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SECURITIES AND EXCHANGE COMMISSION
Washington DC 20549
FORM 6-K
REPORT OF FOREIGN ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 OF THE
SECURITIES EXCHANGE ACT OF 1934
For the month of July, 1999
GENTIA SOFTWARE PLC
Tuition House
St George's Road
Wimbledon
London SW19 4EU
United Kingdom
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports
under cover Form 20-F or Form 40-F.
Form 20-F X Form 40-F
Indicate by check mark whether the registrant by furnishing the information
contained in this Form is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes No X
If "Yes" is marked, indicate below the file number assigned to the registrant in
connection with Rule 12g3-2(b):
82- N.A.
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GENTIA SOFTWARE PLC
GENTIA SOFTWARE
Tuition House, St. George's Road
Wimbledon
London SW19 4EU
(Nasdaq: GNTI)
AT THE COMPANY: AT THE FINANCIAL RELATIONS BOARD:
Nick Bray For Analyst Info: Julie Creed (312) 640-6724
Chief Financial Officer For General Info: Kelly Lofts (212) 661-8030
+44 181 971 4000 For Media Info: Claudine Cornelis (212) 661-8030
GENTIA SOFTWARE APPOINTS NICK BRAY AS NEW CFO
AND ANNOUNCES FURTHER COST REDUCTIONS
GENTIA'S NEWLY APPOINTED MANAGEMENT TEAM IS FURTHER RESTRUCTURING THE COMPANY
WITH THE GOAL OF RETURNING TO PROFITABILITY DURING THE SECOND HALF OF 1999
LONDON, JUNE 22, 1999 -- Gentia Software (Nasdaq: GNTI), a leading provider of
analytical applications with predictive intelligence for enterprise-wide
deployment, today announced that effective immediately, Nick Bray will replace
George Sprenkle as Chief Financial Officer. Mr. Sprenkle is leaving the Company
to pursue other interests.
Prior to joining Gentia, Mr. Bray served as Comshare, Inc.'s (Nasdaq:CSRE)
Senior Director of Finance & Chief Accounting Officer. Comshare develops,
markets, and supports financial analytic applications software. Prior to his
three year tenure with Comshare, Mr. Bray worked for Lotus Software, Inc., as
well as Price Waterhouse and a number of other major corporations. He is a
Chartered Accountant and holds a first class honours degree.
Mr. Bray's appointment completes the senior management team formed under the
direction of the new Chief Executive Officer, Steve Fluin, which is comprised of
the following individuals:
Nick Bray, Chief Financial Officer
Tim Jones, Chief Technology Officer
Martin McCann, Vice President Worldwide Marketing
Kevin Sturge, Vice President Services
Jack Connors, Vice President North American Sales
Wouter Van Loon, Vice President European Sales
Theo Zabilowicz, Vice President International Sales
"Having worked with Nick in the past, I am delighted that he has joined Gentia
and I believe he will be a tremendous asset to the Company," commented Steve
Fluin. "Nick is an experienced, industry finance professional and was
instrumental in significantly improving the profitability of Comshare. Now that
Nick is on board, our management team is complete, and we are fully dedicated to
returning Gentia to profitability. Gentia has long been recognized in the
industry for product excellence, and our customers, employees and vision are
second to none. Each individual on the team recognizes that it's time for Gentia
to live up to its potential and return value to its shareholders."
"A strong market exists for analytical applications," continued Fluin. "However,
many existing business applications in the marketplace do little more than allow
executives to analyze data, limiting the value of such applications to data
collection, storage and reporting. Business executives need more comprehensive
support to make better decisions. They need predictive intelligent business
applications which Gentia can provide."
Martin McCann, Vice President Worldwide Marketing, stated, "Gentia has an
existing product portfolio of analytical applications that is unmatched in the
industry; namely, the Balanced Scorecard application and the Impact suite of
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analytical business applications. The Company also has Kwiz, a Java-based
technology incorporating machine learning algorithms for predictive
intelligence. When embedded into applications, Kwiz not only helps executives
understand the past, but can also predict the outcome of future business
scenarios. Gentia has unique technology that will differentiate it from the
competition and help it become a recognized market leader in intelligent
analytical applications."
"In addition to the significant progress made in reducing the Company's cost
infrastructure during the last six months, the new management team has
identified further opportunities to reduce costs. As a result, we estimate
annual cost savings of approximately $8.0 million as compared with the quarter
one expenditure level. We believe these cuts will put us on track to return to
profitability during the second half of 1999," continued Mr. Fluin.
The Company now anticipates that a $1.0 million restructuring charge will be
booked in the second quarter ending June 30, 1999, relating to proposed cost
cuts. This number had previously been anticipated as $0.6 million, but has now
been increased to accommodate further reductions. As compared to the beginning
of the year, worldwide staff will be reduced from 202 to 139 before the end of
June. Staff reductions have been achieved from the administration and marketing
functions along with the elimination of management layers and other non-core
personnel. In addition to staff reductions, the Company will also better utilize
office space and will reduce all areas of discretionary spending to contain
costs and improve profitability. However, Gentia is committed to leveraging its
indirect and direct sales presence in the U.S., Europe, and other international
markets during the coming months in line with its strategy to increase 1999
revenue growth.
Kwiz is a registered trademark of Kwiz Solutions, a wholly-owned subsidiary of
Gentia Software.
ABOUT GENTIA SOFTWARE
Gentia Software is the leading supplier of analytical applications that enable
clients to maximize their competitive position through enterprise-wide
deployment of strategy management, performance measurement and operational
analysis solutions. By leveraging the only networked Business Intelligence
solution designed for enterprise-wide deployment, Gentia enables a new class of
analytical applications, such as the Balanced Scorecard, which ensure
information delivery to key decision-makers' desktops and browsers throughout an
enterprise. Gentia Software's worldwide client list of more than 500 customers
includes JP Morgan and Company, Volvo, McDonald's Restaurants, Fortis, Swiss
Reinsurance and Sun Microsystems. The Company has headquarters in Boston and
London and operates in more than 20 countries worldwide. For additional
information about Gentia, visit the Company's Web site at www.gentia.com or call
1-888-4GENTIA or 1-781-224-0750. To receive additional information via fax at no
charge, dial 1-800-PRO-INFO and enter code GNTI.
THIS NEWS RELEASE CONTAINS STATEMENTS OF A FORWARD-LOOKING NATURE. SUCH
STATEMENTS ARE BASED UPON THE INFORMATION AVAILABLE TO MANAGEMENT AT THIS TIME,
AND THEY NECESSARILY INVOLVE RISK BECAUSE ACTUAL RESULTS COULD DIFFER MATERIALLY
FROM CURRENT EXPECTATIONS. AMONG THE MANY FACTORS THAT COULD CAUSE ACTUAL
RESULTS TO DIFFER FROM THOSE SET FORTH IN THE COMPANY'S FORWARD-LOOKING
STATEMENTS ARE CHANGES IN GENERAL ECONOMIC CONDITIONS, ACTIONS TAKEN BY
CUSTOMERS OR COMPETITORS, AND THE RECEIPT OF MORE OR FEWER ORDERS THAN EXPECTED.
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