Stock, as more fully described in
Registrant's press release dated April 14, 1999 incorporated herein by reference
(and attached hereto as Exhibit 99.1).
Item 7. Financial Statements and Exhibits
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(c) Exhibits.
99.1 Press release dated April 14, 1999.
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SIGNATURE
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 thereunto duly authorized.
META GROUP, INC.
By: /s/ Dale Kutnick
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Dale Kutnick
President and Chief Executive Officer
April 15, 1999
META Group
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META Group, Inc., 208 Harbor Drive, P.O. Box 120061, Stamford, CT 06912-0061
(203) 973-6700 Fax: (203) 359-8066
News Release
FOR IMMEDIATE RELEASE Contact: Bernard F. Denoyer
Investor Relations/CFO
(203) 973-6813
[email protected]
Alison Ziegler
The Financial Relations Board, Inc.
(212) 661-8030
META GROUP ANNOUNCES PRELIMINARY FIRST QUARTER RESULTS
AND DISCLOSES SHARE REPURCHASE PROGRAM
Stamford, CT -- April 14, 1999 -- META Group, Inc. (Nasdaq: METG) today
announced that based on preliminary analysis of its results, it expects to
report revenues for the quarter ending March 31, 1999 of between $20.0 million
and $20.5 million, and earnings per share of between $0.10 and $0.11. At the low
end of the revenue range, revenues for the first quarter are expected to grow
32%, versus the first quarter ended March 31, 1998.
"The unexpected shortfall in the quarter was caused by reorganization
initiatives commenced this quarter in connection with the recent Sentry
Consulting Group acquisition and some publication product shortages. Continuous
Services revenue growth was also slightly lower than expected, while at the same
time, the Company continued to aggressively invest in its sales organization and
new product development. First quarter Continuous Services billings, however,
showed encouraging strength late in the quarter," said Dale Kutnick, president,
CEO, and co-research director.
"We remain extremely confident in our expanded sales team's ability to
sustain high top line growth in 1999 by positioning our complete product line
across our client's decision-making life cycle opportunities," said Dan
Fitzgerald, executive vice president, sales.
META Group also announced that its Board of Directors has unanimously
authorized the repurchase of up to 1.2 million shares of its common stock in the
open market from time to time, depending on market condition and other factors.
As of March 22, 1999, the Company had 11,930,816 shares of common stock
outstanding.
"With $47 million in cash and marketable securities on hand and the
share price at current levels, the economic value added to our shareholders of
this repurchase is extremely compelling. Our post repurchase cash and marketable
securities, when combined with our expected cash flow in 1999, will be more than
adequate to continue to fund our new business development initiatives," said
Bernard Denoyer, senior vice president and CFO.
META Group helps companies make better information technology (IT)
decisions by providing research and unlimited analyst consultation relevant to
their specific business needs. Offering advisory
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META Group, Inc.
April 15, 1999
Page 2
services, consulting/benchmarking, and publications that span the full spectrum
of IT, META Group addresses the latest technologies, industry trends, and
business challenges. With more than 1,700 client companies worldwide, META Group
differentiates itself from other information providers through its commitment to
Highly personal service (enabling "analysis in context"), bottom-line answers,
and objectivity. To support this promise, META Group maintains a
client-to-analyst ratio of 50:1 -- the lowest in the industry -- and reinvests
almost 50% of its revenue back into research and client services. For details,
connect with www.metagroup.com.
Statements above that are not historical facts may be considered
forward-looking statements that involve risks and uncertainties, including
statements regarding the sustainability of our differentiated continuous
research and advisory services. Actual results could differ materially as a
result of a variety of factors, including the level and timing of renewals of
subscription to Continuous Services; the timing and amount of business generated
by the Company; the mix of domestic versus international business; the timing of
the development, introduction, marketing, and market acceptance of new products
and services; the timing of the hiring of research analysts and consultants;
changes in the spending patterns of the Company's target clients; changes in the
market demand for IT research and analysis and competitive conditions in the
industry; as well as other risks and uncertainties detailed from time to time in
the Company's filings with the Securities and Exchange Commission.
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