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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)
February 10, 1999
ASPEC TECHNOLOGY, INC.
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(Exact name of Registrant as specified in its charter)
Delaware
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(State or other jurisdiction of incorporation)
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000-22565 77-0298386
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(Commission File No.) (IRS Employer Identification Number)
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830 East Arques Avenue
Sunnyvale, California 94086
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(Address of principal executive offices)
(408) 774-2199
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(Registrant's telephone number, including area code)
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Item 5. Other Events.
The purpose of this filing is to file the Registrant's revised Condensed
Consolidated Statements of Cash Flows for the fiscal quarter ended August 31,
1998, which have been revised to correct computational errors. The Condensed
Consolidated Statements of Cash Flows were originally filed with the
Registrant's Quarterly Report on Form 10-Q for the fiscal quarter ended August
31, 1998.
Item 7. Exhibits.
(c) Exhibits.
Ex. 99.1 - Revised Condensed Consolidated Statements of Cash
Flows for the fiscal quarter ended August 31, 1998.
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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 hereunto duly authorized.
Aspec Technology, Inc.
Dated: February 10, 1999 By: /s/ Douglas E. Klint
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Douglas E. Klint,
Chief Executive Officer
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INDEX TO EXHIBITS
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Exhibit Number Description
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99.1 Revised Condensed Consolidated Statements of Cash Flows
for fiscal quarter ended August 31, 1998.
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EXHIBIT 99.1
ASPEC TECHNOLOGY, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(IN THOUSANDS, UNAUDITED)
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NINE MONTHS ENDED
AUGUST 31, AUGUST 31,
1998 1997
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CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss) (559) 503
Adjustments from operating activities:
Write-off of purchased technology 700
Depreciation and amortization 2,376 1,114
Deferred Income taxes (796) (631)
Stock compensation expense 57 94
Changes in assets and liabilities
Accounts receivable:
Billed (1,204) (476)
Unbilled (3,021) (762)
Prepaid expenses and other assets (885) (476)
Inventory (13) --
Accounts payable 2,986 311
Accrued liabilities (67) (112)
Income taxes payable 40 (3,439)
Customer advances (296) 2,035
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NET CASH PROVIDED (USED FOR) BY OPERATING ACTIVITIES: (682) (1,839)
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CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment (9,372) (2,522)
Cash spent, net of cash acquired in purchase of SIS Microelectronics 26 --
Purchase of Non-Marketable Equity (916)
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NET CASH PROVIDED (USED FOR) BY INVESTING ACTIVITIES: (10,262) (2,522)
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CASH FLOWS FROM FINANCING ACTIVITIES:
Sale of common stock 72,217 --
Redemption of redeemable preferred stock (18,495) --
Repayment of borrowings (314) --
Repurchase of common stock (8) --
Collection of stockholder notes receivable 101 95
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NET CASH PROVIDED (USED FOR) BY FINANCING ACTIVITIES 53,501 95
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Net increase (decrease) in cash and equivalents 42,557 (4,266)
Cash and equivalents, beginning of period 2,524 6,341
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CASH AND EQUIVALENTS, END OF PERIOD 45,081 2,075
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Supplemental disclosure of cash flow information:
Cash paid for income taxes 1,101 4,392
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Accretion of redeemable preferred stock 4,328 813
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Long term payable for acquisition of equipment 1,000
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The Company purchased all of the capital stock of SIS Microelectronics for Aspec
stock of $4,000,000 plus transaction costs of $148,000. In conjunction with the
acquisition, assets acquired and liabilities assumed were as follows:
Fair value of assets acquired, including purchased technology 4,390
Liabilities assumed 942
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Net assets acquired 3,448
Purchased technology, expensed 700
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Purchase price 4,148
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