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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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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): October, 15, 1997
TCSI Corporation
(Exact name of registrant as specified in its charter)
Nevada 0-19377 68-0140975
(State of incorporation) (Commission (IRS Employer
File Number) Identification No.)
1080 Marina Village Parkway, Alameda, California 94501
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (510) 749-8500
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Item 5. Other Events.
On October 15, 1997, TCSI Corporation issued a press release, a
copy of which is filed herewith as Exhibit 28.
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 hereunto duly authorized.
TCSI Corporation
By: /s/Ram A. Banin
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Ram A. Banin
Acting Chief Financial Officer
Date: October 15, 1997
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INDEX TO EXHIBITS
28. Press Release, dated October 15, 1997
TCSI Corporation Reports Third Quarter Results
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TCSI Corporation Reports Third Quarter Results
ALAMEDA, California - October 15, 1997 - TCSI Corporation (Nasdaq: TCSI)
reported today revenues for the third quarter ended September 30, 1997 in
the amount of $9.8 million, up by 13 percent from telecom revenues reported
in the third quarter of 1996. Accompanying the improvement in third
quarter telecom revenues was a net loss of $0.5 million, or $0.02 cents per
share, reflecting an improvement over the net loss of $6.5 million, or a
loss of $0.31 per share, reported in the comparable 1996 quarter. When
compared to total revenues reported in the third quarter of 1996, which
included $1.2 million from discontinued non-telecom business units, the
results were relatively unchanged.
During the quarter, the Company continued to strengthen and reshape its
management team by adding members with proven telecom and software product
experience. At the same time, it also took steps to improve sales and
marketing processes, to streamline the contracts and bidding process, and
to strengthen those teams with key hires specifically from the telecom
industry.
"TCSI's goal is to offer value-priced solutions using customizable
products. This enables our customers to reduce time-to-market and cost of
ownership of their products and services," said Ram Banin, president and
chief executive officer of TCSI. "In order to achieve this goal, we are
continuing our investment in SolutionCore TM, TCSI's middleware platform for
telecom operation support systems (OSSs). We believe that SolutionCore is
the most advanced, widely deployed middleware platform for telecom
applications and we want to maintain that competitive advantage.
Additionally, we are expanding our product portfolio by adding new
applications to SolutionSuites TM, our configurable, turnkey systems. This
approach offers our customers lower cost alternatives to custom development
and enables TCSI to expand its marketing reach to incumbent, as well as
emerging telecom service providers."
About TCSI Corporation
TCSI is a leading provider of integrated software products and services for
the global telecom industry. A recognized innovator in object-oriented
technology, TCSI products and services enable telecom service providers and
equipment manufacturers to rapidly meet the growing demand for integrated
and automated management of a wide range of networks and services. TCSI
serves its customers in offices throughout North America, Europe, and the
Pacific Rim.
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Unaudited Summary of Operations Statement Information
(In thousands, except for per share amounts)
<TABLE>
<CAPTION>
Three months ended Nine months ended
September 30 September 30
---------------------- ------------------
1997 1996 1997 1996
--------- --------- -------- --------
<S> <C> <C> <C> <C>
Revenues:
Services $ 9,239 $ 8,835 $ 26,097 $ 34,380
Software licensing fees 518 950 2,998 8,504
-------- -------- -------- --------
Total services and
licensing fees 9,757 9,785 29,095 42,884
Equipment -- -- -- 7,270
-------- -------- -------- --------
Total revenues* 9,757 9,785 29,095 50,154
Costs and expenses:
Services 5,617 8,666 15,899 21,618
Equipment -- -- -- 6,810
Product development 1,408 2,078 4,221 4,569
Selling, general, and
administrative 4,287 5,993 13,161 17,175
Non-recurring special items -- 3,334 1,088 3,334
------- -------- ------- -------
Income (loss) from operations (1,555) (10,286) (5,274) (3,352)
Interest income 808 719 2,286 1,665
------- -------- ------- -------
Income (loss) before
income taxes (747) (9,567) (2,988) (1,687)
Provision for (benefit from)
income taxes (254) (3,061) (1,015) (540)
------- -------- ------- -------
Net income (loss) $ (493) $ (6,506) $ (1,973) $ (1,147)
======= ========= ========= =========
Earnings (loss) per share
(EPS) $(0.02) $ (0.31) $ (0.09) $ (0.06)
======= ========= ========= =========
Shares used in calculation
of EPS 21,730 21,027 21,510 20,285
======= ========= ========= =========
</TABLE>
* Revenues for the three and nine months ended September 30, 1996, include
$1.2 million and $16.7 million, respectively, from non-telecom business
units which have been discontinued.
Unaudited Summary Balance Sheet Information
(In thousands)
<TABLE>
<CAPTION>
September 30, December 31,
1997 1996
------------ ------------
<S> <C> <C>
Assets
Cash, cash equivalents, and investments $ 51,647 $ 52,607
Receivables 11,062 12,522
Other receivables 1,773 2,042
Deferred income taxes 4,209 7,178
Leasehold improvements, equipment,
and furniture 10,303 9,234
Other assets 1,738 3,592
---------- ----------
Total assets $ 80,732 $ 87,175
========== ==========
Liabilities and Shareholders' Equity
Accounts payable and other accruals $ 2,619 $ 7,263
Accrued compensation and related costs 2,638 4,705
Income taxes 1,210 1,597
---------- ----------
Total liabilities 6,467 13,565
Shareholders' equity 74,265 73,610
---------- ----------
Total liabilities and shareholders' equity $ 80,732 $ 87,175
========== ==========
</TABLE>
This financial information should also be read in conjunction with the
Company's Form 10-Q to be filed with the Securities and Exchange
Commission.
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