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):
April 7, 1999
Saville Systems PLC
(Exact name of registrant as specified in its charter)
Commission File Number 0-27176
Republic of Ireland
(State or other jurisdiction of incorporation or organization)
Not Applicable
(I.R.S. Employer Identification No.)
IDA Business Park, Dangan, Galway, Ireland
(Address of principal executive offices, including zip code)
011-353-9-152-6611
(Registrant's telephone number, including area code)
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Item 5. Other Events
On April 7, 1999, Saville Systems Plc. ("Saville") issued a press release which
is attached hereto as Exhibit 99.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
(a) Financial Statements of Business Acquired: not applicable.
(b) Pro Forma Financial Information: not applicable.
(c) Exhibits.
Exhibit 99: Press Release of the Company, dated April 7, 1999
<PAGE>
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 thereunto duly authorized.
SAVILLE SYSTEMS PLC
(Registrant)
Date: April 8, 1999 By: /s/ Christopher A. Hanson
---------------------------- ------------------------------------
Christopher A. Hanson
Chief Financial Officer
(Principal Financial and
Accounting Officer)
<PAGE>
SAVILLE SYSTEMS PLC
FORM 8-K REPORT
INDEX TO EXHIBITS
Exhibit No. Description
99 Press Release of the Company, dated April 7, 1999
<PAGE>
Exhibit 99
Contacts: Chris Hanson Vicki Nahrung
Chief Financial Officer Director of Investor Relations
Saville Systems Saville Systems
(781) 359-6610 (781) 359-6610
SAVILLE ANNOUNCES PRELIMINARY FIRST QUARTER RESULTS
Burlington, Mass., April 7, 1999 -- Saville Systems PLC (NASDAQ: SAVLY) today
announced that, based on a preliminary review, the Company's results for the
first quarter ended March 31, 1999 will be below Company expectations. The
Company expects to report revenue for the quarter of between approximately $30.0
million and $32.0 million and a loss per share of between approximately $.05 and
$.09. Saville expects to report actual results for the first quarter on or about
April 27, 1999.
The Company's new license sales were adversely affected by a lengthening of the
sales cycle due, in part, to uncertainty caused by recent consolidation among
the Company's competition, as well as the marketing issues related to UNIX
customers going into production later in the quarter than expected. Services
revenue was lower than anticipated due to the shortfall in new license sales,
several existing customers' changing implementation schedules and additional
work required during the quarter to bring several initial UNIX sites into
production.
John J. Boyle III, Saville's Chairman and CEO, commented, "We are obviously
disappointed that we closed significantly less business than anticipated this
quarter. Although our visibility remains limited by continuing uncertainties
associated with current market conditions, we do expect revenue and earnings
growth for the year. We were also disappointed to receive a letter late this
quarter from Cellular South, a customer of our initial UNIX release, purporting
to terminate our agreements. We are confident that the system developed
specifically for Cellular South meets our commitment under our agreements, and
we believe that there is no basis for their actions. Importantly, we are pleased
that we were able to bring several of our UNIX customer sites into production in
the past month, which we expect to assist us in our marketing efforts going
forward."
Founded in 1982, Saville is a leading provider of convergent billing and
customer care solutions for the telecommunications industry. Saville operates
globally with offices in the U.S., Canada, Ireland, Australia, U.K. and Germany,
and has more than 1,400 employees worldwide. Saville is a publicly held company,
traded on the Nasdaq National Market (US) under the symbol SAVLY. For more
information, Saville can be reached at www.savillesys.com, or call (+1)
781-359-6610.
This press release contains forward-looking statements, including Mr. Boyle's
statement relating to revenue and earnings growth, that involve a number of
risks and uncertainties. Important factors that could cause actual results to
differ materially from those indicated by such forward-looking statements are
set forth under the heading "Certain Factors That May Affect future Results" in
Appendix B of the company's Annual Report on From 10-K for the year ended
December 31, 1998, including risks associated with customer concentration,
intense competition, product development and acceptance, the management of rapid
operations expansion and the availability of favorable tax treatment.
