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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
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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 27, 2000
IVI Checkmate Corp.
(Exact name of registrant as specified in its charter)
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<S> <C> <C>
Delaware 000-29772 58-2375201
(State or other jurisdiction (Commission File Number) (IRS Employer Identification No.)
of incorporation)
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1003 Mansell Road
Roswell, Georgia 30076
(Address of Principal Executive Offices)
770-594-6000
(Registrant's telephone number, including area code)
Page 1 of 8
Index to Exhibits on Page 4
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Item 5. Other Events
On April 27, 2000, the Registrant issued the press release included herein
as Exhibit 99 regarding the financial result for the first quarter ended March
31, 2000.
2
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Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
(a) Exhibits
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Exhibit No. Description
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99 Press Release dated April 27, 2000 regarding financial
results for first quarter ended March 31, 2000.
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.
IVI CHECKMATE CORP.
(Registrant)
Date: April 27, 2000 By /s/ John J. Neubert
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John J. Neubert
Executive Vice President-Finance
and Administration, Chief Financial
Officer, Treasurer and Secretary
3
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INDEX TO EXHIBITS
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Exhibit Description Page No.
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99 Press Release dated April 27, 2000 financial 4
results for first quarter ended March 31, 2000.
4
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[LOGO OF IVI CHECKMATE APPEARS HERE]
EXHIBIT 99
FOR IMMEDIATE RELEASE
April 27, 2000
News Release
IVI CHECKMATE REPORTS FIRST QUARTER 2000 RESULTS
[Atlanta, Georgia/Toronto, Canada] - IVI Checkmate Corp. (Nasdaq: CMIV); (TSE:
IVC/IVI), a leading North American provider of electronic payment solutions,
today announced financial results for the first quarter ended March 31, 2000.
Revenue increased 54% to $23.3 million from $15.1 million for the three months
ended March 31, 1999. Net loss for the three months ended March 31, 2000
narrowed significantly to $824,000 or $0.05 per share, compared to a net loss
of $2.3 million or $0.13 per share for the three months ended March 31, 1999.
The improvement in revenue in the first quarter of 2000 was the result of a
turnaround quarter for the Company's U.S. operations that produced an 85%
increase in shipments of payment terminals and peripherals. This was
supplemented by a 32% increase in professional services revenue. Revenues in
the first quarter of 1999 were affected by issues involving the Company's
e/N/-Touch 1000 terminal, which has since been redesigned. While sales of
e/N/-Touch 1000 were modest in the first quarter of 2000, the Company
anticipates a considerable increase in sales of the redesigned terminal as
the year progresses.
Barry Thomson, President and CEO of IVI Checkmate, said, "While the first
quarter has been traditionally a dry quarter in our industry, our improved
financial performance was the result of initiatives that we have previously
undertaken to enter into new markets, expand our professional service
offerings and streamline operating costs. The execution of our value-added
solution strategy, which began in 1998, has resulted in increased business
opportunities which we anticipate will translate into higher sales and
improved profitability as we go forward."
In the first quarter, IVI Checkmate continued to focus on further expanding
the execution of its end-to-end payment solutions by incorporating new
technologies such as wireless and Internet protocol converters. The Company
also introduced new software products that would improve retailer efficiency
at the point of service while reducing transaction costs.
Wireless
Availability of the Company's wireless payment terminals, which have already
begun deployment in Canada, has commenced in the U.S. through a program
announced with GTE Wireless and Atomic Software. Additionally, a new wireless
terminal, utilizing short-range radio frequency, is currently in development
and is anticipated to be available during Summer 2000.
Internet
IVI Checkmate has recently introduced new products that will enable owners of
legacy point-of-sale systems to utilize the power of the Internet.
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For large and mid-sized retailers, the Company is jointly marketing with
Precidia Technologies a suite of Internet Protocol (IP) converters that will
enable legacy point-of-sale systems to become IP-capable. With an IP
converter, retailers will now have the ability to migrate their current
payment systems that utilize proprietary communications protocols to IP,
today's de facto standard, delivering capabilities not available with existing
networks. IP enables retailers to participate in Internet-based solutions
such as loyalty programs, electronic gift certificates and targeted consumer
promotions, as well as reduces system maintenance time and improves
diagnostics.
For small retailers, the Company introduced the e/N/-Touch 3000, a new touch
screen-based internet-capable point-of-sale terminal. Initially being offered
for the Canadian market, the e/N/-Touch 3000 is designed to deliver Internet-
based applications such as advertising, loyalty, coupon issuance, e-mail and
merchant home pages, while still providing the traditional credit, debit, EBT
and smart card payment transactions.
Software Products
IVI Checkmate has recently announced several software products and services
through its new e/N/-Concert Solutions division, allowing retailers to update
their point-of-sale systems to today's standards without costly retrofits to
their existing payment networks:
- - the re-marketing of ShopNow.com's Active-Charge is a robust and proven payment
management application based on Microsoft's ActiveStore(TM) Framework for
retailers that are either using or migrating to Windows-based point-of-sale
systems;
- - the availability of e/N/-Signia, a comprehensive image capture and retrieval
solution that significantly reduces operating expenses associated with
handling and retrieving credit card receipts and signatures. e/N/-Signia,
which embodies the latest advances in Internet access and ODBC database
technology, provides the ability to accommodate future payment types including
check conversion;
- - the availability of e/N/-Concert Insight, a "hallmark" software application
that helps retailers convert check card and offline debit transactions into
online debit transactions at substantial cost savings; and
- - the availability of a comprehensive Payment Systems Analysis service that
shows retailers how to better manage and reduce the cost of electronic
payments.
About IVI Checkmate
IVI Checkmate is the third largest electronic transaction solutions provider
in North America. The Company designs, develops and markets innovative payment
and value-added solutions that optimize transaction management at the point-
of-service in the retail, financial, hospitality, healthcare and
transportation industries. IVI Checkmate's software, hardware and professional
services minimize transaction costs, reduce operational complexity and improve
profitability for its customers in the U.S., Canada and Latin America. For
more information on IVI Checkmate, please visit our web site at
www.ivicheckmate.com.
CONTACTS: L. Barry Thomson John J. Neubert
President & CEO CFO/Executive Vice President
IVI Checkmate Corp. IVI Checkmate Corp.
(770) 594-6000 (770) 594-6000
This press release contains forward-looking statements subject to the safe
harbor created by the Private Securities Litigation Reform Act of 1995.
Management cautions that these statements represent projections and estimates
of future performance and involve certain risks and uncertainties. The
Company's actual results could differ materially from those anticipated in
these forward-looking statements as a result of certain factors including,
without limitation, rapid and significant technological developments that
could delay the introduction of improvements in existing products or of new
products; the Company's dependence on its limited suppliers and manufacturers
of component parts of its products; the Company's dependence on its
proprietary technologies (which may be independently developed by
competitors); the Company's dependence on a small number of large retail
customers; the potential fluctuation in financial results as a result of the
Company's inability to make sales to large customers as well as the volume and
timing of bookings received during a quarter and variations in sales mix;
competition from existing companies as well as new market entrants; the
Company's dependence on key personnel; and other factors that are contained in
documents that the Company files with the U.S. Securities and Exchange
Commission.
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IVI CHECKMATE CORP.
Condensed Consolidated Balance Sheets
(thousands of U.S. dollars)
(Unaudited)
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March 31 December 31
2000 1999
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ASSETS
Current assets:
Cash and cash equivalents $ 7,552 $ 8,279
Accounts receivable, net 19,546 20,050
Inventories 20,937 20,278
Deferred tax asset 1,173 848
Prepaid and other current assets 1,021 502
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Total current assets 50,229 49,957
Property and equipment, net 9,233 9,654
Capitalized software development costs 12,908 12,822
Intangible and other assets 1,009 1,092
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Total assets $73,379 $73,525
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LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Bank line of credit $ 4,450 $ -
Accounts payable 8,896 12,255
Accrued liabilities 11,227 11,273
Deferred revenue 3,058 3,350
Other 13 13
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Total current liabilities 27,644 26,891
Deferred tax liability 1,493 1,500
Other - 4
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Total liabilities 29,137 28,395
Stockholders' equity 44,242 45,130
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Total liabilities and stockholders' equity $73,379 $73,525
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IVI CHECKMATE CORP.
Condensed Consolidated Statements of Operations
(thousands of U.S. dollars, except per share figures)
(Unaudited)
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Three Months Ended
March 31
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2000 1999
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Net revenues $23,269 $15,110
Cost of sales 14,692 9,388
Amortization of capitalized software costs 735 631
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Gross profit 7,842 5,091
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Operating expenses:
Selling, general and administrative 7,156 6,560
Research and development 1,192 1,236
Depreciation and amortization 615 524
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8,963 8,320
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Operating loss (1,121) (3,229)
Interest and other 22 (51)
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Loss before taxes (1,099) (3,280)
Income tax benefit 275 984
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Net loss $ (824) $(2,296)
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Weighted average number of shares
outstanding (000's) - basic and diluted 18,151 18,071
Loss per share available to common
stockholders - basic and diluted $(0.05) $(0.13)
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