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Previous: CLEARWATER INVESTMENT TRUST, 485BPOS, 1998-04-13 |
Next: FFP PARTNERS L P, 10-K405, 1998-04-13 |
<PAGE>
FORM 10-K/A
AMENDMENT NO. 1
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
(Mark One)
[X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15 (D) OF THE SECURITIES
EXCHANGE ACT OF 1934 (NO FEE REQUIRED, EFFECTIVE OCTOBER 7, 1996)
For the fiscal year ended December 31, 1997
OR
[_] TRANSACTION REPORT PURSUANT TO SECTION 13 OR 15 (D) OF THE SECURITIES
EXCHANGE ACT OF 1934 (NO FEE REQUIRED)
For the transition period from _______________ to __________________
Commission file number 0-15578
DAVOX CORPORATION
(Exact name of registrant as specified in its charter)
Delaware 02-0364368
(State or other jurisdiction of (IRS Employer
incorporation or organization) Identification No.)
6 Technology Park Drive, Westford, Massachusetts 01886
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (978) 952-0200
Securities registered pursuant to Section 12(b) of the Act: None
Securities registered pursuant to Section 12(g) of the Act:
Common Stock, $.10 Par Value
Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 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
----- -----
<PAGE>
Indicate by check mark if disclosure of delinquent filers pursuant to Item 405
of Regulation S-K is not contained herein, and will not be contained, to the
best of registrant's knowledge, in definitive proxy or information statements
incorporated by reference in Part III of this Form 10-K or any amendment to this
Form 10-K
Yes X No ______
-----
Aggregate market value, as of February 27, 1998 of Common Stock held by non-
affiliates of the registrant: $352,073,568 based on the last reported sale
price on the National Market System as reported by Nasdaq on that date.
Number of shares of Common Stock outstanding at February 27, 1998: 11,902,378
DOCUMENTS INCORPORATED BY REFERENCE
The registrant intends to file a definitive Proxy Statement pursuant to
Regulation 14A within 120 days of the end of the fiscal year ended December 31,
1997. Portions of such Proxy Statement are incorporated by reference in Part
III.
<PAGE>
The undersigned registrant hereby amends its Annual Report on Form 10-K for the
fiscal year ended December 31, 1997 (i) by amending and restating Item 14 of
such Form 10-K so that as amended and restated said Item 14 shall read in its
entirety as set forth on the following pages, and (ii) to include new Exhibits
27.1 through 27.9, Restated Financial Data Schedules, which restate the
Financial Data Schedules previously filed by the registrant covering fiscal
periods during the past three fiscal years. Such restated Financial Data
Schedules are required as a result of SFAS No. 128.
<PAGE>
ITEM 14 EXHIBITS, FINANCIAL STATEMENT SCHEDULE, AND REPORTS ON FORM 8-K
- - --------------------------------------------------------------------------
(a) Financial Statements and Financial Statement Schedules
1. Financial Statements.
The following financial information is incorporated in Item 8 above.
Report of Independent Public Accountants
Consolidated Balance Sheets as of December 31, 1997 and 1996.
Consolidated Statements of Income for the years ended December 31, 1997,
1996, and 1995.
Consolidated Statements of Stockholders' Equity for the years ended
December 31, 1997, 1996, and 1995.
Consolidated Statements of Cash Flows for the years ended December 31,
1997, 1996 and 1995.
Notes to Consolidated Financial Statements.
2. Financial Statement Schedule.
The following financial information is incorporated in Item 8 above.
Report of Independent Public Accountants on Schedule II - Valuation and
Qualifying Accounts.
All other schedules are not submitted because they are not applicable, not
required or because the information is included in the Financial Statements
or Notes to Financial Statements.
(b) Reports on Form 8-K
The Company did not file any Current Report on Form 8-K during the fourth
quarter of the fiscal year ended December 31, 1997.
(c) List of Exhibits.
<TABLE>
<CAPTION>
Exhibit
Number Description of Exhibit
------ ----------------------
<C> <S>
3.01(5) Restated Certificate of Incorporation of the Registrant, as amended.
3.02(5) By-laws of the Registrant, as amended.
4.01(5) Description of Capital Stock contained in the Registrant's Restated Certificate
of Incorporation, as amended, filed as Exhibit 3.01.
10.01(5) 1986 Stock Option Plan of the Registrant, as amended.
10.02(5) Amended and Restated 1988 Non-Employee Director Stock Option Plan of the
Registrant.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Exhibit
Number Description of Exhibit
------ ----------------------
<C> <S>
10.03(5) Form of Option Agreement under the Registrant's 1988 Non-Employee Director
Stock Option Plan.
10.04(4)(5) Special support services agreement between Registrant and Datapoint (UK) Ltd.,
dated August 1, 1997.
10.05(5) 1991 Employee Stock Purchase Plan, as amended.
10.06(1) Common Stock Purchase Agreement dated September 23, 1994 between the Registrant
and the purchasers named therein.
10.07(1) Letter agreement dated December 30, 1994 between the Registrant and Fleet Bank
of Massachusetts, N.A.
10.08(2)(4) Third party service provider agreement between the Registrant and Grumman
Systems Support Corporation.
10.09(3) 1996 Stock Plan of the Registrant, as amended by amendment No. 1, attached
hereto as exhibit 10.09.
10.10(3) Form of Incentive Stock Option Agreement under the Registrant's 1996 Stock Plan.
10.11(3) Form of Non-Qualified Stock Option Agreement under the Registrant's 1996 Stock
Plan.
10.12(3) Executive Compensation Plan
10.13(5) Lease agreement between Registrant and Michelson Farm Westford Technology Park
VI Limited Partnership for Westford Technology Park Building Six.
10.14(4)(5) Distribution agreement between Lucent Technologies Inc. (by and through its
Business Communications Systems Division) and the Registrant, dated May 2, 1997.
21.(5) Subsidiaries of the Registrant.
24.(5) Consent of Arthur Andersen LLP.
27.(5) Financial Data Schedule.
27.1 Restated Financial Data Schedule
27.2 Restated Financial Data Schedule
27.3 Restated Financial Data Schedule
27.4 Restated Financial Data Schedule
27.5 Restated Financial Data Schedule
27.6 Restated Financial Data Schedule
27.7 Restated Financial Data Schedule
27.8 Restated Financial Data Schedule
27.9 Restated Financial Data Schedule
</TABLE>
(1) Previously filed as an exhibit to Form 10-K for the fiscal year ended
December 31, 1994.
(2) Previously filed as an exhibit to Form 10-K for the fiscal year ended
December 31, 1995.
(3) Previously filed as an exhibit to Form 10-K for the fiscal year ended
December 31, 1996.
(4) Confidential treatment has been granted for certain portions of these
Exhibits. Redacted version filed herewith.
(5) Previously filed as an exhibit to Form 10-K for the fiscal year ended
December 31, 1997.
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> DEC-31-1997
<CASH> 25,366
<SECURITIES> 23,802
<RECEIVABLES> 11,407
<ALLOWANCES> 1,048
<INVENTORY> 789
<CURRENT-ASSETS> 69,815
<PP&E> 4,585
<DEPRECIATION> 0
<TOTAL-ASSETS> 75,168
<CURRENT-LIABILITIES> 21,011
<BONDS> 0
0
0
<COMMON> 1,186
<OTHER-SE> 52,995
<TOTAL-LIABILITY-AND-EQUITY> 75,168
<SALES> 52,993
<TOTAL-REVENUES> 76,815
<CGS> 11,874
<TOTAL-COSTS> 26,550
<OTHER-EXPENSES> 8,479
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 1,952
<INCOME-PRETAX> 20,886
<INCOME-TAX> 2,506
<INCOME-CONTINUING> 18,380
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 18,380
<EPS-PRIMARY> $ 1.60<F1>
<EPS-DILUTED> $ 1.45<F1>
<FN>
<F1>INFORMATION HAS BEEN PREPARED IN ACCORDANCE WITH SFAS NO.128. BASIC AND DILUTED
EPS HAVE BEEN REPORTED IN PLACE OF PRIMARY AND FULLY DILUTED, RESPECTIVELY.
</FN>
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> SEP-30-1997
<CASH> 27,386
<SECURITIES> 15,599
<RECEIVABLES> 9,661
<ALLOWANCES> 685
<INVENTORY> 470
<CURRENT-ASSETS> 52,579
<PP&E> 4,867
<DEPRECIATION> 0
<TOTAL-ASSETS> 57,512
<CURRENT-LIABILITIES> 20,467
<BONDS> 0
0
0
<COMMON> 1,163
<OTHER-SE> 35,906
<TOTAL-LIABILITY-AND-EQUITY> 57,512
<SALES> 38,040
<TOTAL-REVENUES> 55,245
<CGS> 8,830
<TOTAL-COSTS> 19,625
<OTHER-EXPENSES> 6,137
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 1,352
<INCOME-PRETAX> 14,674
<INCOME-TAX> 1,761
<INCOME-CONTINUING> 12,913
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 12,913
<EPS-PRIMARY> $ 1.13<F1>
<EPS-DILUTED> $ 1.02<F1>
<FN>
<F1>INFORMATION HAS BEEN PREPARED IN ACCORDANCE WITH SFAS NO. 128. BASIC AND
DILUTED EPS HAVE BEEN REPORTED IN PLACE OF PRIMARY AND FULLY DILUTED,
RESPECTIVELY.
</FN>
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> JUN-30-1997
<CASH> 28,374
<SECURITIES> 9,504
<RECEIVABLES> 9,089
<ALLOWANCES> 533
<INVENTORY> 722
<CURRENT-ASSETS> 47,336
<PP&E> 4,362
<DEPRECIATION> 0
<TOTAL-ASSETS> 51,811
<CURRENT-LIABILITIES> 19,971
<BONDS> 0
0
0
<COMMON> 1,156
<OTHER-SE> 30,708
<TOTAL-LIABILITY-AND-EQUITY> 51,811
<SALES> 24,328
<TOTAL-REVENUES> 35,439
<CGS> 5,890
<TOTAL-COSTS> 12,981
<OTHER-EXPENSES> 3,895
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 870
<INCOME-PRETAX> 9,046
<INCOME-TAX> 1,086
<INCOME-CONTINUING> 7,960
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 7,960
<EPS-PRIMARY> $ 0.70<F1>
<EPS-DILUTED> $ 0.63<F1>
<FN>
<F1>INFORMATION HAS BEEN PREPARED IN ACCORDANCE WITH SFAS NO.128. BASIC AND DILUTED
EPS HAVE BEEN REPORTED IN PLACE OF PRIMARY AND FULLY DILUTED, RESPECTIVELY.
</FN>
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> MAR-31-1997
<CASH> 27,357
<SECURITIES> 6,540
<RECEIVABLES> 7,467
<ALLOWANCES> 576
<INVENTORY> 827
<CURRENT-ASSETS> 41,798
<PP&E> 4,202
<DEPRECIATION> 0
<TOTAL-ASSETS> 46,107
<CURRENT-LIABILITIES> 18,753
<BONDS> 0
0
0
<COMMON> 1,133
<OTHER-SE> 26,245
<TOTAL-LIABILITY-AND-EQUITY> 46,107
<SALES> 11,792
<TOTAL-REVENUES> 17,269
<CGS> 2,806
<TOTAL-COSTS> 6,309
<OTHER-EXPENSES> 1,882
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 409
<INCOME-PRETAX> 4,415
<INCOME-TAX> 530
<INCOME-CONTINUING> 3,885
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 3,885
<EPS-PRIMARY> $ 0.35<F1>
<EPS-DILUTED> $ 0.31<F1>
<FN>
<F1>INFORMATION HAS BEEN PREPARED IN ACCORDANCE WITH SFAS NO.128. BASIC AND DILUTED
EPS HAVE BEEN REPORTED IN PLACE OF PRIMARY AND FULLY DILUTED, RESPECTIVELY.
</FN>
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> DEC-31-1996
<CASH> 21,333
<SECURITIES> 9,780
<RECEIVABLES> 3,884
<ALLOWANCES> 699
<INVENTORY> 1,204
<CURRENT-ASSETS> 35,604
<PP&E> 4,051
<DEPRECIATION> 0
<TOTAL-ASSETS> 39,729
<CURRENT-LIABILITIES> 16,894
<BONDS> 0
0
0
<COMMON> 1,108
<OTHER-SE> 21,751
<TOTAL-LIABILITY-AND-EQUITY> 39,729
<SALES> 37,177
<TOTAL-REVENUES> 53,642
<CGS> 10,883
<TOTAL-COSTS> 21,577
<OTHER-EXPENSES> 5,861
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 1,137
<INCOME-PRETAX> 10,128
<INCOME-TAX> 1,013
<INCOME-CONTINUING> 9,115
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 9,115
<EPS-PRIMARY> $ 0.85<F1>
<EPS-DILUTED> $ 0.74<F1>
<FN>
<F1>INFORMATION HAS BEEN PREPARED IN ACCORDANCE WITH SFAS NO.128. BASIC AND DILUTED
EPS HAVE BEEN REPORTED IN PLACE OF PRIMARY AND FULLY DILUTED, RESPECTIVELY.
</FN>
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> SEP-30-1996
<CASH> 24,331
<SECURITIES> 3,297
<RECEIVABLES> 4,099
<ALLOWANCES> 530
<INVENTORY> 1,460
<CURRENT-ASSETS> 32,736
<PP&E> 3,586
<DEPRECIATION> 0
<TOTAL-ASSETS> 36,416
<CURRENT-LIABILITIES> 17,538
<BONDS> 0
0
0
<COMMON> 1,099
<OTHER-SE> 17,803
<TOTAL-LIABILITY-AND-EQUITY> 36,416
<SALES> 26,169
<TOTAL-REVENUES> 30,155
<CGS> 7,663
<TOTAL-COSTS> 15,446
<OTHER-EXPENSES> 4,233
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 744
<INCOME-PRETAX> 6,982
<INCOME-TAX> 699
<INCOME-CONTINUING> 6,283
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 6,283
<EPS-PRIMARY> $ 0.59<F1>
<EPS-DILUTED> $ 0.51<F1>
<FN>
<F1>INFORMATION HAS BEEN PREPARED IN ACCORDANCE WITH SFAS NO.128. BASIC AND DILUTED
EPS HAVE BEEN REPORTED IN PLACE OF PRIMARY AND FULLY DILUTED, RESPECTIVELY.
</FN>
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> JUN-30-1996
<CASH> 22,592
<SECURITIES> 0
<RECEIVABLES> 5,411
<ALLOWANCES> 518
<INVENTORY> 1,613
<CURRENT-ASSETS> 29,229
<PP&E> 2,995
<DEPRECIATION> 0
<TOTAL-ASSETS> 32,531
<CURRENT-LIABILITIES> 16,564
<BONDS> 10
0
0
<COMMON> 1,080
<OTHER-SE> 14,901
<TOTAL-LIABILITY-AND-EQUITY> 32,531
<SALES> 16,305
<TOTAL-REVENUES> 24,076
<CGS> 4,768
<TOTAL-COSTS> 9,817
<OTHER-EXPENSES> 2,684
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 382
<INCOME-PRETAX> 4,229
<INCOME-TAX> 423
<INCOME-CONTINUING> 3,806
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 3,806
<EPS-PRIMARY> $ 0.36<F1>
<EPS-DILUTED> $ 0.31<F1>
<FN>
<F1>INFORMATION HAS BEEN PREPARED IN ACCORDANCE WITH SFAS NO.128. BASIC AND DILUTED
EPS HAVE BEEN REPORTED IN PLACE OF PRIMARY AND FULLY DILUTED, RESPECTIVELY.
</FN>
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> MAR-31-1996
<CASH> 16,792
<SECURITIES> 0
<RECEIVABLES> 6,678
<ALLOWANCES> 534
<INVENTORY> 1,101
<CURRENT-ASSETS> 24,155
<PP&E> 2,171
<DEPRECIATION> 0
<TOTAL-ASSETS> 26,652
<CURRENT-LIABILITIES> 13,689
<BONDS> 30
0
0
<COMMON> 1,040
<OTHER-SE> 11,917
<TOTAL-LIABILITY-AND-EQUITY> 26,652
<SALES> 7,602
<TOTAL-REVENUES> 11,410
<CGS> 2,204
<TOTAL-COSTS> 4,679
<OTHER-EXPENSES> 1,268
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 163
<INCOME-PRETAX> 1,954
<INCOME-TAX> 195
<INCOME-CONTINUING> 1,758
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 1,758
<EPS-PRIMARY> $ 0.17<F1>
<EPS-DILUTED> $ 0.15<F1>
<FN>
<F1>INFORMATION HAS BEEN PREPARED IN ACCORDANCE WITH SFAS NO.128. BASIC AND DILUTED
EPS HAVE BEEN REPORTED IN PLACE OF PRIMARY AND FULLY DILUTED, RESPECTIVELY.
</FN>
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-01-1995
<PERIOD-END> DEC-31-1995
<CASH> 12,936
<SECURITIES> 0
<RECEIVABLES> 5,125
<ALLOWANCES> 665
<INVENTORY> 1,009
<CURRENT-ASSETS> 18,457
<PP&E> 1,865
<DEPRECIATION> 0
<TOTAL-ASSETS> 20,825
<CURRENT-LIABILITIES> 9,868
<BONDS> 45
0
0
<COMMON> 1,027
<OTHER-SE> 9,909
<TOTAL-LIABILITY-AND-EQUITY> 20,825
<SALES> 23,382
<TOTAL-REVENUES> 37,556
<CGS> 7,156
<TOTAL-COSTS> 16,451
<OTHER-EXPENSES> 4,020
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 421
<INCOME-PRETAX> 5,340
<INCOME-TAX> 534
<INCOME-CONTINUING> 4,806
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 4,806
<EPS-PRIMARY> $ 0.48<F1>
<EPS-DILUTED> $ 0.42<F1>
<FN>
<F1>INFORMATION HAS BEEN PREPARED IN ACCORDANCE WITH SFAS NO.128. BASIC AND DILUTED
EPS HAVE BEEN REPORTED IN PLACE OF PRIMARY AND FULLY DILUTED, RESPECTIVELY.
</FN>
</TABLE>
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