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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): March 9, 1998
Tier Technologies, Inc.
(Exact Name of Registrant as Specified in Charter)
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<S> <C> <C>
California 000-23195 94-3145844
(State or Other Jurisdiction (Commission File Number) (IRS Employer
of Incorporation) Identification Number)
1350 Treat Boulevard,
Suite 250
Walnut Creek, California 94596
(Address of Principal (Zip Code)
Executive Offices)
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(510) 937-3950
(Registrant's Telephone
Number, Including Area Code)
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Item 5. Other Events
---------------------
Registrant is filing this Form 8-K solely for the purpose of disclosing the
effect of adoption of Financial Accounting Standards Board Statement No. 128,
"Earnings per Share" (FAS 128) and Securities and Exchange Commission Staff
Accounting Bulletin No. 98 (SAB 98) relating to "Earnings per Share".
Restatement of selected data previously reported by the Company as it
relates to the adoption of FAS 128 is attached hereto as EXHIBIT 99.1.
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Item 7. Exhibits
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Exhibit Number Exhibit Description
<S> <C>
99.1 99.1 Restatement of selected data as it
relates to the adoption of FAS 128,
"Earnings per Share".
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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 hereunto duly authorized.
Tier Technologies, Inc.
(Registrant)
Date: March 6, 1998 By: /s/ George K. Ross
-----------------------------
(Signature)
George K. Ross, Chief Financial
Officer and Senior Vice President
(Name and Title of the
Signing Officer)
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EXHIBIT 99.1
In February 1997, the Financial Accounting Standards Board issued Statement No.
128, "Earnings Per Share" ("FAS 128"), which is required to be adopted for the
period ended December 31, 1997. Statement 128 replaced the calculation of
primary and fully diluted net income per share with basic and diluted net income
per share. Unlike primary net income per share, basic net income per share
excludes any dilutive effects of options, warrants and convertible securities.
Diluted net income per share is very similar to the previously reported fully
diluted net income per share.
In February 1998, Staff Accounting Bulletin No. 98 ("SAB 98") was issued and
amends the existing Securities and Exchange Commission ("SEC") staff guidance
primarily to give effect to FAS 128. Under SAB 98, certain shares of
convertible preferred stock, options and warrants to purchase shares of common
stock, issued at prices below the per share price of shares sold in the
Company's initial public offering in December 1997 and previously included in
the computation of shares outstanding pursuant to Staff Accounting Bulletins
Nos. 55, 64 and 83 are now excluded from the computation
All net income per share amounts for all periods have been presented, and where
appropriate, restated to conform to the FAS 128 and SAB 98 requirements:
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<CAPTION>
(In thousands, except per share amounts:)
Years ended December 31,
------------------------
1993 1994 1995 1996
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<S> <C> <C> <C> <C>
Net income $ 189 $ 55 $ 444 $ 527
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Net income per share as previously reported $ 0.02 $ - $ 0.04 $ 0.07
============ ============ ============ ===========
Basic net income per share $ 0.02 $ - $ 0.04 $ 0.11
============ ============ ============ ===========
Shares used in calculating basic net income per share 10,000 10,930 10,062 4,988
============ ============ ============ ===========
Diluted net income per share $ 0.02 $ - $ 0.04 $ 0.10
============ ============ ============ ===========
Shares used in calculating diluted net
income per share 10,000 10,930 10,062 5,246
============ ============ ============ ===========
<CAPTION>
Three month period ended
Nine Months ended September 30, -----------------------------
---------------------------------- December 31, December 31,
1996 1997 1996 1997
------------ ------------ ------------ ------------
<S> <C> <C> <C> <C>
Net income $ 398 $ 572 $ 129 $ 440
============ ============ ============ ===========
Basic income per share as previously reported $ 0.05 $ 0.08 $ 0.02 $ 0.07
============ ============ ============ ===========
Basic net income per share $ 0.08 $ 0.11 $ 0.03 $ 0.07
============ ============ ============ ===========
Shares used in calculating basic net income per share 5,220 5,400 4,300 6,139
============ ============ ============ ===========
Diluted net income per share as previously reported $ 0.05 $ 0.08 $ 0.02 $ 0.06
============ ============ ============ ===========
Diluted net income per share $ 0.07 $ 0.10 $ 0.03 $ 0.06
============ ============ ============ ===========
Shares used in calculating diluted net income per share 5,478 5,794 4,558 7,464
============ ============ ============ ===========
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