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<PAGE> 1
================================================================================
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): OCTOBER 13, 1998
BINDVIEW DEVELOPMENT CORPORATION
(Exact Name of Registrant as Specified in Charter)
TEXAS 000-24677 76-0306721
(State of Incorporation) (Commission File No.) (I.R.S. Employer
Identification No.)
3355 WEST ALABAMA, SUITE 1200
HOUSTON, TEXAS 77098
(Address of Principal Executive Offices) (Zip Code)
REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE: (713) 843-1799
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<PAGE> 2
ITEM 5. OTHER EVENTS.
On October 13, 1998, BindView Development Corporation (the "Company")
issued a press release reporting financial results for the third quarter of
fiscal year 1998. A copy of such press release is filed as Exhibit 99.1 to this
Current Report on Form 8-K and is hereby incorporated herein by reference.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
(c) Exhibits.
99.1 Press release of the Company dated October 13, 1998.
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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.
BINDVIEW DEVELOPMENT CORPORATION
Dated: October 13, 1998 /s/ ERIC J. PULASKI
-------------------------------------
Eric J. Pulaski
President and Chief Executive Officer
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INDEX TO EXHIBITS
<TABLE>
<CAPTION>
Number Exhibit
- ------ -------
<S> <C>
99.1 Press release of the Company dated October 13, 1998.
</TABLE>
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<PAGE> 1
EXHIBIT 99.1
BINDVIEW DEVELOPMENT CORPORATION NEWS RELEASE
Investor Relations
3355 West Alabama Street, 12th Floor
Houston, Texas 77098-1718
Tel: (713) 843-1799 o Fax: (713) 843-1794
http://www.bindview.com
[BINDVIEW LOGO]
FOR IMMEDIATE RELEASE
BINDVIEW DEVELOPMENT CORPORATION REPORTS
RECORD THIRD QUARTER RESULTS
HOUSTON, TEXAS - OCTOBER 13, 1998 -- BindView Development Corporation
(Nasdaq: BVEW), a developer of systems management software products, today
announced record quarterly revenues for its third quarter ending September 30,
1998.
Total revenues for the quarter grew 90 percent to a record $10.1
million, compared with revenues of $5.3 million in the third quarter of 1997.
Net income for the third quarter increased 76 percent to a record $1.5 million
or $0.07 per share, from $0.9 million or $0.06 per share during the same period
in 1997. The strong results in the quarter were fueled by BindView's expanding
software license revenue. License revenue increased 76 percent over the
comparable quarter in 1997.
"We are pleased to see continued growth across our entire product
line," said Eric Pulaski, President and Chief Executive Officer of BindView
Development. "We believe these results reflect continued industry acceptance of
our BindView EMS for systems administration, security assessment and asset
management for PC-based network environments, including Windows NT and Novell
NetWare platforms. We have achieved these results while continuing to grow our
own resources and infrastructure. Having completed a successful initial public
offering in July, combined
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with our infrastructure growth, BindView is financially and operationally
positioned with a solid framework for the future."
ABOUT BINDVIEW DEVELOPMENT CORPORATION
BindView Development Corporation develops, markets and supports a suite
of systems management software products, which manage the security and integrity
of complex, distributed client/server networks operating on Microsoft Windows NT
and Novell NetWare environments. The Company's primary product line, BindView
EMS, provides software solutions for systems administration, security
management, enterprise inventory of LAN assets and Year 2000 assessment of
PC-based hardware and software.
Headquartered in Houston, Texas, BindView's shares of common stock trade
on the Nasdaq National Market System under the symbol BVEW. For more information
about BindView, please call our investor relations hotline at (713) 843-1799.
For information about BindView's products, call (713) 561-4000 and visit its Web
site at http://www.bindview.com.
(Attached is Consolidated Statement of Income and Balance Sheet)
BindView, BindView Development Corporation, BindView Enterprise Management
System and BindView EMS are trademarks or registered trademarks of BindView
Development Corporation. Other trademarks are the property of their respective
owners.
FOR MORE INFORMATION, PLEASE CONTACT:
BindView Development Corporation
INVESTOR RELATIONS Scott Plantowsky (713) 843-1799 [email protected]
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BindView Development
Corporation
Consolidated Statement of Income
(Unaudited)
<TABLE>
<CAPTION>
Quarter Nine Months
Ended September 30, Ended September 30,
1998 1997 1998 1997
(in thousands, except per share amounts)
<S> <C> <C> <C> <C>
Revenues:
Licenses $ 7,984 $ 4,524 $ 18,587 $ 10,782
Services 2,136 794 5,366 1,871
----------- -------------- ------------ ------------
Total revenues 10,120 5,318 23,953 12,653
----------- -------------- ------------ ------------
Cost of revenues:
Cost of licenses 329 150 790 379
Cost of services 281 139 722 386
----------- -------------- ------------ ------------
Total cost of revenues 610 289 1,512 765
----------- -------------- ------------ ------------
Gross profit 9,510 5,029 22,441 11,888
----------- -------------- ------------ ------------
Costs and expenses:
Sales and Marketing 4,493 2,325 10,935 5,521
Research and Development 2,250 837 5,944 2,159
General and Administrative 903 550 2,313 1,544
----------- -------------- ------------ ------------
Operating income 1,864 1,317 3,249 2,664
Other income, net 485 22 756 51
----------- -------------- ------------ ------------
Income before income tax provision 2,349 1,339 4,005 2,715
Provision for income tax 822 _ 1,276 _
----------- -------------- ------------ ------------
Net income 1,527 1,339 2,729 2,715
Pro forma charge in lieu of income taxes _ 469 _ 951
=========== ============== ============ ============
Pro forma net income $ 1,527 $ 870 $ 2,729 $ 1,764
=========== ============== ============ ============
Earnings per common share:
Basic $ 0.09 $ 0.11 $ 0.24 $ 0.21
Diluted $ 0.07 $ 0.06 $ 0.14 $ 0.12
Shares used in computing earnings per
common share:
Basic 17,810 8,228 11,492 8,228
Diluted 22,220 14,540 19,543 14,295
</TABLE>
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<PAGE> 4
BindView Development
Corporation
Consolidated Balance Sheet
(Unaudited)
<TABLE>
<CAPTION>
September 30, December 31,
1998 1997
------------------------------------------
(in thousands)
ASSETS
<S> <C> <C>
Current assets:
Cash and cash equivalents $ 48,374 $ 7,203
Accounts receivable, net 3,706 4,729
Other current assets 686 --
Deferred tax asset 3,939 3,150
------------------ -----------------
Total current assets 56,705 15,082
Property and equipment, less accumulated depreciation 3,784 1,370
Other assets 31 57
================== =================
Total assets $ 60,520 $ 16,509
================== =================
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 1,496 $ 785
Accrued liabilities 908 831
Accrued compensation 822 614
Deferred revenue 4,357 2,029
------------------ -----------------
Total current liabilities 7,583 4,259
------------------ -----------------
Shareholders' equity:
Convertible preferred stock _ 25
Common stock 1 1
Additional paid-in capital 56,244 31,728
Common stock warrant _ 550
Retained earnings (accumulated deficit) (3,308) (6,037)
Treasury stock _ (14,017)
------------------ -----------------
Total shareholders' equity 52,937 12,250
------------------ -----------------
Total liabilities and shareholders' equity $ 60,520 $ 16,509
================== =================
</TABLE>
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