UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 10-QSB
(Mark One)
[ X ] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 1998
[ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT
Commission file number 0-12196
PREMIS CORPORATION
(Exact name of small business issuer as specified in its charter)
Minnesota 41-1424202
(State or other jurisdiction of (IRS Employer Identification No.)
incorporation or organization)
13220 County Road 6, Plymouth, Minnesota 55441
(Address of principal executive office)
(612) 550-1999
(Issuer's telephone number)
Not Applicable
(Former name, former address and former
fiscal year, if changed since last report)
Check whether the issuer (1) filed all reports required to be filed by
Section 13 or 15(d) of the Exchange Act during the past 12 months (or
for such shorter period that the registrant was required to file such
reports), and (2) has been subject to such filing requirements for the
past 90 days. Yes [ X ] No [ ]
The number of shares outstanding of the Issuer's Common Stock, $.01 par
value, was 4,733,552 as of September 30, 1998.
Transitional Small Business Disclosure Format (Check one):
Yes [ ] No [ X ]
PART 1 - FINANCIAL INFORMATION:
ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
PREMIS CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data) (Unaudited)
Three Months Ended Six Months Ended
September 30, September 30,
------------------ ----------------
1998 1997 1998 1997
---- ---- ---- ----
REVENUES:
Systems $3,461 $1,266 $3,839 $2,849
Maintenance and other
services 303 377 489 870
----- ----- ----- -----
Total revenues 3,764 1,643 4,328 3,719
COST OF REVENUES:
Systems 35 794 102 1,861
Support and other 84 166 262 330
----- ----- ----- -----
Total cost of revenues 119 960 364 2,191
----- ----- ----- -----
GROSS PROFIT 3,645 683 3,964 1,528
OPERATING EXPENSES:
Selling, general and
administrative 531 694 1,085 1,421
Research and development 432 448 1,112 833
----- ----- ----- -----
Total operating expenses 963 1,142 2,197 2,254
----- ----- ----- -----
Operating income(loss) 2,682 (459) 1,767 (726)
Interest income, net 7 13 9 46
Other (expense) income (83) 4 (26) 29
----- ----- ----- -----
NET INCOME (LOSS)
BEFORE TAXES 2,606 (442) 1,750 (651)
Income tax (benefit) expense - - (4) 2
----- ----- ----- -----
NET INCOME (LOSS) $2,606 $ (442) $1,754 $ (653)
===== ===== ===== =====
Basic earnings (loss) per
share $ .55 $ (.09) $ .37 $ (.14)
Diluted earnings (loss) per
share $ .52 $ (.09) $ .36 $ (.14)
Shares used to compute:
Basic earnings (loss)
per share 4,734 4,712 4,732 4,714
Diluted earnings (loss)
per share 5,027 4,712 4,878 4,714
PREMIS CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
September 30, 1998 March 31, 1998
------------------ --------------
(unaudited) (audited)
ASSETS
Current assets:
Cash and cash equivalents $ 3,586 $ 1,360
Accounts receivable, net 414 610
Inventory 4 13
Prepaid expenses and other
current assets 349 408
Refundable income taxes 140 149
--------- ---------
Total current assets 4,493 2,540
--------- ---------
Property and equipment, net 1,174 1,316
Note receivable 341 405
Software distribution rights, net 42 83
--------- ---------
TOTAL ASSETS $ 6,050 $ 4,344
========= =========
LIABILITIES
Current liabilities:
Accounts payable and accrued expenses $ 403 $ 608
Unearned revenue 1,008 858
Current portion of notes payable 53 82
Current portion of capital lease
obligation 67 63
--------- ---------
Total current liabilities 1,531 1,611
--------- ---------
Long-term liabilities:
Capital lease obligation 758 793
Notes payable 52 78
--------- ---------
Total long-term liabilities 810 871
--------- ---------
Shareholders' equity:
Common stock 47 47
Additional paid in capital 9,648 9,644
Accumulated deficit (6,079) (7,833)
Cumulative translation adjustment 93 4
--------- ---------
Total shareholders' equity 3,709 1,862
--------- ---------
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY $ 6,050 $ 4,344
========= =========
PREMIS CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands) (unaudited)
Six Months Ended
September 30,
------------------
1998 1997
------ ------
OPERATING ACTIVITIES
Net income (loss) $1,754 $ (653)
Adjustments to reconcile net income to net
cash (used in) provided by operating activities:
Depreciation and amortization 159 166
Gain on sale of fixed assets (5) -
Proceeds from note receivable 47 50
Changes in assets and liabilities:
Current assets 289 1,358
Current liabilities (54) (222)
------ ------
Net cash provided by operating activities 2,190 699
------ ------
INVESTING ACTIVITIES
Proceeds from the sale of property and equipment 16 -
Purchase of property and equipment (10) (99)
------ ------
Net cash provided by (used in) investing activities 6 (99)
------ ------
FINANCING ACTIVITIES
Proceeds from the exercise of common stock options 4 2
Proceeds from note payable - 47
Repayment of bank line of credit - (116)
Repurchase of common stock - (61)
Capital lease obligations (30) (27)
Repayment of debt (55) (101)
------ ------
Net cash (used in) financing activities (81) (256)
------ ------
Effect of exchange rate changes on cash 111 (4)
------ ------
Net increase in cash and cash equivalents 2,226 340
Cash and cash equivalents, beginning of fiscal year 1,360 2,433
------ ------
Cash and cash equivalents, end of period $3,586 $2,773
====== ======
PREMIS CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
UNAUDITED
1. BASIS OF PRESENTATION
The accompanying condensed consolidated financial statements have been
prepared by the Company without audit, with the exception of the
balance sheet for March 31, 1998, which was derived from audited
financial statements, and reflect all adjustments (consisting only of
normal and recurring adjustments and accruals) which are, in the
opinion of management, necessary to present a fair statement of the
results for the interim periods presented. The statements have been
prepared in accordance with the regulations of the Securities and
Exchange Commission, but omit certain information and footnote
disclosures necessary to present the statements in accordance with
generally accepted accounting principles. The results of operations
for the interim periods presented are not necessarily indicative of
the results to be expected for the full fiscal year. These condensed
consolidated financial statements should be read in conjunction with
the Financial Statements and footnotes thereto included as an exhibit
to the Company's Annual 10-KSB Report for the fiscal year ended
March 31, 1998.
2. PRINCIPLES OF CONSOLIDATION
The consolidated financial statements include the accounts of the
Company and its subsidiaries. All intercompany balances and
transactions have been eliminated in consolidation.
3. NET INCOME (LOSS) PER SHARE
In February 1997, the Financial Accounting Standards Board issued
Statement No. 128, "Earnings Per Share", which was adopted on
December 31, 1997. All earnings (loss) per share amounts for all
periods have been presented, and where necessary, restated to conform
to the Statement 128 requirements. Shares used in the net income
(loss) per share calculation are as follows:
Three Months Ended Six Months Ended
September 30, September 30,
------------------ ----------------
1998 1997 1998 1997
---- ---- ---- ----
Shares- Basic earnings (loss)
per share 4,734 4,712 4,732 4,714
Dilutive common stock
equivalents 293 -- 146 --
----- ----- ----- -----
Shares- Dilutive earnings
(loss) per share 5,027 4,712 4,878 4,714
===== ===== ===== =====
Basic earnings (loss) per share is computed on the basis of the
weighted average number of common shares outstanding. Diluted earnings
(loss) per share does not include the effect of outstanding stock
options and warrants in a loss period as they are anti-dilutive.
4. COMPREHENSIVE INCOME (LOSS)
The Company adopted Statement of Financial Accounting Standards No. 130,
Reporting Comprehensive Income ("SFAS No. 130") effective April 1, 1998.
SFAS No. 130 requires that items defined as other comprehensive income,
such as foreign currency translation adjustments, be separately
classified in the financial statements and that the accumulated balance
of other comprehensive income be reported separately from retained
earnings and additional paid-in capital in the equity section of the
balance sheet. The components of comprehensive income for the three and
six months ended September 30, 1998 and 1997 are as follows:
Three Months Ended Six Months Ended
September 30, September 30,
------------------ ----------------
1998 1997 1998 1997
---- ---- ---- ----
Comprehensive income (loss):
Net income (loss) $2,606 $ (442) $1,754 $ (653)
Other comprehensive income (loss):
Foreign currency translation
adjustments 88 1 89 (4)
------ ------ ------ ------
Comprehensive income (loss) $2,694 $ (441) $1,843 $ (657)
====== ====== ====== ======
5. SEGMENT DISCLOSURES
The Company adopted Statement of Financial Accounting Standards No. 131,
Disclosures about Segments of an Enterprise and Related Information
("SFAS No. 131") effective April 1, 1998. SFAS No. 131 requires public
companies to report certain information about operating segments in
their financial statements, and establishes related disclosures about
products and services, geographic areas and major customers.
SFAS No. 131 does not need to be applied to interim financial
statements in the initial year of application; however, comparative
information for interim periods in the initial year of application
will be reported in the financial statements for interim periods in
fiscal 2000.
6. SOFTWARE REVENUE RECOGNITION
In November 1997, the Financial Accounting Standards Board issued
Statement of Position ("SOP") 97-2 "Software Revenue Recognition"
to replace SOP-91-1. The Company adopted SOP 97-2 in the first quarter
of fiscal 1999 and it did not materially impact revenue recognition
for this time period.
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
Forward-Looking Statements
The statements included in this Management's Discussion and Analysis of
Financial Condition and Results of Operations, except for the historical
information contained herein, are forward-looking statements within
the meaning of Section 21E of the Securities Exchange Act of 1934, as
amended, and are subject to the safe harbor created by that statute.
Such statements are subject to certain risks and uncertainties, some of
which are discussed below. Other factors that could cause actual
results to differ materially from those described in the forward-
looking statements include: volatility in the demand and price for
retail software systems; the risk of postponement of delivery
dates and corresponding payment dates for system orders; the risk of
order cancellations; the risk of delays in introducing new software
products; and the market's acceptance of such products. Readers are
cautioned not to place undue reliance on the forward-looking
statements contained in this Report, since such statements necessarily
reflect the knowledge and belief of the Company which speak as to
matters only as of the date hereof. The Company does not undertake, and
shall have no obligation, to publicly release the results of any
revisions to these forward-looking statements which may be made to
reflect events or circumstances after the date hereof or to reflect the
occurrence of unanticipated events.
Results of Operations
REVENUE. The Company's revenues are divided into two categories:
systems revenues and maintenance and other services revenues. Systems
revenues are composed principally of software license, hardware,
long-term system development contracts and U.S. Postal Service ("USPS")
site installation revenues. Maintenance fees and other revenue are
composed principally of system maintenance contracts. The Company
records revenues from software licenses, hardware and site
installations upon the completion of services and customer acceptance.
Revenues under long-term system development contracts are recognized
over the period the Company satisfies its obligation using the
percentage-of-completion method of accounting. Progress on the
contracts is measured by the percentage of cost incurred to date to the
total estimated cost of each contract. Revenues derived from system
maintenance contracts are deferred and recognized ratably over the
contract period, which is typically twelve months.
Total revenues increased by 129 percent to $3,764,000 for the second
quarter of fiscal 1999, up from $1,643,000 in the same period of fiscal
1998. For the six months ended September 30, 1998, total revenues
increased 16 percent to $4,328,000 from $3,719,000 in fiscal 1998.
Systems revenues for the three month period ended September 30, 1998
included license fees of $3,250,000 under an agreement with NCR
Corporation permitting NCR to employ PREMIS' commercial OpenStore
technology in the U. S. Postal Service's POS ONE program.
Maintenance and other services revenues declined 20 percent to
$303,000 from $377,000. See Part 2, Item 6(b) herein for information
on the Software License Agreement with NCR Corporation.
The Company derives a substantial amount of its revenues from a small
number of customers. Accordingly, the timing of product deliverables
and amount of services performed for these customers may cause the
Company's systems revenues to fluctuate widely. The Company expects
continued volatility in systems revenues throughout the remainder of
fiscal 1999.
GROSS PROFIT. Gross profit increased to $3,645,000 in the second
quarter of fiscal 1999 up from $683,000 in the same period of fiscal
1998. Gross profit as a percentage of revenue increased to 97 percent
in the second quarter of fiscal 1999 from 42 percent in the second
quarter of fiscal 1998. Gross profit increased to $3,964,000 in the
six month period ended September 30, 1998, up from $1,528,000 in the
same period of fiscal 1998. As a percentage of revenue, gross profit
was 92 percent and 41 percent for the six months ended
September 30, 1998 and September 30, 1997, respectively. The increase
in the margin in absolute dollars and as a percentage of revenue is
primarily attributable to the recognition of the $3,250,000 license
fee related to the Software License Agreement with NCR Corporation.
The Company expects gross profit to fluctuate widely based on the
level and composition of revenues.
SELLING, GENERAL AND ADMINISTRATIVE. Selling, general and
administrative expenses decreased by 23 percent to $531,000 in
the second quarter of fiscal 1999 down from $694,000 in the same period
of fiscal 1998. Selling, general and administrative expenses
decreased by 24% for the six month period ended September 30, 1998 to
$1,085,000, down from $1,421,000 in the same period of fiscal
1998. The decline is primarily attributed to a reduction in
administrative personnel and related costs. The Company expects to
continue to invest in infrastructure, sales and marketing activities of
its products, development of market opportunities, and promotion of
PREMIS Corporation's competitive position. The Company expects to
modestly increase its selling and marketing related expenditures in the
second half of fiscal 1999 while continuing to reduce other general and
administrative expenses, including the cost of facilities. Overall,
SG&A expenses are expected to continue at or slightly below current
levels for the remainder of fiscal 1999.
RESEARCH AND DEVELOPMENT. Research and development expense for the
second quarter and six month periods ended September 30, 1998 was
$432,000 and $1,112,000, respectively. This compares to $448,000
and $833,000 for the three and six month periods ended
September 30, 1997. The increase in research and development
expenditures for the six month period are related to the continued
development and enhancement of PREMIS OpenEnterprise suite of products
which include PREMIS OpenStore, PREMIS OpenOffice and PREMIS OpenNet.
Research and development expenditures for the remainder of fiscal 1999
are expected to continue at approximately the same levels incurred for
the second quarter of fiscal 1999.
INTEREST AND OTHER INCOME. The difference in interest income between
periods reflects interest earned on investments, as well as interest
earned on the 5-year 12% note receivable in the original amount of
$651,000 related to the licensing in fiscal 1997 of ADVANTAGE, the
Company's Food Brokerage Technology. Such note is due and payable in
monthly installments of $14,481. The interest income is off-set by
interest expense on various debt instruments, including the Company's
building capital lease obligation. Other expense for the three and six
month periods ended September 30, 1998 was primarily due to foreign
currency losses resulting from the Canadian subsidiary's investments
held in US dollar accounts. These foreign exchange losses were
partially off-set by foreign currency gains on US dollar receivables
held by the Canadian subsidiary. Other income for the six month period
ended September 30, 1997 was primarily generated from a sub-leasing
arrangement for a portion of the Company's U.S. office facility. The
sub-leasing arrangement expired on June 30, 1997.
INCOME TAX EXPENSE. Although the Company had net income of $2,606,000
for the second quarter of fiscal 1999, no income tax expense was
recorded, since the Company believes its net operating loss
carryforwards and Canadian research and development tax credits
are adequate to offset current period earnings. Income tax (benefit)
expense was ($4,000) and $2,000 for the six month periods ended
September 30, 1998 and 1997, respectively. The Company has not
previously recorded any deferred tax asset and related income tax
benefit associated with its accumulated net operating losses or research
and development credits. The determination not to record such deferred
tax asset in prior periods was based on management's belief that it was
not more likely than not that such deferred tax asset would be realized
in future periods. The Company had no deferred tax asset or liability
recorded as of September 30, 1998.
Liquidity and Capital Resources
The Company's cash and cash equivalents increased by $2,226,000 from
March 31, 1998 to September 30, 1998. The increase resulted from the
receipt of a license payment of $3,250,000 under a software license
agreement dated August 3, 1998 with NCR Corporation received during the
second quarter of fiscal 1999. As of September 30, 1998, the Company
had working capital of $2,962,000 compared to working capital of
$164,000 and $929,000 at June 30, 1998 and March 31, 1998,
respectively.
Capital expenditures for property and equipment in the first six months
of fiscal 1999 were $10,000. These expenditures primarily consisted of
computers and related equipment. The Company expects to invest another
$125,000 throughout the remainder of fiscal 1999, mainly for computer
equipment and upgrades and facilities.
Under the software license agreement with NCR Corporation a one-time
software license fee will be paid to the Company by NCR in two
installments of $3,250,000. The first license fee installment was
received during the second quarter of fiscal 1999. The second
installment is payable no later than June 1, 1999, but only if NCR
receives an order for Phase II application software as part of the
POS ONE program, which includes PREMIS OpenStore. The $6,500,000
one-time license fee exceeds the amount anticipated under the former
sub-contract for the POS ONE program. The former sub-contract called
for a payment of approximately $2.2 million upon the USPS's final
acceptance of the application software for Phase I.
At its current level of operations, the Company believes that its
existing cash and cash equivalents are sufficient to meet the Company's
current working capital and capital expenditure requirements through at
least the next 12 months.
Year 2000 Compliance
Background. Some computers, software, and other equipment include
programming code in which calendar year data is abbreviated to only
two digits. As a result of this design decision, some of these systems
could fail to operate or fail to produce correct results if "00" is
interpreted to mean 1900, rather than 2000. These problems are widely
expected to increase in frequency and severity as the year 2000
approaches and are commonly referred to as the "Millenium Bug" or
"Year 2000 Problem".
Assessment. The Year 2000 Problem could affect computers, software, and
other equipment used, operated, or maintained by the Company as well as
software developed and sold by the Company. Accordingly, the Company is
reviewing its internal computer programs and systems and its products to
ensure that the programs and systems will be Year 2000 compliant. As
more fully described below, the Company presently believes that its
internal computer systems and its products are or will be Year 2000
compliant in a timely manner. However, while the estimated cost of
these efforts are not expected to be material to the Company's financial
position or any year's results of operations, there can be no assurance
to this effect.
Software Sold to Customers. The Company believes it has substantially
identified and resolved all potential Year 2000 Problems with any of
the software products which it currently develops and markets.
Currently, the Company only develops and markets software products
which were originally developed as Year 2000 compliant. However,
management also believes that it is not possible to determine with
complete certainty that all Year 2000 Problems affecting the Company's
software products have been identified or corrected due to complexity
of these products and the fact that these products interact with other
third party vendor products and operate on computer systems which are
not under the Company's control.
The Company has previously installed custom software point of sale
solutions for retail customers which are not Year 2000 compliant. The
Company has or continues to be in discussions with customers regarding
options to modify these previously installed systems to comply with
Year 2000 requirements. However, the Company does not believe it has
any contractual obligation to provide such services to customers of
previously installed systems. Any Year 2000 work performed by the
Company in connection with previously installed systems is separately
contracted for by the customer. To date these customers have decided
to either purchase the source code or contract with the Company
directly to perform work related to Year 2000 issues. The Company does
not consider the Year 2000 obligation with respect to these previously
installed systems to be material to its business operations.
Internal Infrastructure. The Company believes that it has reviewed and
assessed all of the major computers, software applications, and related
equipment used in connection with its internal operations that would
potentially require modification, upgrade, or replacement to minimize
the possibility of a material disruption to its business. The
Company's internal review of such systems did not identify any
material Year 2000 problems.
Systems Other than Information Technology Systems. In addition to
computers and related systems, the operations of office and facilities
equipment such as fax machines, photocopiers, telephone switches,
security systems, and other common devices may be affected by the Year
2000 Problem. The Company is currently assessing the potential effect
of, and costs of mitigating, the Year 2000 Problem on its office and
facilities equipment.
The Company estimates the total cost to the Company of completing any
required modifications, upgrades, or replacements of these internal
systems will not have a material adverse effect on the Company's
business or results of operations.
The Company does not have a comprehensive contingency plan with respect
to the Year 2000 Problem, but intends to establish such a plan during
calendar 1999 as part of its on-going Year 2000 compliance effort.
Based on the activities described above, the Company does not believe
that the Year 2000 Problem will have a material adverse effect on the
Company's business or results of operations.
Disclaimer. The discussion of the Company's efforts, and management's
expectations, relating to Year 2000 compliance are forward-looking
statements. The Company's ability to achieve Year 2000 compliance and
the level of incremental costs associated therewith, could be adversely
impacted by, among other things, the availability and cost of
programming and testing resources, vendors' ability to modify
proprietary software, and unanticipated problems identified in ongoing
internal compliance reviews.
PART 2 - OTHER INFORMATION:
ITEM 1. LEGAL PROCEEDINGS
In September 1997, the Company commenced legal proceedings against
Edward W. Anderson and Robert E. Ferguson, the former owners of
REF Retail Systems Corp. ("REF") which the Company acquired on
October 1, 1996, seeking damages in an unspecified amount related to
alleged breaches of the agreement for the purchase of REF, and related
matters. Additionally, the Anderson claim sought to annul and declare
void an employment agreement with Mr. Anderson dated October 1, 1996.
Mr. Anderson ceased to be employed by the Company as president and
chief executive officer of PREMIS Systems Canada Incorporated
(formerly, REF) effective July 15, 1997. Mr. Ferguson resigned as an
officer, director and employee of REF on October 1, 1996 in connection
with the Company's acquisition of REF. The legal proceeding against
Mr. Anderson was filed in the United States District Court, District
of Minnesota, Fourth Division on September 16, 1997
(Case No. 97-2087 MJD/AJB). The legal proceeding against Mr. Ferguson
was filed in the Ontario Court of Justice, General Division on
September 22, 1997 (Case No. 97-CV-132581). The Anderson proceeding was
settled on June 3, 1998. The settlement arrangement canceled
Mr. Anderson's 650,000 common stock options along with all other rights
afforded to Mr. Anderson under his employment agreement. Pursuant to
the terms of the settlement agreement, the Company paid Mr. Anderson
$50,000 during the second quarter of fiscal 1999 in full and complete
settlement and released Mr. Anderson of any past and future obligations.
The Ferguson suit has not been settled as of November 13, 1998.
ITEM 2. CHANGES IN SECURITIES
None.
ITEM 3. DEFAULT UPON SENIOR SECURITIES
Not Applicable.
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
The following matters were approved at the Company's Annual Meeting of
Stockholders held on August 5, 1998.
(a). The election of all five director nominees named in the Company's
proxy statement.
Director For Abstain
- ------------------- --------- -------
F. T. Biermeier 4,271,844 81,140
Mary Ann Calhoun 4,271,844 81,140
Gerald F. Schmidt 4,271,844 81,140
S. Albert D. Hanser 4,271,844 81,140
Terrence W. Glarner 4,271,844 81,140
(b). The stockholders also approved the following proposal:
Independent Accountant For Against Abstain
- ----------------------------------------- ------ ------- -------
Ratification of PricewaterhouseCoopers LLP,
as independent auditors for the Company 4,324,584 27,100 1,300
For further information respecting all such matters, reference is made
to the Company's proxy statement dated July 9, 1998.
ITEM 5. OTHER INFORMATION
The Nasdaq Stock Market, Inc. delisted the Company's common stock from
trading on the Nasdaq Stock Market, effective the close of business on
Friday, July 17, 1998, for failure to satisfy the revised listing
maintenance standards adopted by The Nasdaq Stock Market, Inc. The
revised listing maintenance standards became effective
February 23, 1998. The Company's common stock currently trades on the
Over-the-Counter Bulletin Board System under the symbol PMIS.
ITEM 6. EXHIBITS AND REPORTS ON FORM 8K
(A) EXHIBITS
None.
(B) REPORTS ON FORM 8-K
The Company filed a report on Form 8-K dated August 13, 1998
related to a Software License Agreement with NCR Corporation.
SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf
by the undersigned, thereunto duly authorized.
Dated: November 13, 1998
PREMIS CORPORATION
(Registrant)
/S/ F. T. Biermeier
F. T. Biermeier
Chairman and Chief Executive Officer
/S/ Richard R. Peterson
Richard R. Peterson
Chief Financial Officer
(Principal Financial and Accounting Officer)
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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