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Previous: GABELLI EQUITY SERIES FUNDS INC, N-30D, 1998-06-04 |
Next: MERRILL LYNCH TECHNOLOGY FUND INC, N-30D, 1998-06-04 |
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
June 1, 1998
Date of Report (Date of earliest event reported)
CENTIGRAM COMMUNICATIONS CORPORATION
(Exact name of registrant as specified in its charter)
Delaware 0-19558 94-2418021
- --------------------------------------------------------------------------------
(State of Incorporation) (Commission File Number) (I.R.S. Employer
Identification Number)
91 EAST TASMAN DRIVE
SAN JOSE, CALIFORNIA 95134
(Address of principal executive offices, including zip code)
(408) 944-0250
(Registrant's telephone number, including area code)
1
<PAGE>
ITEM 5. OTHER EVENTS
Registrant is filing this Form 8-K solely for the purpose of disclosing the
effect of adoption of FAS 128, "Earnings per Share", on the Annual Report on
Form 10-K for the fiscal year ended November 1, 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-8 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 November 1, 1997, November 2,
1996, and October 28, 1995 and the three fiscal years ended November 1, 1997,
the one-month ended October 29, 1994, and the two fiscal years ended October 1,
1994, and related disclosures as prescribed by FAS 128 for the three years ended
November 1, 1997. Restatement of selected data as relates to the adoption of FAS
128, "Earnings per Share" is attached hereto as exhibit 99.1.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(c) EXHIBITS
27.2 Financial Data schedules restated for the fiscal
years ended November 1, 1997, November 2, 1996, and
October 28, 1995.
27.3 Financial Data schedules restated for the nine months
ended August 2, 1997, six months ended May 3, 1997,
and three months ended February 1, 1997.
27.4 Financial Data schedules restated for the nine months
ended July 27, 1996, six months ended April 27, 1996,
and three months ended January 27, 1996.
99.1 Restatement of selected data as relates to the
adoption of FAS 128, "Earnings per Share".
2
<PAGE>
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.
CENTIGRAM COMMUNICATIONS
CORPORATION
/s/ Thomas E. Brunton
----------------------------------------------------
Thomas E. Brunton
Senior Vice President and Chief Financial Officer
Date: June 3, 1998
3
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
This schedule contains summary financial information extracted from the
financial statements of Centigram Communications Corporation for the fiscal
years ended November 1, 1997,
November 2, 1996, and October 28, 1995 as reported and restated in the 1997 Form
10-K.
EPS amounts have been restated as required by FAS 128.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C> <C> <C>
<PERIOD-TYPE> 12-MOS 12-MOS 12-MOS
<FISCAL-YEAR-END> Nov-01-1997 Nov-02-1996 Oct-28-1995
<PERIOD-START> Nov-03-1996 Oct-29-1995 Oct-30-1994
<PERIOD-END> Nov-01-1997 Nov-02-1996 Oct-28-1995
<CASH> 19,791 12,668 10,633
<SECURITIES> 32,262 29,408 45,082
<RECEIVABLES> 23,361 29,796 20,271
<ALLOWANCES> 1,724 2,055 1,941
<INVENTORY> 9,060 11,467 5,821
<CURRENT-ASSETS> 85,120 85,816 83,474
<PP&E> 43,195 36,917 26,599
<DEPRECIATION> 30,302 21,668 14,586
<TOTAL-ASSETS> 99,920 104,009 99,017
<CURRENT-LIABILITIES> 18,296 20,519 18,985
<BONDS> 0 0 0
0 0 0
0 0 0
<COMMON> 90,724 88,774 85,815
<OTHER-SE> (9,100) (5,362) (6,015)
<TOTAL-LIABILITY-AND-EQUITY> 99,920 83,412 79,800
<SALES> 108,836 104,324 69,374
<TOTAL-REVENUES> 108,836 104,324 69,374
<CGS> 45,661 42,516 26,802
<TOTAL-COSTS> 45,661 42,516 26,802
<OTHER-EXPENSES> 70,134 62,986 48,268
<LOSS-PROVISION> 160 0 0
<INTEREST-EXPENSE> 103 76 108
<INCOME-PRETAX> (845) 1,053 (4,078)
<INCOME-TAX> 833 53 56
<INCOME-CONTINUING> (1,678) 1,000 (4,134)
<DISCONTINUED> 0 0 0
<EXTRAORDINARY> 0 0 0
<CHANGES> 0 0 0
<NET-INCOME> (1,678) 1,000 (4,134)
<EPS-PRIMARY> (0.24) 0.15 (0.63)
<EPS-DILUTED> (0.24) 0.14 (0.63)
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
This schedule contains restated summary financial information of Centigram
Communications Corporation for the nine months ended August 2,1997, the six
months ended May 3, 1997, and the three months ended February 1, 1997. EPS
amounts have been restated as required by FAS 128.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C> <C> <C>
<PERIOD-TYPE> 9-MOS 6-MOS 3-MOS
<FISCAL-YEAR-END> Nov-01-1997 Nov-01-1997 Nov-01-1997
<PERIOD-START> Nov-03-1996 Nov-03-1996 Nov-03-1996
<PERIOD-END> Aug-02-1997 May-03-1997 Feb-01-1997
<CASH> 21,324 10,327 14,256
<SECURITIES> 25,403 30,183 27,040
<RECEIVABLES> 25,667 26,072 29,571
<ALLOWANCES> 739 789 754
<INVENTORY> 9,923 11,067 11,484
<CURRENT-ASSETS> 85,439 80,107 86,191
<PP&E> 42,393 40,976 38,888
<DEPRECIATION> 28,187 26,082 23,855
<TOTAL-ASSETS> 102,598 98,553 104,363
<CURRENT-LIABILITIES> 22,386 19,895 19,272
<BONDS> 0 0 0
0 0 0
0 0 0
<COMMON> 7 7 7
<OTHER-SE> 80,205 78,646 85,046
<TOTAL-LIABILITY-AND-EQUITY> 102,598 98,553 104,363
<SALES> 79,822 52,812 27,913
<TOTAL-REVENUES> 79,822 52,812 27,913
<CGS> 33,731 22,182 11,343
<TOTAL-COSTS> 33,731 22,182 11,343
<OTHER-EXPENSES> 53,841 37,242 16,311
<LOSS-PROVISION> 0 0 0
<INTEREST-EXPENSE> 0 0 0
<INCOME-PRETAX> (2,249) (5,548) 756
<INCOME-TAX> 226 76 76
<INCOME-CONTINUING> (2,475) (5,624) 680
<DISCONTINUED> 0 0 0
<EXTRAORDINARY> 0 0 0
<CHANGES> 0 0 0
<NET-INCOME> (2,475) (5,624) 680
<EPS-PRIMARY> (0.36) (0.81) 0.10
<EPS-DILUTED> (0.36) (0.81) 0.10
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
This schedule contains restated summary financial information of Centigram
Communications Corporation for the nine months ended July 27, 1996, the six
months ended April 27, 1996, and the three months ended January 27, 1996. EPS
amounts have been restated as required by FAS 128.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C> <C> <C>
<PERIOD-TYPE> 9-MOS 6-MOS 3-MOS
<FISCAL-YEAR-END> Nov-02-1996 Nov-02-1996 Nov-02-1996
<PERIOD-START> Oct-29-1995 Oct-29-1995 Oct-29-1995
<PERIOD-END> Jul-27-1996 Apr-27-1996 Jan-27-1996
<CASH> 9,752 20,721 31,161
<SECURITIES> 31,398 25,841 16,918
<RECEIVABLES> 28,066 24,857 25,407
<ALLOWANCES> 781 726 675
<INVENTORY> 10,236 8,652 8,155
<CURRENT-ASSETS> 82,937 83,419 85,072
<PP&E> 34,015 31,411 28,287
<DEPRECIATION> 19,739 17,848 16,133
<TOTAL-ASSETS> 100,507 100,599 100,707
<CURRENT-LIABILITIES> 19,013 20,558 19,223
<BONDS> 0 0 0
0 0 0
0 0 0
<COMMON> 7 7 7
<OTHER-SE> 81,369 79,877 81,282
<TOTAL-LIABILITY-AND-EQUITY> 100,507 100,599 100,707
<SALES> 75,046 48,546 24,013
<TOTAL-REVENUES> 75,046 48,546 24,013
<CGS> 27,566 18,155 9,511
<TOTAL-COSTS> 27,566 18,155 9,511
<OTHER-EXPENSES> 49,199 32,210 14,460
<LOSS-PROVISION> 0 0 0
<INTEREST-EXPENSE> 0 0 0
<INCOME-PRETAX> (38) (748) 563
<INCOME-TAX> 56 56 56
<INCOME-CONTINUING> (94) (804) 507
<DISCONTINUED> 0 0 0
<EXTRAORDINARY> 0 0 0
<CHANGES> 0 0 0
<NET-INCOME> (94) (804) 507
<EPS-PRIMARY> (0.01) (0.12) 0.08
<EPS-DILUTED> (0.01) (0.12) 0.07
</TABLE>
EXHIBIT 99.1
In February 1997, the Financial Accounting Standards Board issued Statement No.
128, "Earnings per Share" (FAS 128). FAS 128 replaced the calculation of primary
and fully diluted net income (loss) per share with basic and diluted net income
(loss) per share. Unlike primary net income (loss) per share, basic net income
(loss) per share excludes any dilutive effects of options, warrants and
convertible securities. Diluted net income (loss) per share is very similar to
the previously reported fully diluted net income (loss) per share. The effect of
replacing primary net income (loss) per share by basic net income (loss) per
share was $0.00 in 1997 due to the net loss for the year, $0.01 in 1996, and
$0.00 in 1995 due to the net loss for the year.
Restatement of selected financial data is for the fiscal quarters in each of the
years ended November 1, 1997 and November 2, 1996 and the three fiscal years
ended November 1, 1997, the month ended October 29, 1994, and the two fiscal
years ended October 1, 1994, and related disclosures as prescribed by FAS 128
"Earnings per Share" for the three fiscal years ended November 1, 1997.
QUARTERLY INFORMATION
<TABLE>
The following information restates net income (loss) per share amounts under
item 8 of the 1997 Form 10-K.
<CAPTION>
Quarter Ended
---------------------------------------------------------
November 1, August 2, May 3, February 1,
1997 1997 1997 1997
---------------------------------------------------------
<S> <C> <C> <C> <C>
Net income (loss) per share as
previously reported $ 0.11 $ 0.45 $ (0.90) $ 0.10
Net income (loss) per share restated:
Basic $ 0.12 $ 0.45 $ (0.90) $ 0.10
Diluted $ 0.11 $ 0.45 $ (0.90) $ 0.10
Quarter Ended
---------------------------------------------------------
November 2, July 27, April 27, January 27,
1996 1996 1996 1996
---------------------------------------------------------
Net income (loss) per share as
previously reported $ 0.16 $ 0.10 $ (0.19) $ 0.07
Net income (loss) per share restated:
Basic $ 0.16 $ 0.10 $ (0.19) $ 0.08
Diluted $ 0.16 $ 0.10 $ (0.19) $ 0.07
</TABLE>
<PAGE>
FISCAL YEAR INFORMATION
<TABLE>
The following information restates net income (loss) per share amounts under
Item 6 of the 1997 Form 10-K.
<CAPTION>
Year Month Year
Ended Ended Ended
--------------------------------------- ----------- -------------------------
Nov. 1, Nov. 2, Oct. 28, Oct. 29, Oct. 1, Oct. 2,
1997 1996 1995 1994 1994 1993
------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Net income (loss) per share as
previously reported $(0.24) $0.14 $(0.63) $(0.30) $1.18 $1.00
Net income (loss) per share
restated:
Basic $(0.24) $0.15 $(0.63) $(0.30) $1.26 $1.11
Diluted $(0.24) $0.14 $(0.63) $(0.30) $1.18 $1.00
</TABLE>
<TABLE>
FAS 128 DISCLOSURE
The calculation of Basic and Diluted earnings per share for the three years
ended November 1, 1997, are as follows:
<CAPTION>
Year Ended
-----------------------------------------------------------
November 1, November 2, October 28,
(In thousands, except per share data) 1997 1996 1995
----------------- --------------- -----------------
<S> <C> <C> <C>
Net income (loss) $(1,678) $ 1,000 $(4,134)
======= ======= =======
Weighted average common shares - basic 6,943 6,824 6,560
Dilutive stock options -- 157 --
------- ------- -------
Adjusted weighted average common shares -
diluted 6,943 6,981 6,560
======= ======= =======
Earnings (loss) per share:
Basic $ (0.24) $ 0.15 $ (0.63)
Diluted $ (0.24) $ 0.14 $ (0.63)
</TABLE>
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