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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 July 18, 1997
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ASPECT TELECOMMUNICATIONS CORPORATION
(Exact name of registrant as specified in its charter)
0-18391
(Commission File Number)
California 94-2974062
(State or other jurisdiction of (I.R.S. Employer Identification No.)
incorporation or organization)
1730 Fox Drive
San Jose, CA 95131-2312
(Address of principal executive offices, with zip code)
(408) 325-2200
(Registrant's telephone number, including area code)
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ITEM 5. OTHER EVENTS
On July 16, 1997, Aspect Telecommunications Corporation, a California
corporation (the "Company") announced its financial results for the quarter
ended June 30, 1997. Further details regarding this announcement are contained
in the Company's press release dated July 16, 1997 attached as an exhibit hereto
and incorporated by reference herein.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS.
(c) EXHIBITS.
Exhibit 99 Aspect Telecommunications Corporation Press Release
dated July 16, 1997.
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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.
ASPECT TELECOMMUNICATIONS
CORPORATION
Date: July 18, 1997 By: /s/ ERIC J. KELLER
------------------------
Eric J. Keller
Chief Financial Officer
(Duly Authorized and Principal
Financial and Accounting
Officer)
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ASPECT TELECOMMUNICATIONS CORPORATION
INDEX TO EXHIBITS
Sequential Page
Exhibit Number Description Number
- -------------- ----------- ---------------
99 Press Release dated July 16, 1997
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EXHIBIT 99
FOR RELEASE ON JULY 16, 1997 1:15 PST
FOR MORE INFORMATION CONTACT:
Eric Keller or Lois Eckmann
(408) 325-2200
ASPECT TELECOMMUNICATIONS ANNOUNCES RECORD FINANCIAL RESULTS
FOR THE QUARTER ENDED JUNE 30, 1997
SAN JOSE, CA, JULY 16, 1997 -- Aspect Telecommunications Corporation
(Nasdaq:ASPT) reported today record financial results including new highs for
net revenues, income from operations, net income and earnings per share for the
quarter ended June 30, 1997.
Net revenues of $93.5 million for the quarter ended June 30, 1997 grew 28
percent compared to the same quarter of last year and grew 2 percent compared to
the quarter ended March 31, 1997. For the first six months of 1997, revenues
reached $185.2 million, an increase of 32% over the first six months of 1996.
Second quarter results for 1997 included a gain of approximately $2 million
($0.02 per share, after tax) related to the sale of appreciated equity
securities. Including the gain, net income of $12.6 million increased 39 percent
when compared to the same quarter last year and increased 12 percent when
compared to the prior quarter of 1997. On the same basis, net income for the
first six months of 1997 was $23.8 million, an increase of 36% over the first
six months of the last fiscal year. Fully-diluted earnings per share of $0.24,
including the gain, for the second quarter of 1997 compares to $0.18 for the
second quarter of last year and $0.21 for the prior quarter.
Commenting on these results, James R. Carreker, the Company's chairman and chief
executive officer stated, "We are pleased to report another quarter of record
financial results for the period ended June 30, 1997."
All financial results for 1996 have been restated to reflect the acquisitions of
Envoy Holdings Limited on September 30, 1996 and Prospect Software, Inc. on
October 21, 1996. Both acquisitions were accounted for as pooling of interests.
Share and per share amounts contained in this release have been adjusted for the
two-for-one stock split effective January 28, 1997.
Founded in 1985, Aspect Telecommunications is a global provider of comprehensive
business solutions for mission-critical call centers. Aspect products include
automatic call distributors, interactive response systems, call center
management information and reporting tools, call center planning and forecasting
packages, and computer-telephony integration tools and software. Aspect also
provides services vital to call center environments, including business
applications consulting, systems integration and training. World headquarters
are located in San Jose, California. For additional information, visit Aspect on
the World Wide Web at http://www.aspect.com.
Note: Aspect Telecommunications and the Aspect logo are registered trademarks of
Aspect Telecommunications Corporation.
- tables follow -
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ASPECT TELECOMMUNICATIONS CORPORATION
CONSOLIDATED BALANCE SHEETS
(in thousands)
<TABLE>
<CAPTION>
June 30, 1997 December 31, 1996
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(Unaudited)
<S> <C> <C>
Assets
Current assets:
Cash, cash equivalents and short-term
investments $134,189 $115,797
Accounts receivable, net 67,624 53,211
Inventories 11,403 15,485
Other current assets 13,848 14,731
-------- --------
Total current assets 227,064 199,224
Property and equipment, net 56,521 51,348
Intangible assets, net 26,970 28,888
Other assets 3,512 3,633
-------- --------
Total assets $314,067 $283,093
======== ========
Liabilities and shareholders' equity
Current liabilities:
Accounts payable $ 11,758 $ 8,187
Accrued liabilities 37,987 31,477
Customer deposits and deferred revenue 14,781 19,481
-------- --------
Total current liabilities 64,526 59,145
Note payable 4,500 4,500
Shareholders' equity 245,041 219,448
-------- --------
Total liabilities and shareholders' equity $314,067 $283,093
======== ========
</TABLE>
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ASPECT TELECOMMUNICATIONS CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share data - unaudited)
<TABLE>
<CAPTION>
Three Months Ended Six Months Ended
--------------------- -----------------------
June 30, June 30,
1997 1996 1997 1996
------- ------- -------- --------
<S> <C> <C> <C> <C>
Net revenues:
Product $65,932 $54,927 $133,484 $105,501
Customer support 27,610 17,978 51,676 34,429
------- ------- -------- --------
Total net revenues 93,542 72,905 185,160 139,930
Cost of revenues:
Cost of product revenues 20,479 18,097 43,684 34,634
Cost of customer support revenues 19,673 12,935 36,899 24,739
------- ------- -------- --------
Total cost of revenues 40,152 31,032 80,583 59,373
------- ------- -------- --------
Gross margin 53,390 41,873 104,577 80,557
Operating expenses:
Research and development 11,550 8,181 22,512 15,665
Selling, general and administrative 24,820 19,580 48,204 37,622
------- ------- -------- --------
Total operating expenses 36,370 27,761 70,716 53,287
------- ------- -------- --------
Income from operations 17,020 14,112 33,861 27,270
Interest and other income, net 3,428 314 4,841 551
------- ------- -------- --------
Income before income taxes 20,448 14,426 38,702 27,821
Provision for income taxes 7,872 5,352 14,900 10,322
------- ------- -------- --------
Net income $12,576 $ 9,074 $ 23,802 $ 17,499
======= ======= ======== ========
Primary earnings per share:
Net income per share (a) $ 0.24 $ 0.19 $ 0.46 $ 0.38
======= ======= ======== ========
Shares used in per share computations (a) 51,956 46,622 52,201 46,346
======= ======= ======== ========
Fully diluted earnings per share:
Net income per share (a) $ 0.24 $ 0.18 $ 0.46 $ 0.35
======= ======= ======== ========
Shares used in per share computations (a) 52,063 52,282 52,201 52,143
======= ======= ======== ========
</TABLE>
(a) Share and per share data for all periods presented reflect a two-for-one
stock split effective January 28, 1997.
