SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
Current Report Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
December 7, 2000
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Date of Report (Date of earliest event reported)
Macrovision Corporation
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(Exact name of Registrant as specified in its charter)
Delaware 000-22023 77-0156161
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(State of incorporation) (Commission file number) (I.R.S. Employer
Identification No.)
1341 Orleans Drive
Sunnyvale, California 94089
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(Address of principal executive offices, including zip code)
(408) 743-8600
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(Registrant's telephone number, including area code)
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ITEM 9: REGULATION FD DISCLOSURE
Quarterly Results of Operations
On August 31, 2000, the Company completed its acquisition of GLOBEtrotter
Software, Inc. through the issuance of 8,944,548 shares of common stock of
Macrovision in exchange for all the outstanding common stock of GLOBEtrotter.
The transaction has been accounted for using the "pooling of interests" method.
As a result, the consolidated financial statements for periods prior to the
combination have been restated to include the accounts and results of operations
of GLOBEtrotter Software, Inc. The Company has received requests for quarterly
financial information. Consistent with its policy on Regulation FD, the Company
is making such information available only through the filing of this public
report.
The following table sets forth certain quarterly unaudited consolidated
financial data for the combined Company for the periods indicated, as well as
the percentage of the Company's net revenues represented by such data. This data
has been derived from combination of the Company's and GLOBEtrotter's unaudited
consolidated financial statements that, in the opinion of management, have been
prepared on substantially the same basis as the audited consolidated financial
statements, and include all adjustments, consisting only of normal recurring
adjustments, necessary for a fair presentation of such data. Such data should be
read in conjunction with the Company's audited consolidated financial statements
and notes appearing in the Form 10-K and Form 10Q. The results of operations for
any quarter are not necessarily indicative of the results to be expected for any
future period.
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<CAPTION>
Quarter ended
1999 2000
Mar. 31 Jun. 30 Sep. 30 Dec. 31 Mar. 31 Jun. 30 Sep. 30
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(in thousands)
<S> <C> <C> <C> <C> <C> <C> <C>
Net revenues $10,262 $ 11,733 $13,824 $16,257 $ 16,171 $18,686 $20,446
Costs and expenses:
Cost of revenues 1,021 1,108 1,333 1,422 1,476 1,036 1,476
Research and development 1,116 1,626 1,521 2,202 1,570 1,768 2,114
Selling and marketing 2,797 2,931 3,325 3,659 3,276 3,907 3,418
General and administrative 1,740 1,599 1,780 2,049 2,451 2,639 2,596
Amortization of intangibles from acquisitions -- 109 683 809 743 743 743
Acquisition costs relating to GLOBEtrotter -- -- -- -- -- -- 2,061
Deferred compensation expense relating to
GLOBEtrotter Software, Inc. -- -- -- -- 8,732 2,115 2,405
In process research and development -- 4,286 -- -- -- -- --
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Total costs and expenses 6,674 11,659 8,642 10,141 18,248 12,208 14,813
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Operating income (loss) 3,588 74 5,182 6,116 (2,077) 6,478 5,633
Interest and other income (expense), net 435 408 371 421 2,002 2,892 3,127
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Income (loss) before income taxes 4,023 482 5,553 6,537 (75) 9,370 8,760
Income taxes 1,193 (442) 1,273 2,084 2,853 3,648 3,957
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Net income (loss) $ 2,830 $ 924 $ 4,280 $ 4,453 $ (2,928) $ 5,722 $ 4,803
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Earnings per common share
Basic $ 0.06 $ 0.02 $ 0.09 $ 0.10 $ (0.06) $ 0.12 $ 0.10
Diluted $ 0.06 $ 0.02 $ 0.09 $ 0.09 $ (0.06) $ 0.11 $ 0.09
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<TABLE>
<CAPTION>
Quarter ended
1999 2000
Mar. 31 Jun. 30 Sep. 30 Dec. 31 Mar. 31 Jun. 30 Sep. 30
As a percentage of net revenues
<S> <C> <C> <C> <C> <C> <C> <C>
Net revenues 100% 100% 100% 100% 100% 100% 100%
Costs and expenses:
Cost of revenues 9.9 9.5 9.6 8.8 9.1 5.5 7.2
Research and development 10.9 13.9 11.0 13.5 9.7 9.5 10.3
Selling and marketing 27.2 25.0 24.1 22.5 20.3 20.9 16.7
General and administrative 17.0 13.6 12.9 12.6 15.2 14.1 12.7
Amortization of intangibles from acquisitions -- .9 4.9 5.0 4.6 4.0 3.6
Acquisition costs relating to GLOBEtrotter -- -- -- -- -- -- 10.1
Deferred compensation expense relating to
GLOBEtrotter Software, Inc. -- -- -- -- 54.0 11.3 11.8
In process research and development -- 36.5 -- -- -- -- --
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Total costs and expenses 65.0 99.4 62.5 62.4 112.9 65.3 72.4
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Operating income (loss) 35.0 .6 37.5 37.6 (12.9) 34.7 27.6
Interest and other income (expense), net 4.2 3.5 2.7 2.6 12.4 15.4 15.2
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Income (loss) before income taxes 39.2 4.1 40.2 40.2 (.5) 50.1 42.8
Income taxes 11.6 (3.8) 9.2 12.8 17.6 19.5 19.3
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Net income (loss) 27.6% 7.9% 31.0% 27.4% (18.1)% 30.6% 23.5%
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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.
MACROVISION CORPORATION
By: /s/ Ian R. Hailfax
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Date: December 7, 2000 Ian R. Halifax
Vice President, Finance and Administration
and Chief Financial Officer
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