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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 12, 1998
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Phoenix Technologies, Ltd.
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(Exact name of registrant as specified in its charter)
Delaware 0-17111 04-2685985
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(State of other jurisdiction (Commission File Number) (I.R.S. Employer
of incorporated Identification Number)
411 E. Plumeria Drive, San Jose, California 95134
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (408)570-1000
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Not applicable
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(Former name or former address, if changed since last year.)
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ITEM 5. OTHER EVENTS
Registrant is filing this form 8-K solely for the purpose of disclosing the
effect of adoption of Financial Accounting Standards Board Statement of
Accounting Standards No. 128, "Earnings per Share" (SFAS 128), on the
Company's consolidated financial statements included in its Annual Report on
Form 10-K for the fiscal year ended September 30, 1997 (the 1997 Form 10-K)
and the related restatement of earnings per share thereon, so that such
information may be incorporated by reference into a Registration Statement on
Form S-4 to be filed after this Form 8-K is filed. Restatement of selected
financial data is for the fiscal quarters in each of the years ended
September 30, 1997, and related disclosures as prescribed by SFAS 128 for the
three fiscal years ended September 30, 1997.
Restatement of selected data as it relates to the adoption of SFAS 128,
"Earnings per Share" is attached hereto as Exhibit 99.1.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(c) EXHIBITS
99.1 Restatement of selected data as relates to the adoption
of SFAS 128, "Earnings per Share".
SIGNATURE
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 hereunto duly authorized.
PHOENIX TECHNOLOGIES, LTD.
/s/ STUART J. NICHOLS
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Stuart J. Nichols
Vice President, General Counsel
and Secretary
Date: May 12, 1998
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EXHIBIT 99.1
RESTATEMENT OF EARNINGS PER SHARE UNDER STATEMENT OF FINANCIAL
ACCOUNTING STANDARDS NO.123
In February 1997, the Financial Accounting Standards Board issued Statement
of Accounting Standards No. 128, "Earnings per Share" (SFAS 128). SFAS 128
replaced the calculation of primary and fully diluted earnings per share with
basic and diluted earnings per share. Unlike primary earnings per share,
basic earnings per share excludes any dilutive effects of options, warrants
and convertible securities. Diluted earnings per share is very similar to
the previously reported fully diluted earnings per share.
Restatement of selected financial data is for the fiscal quarters in each of
the years ended September 30, 1997 and September 30, 1996, and the five
fiscal years ended September 30, 1997, and related disclosures as prescribed
by SFAS 128, "Earnings per Share" for the three fiscal years ended September
30, 1997.
QUARTERLY INFORMATION
The following information restates earnings per share amounts under Item 6 of
the 1997 Form 10-K for the fiscal quarters in each of the years ended
September 30, 1997 and September 30, 1996.
<TABLE>
<CAPTION>
Fiscal 1997, Quarter Ended
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September 30 June 30 March 31 December 31
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<S> <C> <C> <C> <C>
Earnings per share as
previously presented $ 0.42 $ 0.16 $ 0.12 $ 0.18
Earnings per share
restated:
Basic:
Continuing operations $ 0.44 $ 0.16 $ 0.13 $ 0.19
Total $ 0.44 $ 0.16 $ 0.13 $ 0.19
Diluted:
Continuing operations $ 0.42 $ 0.16 $ 0.12 $ 0.18
Total $ 0.42 $ 0.16 $ 0.12 $ 0.18
</TABLE>
<TABLE>
<CAPTION>
Fiscal 1996, Quarter Ended
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September 30 June 30 March 31 December 31
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<S> <C> <C> <C> <C>
Earnings per share as
Previously presented $ 0.32 $ 0.13 $ 0.15 $ 0.13
Earnings per share
Restated:
Basic:
Continuing operations $ 0.13 $ 0.14 $ 0.16 $ 0.14
Total $ 0.35 $ 0.14 $ 0.16 $ 0.14
Diluted:
Continuing operations $ 0.11 $ 0.13 $ 0.15 $ 0.13
Total $ 0.32 $ 0.13 $ 0.15 $ 0.13
</TABLE>
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FISCAL YEAR INFORMATION
The following information restates earnings per share amounts under Item 6 of
the 1997 Form 10-K for the five fiscal years ended September 30, 1997.
<TABLE>
<CAPTION>
Fiscal Years Ended September 30,
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1997 1996 1995 1994 1993
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<S> <C> <C> <C> <C> <C>
Earnings per share as
previously presented $ 0.87 $ 0.73 $ 0.56 $ 0.47 $ 0.19
Earnings per share
restated:
Basic:
Continuing operations $ 0.93 $ 0.57 $ 0.62 $ 1.40 $ 0.28
Total $ 0.93 $ 0.81 $ 0.62 $ 0.49 $ 0.21
Diluted:
Continuing operations $ 0.87 $ 0.52 $ 0.54 $ 1.30 $ 0.26
Total $ 0.87 $ 0.73 $ 0.54 $ 0.46 $ 0.19
</TABLE>
SFAS 128 DISCLOSURE
The calculation of Basic and Diluted earnings per share for each of the three
years ended September 30, 1997 are as follows.
<TABLE>
<CAPTION>
(thousands, except per share amounts)
Fiscal Years Ended September 30,
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1997 1996 1995
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<S> <C> <C> <C>
Net income:
Continuing operations $ 15,655 $ 9,047 $ 8,815
Total $ 15,655 $ 12,799 $ 8,815
Weighted-average common shares - Basic 16,881 15,840 14,191
Effect of dilutive stock options and warrants 1,144 1,596 2,040
Adjusted weighted-average common shares and
assumed conversions - Diluted 18,025 17,436 16,231
Earnings per share - Basic:
Continuing operations $ 0.93 $ 0.57 $ 0.62
Total $ 0.93 $ 0.81 $ 0.62
Earnings per share - Diluted:
Continuing operations $ 0.87 $ 0.52 $ 0.54
Total $ 0.87 $ 0.73 $ 0.54
</TABLE>
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