<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 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): August 26, 1996
IDENTIX INCORPORATED
(Exact name of registrant as specified in its charter)
California
(State or other jurisdiction of incorporation)
1-9641 94-2842496
(Commission File Number) (IRS Employer Identification No.)
510 North Pastoria Avenue, Sunnyvale, California 94086
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (408) 731-2000
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
<PAGE> 2
Item 5. Other Events
On August 26, 1996, the registrant issued the press release
attached as Exhibit 99.1 relating to revenue recognition.
Item 7. Financial Statements, Pro Forma Financial Information
and Exhibits
(c) Exhibits
99.1 Press release issued by Registrant on August
26, 1996.
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 hereto duly authorized.
IDENTIX INCORPORATED
Date: August 26, 1996 By: /s/ James P. Scullion
------------------------------
James P. Scullion,
Chief Financial Officer
-2-
<PAGE> 1
[IDENTIX LOGO]
(BW) (IDENTIX) (IDX) Identix Modifies Revenue Recognition; No Change in FY96
Year-End Results
Business Editors
SUNNYVALE, Calif. -- (BUSINESS WIRE) -- August 26, 1996 -- Identix, Inc.
(ASE:IDX) said today that based on a year-end review, the Company has made
changes in the application of its revenue recognition policy for certain Law
Enforcement contracts and will amend its Forms 10-Q to restate revenues and
earnings for its fiscal 1996 second quarter ended December 31, 1995, and fiscal
1996 third quarter ended March 31, 1996. While the change will have no impact on
fiscal 1996 year-end results, it will have a positive effect on fiscal 1996
fourth-quarter results with offsetting reductions in fiscal 1996 second-quarter
and third-quarter results. A table of the revised financial results is attached.
According to Identix Chairman, President and CEO Randall C. Fowler, "The
change in revenue recognition is a result of an analysis of a number of the
Company's contractual relationships in its Law Enforcement business. These
changes better reflect the multi-party nature, often complex systems integration
requirements at the customer site and customer acceptance requirements for
orders from Law Enforcement agencies."
Identix announced on July 25, 1996 that revenues for the fiscal year
ended June 30, 1996 were $38.5 million with a net loss of $3.4 million or $0.15
loss per share, which included a $4.7 million write-off in the third quarter of
in-process research and development acquired when the Company purchased
Sydney-based Fingerscan Pty Ltd on March 26, 1996. For the previous fiscal year
ended June 30, 1995, the Company reported revenues of $27.0 million with a net
loss of $715,000 or $0.04 loss per share.
Identix Inc is a leader in designing, developing, manufacturing and
marketing products for the capture and/or comparison of fingerprints for
security, anti-fraud, law enforcement and other applications. The Company's
subsidiaries include: ANADAC, Inc, a provider of information technology,
engineering, systems integration and consulting services to government and
commercial entities; Innovative Archival Solutions (IAS), a supplier of contract
fingerprint services for employee and applicant screening and other personal
verification applications; and Fingerscan Pty Ltd, a manufacturer and
integrator of commercial, financial and industrial biometric verification
systems for sale in the Pacific Rim, Southeast Asia and other selected
countries.
<PAGE> 2
IDENTIX INCORPORATED
SELECTED FINANCIAL DATA
<TABLE>
<CAPTION>
Three Months Ended Three Months Ended
Dec. 31, 1995 Mar. 31, 1996
Reported Amended Reported Amended
<S> <C> <C> <C> <C>
Revenues:
Net product revenues $3,640,000 $1,543,000 $3,003,000 $1,958,000
Services revenues 5,200,000 5,200,000 6,444,000 6,444,000
Total net revenues 8,840,000 6,743,000 9,447,000 8,402,000
Costs and expenses:
Cost of product revenues 2,082,000 1,016,000 1,640,000 1,116,000
Cost of services revenues 4,256,000 4,256,000 5,215,000 5,215,000
Research, development and
engineering 352,000 352,000 358,000 358,000
Selling, general &
administrative 1,774,000 1,774,000 2,079,000 2,079,000
Write-off of acquired in-
process research and
development -- -- 4,723,000 4,723,000
Total costs and expenses 8,464,000 7,398,000 14,015,000 13,491,000
Income (loss) from operations 376,000 (655,000) (4,568,000) (5,089,000)
Other income 13,000 13,000 222,000 222,000
Net income (loss) $ 389,000 $ (642,000) $(4,346,000) $(4,867,000)
Net income (loss) per common
share and common equivalent
share $ 0.02 $ (0.03) $ (0.19) $ (0.21)
Weighted average common and
common equivalent shares 24,287,000 23,197,000 23,358,000 23,358,000
</TABLE>
<PAGE> 3
<TABLE>
<CAPTION>
Fiscal Year Ended
Three Months Ended Jun. 30, 1996
Jun. 30, 1996 As Reported --
-------------------
Reported Amended No Change
-------- -------- ---------
<S> <C> <C> <C>
Revenues:
Net product
revenues $5,760,000 $8,902,000 $16,565,000
Services
revenues 5,905,000 5,905,000 21,976,000
Total net
revenues 11,665,000 14,807,000 38,541,000
Cost and expenses:
Cost of product
revenues 3,088,000 4,678,000 8,722,000
Cost of services
revenues 4,805,000 4,805,000 17,958,000
Research,
development and
engineering 438,000 438,000 1,486,000
Selling, general &
administrative 3,186,000 3,186,000 9,178,000
Write-off of
acquired in-
process
research and
development -- -- 4,723,000
Total costs
and expenses 11,517,000 13,107,000 42,067,000
Income (loss)
from operations 148,000 1,700,000 (3,526,000)
Other income 10,000 10,000 85,000
Net income (loss) $158,000 $1,710,000 $(3,441,000)
Net income (loss)
per common share
and common
equivalent share $ 0.01 $ 0.07 $ (0.15)
Weighted average
common and common
equivalent
shares 25,215,000 25,215,000 23,485,000
</TABLE>
<PAGE> 4
The selected financial data for the three months ended December 31, 1995 and
March 31, 1996 exclude the results of operations of IAS which was acquired in a
transaction accounted for as a pooling of interests in June, 1996. The selected
financial data for the three months ended June 30, 1996 and fiscal year ended
June 30, 1996 include the results of operations of IAS.
-30-
CONTACT: Joe Allen (investors)
(212) 698-1360
Rene Caron (investors)
Owen Daley (media)
(714) 252-8440
Allen & Caron/South Coast Communications
