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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)
September 30, 1999
SAGA SYSTEMS, Inc.
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(Exact name of Registrant as specified in its Charter)
Delaware 001-13609 54-1167173
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(State or other Jurisdiction (SEC File No.) (IRS Employer
of incorporation) Identification Number)
11190 Sunrise Valley Drive, Reston, Virginia 20191
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (703) 391-6757
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Not Applicable
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(Former name or former address, if changed since last Report)
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SAGA SYSTEMS, Inc.
INFORMATION TO BE INCLUDED IN REPORT
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Item 5. Other Events
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SAGA SYSTEMS, Inc. (the "Company") announced on September 29, 1999 that it
will extend its open market stock repurchase program for an indefinite period
and will seek to repurchase up to an additional two million shares of the
Company's common stock. The press release issued September 29, 1999 is attached
hereto as Exhibit 99.1.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
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(c) Exhibits
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Exhibit 99.1 Press release dated September 29, 1999
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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.
SAGA SYSTEMS, INC.
Date: September 30, 1999 By: /s/ Katherine E. Butler
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Katherine E. Butler
Vice President, General Counsel and
Secretary
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Exhibit 99.1
FOR IMMEDIATE RELEASE
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Contact: Steve Ellis
Director, Corporate Communications
SAGA SOFTWARE, Inc.
703-391-8295
[email protected]
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Dawn Orr
Vice President & Controller
SAGA SOFTWARE, Inc.
703-391-6589
[email protected]
SAGA SYSTEMS, INC. ANNOUNCES EXTENSION OF STOCK REPURCHASE
RESTON, VA, September 29, 1999--SAGA SYSTEMS (NYSE:AGS), the parent
company of SAGA SOFTWARE, Inc., (SAGA(TM)) announced that it will extend its
open-market stock repurchase program for an indefinite period and will seek to
re-purchase up to an additional two million shares of the company's common
stock. SAGA SYSTEMS has purchased approximately 1.8 million shares of common
stock under its open market repurchase program, which commenced on June 14,
1999.
According to SAGA President and CEO Dan Gillis, "We believe that the stock
repurchase program represents an excellent investment in the future of the
Company."
AGS closed Wednesday at $13 3/4 with volume of 457,100.
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ABOUT SAGA SYSTEMS, INC.
Based in Reston, Virginia, SAGA SYSTEMS, Inc., (NYSE:AGS) is the parent
company of SAGA SOFTWARE, Inc. (SAGA). SAGA provides enterprise system software
and a full suite of enterprise integration solutions that support billions of
mainframe transactions daily for some of the world's largest organizations.
SAGA's suite of mission critical products and associated professional services
take customers from the heart of the enterprise to the desktop, freeing their
information and leveraging their IT investment. SAGA Affiliates are located
worldwide in Asia-Pacific, Eastern and Western Europe, Japan, Latin America, the
Middle East and South America. For further information, please visit the
company's Web site at http://www.sagasoftware.com.
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All product or company names mentioned
are used for identification purposes
only, and may be trademarks, trade names
or service marks of their respective
owners.
Safe Harbor Provision for Forward-Looking Statements:
The statements contained in this release include forward-looking
statements subject to the safe harbor created by the Private Securities
Litigation Reform Act of 1995 including forward-looking statements concerning
product availability and functionality and the ability of the company to
integrate recently acquired technology into in-development product offerings.
These forward-looking statements are based on the company's current knowledge,
beliefs, expectations and specific assumptions with respect to future business
decisions. Accordingly, the statements are subject to significant risks,
contingencies and uncertainties that could cause actual operating results,
performance or business prospects to differ materially from those expressed in,
or implied by, these statements. These risks, contingencies and uncertainties
include, but are not limited to, significant quarterly and other fluctuations in
revenues and results of operations; reliance on acquisitions and the timely
development, production, marketing and delivery of new products and services;
increased demand for year 2000 products and services; risks associated with
conducting a professional services business; reliance on the mainframe computing
environment and demand for the company's products; changes in the company's
product and service mix and product and service pricing; interoperability of the
company's products with leading software application products; risks of
protecting intellectual property rights and litigation; dependence on third-
party technology; risks associated with international sales, distributors and
operations; dependence on government contracts; control of the company by
affiliates; the company's ability to implement its acquisition strategy,
successfully integrate any acquired products, services and businesses, adjust to
changes in technology, customer preferences, enhanced competition and new
competitors in software and professional services markets, maintain and enhance
its relationships with vendors, and attract and retain key employees; general
economic and business conditions; and other risks detailed from time to time in
the company's Securities and Exchange Commission reports, including, but not
limited to, the company's Registration Statement filed on Form S-1. Neither
SAGA nor its parent company, SAGA SYSTEMS, Inc. (collectively, the "company") is
obligated to update the information contained in this release.
