<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 6-K
REPORT OF FOREIGN ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 OF
THE SECURITIES EXCHANGE ACT OF 1934
For the month of June 2, 1999
MERANT plc
(Translation of Registrant's Name Into English)
The Lawn, Old Bath Road, Newbury, England RG14 1QN
(Address of Principal Executive Offices)
(Indicate by check mark whether the registrant files or will file
annual reports under cover of Form 20-F or Form 40-F.)
Form 20-F X Form 40-F _____
-------
(Indicate by check mark whether the registrant by furnishing the
information contained in this form is also thereby furnishing the information to
the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of
1934.)
Yes X No _____
-------
(If "Yes" is marked, indicate below the file number assigned to the
registrant in connection with Rule 12g3-2 (b): 82-795.)
<PAGE> 2
FOR IMMEDIATE RELEASE - DRAFT
CONTACTS:
MERANT
Gary Greenfield
President & Chief Executive Officer
1-301-838-5223
[email protected]
Ken Sexton
Chief Financial Officer
1-301-838-5210
[email protected]
FINANCIAL DYNAMICS
Giles Sanderson/Edward Bridges
United Kingdom
44-171-831-3113
[email protected]
[email protected]
MERANT'S FOURTH QUARTER RESULTS AHEAD OF EXPECTATIONS
-- Current Year's Growth Expected to Accelerate from Q2 --
Newbury, England and MOUNTAIN VIEW, California - June 2, 1999 - MERANT (London
Stock Exchange: MRN; NASDAQ: MRNT), a leader in the fast-growing Enterprise
Application Development marketplace, today reported results for the fourth
fiscal quarter and fiscal year ended April 30, 1999.
For the fiscal fourth quarter, revenues were $96.1 million, up sequentially over
revenues reported in the fiscal third quarter of $95.7 million, and compared to
revenues of $107.0 million in last year's fourth fiscal quarter. Net earnings
were $1.3 million, as compared to $12.7 million (excluding one-time acquisition
charges under pooling accounting) in the fourth quarter last year. Diluted
earnings per American Depositary Share(ADS) were $0.05 this year compared with
$0.44 per ADS (excluding acquisition charges) in last year's fourth quarter.
Diluted earnings per London Stock Exchange(LSE) ordinary share for the fourth
quarter this year were $0.01 compared with $0.09 last year (excluding
acquisition charges).
For fiscal year 1999, revenues were $374.2 million, compared to revenues of
$379.0 million in fiscal 1998. Net earnings excluding one-time acquisition
charges were $14.9 million, as compared to $34.5 million in the prior year.
Diluted earnings per ADS (before acquisition charges) were $0.52 this year
compared with $1.20 per ADS last year. Diluted earnings per LSE ordinary share
(prior to one-time charges) for fiscal 1999 were $0.10 compared with $0.24 last
year.
Commenting on the Company's results, MERANT President and CEO Gary Greenfield
said, "We are especially proud of the improvement in revenues, which are up
sequentially over the prior quarter, and exceeded our goal for this quarter.
International operations continued to be strong, and there was a turnaround in
North America. These results are a signal that our sales force is able to
execute our aggressive plan."
<PAGE> 3
"MERANT will continue to invest in sales and marketing in order to exploit our
leadership position in Enterprise Application Development, a segment of the
market with tremendous potential," Mr. Greenfield continued. "We are expecting
accelerating revenue and profit growth over the course of the current fiscal
year, beginning in the second quarter. With a Global 2000 customer base that
includes the entire FORTUNE 100, our customers generally are well ahead of the
Y2K curve. They are now looking for 21st century Enterprise Application
Development solutions. MERANT is providing them the products and services that
address e-Business, web enablement, web development and the information portal,
among others."
Ken Sexton, MERANT's chief financial officer, said, "With the integration of
Micro Focus and INTERSOLV complete, we expect to begin to realize cost savings
of more than $10 million over the course of the current fiscal year. The Company
remains in an excellent financial position with $121 million in cash and
equivalents. During the fiscal year, operations generated enough cash to offset
most of the payments for merger expenses incurred over the last several
quarters."
Highlights of MERANT's fourth quarter include:
* E-business on Infoseek GO Network Driven by DataDirect Technology -- MERANT
announced a new agreement with Infoseek Corp (NASDAQ: SEEK), a leader in
the Web portal race and one of the world's largest directories of Web
sites. Using MERANT DataDirect(R) technology as part of the GO Network,
Infoseek is able to securely access disparate data sources across multiple
platform types, providing fast, round-the-clock connectivity to real-time
information for its cutomers.
* Merant Signs Strategic Agreement with HP -- MERANT and HP partner to
provide mainframe-class speed and scalability for busines applications
written in COBOL with a strategic agreement under which Hewlett-Packard
Company will provide Micro Focus Server Express(TM) on HP's PA-RISC UNIX
platforms. Under this same agreement, HP will also license and distribute
Micro Focus Server Express.
* MERANT Micro Focus Delivers Mainframe-Class Speed and Scalability for
e-business Applications for Solaris Operating Environment from Sun
Microsystems -- The combination of MERANT Micro Focus COBOL(TM) for UNIX,
the powerful enterprise application development environment, and the 64-bit
Solaris Operating Environment from Sun Microsystems lets programmers
increase the performance of core e-Business application processing by
providing a robust anytime, anywhere computing environment for COBOL.
* Belk Stores Choose MERANT's Revolve Analysis Tool -- Belk Inc., a major
East Coast department store chain selected the Micro Focus Revolve(R)
application analysis and maintenance tool to maintain its information
technology (IT) operations. Belk has used PC-based Revolve to analyze more
than 30 million lines of COBOL code that manages key business functions,
including purchase order management, invoice processing, payroll, inventory
control and accounts payable/receivable.
* MERANT helps Systems Design Create a New Generation of e-Business Solutions
for the Wholesale Distribution Industry -- Systems Design Inc. (SDI), a
leading provider of technology for wholesale distributors, selected MERANT
Micro Focus(R) products and services to help re-engineer its PRISM
applications software, and accelerate its deployment via distributed
systems, the Web, and e-Business applications.
<PAGE> 4
* MERANT Introduced PVCS Professional 3.0 -- PVCS Professional(TM) 3.0 is the
most complete software configuration management (SCM) solution available
for managing development and change within teams and across the enterprise.
PVCS Professional is an integrated suite that allows teams of any size to
protect software assets, automate common tasks and manage changes
throughout the project team and the enterprise. PVCS Professional, users
can now manage all applications for business and e-Business from a single
suite.
* MERANT PVCS and Mercury Interactive Announce Strategic Alliance to Improve
Software Quality -- This alliance will provide Global 1000 customers with
the industry's most tightly-integrated version management and testing
solutions to address highly complex business critical applications. The
partnership will deliver PVCS Version Manager(TM) functionality, the
world's most widely used software configuration management software, in
combination with the leading Mercury Interactive TestSuite Enterprise to
provide a comprehensive level of enterprise software quality assurance for
e-commerce applications.
About MERANT
Founded in 1976, MERANT is a leader in Enterprise Application Development,
providing the products, people and processes to accelerate the customer's
business through the application of innovative information technology. MERANT
empowers organizations to transform their enterprise applications for the
changing technology and business requirements of the e-Business environment,
manage the application development process, and provide integrated data
connectivity across the enterprise, from the mainframe to the Internet. A global
organization with more than $370 million in annual revenues and more than 2,000
employees, MERANT has approximately 500 technology partners and more than 5
million licenses at over 35,000 customer sites - including the entire Fortune
100 and the majority of the Global 500. For additional information on MERANT and
its solutions, visit the MERANT web site at http://www.merant.com.
(Tables and Supplemental Analysis Follow)
US GAAP Results
MERANT previously reported that it has elected to change its fiscal year end and
accounting reference date to April 30 from January 31. Consequently, the Company
is today reporting under US GAAP results for three months and the fiscal year
ended April 30, 1999. Revenue for the fiscal year decreased 1% to $374.2 million
from $379.0 million for the comparable twelve-month period ended April 30, 1998.
Excluding one-time charges, net income for the fiscal year was $14.9 million
compared with $34.5 million for fiscal 1998 and diluted earnings per ADS were
$0.52 compared with $1.20 in the comparable prior-year period.
Summary financial results are as follows:
<TABLE>
US Dollars, US GAAP Three months ended Year ended
(excluding one-time charges) April 30 April 30
1999 1998 1999 1998
---- ---- ---- ----
<S> <C> <C> <C> <C>
Net revenue $96.1m $107.0m $374.2m $379.0m
Net income $ 1.3m $ 12.7m $ 14.9m $ 34.5m
EPS : Diluted ADS equivalent $ 0.05 $ 0.44 $ 0.52 $ 1.20
Basis of presentation: under US GAAP, the INTERSOLV acquisition has been accounted for as a pooling-of-interests, and
accordingly all periods presented in US format disclose the combined results of Micro Focus and INTERSOLV
</TABLE>
<PAGE> 5
UK GAAP Results
Net revenue for the quarter increased 102% to GBP 59.4 million, from GBP 29.4
million for the quarter ended April 30, 1998.
The results of the quarter include a pre-tax charge for amortization of GBP 8.8
million against goodwill arising from the acquisition of INTERSOLV, Inc.
("INTERSOLV"). Excluding that charge, profit after taxation was GBP 1.1 million
compared with GBP 3.4 million in the prior year period and diluted earnings per
ordinary share were 0.7 pence compared with 4.3 pence. Including the effect of
that charge, loss after taxation was GBP 7.7 million and loss per share was 5.5
pence compared to a profit after taxation of GBP 3.4 million and diluted
earnings per share of 4.3 pence for the corresponding prior year period.
Pursuant to the change in the Company's financial year-end and accounting
reference date, the UK format financial statements report the results for the
fifteen-month period ending April 30, 1999. Prior year results are those
reported for the twelve months ended January 31, 1998. Net revenue for the
fifteen months ended April 30, 1999 increased 121% to GBP 215.5 million from GBP
97.0 million for the year ended January 31, 1998. Profit after taxation,
excluding the non-recurring charges and amortization of goodwill arising on the
acquisition of INTERSOLV, Inc., increased by 34% to GBP 14.0 million from GBP
10.4 million for the prior year period; and diluted earnings per share were 14.3
pence for the fifteen-month period compared with 13.3 pence for the prior
twelve-month period.
<TABLE>
GB Pounds, UK GAAP Three months ended Fifteen Twelve months ended
April 30 months ended January 31
April 30
1999 1998 1999 1998
---- ---- ---- ----
<S> <C> <C> <C> <C>
Revenue GBP 59.4m GBP 29.4m GBP 215.5m GBP 97.0m
Profit before taxation, merger costs and GBP 1.7m GBP 5.1m GBP 21.4m GBP 15.2m
amortization of goodwill
(Loss) profit before taxation & merger (GBP 7.1m) GBP 5.1m GBP 0.3m GBP 15.2m
costs
(Loss) profit after taxation, before (GBP 7.7m) GBP 3.4m (GBP 7.1m) GBP 10.4m
merger costs
(Loss) profit after taxation & merger (GBP 7.7m) GBP 3.4m (GBP 15.3m) GBP 10.4m
costs
EPS: Basic (5.5p) 4.5p (14.3p) 14.0p
Diluted (5.5p) 4.3p (14.3p) 13.3p
Basis of presentation: under UK GAAP, the INTERSOLV transaction has been accounted for as an acquisition, and accordingly
the UK format results include the results of INTERSOLV from September 24, 1998, the date of its acquisition
</TABLE>
<PAGE> 6
Trademarks
MERANT is a trademark, and Micro Focus is a registered trademark, of MERANT
International Limited. INTERSOLV, DataDirect and PVCS are registered trademarks
of MERANT Solutions Inc. All other trademarks as they appear in this
announcement are the property of their respective owners.
Securities Exchanges
The financial information contained in this report does not constitute statutory
accounts as defined in section 240 of the UK Companies Act 1985. Prior year
figures are based on the audited financial statements of the Company for the
year ended January 31, 1998, which have been filed with the UK Registrar of
companies; the auditors' reports on both the UK and US financial statements for
the year ended January 31, 1998 were unqualified.
As a foreign private issuer in the United States, MERANT is not required to file
quarterly reports with the U.S. Securities and Exchange Commission ("SEC").
However, beginning in 1997, MERANT commenced furnishing to the SEC on a
voluntary basis quarterly reports on Form 6-K which include MERANT's results for
the applicable quarter in a format similar to that of a Form 10-Q. These
materials are available on the SEC web site located at http://www.sec.gov.
Copies of the Annual Report for the year ended January 31, 1998 are available
upon request to MERANT's offices in Mountain View, California, and Newbury,
United Kingdom.
Risk Factors
The following statement is made in accordance with the U.S. Private Securities
Litigation Reform Act of 1995: This announcement contains forward-looking
statements that include statements regarding expectations for revenue and profit
growth, execution by MERANT's sales force, realization of cost savings, features
and benefits of MERANT's products and services and expectations for MERANT's
alliances with HP and Mercury Interactive. These forward-looking statements
involve a number of risks and uncertainties. There are certain important factors
that could cause actual results to differ materially from those anticipated by
the forward-looking statements made herein. Factors that could cause actual
results to differ materially include, among others, the ability of MERANT to
effectively manage its costs against uncertain revenue expectations, the ability
to manage and integrate recently acquired businesses (including INTERSOLV) or
other businesses that it may acquire in the future, the potential for a decrease
in net revenue which may be caused by delays in the timing of the delivery of
products or services, the ability of MERANT to develop, release and sell
products and services to customers in the highly dynamic market for enterprise
application development solutions, the potential need for enterprise application
development solutions to shift based on changes in underlying technology
standards coming into use, and the effect of competitors' efforts to enter
MERANT's markets. Further information on potential factors which could affect
the Company's financial results is included in the Registration Statement on
Form F-4 relating to the INTERSOLV acquisition, MERANT's Annual Report on Form
20-F for the year ended January 31, 1998 and Quarterly Reports on Form 6-K for
the quarters ended April 30, 1998, July 31, 1998, October 31, 1998 and
INTERSOLV's Annual Report on Form 10-K for the year ended April 30, 1998 and
Quarterly Report on Form 10-Q for the quarter ended July 31, 1998, each as filed
or submitted (as the case may be) with the SEC, as they may be updated and
amended with future filings.
<PAGE> 7
MERANT plc - QUARTER ENDED APRIL 30, 1999
CONSOLIDATED STATEMENTS OF INCOME US FORMAT
<TABLE>
- ---------------------------------------------------------------------------------------------------------------------------
(in thousands - except share, per share and ADS data) Three Three Twelve Twelve
(unaudited) months months months months
ended ended ended ended
April 30 April 30 April 30 April 30
1999 1998 1999 1998
- ---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Net revenue
Product revenue $50,953 $61,384 $193,144 $211,217
Maintenance revenue 23,784 24,533 98,858 88,344
Service revenue 21,314 21,070 82,200 79,464
- ---------------------------------------------------------------------------------------------------------------------------
Total net revenue 96,051 106,987 374,202 379,025
- ---------------------------------------------------------------------------------------------------------------------------
Cost of revenue
Cost of product revenue 4,417 3,392 14,390 13,686
Cost of maintenance revenue 5,911 5,599 24,445 21,058
Cost of service revenue 16,516 17,409 68,074 64,309
- ---------------------------------------------------------------------------------------------------------------------------
Total cost of revenue 26,844 26,400 106,909 99,053
- ---------------------------------------------------------------------------------------------------------------------------
Gross profit 69,207 80,587 267,293 279,972
- ---------------------------------------------------------------------------------------------------------------------------
Operating expenses
Research and development 13,975 14,551 59,851 60,179
Sales and marketing 44,855 40,137 155,680 142,250
General and administrative 9,633 7,414 35,158 29,477
One time charges - 17,292 49,662 17,468
- ---------------------------------------------------------------------------------------------------------------------------
Total operating expenses 68,463 79,394 300,351 249,374
- ---------------------------------------------------------------------------------------------------------------------------
Income (loss) from operations 744 1,193 (33,058) 30,598
Interest income, net 1,396 1,151 6,334 4,048
- ---------------------------------------------------------------------------------------------------------------------------
Income (loss) before income taxes 2,140 2,344 (26,724) 34,646
Income taxes (810) (855) (1,808) (11,536)
- ---------------------------------------------------------------------------------------------------------------------------
Net income (loss) $1,330 $1,489 ($28,532) $23,110
- ---------------------------------------------------------------------------------------------------------------------------
Net income (loss) per share: basic $0.01 $0.01 ($0.20) $0.17
Net income (loss) per ADS: basic $0.05 $0.05 ($1.00) $0.84
- ---------------------------------------------------------------------------------------------------------------------------
Shares used in computing basic net income (loss) per share 143,671 137,823 143,130 137,035
ADS's used in computing basic net income (loss) per ADS 28,734 27,565 28,626 27,407
- ---------------------------------------------------------------------------------------------------------------------------
Net income (loss) per share: diluted $0.01 $0.01 ($0.20) $0.16
Net income (loss) per ADS: diluted $0.05 $0.05 ($1.00) $0.80
- ---------------------------------------------------------------------------------------------------------------------------
Shares used in computing diluted net income (loss) per share 143,992 145,618 143,130 144,149
ADS's used in computing diluted net income (loss) per ADS 28,798 29,124 28,626 28,830
- ---------------------------------------------------------------------------------------------------------------------------
Excluding one time charges
Income before taxes 2,140 19,636 22,938 52,114
Net income 1,330 12,679 14,895 34,476
Net income per share: diluted $0.01 $0.09 $0.10 $0.24
Net income per ADS: diluted $0.05 $0.44 $0.52 $1.20
- ---------------------------------------------------------------------------------------------------------------------------
Note: Shares and per-share data for all periods presented above reflect the 5-for-1 stock split of the Company's ordinary
shares, which was effective as of close of business on March 13, 1998. Each American Depositary Share ("ADS") represents
five ordinary shares.
</TABLE>
<PAGE> 8
MERANT plc - QUARTER ENDED APRIL 30, 1999
CONSOLIDATED BALANCE SHEETS US FORMAT
<TABLE>
- ---------------------------------------------------------------------------------------------------------------------------
(in thousands) April 30 April 30
1999 1998
(Unaudited)
- ---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Assets
Current Assets:
Cash and cash equivalents $86,580 $82,256
Short-term investments 34,804 36,316
Accounts receivable, net 111,317 110,571
Prepaid expenses and other assets 13,485 11,015
- ---------------------------------------------------------------------------------------------------------------------------
Total current assets 246,186 240,158
- ---------------------------------------------------------------------------------------------------------------------------
Fixed Assets:
Property, plant and equipment, net 46,090 51,071
Goodwill, net 10,239 6,983
Software product assets, net 17,007 25,738
Other assets 3,560 9,124
- ---------------------------------------------------------------------------------------------------------------------------
Total assets $323,082 $333,074
- ---------------------------------------------------------------------------------------------------------------------------
Liabilities and shareholders' equity
Current liabilities:
Bank loans $4,389 $5,126
Accounts payable 12,150 15,781
Accrued employee compensation 24,352 30,675
Income taxes payable 18,325 13,116
Deferred revenue 69,155 59,117
Other current liabilities 28,196 22,112
- ---------------------------------------------------------------------------------------------------------------------------
Total current liabilities 156,567 145,927
- ---------------------------------------------------------------------------------------------------------------------------
Long-term debt and other liabilities - 650
Deferred income taxes 14,304 14,423
- ---------------------------------------------------------------------------------------------------------------------------
Total liabilities $170,871 $161,000
- ---------------------------------------------------------------------------------------------------------------------------
Shareholders' equity:
Ordinary shares 4,691 4,640
Additional paid-in capital and other reserves 154,868 151,802
Unrealised gain on available-for-sale securities, net of tax (23) 44
Treasury stock (7,552) (7,769)
Retained earnings 8,850 32,045
Currency translation adjustment (8,623) (8,688)
- ---------------------------------------------------------------------------------------------------------------------------
Total shareholders' equity $152,211 $172,074
- ---------------------------------------------------------------------------------------------------------------------------
Total liabilities and shareholders' equity $323,082 $333,074
- ---------------------------------------------------------------------------------------------------------------------------
Note: Pursuant to U.S. GAAP, balance sheet information at April 30, 1998 is restated to include the balance sheet of
MERANT as of January 31, 1998 and INTERSOLV as of April 30, 1998.
</TABLE>
<PAGE> 9
MERANT plc - QUARTER ENDED APRIL 30, 1999
CONSOLIDATED PROFIT AND LOSS ACCOUNT UK FORMAT
<TABLE>
- --------------------------------------------------------------------------------------------------------------------------
Three Three Fifteen Twelve
months months months months
ended ended ended ended
April 30 April 30 April 30 January 31
1999 1998 1999 1998
(unaudited) (unaudited) (unaudited)
GBP' 000 GBP' 000 GBP' 000 GBP' 000
- --------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Revenue
Product revenue 31,507 17,814 118,245 60,480
Maintenance revenue 14,683 7,870 56,454 28,233
Service revenue 13,162 3,685 40,774 8,302
- --------------------------------------------------------------------------------------------------------------------------
Total revenue 59,352 29,369 215,473 97,015
- --------------------------------------------------------------------------------------------------------------------------
Cost of revenue
Cost of product revenue 2,731 1,278 9,365 6,990
Cost of maintenance revenue 3,652 2,077 16,998 6,984
Cost of service revenue 10,202 2,563 29,247 8,861
- --------------------------------------------------------------------------------------------------------------------------
Total cost of revenue 16,585 5,918 55,610 22,835
- --------------------------------------------------------------------------------------------------------------------------
Gross profit 42,767 23,451 159,863 74,180
- --------------------------------------------------------------------------------------------------------------------------
Operating expenses
Research and development 8,630 5,065 34,319 19,679
Sales and marketing 27,716 11,631 89,161 35,477
General and administrative 14,394 2,273 40,412 6,288
- --------------------------------------------------------------------------------------------------------------------------
Total operating expenses 50,740 18,969 163,892 61,444
- --------------------------------------------------------------------------------------------------------------------------
Operating (loss) / profit (7,973) 4,482 (4,029) 12,736
Exceptional items - - (11,831) -
- --------------------------------------------------------------------------------------------------------------------------
(Loss) / profit before interest and taxation (7,973) 4,482 (15,860) 12,736
Interest income, net 860 601 4,288 2,481
- --------------------------------------------------------------------------------------------------------------------------
(Loss) / profit before taxation (7,113) 5,083 (11,572) 15,217
Taxation (614) (1,652) (3,707) (4,791)
- --------------------------------------------------------------------------------------------------------------------------
(Loss) / profit for the period after taxation (7,727) 3,431 (15,279) 10,426
- --------------------------------------------------------------------------------------------------------------------------
(Loss) / earnings per share: basic (5.52p) 4.54p (14.30p) 13.97p
(Loss) / earnings per share: diluted (5.52p) 4.27p (14.30p) 13.28p
- --------------------------------------------------------------------------------------------------------------------------
Number of shares: basic 139,861 75,560 106,879 74,626
Number of shares: diluted 139,861 80,268 106,879 78,526
- --------------------------------------------------------------------------------------------------------------------------
Note: Shares and per-share data for all periods presented above reflect the 5-for-1 stock split of the Company's ordinary
shares, which was effective as of close of business on March 13, 1998.
</TABLE>
<PAGE> 10
MERANT plc - QUARTER ENDED APRIL 30, 1999
CONSOLIDATED BALANCE SHEET UK FORMAT
<TABLE>
- ---------------------------------------------------------------------------------------------------------------------------
April 30 January 31
1999 1998
(Unaudited)
GBP' 000 GBP' 000
- ---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Fixed Assets:
Intangible fixed assets 133,976 12,394
Tangible fixed assets 28,633 23,836
Investment 4,691 4,886
- ---------------------------------------------------------------------------------------------------------------------------
Total fixed assets 167,300 41,116
- ---------------------------------------------------------------------------------------------------------------------------
Current Assets:
Stock 1,780 317
Trade debtors 70,682 29,145
Other debtors and prepaid expenses 7,205 1,728
Cash and bank deposits 75,394 51,518
- ---------------------------------------------------------------------------------------------------------------------------
Total current assets 155,061 82,708
- ---------------------------------------------------------------------------------------------------------------------------
Creditors: amounts falling due within one year
Bank loans and overdrafts 2,726 1,007
Trade creditors 7,546 4,241
Accrued employee compensation 15,126 7,481
Current corporation tax 11,534 6,428
Accrued expenses and other current liabilities 17,512 7,326
Deferred revenue 42,954 20,030
- ---------------------------------------------------------------------------------------------------------------------------
Total current liabilities 97,398 46,513
- ---------------------------------------------------------------------------------------------------------------------------
Net current assets 57,663 36,195
- ---------------------------------------------------------------------------------------------------------------------------
Total assets less current liabilities 224,963 77,311
Creditors: amounts falling due after more than one year - 12
Provision for liabilities and charges: deferred taxation 8,884 6,407
- ---------------------------------------------------------------------------------------------------------------------------
Net assets 216,079 70,892
- ---------------------------------------------------------------------------------------------------------------------------
Capital and reserves
Called up share capital 2,873 1,588
Share premium account and other reserves 189,261 30,196
Profit and loss account 23,945 39,108
- ---------------------------------------------------------------------------------------------------------------------------
Total shareholders' equity 216,079 70,892
- ---------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE> 11
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, thereunto duly authorized.
MERANT plc
(Registrant)
Date: June 3, 1999 By: /s/ Kenneth A. Sexton
---------------------------------------
Kenneth Sexton
Chief Financial Officer
