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Previous: FIGGIE INTERNATIONAL INC /DE/, SC 13D/A, 1998-05-22 |
Next: STRONG OPPORTUNITY FUND INC, 497, 1998-05-22 |
<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): MAY 22, 1998
WALL DATA INCORPORATED
(Exact name of registrant as specified in charter)
WASHINGTON 0-21176 91-1189299
(State or other jurisdiction of (Commission File (IRS Employer
incorporation) Number) Identification No.)
11332 N.E. 122ND WAY
KIRKLAND, WASHINGTON 98034-6931
(Address of principal executive offices) (Zip Code)
(425) 814-9255
(Registrant's telephone number, including area code)
<PAGE> 2
ITEM 5. OTHER EVENTS
As reported in its Form 8-K dated April 22, 1998, Wall Data
Incorporated ("Wall Data") changed its fiscal year-end to April 30. The
attached Key Financial Metrics exhibit sets forth selected income statement,
balance sheet and cash flow data for each of the fiscal years ended
April 30, 1998 and 1997 as well as for each fiscal quarter within those
years. The information has been restated to reflect the new fiscal year-end.
All of the information contained herein is unaudited.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(c) Exhibits.
EXHIBIT NO. DESCRIPTION
99.1 Key Financial Metrics
<PAGE> 3
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, as
amended, the registrant has duly caused this report to be signed on its behalf
by the undersigned, hereunto duly authorized.
WALL DATA INCORPORATED
By: /s/ Craig E. Shank
-------------------------------------
Craig E. Shank, Secretary
Dated: May 22, 1998
-3-
<PAGE> 1
<TABLE>
<S> <C>
WALL DATA INCORPORATED
KEY FINANCIAL METRICS - INCOME STATEMENT (UNAUDITED)
</TABLE>
<TABLE>
<CAPTION>
FISCAL YEAR 1997
INCOME STATEMENT THREE MONTHS ENDED
(IN 000'S, EXCEPT EPS) -------------------------------------------------------
7/31/96 10/31/96 1/31/97 4/30/97 YEAR
-------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C>
NET REVENUE 31,816 33,289 41,979 38,995 146,079
COST OF REVENUE 7,760 7,430 8,107 7,349 30,646
-------- -------- -------- -------- --------
GROSS MARGIN 24,056 25,859 33,872 31,646 115,433
-------- -------- -------- -------- --------
PRODUCT DEVELOPMENT 5,881 6,062 4,923 5,206 22,072
SALES AND MARKETING 15,650 17,352 17,530 16,541 67,073
GENERAL AND ADMIN. 3,350 3,710 3,494 3,950 14,504
-------- -------- -------- -------- --------
TOTAL OPERATING EXPENSES 24,881 27,124 25,947 25,697 103,649
-------- -------- -------- -------- --------
OPERATING INCOME (LOSS) (825) (1,265) 7,925 5,949 11,784
OTHER INC. (EXP.), NET 689 596 574 386 2,245
-------- -------- -------- -------- --------
INCOME (LOSS) BEFORE TAX (136) (669) 8,499 6,335 14,029
INCOME TAXES (50) (254) 3,529 2,406 5,631
-------- -------- -------- -------- --------
NET INCOME (LOSS) - excl. non-recurring items (86) (415) 4,970 3,929 8,398
-------- -------- ------- -------- --------
EPS (diluted) - excl. non-recurring items (0.01) (0.05) 0.51 0.40 0.85
NON-RECURRING EXPENSES -- -- 3,148 -- 3,148
NET INCOME (LOSS) - incl. NR items (86) (415) 3,018 3,929 6,446
EPS (diluted) - incl. non-recurring items (0.01) (0.05) 0.31 0.40 0.66
AVG. SHARES OUTSTANDING (for EPS) 9,032 9,115 9,770 9,918 9,831
OUTSTANDING COMMON SHARES 9,060 9,132 9,137 9,187 9,187
-------- -------- -------- -------- --------
</TABLE>
<TABLE>
<CAPTION>
FISCAL YEAR 1998
INCOME STATEMENT THREE MONTHS ENDED
(IN 000'S, EXCEPT EPS) ---------------------------------------------------------
7/31/97 10/31/97 1/31/98 4/30/98 YEAR
-------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C>
NET REVENUE 33,668 29,943 36,727 33,233 133,571
COST OF REVENUE 7,249 6,651 6,306 7,192 27,398
-------- -------- -------- -------- --------
GROSS MARGIN 26,419 23,292 30,421 26,041 106,173
-------- -------- -------- -------- --------
PRODUCT DEVELOPMENT 4,542 4,663 5,298 4,537 19,040
SALES AND MARKETING 15,994 16,596 19,157 16,869 68,616
GENERAL AND ADMIN. 4,496 3,556 4,187 4,567 16,806
-------- -------- -------- -------- --------
TOTAL OPERATING EXPENSES 25,032 24,815 28,642 25,973 104,462
-------- -------- -------- -------- --------
OPERATING INCOME (LOSS) 1,387 (1,523) 1,779 68 1,711
OTHER INC. (EXP.), NET 960 1,043 708 721 3,432
-------- -------- -------- -------- --------
INCOME (LOSS) BEFORE TAX 2,347 (480) 2,487 789 5,143
INCOME TAXES 874 (184) 2,076 117 2,883
-------- -------- -------- -------- --------
NET INCOME (LOSS) - excl. non-recurring items 1,473 (296) 411 672 2,260
-------- -------- -------- -------- --------
EPS (diluted) - excl. non-recurring items 0.16 (0.03) 0.04 0.07 0.24
NON-RECURRING EXPENSES 10,747 -- 741 -- 11,488
NET INCOME (LOSS) - incl. NR items (5,190) (296) (256) 672 (5,070)
EPS (diluted) - incl. non-recurring items (0.56) (0.03) (0.03) 0.07 (0.54)
AVG. SHARES OUTSTANDING (for EPS) 9,313 9,295 9,390 9,993 9,473
OUTSTANDING COMMON SHARES 9,258 9,308 9,857 9,905 9,905
-------- -------- -------- -------- --------
</TABLE>
<PAGE> 2
<TABLE>
<S> <C>
WALL DATA INCORPORATED
KEY FINANCIAL METRICS - BALANCE SHEET (UNAUDITED)
</TABLE>
<TABLE>
<CAPTION>
FISCAL YEAR 1997
BALANCE SHEET
(IN 000'S) ------------------------------------------------
7/31/96 10/31/96 1/31/97 4/30/97
-------- -------- -------- --------
<S> <C> <C> <C> <C>
CASH AND SHORT-TERM INVESTMENTS 61,891 58,199 59,701 82,384
ACCOUNTS RECEIVABLE, NET 18,766 23,816 34,127 23,329
OTHER CURRENT ASSETS 6,320 6,563 7,068 6,788
TOTAL CURRENT ASSETS 86,977 88,578 100,896 112,501
-------- -------- -------- --------
FIXED ASSETS, NET 13,669 13,153 12,396 11,551
DEFERRED INCOME TAXES 1,689 1,674 155 --
OTHER ASSETS, NET 8,585 8,727 6,025 6,533
-------- -------- -------- --------
TOTAL ASSETS 110,920 112,132 119,472 130,585
-------- -------- -------- --------
ACCOUNTS PAYABLE 6,111 4,676 5,858 5,731
ACCRUED EXPENSES 9,958 11,681 10,454 12,703
INCOME TAXES PAYABLE 3,768 2,441 3,659 7,106
DEFERRED REVENUE 6,519 7,729 10,407 12,087
TOTAL CURRENT LIABILITIES 26,356 26,527 30,378 37,627
-------- -------- -------- --------
NON-CURRENT DEFERRED INCOME TAXES LIAB -- -- -- --
STOCKHOLDERS' EQUITY 84,564 85,605 89,094 92,958
-------- -------- -------- --------
TOTAL LIABILITIES AND STK. EQUITY 110,920 112,132 119,472 130,585
-------- -------- -------- --------
</TABLE>
<TABLE>
<CAPTION>
FISCAL YEAR 1998
BALANCE SHEET
(IN 000'S) --------------------------------------------------
7/31/97 10/31/97 1/31/98 4/30/98
-------- -------- -------- --------
<S> <C> <C> <C> <C>
CASH AND SHORT-TERM INVESTMENTS 74,340 66,799 66,476 57,490
ACCOUNTS RECEIVABLE, NET 25,538 25,199 29,202 33,534
OTHER CURRENT ASSETS 6,707 7,568 8,198 9,500
TOTAL CURRENT ASSETS 106,585 99,566 103,876 100,524
-------- -------- -------- --------
FIXED ASSETS, NET 11,045 10,158 10,635 10,665
DEFERRED INCOME TAXES -- 155 564 458
OTHER ASSETS, NET 6,323 8,873 10,500 28,558
-------- -------- -------- --------
TOTAL ASSETS 123,953 118,752 125,575 140,205
-------- -------- -------- --------
ACCOUNTS PAYABLE 6,308 4,706 5,041 8,382
ACCRUED EXPENSES 12,087 11,630 13,022 17,063
INCOME TAXES PAYABLE 4,070 786 3,770 3,583
DEFERRED REVENUE 12,080 12,015 14,386 15,019
TOTAL CURRENT LIABILITIES 34,545 29,137 36,219 44,047
-------- -------- -------- --------
NON-CURRENT DEFERRED INCOME TAXES LIAB -- -- -- 3,390
STOCKHOLDERS' EQUITY 89,408 89,615 89,356 92,768
-------- -------- -------- --------
TOTAL LIABILITIES AND STK. EQUITY 123,953 118,752 125,575 140,205
-------- -------- -------- --------
</TABLE>
<TABLE>
<CAPTION>
FISCAL YEAR 1997
THREE MONTHS ENDED
-----------------------------------------------
CASH FLOW (IN 000'S) 7/31/96 10/31/96 1/31/97 4/30/97 YEAR
-------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C>
OPERATING ACTIVITIES 10,766 (2,179) 2,681 24,971 36,239
INVESTING ACTIVITIES (3,207) (2,795) (1,713) (2,365) (10,080)
FINANCING ACTIVITIES 48 1,282 534 77 1,941
-------- -------- -------- -------- --------
</TABLE>
<TABLE>
<CAPTION>
FISCAL YEAR 1998
THREE MONTHS ENDED
-------------------------------------------------
CASH FLOW (IN 000'S) 7/31/97 10/31/97 1/31/98 4/30/98 YEAR
-------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C>
OPERATING ACTIVITIES (7,933) (3,742) 4,978 1,524 (5,173)
INVESTING ACTIVITIES (1,656) (4,085) (5,867) (12,523) (24,131)
FINANCING ACTIVITIES 1,545 286 566 2,013 4,410
-------- -------- -------- -------- --------
</TABLE>
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