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UNITED STATES
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 (Date of earliest event reported)
August 18, 1997
ROSS SYSTEMS, INC.
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(Exact name of registrant as specified in its charter)
CALIFORNIA
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(State or other jurisdiction of incorporation or organization)
0-19092 94-2170198
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Commission File Number (I.R.S. Employer Identification Number)
Concourse Corporate Center 2
2 Concourse Parkway, Suite 800
Atlanta, Georgia 30328
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(Address of principal executive offices)
(770) 351-9600
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(Registrant's telephone number, including area code)
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ROSS SYSTEMS, INC.
FORM 8-K
AUGUST 18, 1997
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Item 5. Other Events
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On August 18, 1997, Registrant made the press release on the following
page with regard to the financial results of its fourth fiscal quarter, ended
June 30, 1997.
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FOR MORE INFORMATION:
Dennis Vohs, Ross Systems, 770/351-9600, Ext. 3058
ROSS SYSTEMS, INC. DISCUSSES
FOURTH QUARTER REVENUES
ATLANTA, GEORGIA, August 18, 1997, Ross Systems, Inc. (NASDAQ: ROSS), a
leading supplier of business software solutions for the client/server market,
announced today that they expect to report their highest quarterly revenues
in four years for its quarter ended June 30, 1997. Revenues will exceed $23
million for the quarter but will fall below the company's plan, due
principally to a delay in recognition of a major agreement with a
multi-national German concern. The delay was due to certain contingencies,
which were not completed until after the quarter end. The company is
adjusting its Accounts Receivable allowances and will also accrue special
charges regarding a dispute with its insurer over a settled customer matter.
The company anticipates recording a loss for the quarter which could range
from $2.5 to $3.0 million. The company intends to release its fourth quarter
and annual earnings on Thursday, August 21, 1997.
The quarter was one of the strongest sales quarters in the company's history.
The investments that the company has made and will continue to make in market
awareness and product development are key elements in allowing the company to
take advantage of the major opportunities available in its markets. This is
particularly true in the process manufacturing market where the company has
the opportunity to be the market leader. The recent acquisition of certain
supply chain software, combined with increased marketing investments are
examples of these investments. Management believes that successful execution
of these strategies should accelerate revenue growth and improve market share.
"The combination of a previously announced $2.5 million Japanese agreement
and the German contract will benefit our historically weak first quarter,"
said Stan Stoudenmire, Ross Systems' Chief Financial Officer. "Our sales
activity continues to be strong, and we are beginning to see a greater number
of larger deal opportunities. Though the nature of these larger agreements
may cause certain revenue deferrals, over the contract term, these factors
should help improve the company's earnings consistency."
Any forward looking statements or remarks made in this announcement relative
to future events for future financial performances are subject to the risks
and uncertainties described in reports filed with the SEC, including Form
10-K filed for the year ended June 30, 1996, the Form 10-Q filed for the
period ended March 31, 1997, as well as registration statements filed in
April and June 1996 and January 1997. These documents contain and identify
important factors that could cause actual results to differ materially from
those contained in our forward looking statements. These factors include but
are not limited to the fact that the Company's software product license
revenues can fluctuate from quarter to quarter as a result of various factors
and conditions. The Company maintains minimal backlog, thus any weakening of
customer demand can have an immediate adverse effect on the Company's
operating results.
ROSS SYSTEMS, INC. DEVELOPS, MARKETS AND SUPPORTS A BROAD RANGE OF
CLIENT/SERVER BUSINESS SOLUTIONS, INCLUDING FINANCIALS, MANUFACTURING,
MAINTENANCE, DISTRIBUTION, SUPPLY CHAIN MANAGEMENT, TRANSPORTATION
MANAGEMENT, MATERIALS MANAGEMENT, AND HUMAN RESOURCES APPLICATIONS, AS WELL
AS COMPREHENSIVE APPLICATION DEVELOPMENT PRODUCTS. ROSS SYSTEMS PRODUCTS ARE
AVAILABLE FOR THE FOLLOWING OPEN SYSTEMS ENVIRONMENTS: HEWLETT-PACKARD'S
HP-UX; IBM'S RS/6000; AND DIGITAL'S ALPHA ARCHITECTURE, FUJITSU DS-90 UNIX,
SIEMENS NIXDORF, OPENVMS, DIGITAL UNIX AND MICROSOFT WINDOWS NT SUPPORT FOR
THE INTEL AND ALPHA CHIPS. MORE THAN 2,800 COMPANIES AROUND THE WORLD USE
BUSINESS SOLUTIONS FROM ROSS SYSTEMS TO RUN THEIR OPERATIONS.
ROSS SYSTEMS EMPLOYS 500 PROFESSIONALS IN OFFICES AROUND THE WORLD TO SERVE
ITS CUSTOMERS. CORPORATE HEADQUARTERS ARE LOCATED AT TWO CONCOURSE PARKWAY,
SUITE 800, ATLANTA, GEORGIA 30328. PLEASE VISIT ROSS SYSTEMS WORLD WIDE WEB
SITE AT HTTP://WWW.ROSSINC.COM.
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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 hereunder duly authorized.
ROSS SYSTEMS, INC.
Date: August 18, 1997 /S/ STAN F. STOUDENMIRE
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Stan F. Stoudenmire
Vice President and Chief Financial Officer
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