<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 February 17, 2000
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
LONDON STOCK EXCHANGE ANNOUNCEMENT
FOR IMMEDIATE RELEASE
CONTACTS:
MERANT VMW Corporate & Investor Relations
Ken Sexton Sylvia Dresner/Vicki Weiner
Chief Financial Officer United States
1 (301) 838 5210 1 (212) 616 6161
[email protected] [email protected]
Larry De'Ath Financial Dynamics
VP, Investor Relations Giles Sanderson/Jon Earl
1 (301) 838 5228 United Kingdom
[email protected] 44 (0) 207 831 3113
[email protected]
MERANT REPORTS THIRD QUARTER RESULTS
MERANT Egility Solutions Drive Increase in E-Business Customers
www.merant.com - February 17, 2000 - MERANT (Nasdaq National Market (NNM): MRNT;
London Stock Exchange (LSE): MRN), a global leader in enterprise application
development and e-business solutions, today reported its results for the third
fiscal quarter ended January 31, 2000. MERANT announced its preliminary third
quarter estimates on February 7, 2000.
For the third fiscal quarter, revenues were $88.6 million under U.S. generally
accepted accounting principles (or "GAAP"). Operating earnings before goodwill
amortization were $3.5 million for the third quarter, and net earnings excluding
goodwill amortization were $0.13 per American Depositary Share (ADS). Net
earnings including goodwill amortization for the third quarter were $1.6
million, or $0.05 per ADS.
Under U.K. GAAP, revenues were GBP 54.6 million for the third fiscal quarter.
Operating profit before goodwill amortization was GBP 2.2 million, and earnings
per ordinary share excluding amortization of goodwill were 1.2 pence per
ordinary share.
Commenting on MERANT's financial performance, Ken Sexton, chief financial
officer at MERANT, noted "During the third quarter, transactions which we
expected to complete with a value of approximately $8 million, or GBP 5 million,
were delayed. We anticipate that most of the transactions will be completed in
the fourth quarter. The delay in orders had an adverse effect on operating
results for the third quarter. As we have continued our transition to an
e-business focus, the Company has reduced its reliance on Year 2000 products and
services. In the third quarter, Year 2000 revenue only represented 5% of our
revenue, compared to 16% for the same quarter last year."
"During the third quarter, we saw substantial growth in customer demand for our
enterprise e-business solutions, following the successful launch of the MERANT
Egility framework in October 1999," said Gary Greenfield, MERANT's president and
chief executive officer. "Many of MERANT's current customers, which include the
majority of the Global 500 and more than 400 dot-com companies, are already
utilizing our innovative e-business applications. Increasing demand for MERANT
Egility solutions is confirming our leadership role in the fast growing sector
of enterprise application development, and we expect to return the Company to
overall growth in the fourth fiscal quarter, primarily driven by anticipated
double-digit growth in our e-business solutions".
In addition to the acquisition of EnterpriseLink Technology Corporation
previously announced this quarter, MERANT acquired Trillium Software Corporation
and Northern Software Partners (NSP). Trillium Software Corporation was a
privately-held provider of change management software based in Eden Prairie,
Minnesota. NSP was based in Oslo, Norway and served as MERANT's sole Nordic
region distributor for its Micro Focus(R) product line and had also distributed
the MERANT PVCS(R)and DataDirect(R) product lines in the region. The cash
consideration payable in connection with these two acquisitions is not material
to the MERANT group taken as a whole.
MERANT's most recent and third quarter highlights include:
MERANT Powers E-Commerce and Business-to-Business Applications:
- --------------------------------------------------------------
- - Powerful Business-to-Business Extranet Delivered to Wrangler to Streamline
Communications - Wrangler successfully launched Trader's Pass, a powerful
business-to-business Web site designed to streamline communications across sales
representatives, retailers and suppliers.
<PAGE> 3
- - MERANT Takes PSL's Psychometric Assessment Service to the Web - The first
Web-based competency and personality assessment screening service was built for
Psychometric Services Limited (PSL) in the United Kingdom to be used by large
blue-chip companies to streamline customers' recruiting process.
- - MERANT Leads Ellison Windows in Development and Integration of Powerful
Business-to-Business Web System - MERANT completed a business-to-business Web
application for Ellison Windows, the United States' fifth largest manufacturer
of vinyl windows, empowering distributors with online ordering, integrating
their brick-and-mortar business with the Web.
MERANT Partners with Key E-Business Providers
- -------------------------------------------------
- - MERANT launched the MERANT Egility Alliance, a new partnership program with
world-class vendors, in order to provide complementary best-of-breed e-business
technologies and solutions to help customers rapidly e-enable their businesses
and to support a variety of e-business environments. Initial partners include:
BEA/WebLogic, Cerebellum Software, DataJunction, DataFlux, Gemstone, Inprise,
IONA and Microsoft.
Over 400 Leading Dot-com Companies Choose MERANT to Enable E-Business
- -----------------------------------------------------------------------
- - MERANT announced that over 400 dot-com companies have turned to MERANT in
their quest to redefine the customer experience through innovative e-business
applications. MERANT recently deployed its Egility solutions for e-business
across major dot-com companies including GO.com (NYSE: GO), BUYandHOLD.com,
MapQuest.com (NNM: MQST), BIGWORDS.com and iDirections.com.
MERANT Empowers Linux Developers and Expands Linux-related solutions:
- --------------------------------------------------------------------
- - Allaire Selects MERANT to Deliver Data Access and Integration for Linux
ColdFusion Web Applications - Allaire is integrating MERANT technology with new
Linux versions of ColdFusion, an award-winning cross-platform Web application
server, to provide customers secure high-availability data access and
integration across Linux-based Web applications.
- - RIMS Moves its Leading Applications to Linux with MERANT - With MERANT
technology, Resource Information Management Systems, Inc. (RIMS) successfully
ported to the Linux platform, leveraging their significant investment in
existing systems to speed time to implementation and reduce project costs.
- - MERANT Brings the Power of Legacy Extension to Red Hat Linux - MERANT extended
its Egility Enterprise Extension solution to Red Hat Linux, enabling companies
with a significant investment in legacy-based systems to rapidly deploy on
Linux, leveraging its power and low cost of ownership for e-business and
distributed solutions.
<PAGE> 4
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. The
MERANT Egility framework 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 approximately $370 million in annual
revenues and nearly 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 MERANT's web site at
http://www.merant.com. Investor inquiries can be forwarded to
[email protected].
(Tables and Supplemental Analysis Follow)
Forward-Looking Statements
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 MERANT's business
strategy, prospects and growth, as well as the completion of delayed
transactions in MERANT's fourth fiscal quarter and the growth of MERANT's
e-business solutions business in the fourth fiscal quarter and beyond. These
forward-looking statements involve a number of risks and uncertainties. Actual
results could differ materially from those anticipated by the forward-looking
statements made herein. Future results will be difficult to predict as MERANT
transforms its business strategy to provide e-business solutions and away from
certain of its past primary markets, including the market for Year 2000 products
and services. 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 potential for a decrease in net
revenue which may be caused by delays in the timing of sales and the delivery of
products or services, the ability of MERANT to develop, release, market and sell
products and services to customers in the highly dynamic market for enterprise
application development and e-business solutions, the potential need for
enterprise application development solutions and e-business solutions to shift
based on changes in underlying technology standards coming into use, the market
acceptance of MERANT's e-business solutions and e-business solutions generally,
the effect of competitors' efforts to enter MERANT's markets, and MERANT's
ability to manage and integrate recently acquired businesses or other businesses
that it may acquire in the future. Further information on potential factors
which could affect MERANT's financial results is included in MERANT's Annual
Report on Form 20-F for the year ended April 30, 1999, and Quarterly Reports on
Form 6-K for the quarters ended July 31, 1999 and October 31, 1999, each as
submitted to the SEC and as may be updated and amended with future filings or
submissions. MERANT undertakes no obligation to release publicly any updates or
revisions to any forward-looking statements contained in this announcement that
may reflect events or circumstances occurring after the date of this
announcement.
Trademark Notice
MERANT and Egility are trademarks, and DataDirect, Micro Focus and PVCS are
registered trademarks, of MERANT. All other trademarks as they appear in this
announcement are the property of their respective owners.
Securities Exchanges
As a foreign private issuer in the United States, MERANT is not required to file
quarterly reports with the SEC. However, starting in 1997 MERANT began
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 MERANT's Annual Report to Shareholders and Annual
Report on Form 20-F, each for the year ended April 30, 1999, are available upon
request to MERANT's offices in Rockville, Maryland or Newbury, United Kingdom.
<PAGE> 5
U.S. GAAP results
- ---- ---- -------
In the U.S. formatted financial statements, which are prepared in accordance
with U.S. generally accepted accounting principles, or GAAP, the merger with
INTERSOLV, Inc. completed in September of 1998 was accounted for as a
pooling-of-interests. Accordingly, all U.S. financial data presented in this
report include the results of INTERSOLV.
Review of 3rd Quarter - Revenues for the third fiscal quarter ended January 31,
2000, were $88.6 million, a decrease of 7% compared to last year's third
quarter. Non-Y2K revenue increased 4% compared to last year's same quarter.
Revenues from Y2K represented 5% of total revenue for the quarter ended January
31, 2000, down from 16% during the same quarter last year.
Gross margins improved to $66.8 million, or 75% of revenue. Operating income,
before goodwill amortization charges, was $3.5 million compared with $6.9
million in the third quarter last year. Net earnings per American Depositary
Share ("ADS") excluding goodwill amortization in the third fiscal quarter were
$0.13, as compared to $0.21 per ADS for the prior year's comparable period. Net
income per ADS (diluted) was $0.05 compared with $0.18 for the corresponding
period last year.
During the third fiscal quarter, MERANT completed the acquisitions of
EnterpriseLink Technology Corporation, Trillium Software Corporation and
Northern Software Partners AS (NSP). The consideration payable in the
EnterpriseLink acquisition is a cash amount of up to approximately $22 million,
and the cash consideration payable in connection with the Trillium Software
Corporation and NSP acquisitions is not material to the MERANT group taken as a
whole. These three transactions will be accounted for using the purchase method
of accounting. The trading results of these acquisitions did not have a
significant impact on MERANT's results for the quarter.
Review of year-to-date results - Year-to-date revenues were $268.4 million, down
4% compared to the nine months ended January 31, 1999. Non-Y2K revenue increased
6% in the first nine months of this fiscal year. Revenue from Y2K products and
services represented 8% of total revenue, down from 16% for the first nine
months of last year.
Gross margins for this year's first nine months were $200.4 million, or 75% of
revenue, compared to $198.1 million, or 71% of revenue, for the corresponding
period last year. Operating income, before goodwill amortization charges, was
$12.4 million compared with $18.2 million for the first nine months of last
year. Net income was $6.7 million, compared to $13.6 million. Net income per
diluted ADS was $0.22 compared with $0.47 per ADS for the corresponding period
last year. Net income per ADS excluding goodwill amortization was $0.39 in this
fiscal year's first nine months, as compared to $0.55 per ADS for last year's
first nine months.
Summary financial results excluding non-recurring items are as follows:
U.S. dollars, U.S. GAAP Three months ended Nine months ended
(in millions, except Jan 31 Jan 31 Jan 31 Jan 31
per ADS amounts) 2000 1999 2000 1999
Revenue $88.6m $95.7m $268.4m $278.2m
EBITA $3.5m $6.9m $12.4m $18.2m
Earnings per ADS
- excluding goodwill $0.13 $0.21 $0.39 $0.55
Net income $1.6m $5.2m $6.7m $13.6m
Earnings per ADS - diluted $0.05 $0.18 $0.22 $0.47
Notes:
o Basis of presentation: in accordance with U.S. GAAP, the INTERSOLV merger has
been accounted for as a pooling-of-interests, and accordingly all periods
presented in U.S. format disclose the combined results of MERANT and INTERSOLV.
o EBITA is earnings before interest, taxes, goodwill amortization charges, and
non-recurring items.
<PAGE> 6
U.K. GAAP results
- ---- ---- -------
In the U.K. formatted financial statements, which are prepared in accordance
with U.K. GAAP, the purchase of INTERSOLV, Inc. was accounted for as an
acquisition. Accordingly, the U.K. formatted results incorporate the trading of
INTERSOLV only from September 24, 1998, the date of its acquisition. Goodwill
arising from the acquisition, which totalled GBP 140.1 million, will be charged
against income over a four-year term, resulting in a pre-tax charge of GBP 8.8
million per quarter.
Review of 3rd Quarter - Revenue for the quarter ended January 31, 2000 was GBP
54.6 million, a decrease of 5% compared to the GBP 57.3 million reported for the
quarter ended January 31, 1999. Operating profit before goodwill charges was GBP
2.2 million, compared to GBP 4.2 million for the comparable prior year period.
Excluding the effect of goodwill charges, earnings after taxation were GBP 1.8
million, or 1.2 pence per share, compared to GBP 3.5 million or 2.5 pence per
ordinary share for the third quarter last year. Amortization of goodwill
relating to acquisitions totalled GBP 10.1 million in the current quarter,
compared to GBP 9.0 million in the corresponding quarter last year. Including
the effect of goodwill charges, loss after taxation was GBP 8.2 million and loss
per ordinary share was 5.8 pence, compared to a loss after taxation of GBP 5.5
million and loss per ordinary share of 3.9 pence for the third quarter of last
year.
As described in the U.S. GAAP results, MERANT completed three acquisitions
during the quarter. These transactions will be accounted for using the
acquisition method of accounting. The trading results of these acquisitions did
not have a significant impact on MERANT's results for the quarter.
Review of year-to-date results - Revenue for the nine months ended January 31,
2000 was GBP 166.5 million, compared to GBP 126.8 million for the nine months
ended January 31, 1999, an increase of 31%. The increase reflects the full
inclusion of revenue earned by the INTERSOLV business in the current fiscal
period. Operating profit before goodwill charges was GBP 7.7 million, compared
to GBP 12.4 million last year. Excluding the effect of goodwill charges and
exceptional items, earnings after taxation were GBP 6.2 million, or 4.2 pence
per ordinary share, compared to GBP 10.1 million, or 9.3 pence per ordinary
share for the corresponding prior year period. Amortization of goodwill relating
to acquisitions totalled GBP 28.5 million in the nine months ended January 31,
2000, compared to GBP 13.0 million in the corresponding period last year.
Including the effect of goodwill charges and exceptional items, loss after
taxation was GBP 22.3 million and loss per ordinary share was 15.8 pence,
compared to a loss after taxation of GBP 11.0 million and loss per share of 10.3
pence for the corresponding prior year period.
Summary financial results are as follows:
G.B. pounds, U.K. GAAP Three months ended Nine months ended
(in millions, except Jan 31 Jan 31 Jan 31 Jan 31
per ordinary share amounts) 2000 1999 2000 1999
Revenue GBP 54.6m GBP 57.3m GBP 166.5m GBP 126.8m
EBITA GBP 2.2m GBP 4.2m GBP 7.7m GBP 12.4m
EPS excluding goodwill 1.2p 2.5p 4.2p 9.3p
(Loss) after goodwill
and taxation (GBP 8.2m) (GBP 5.5m) (GBP 22.3m) (GBP 11.0m)
(Loss) per ordinary share (5.8p) (3.9p) (15.8p) (10.3p)
Notes:
o Basis of presentation: in accordance with U.K. GAAP, the INTERSOLV transaction
has been accounted for as an acquisition, and accordingly the U.K. format
results include the results of INTERSOLV from September 24, 1998, the date of
its acquisition.
o EBITA is earnings before interest, taxes, goodwill amortization charges, and
exceptional items.
<PAGE> 7
CONSOLIDATED STATEMENTS OF INCOME - IN U.S. FORMAT
<TABLE>
<S> <C> <C> <C> <C>
(in thousands, except Three months ended Nine months ended
per share and ADS data) Jan 31 Jan 31 Jan 31 Jan 31
(unaudited) 2000 1999 2000 1999
Net revenue
License fees $44,224 $48,587 $133,292 $142,191
Maintenance subscriptions 28,450 25,363 80,469 75,074
Training and consulting 15,916 21,767 54,591 60,886
- -----------------------------------------------------------------------------------------------------------------
Total net revenue 88,590 95,717 268,352 278,151
- -----------------------------------------------------------------------------------------------------------------
Cost of revenue
Cost of license fees 2,212 4,269 7,040 9,973
Cost of maintenance subscriptions 5,371 5,904 17,075 18,534
Cost of training and consulting 14,165 17,725 43,812 51,558
- -----------------------------------------------------------------------------------------------------------------
Total cost of revenue 21,748 27,898 67,927 80,065
- -----------------------------------------------------------------------------------------------------------------
Gross profit 66,842 67,819 200,425 198,086
- -----------------------------------------------------------------------------------------------------------------
Operating expenses
Research and development 14,283 15,147 44,192 45,876
Sales and marketing 41,609 36,281 121,707 110,079
General and administrative 7,483 9,463 22,102 23,939
One time charges - - - 49,662
- -----------------------------------------------------------------------------------------------------------------
Total operating expenses 63,375 60,891 188,001 229,556
- -----------------------------------------------------------------------------------------------------------------
Income (loss) before goodwill amortization
3,467 6,928 12,424 (31,470)
Goodwill amortization 2,377 824 5,101 2,332
- -----------------------------------------------------------------------------------------------------------------
Income (loss)from operations 1,090 6,104 7,323 (33,802)
Interest income, net 1,365 1,908 3,156 4,938
- -----------------------------------------------------------------------------------------------------------------
Income (loss)before income taxes 2,455 8,012 10,479 (28,864)
Income taxes (883) (2,800) (3,772) (998)
- -----------------------------------------------------------------------------------------------------------------
Net income (loss) $1,572 $5,212 $6,707 ($29,862)
- -----------------------------------------------------------------------------------------------------------------
Net income (loss) per share: basic $0.01 $0.04 $0.05 ($0.21)
Net income (loss) per ADS: basic $0.05 $0.18 $0.23 ($1.04)
- -----------------------------------------------------------------------------------------------------------------
Shares used in computing basic net income (loss) per share 146,466 143,669 144,826 143,310
ADSs used in computing basic net income (loss) per ADS 29,293 28,734 28,965 28,662
- -----------------------------------------------------------------------------------------------------------------
Net income (loss) per share: diluted $0.01 $0.04 $0.05 ($0.21)
Net income (loss) per ADS: diluted $0.05 $0.18 $0.22 ($1.04)
- -----------------------------------------------------------------------------------------------------------------
Shares used in computing diluted net income (loss) per share 156,888 143,726 152,016 143,310
ADSs used in computing diluted net income (loss) per ADS 31,378 28,745 30,403 28,662
- -----------------------------------------------------------------------------------------------------------------
Excluding one time charges:
Income before income taxes 2,455 8,012 10,479 20,798
Net income 1,572 5,212 6,707 13,564
Net income per ADS: diluted $0.05 $0.18 $0.22 $0.47
=================================================================================================================
Note: Each American Depositary Share, or ADS, represents five ordinary shares.
</TABLE>
<PAGE> 8
CONSOLIDATED BALANCE SHEETS - IN U.S. FORMAT
(in thousands) January 31, April 30,
2000 1999
(Unaudited)
Assets
Current assets:
Cash and cash equivalents $84,933 $86,580
Short-term investments 17,976 34,804
Accounts receivable, net 93,466 111,317
Prepaid expenses and other assets 11,022 13,485
- --------------------------------------------------------------------------------
Total current assets 207,397 246,186
- --------------------------------------------------------------------------------
Fixed assets:
Property, plant and equipment, net 50,012 46,090
Goodwill, net 44,135 10,239
Software product assets, net 13,587 17,007
Other assets 2,529 3,560
- --------------------------------------------------------------------------------
Total assets $317,660 $323,082
- --------------------------------------------------------------------------------
Liabilities and shareholders' equity
Current liabilities:
Borrowings $1,412 $2,716
Accounts payable 9,188 12,150
Accrued employee compensation 15,218 24,352
Income taxes payable 9,745 18,325
Deferred revenue 61,955 69,155
Other current liabilities 30,508 29,869
- --------------------------------------------------------------------------------
Total current liabilities 128,026 156,567
- --------------------------------------------------------------------------------
Deferred income taxes 16,498 14,304
- --------------------------------------------------------------------------------
Total liabilities $144,524 $170,871
- --------------------------------------------------------------------------------
Shareholders' equity:
Ordinary shares 4,846 4,691
Additional paid-in capital and other reserves 168,254 154,868
Treasury stock (7,179) (7,552)
Retained earnings 15,557 8,850
Accumulated other comprehensive loss (8,342) (8,646)
- --------------------------------------------------------------------------------
Total shareholders' equity $173,136 $152,211
- --------------------------------------------------------------------------------
Total liabilities and shareholders' equity $317,660 $323,082
================================================================================
<PAGE> 9
CONSOLIDATED PROFIT & LOSS ACCOUNT - IN U.K. FORMAT
(In thousands, except Three months ended Nine months ended
per share data) Jan 31 Jan 31 Jan 31 Jan 31
(unaudited) 2000 1999 2000 1999
GBP'000 GBP'000 GBP'000 GBP'000
Revenue
Licence fees 27,266 29,118 82,702 68,925
Maintenance subscriptions 17,498 15,189 49,903 33,901
Training and consulting 9,794 13,034 33,878 23,926
- --------------------------------------------------------------------------------
Total revenue 54,558 57,341 166,483 126,752
- --------------------------------------------------------------------------------
Cost of revenue
Cost of licence fees 1,361 2,555 4,373 5,356
Cost of maintenance subscriptions 3,304 3,537 10,597 11,268
Cost of training and consulting 8,714 10,614 27,169 16,483
- --------------------------------------------------------------------------------
Total cost of revenue 13,379 16,706 42,139 33,107
- --------------------------------------------------------------------------------
Gross profit 41,179 40,635 124,344 93,645
- --------------------------------------------------------------------------------
Operating expenses
Research and development 8,829 9,076 27,402 20,623
Sales and marketing 25,613 21,728 75,499 49,376
General and administrative 4,531 5,667 13,736 11,215
- --------------------------------------------------------------------------------
Total operating expenses 38,973 36,471 116,637 81,214
- --------------------------------------------------------------------------------
Operating profit before
amortisation of goodwill 2,206 4,164 7,707 12,431
Amortisation of goodwill 10,071 8,970 28,485 12,968
- --------------------------------------------------------------------------------
Operating (loss) (7,865) (4,806) (20,778) (537)
Exceptional item-
fundamental restructuring - - - (11,831)
- --------------------------------------------------------------------------------
(Loss) before interest and taxation (7,865) (4,806) (20,778) (12,368)
Interest income, net 643 1,142 1,963 2,826
- --------------------------------------------------------------------------------
(Loss) before taxation (7,222) (3,664) (18,815) (9,542)
Taxation (1,025) (1,849) (3,481) (1,441)
- --------------------------------------------------------------------------------
(Loss) for the period after taxation (8,247) (5,513) (22,296) (10,983)
- --------------------------------------------------------------------------------
(Loss) per share: basic (5.8p) (3.9p) (15.8p) (10.3p)
(Loss) per share: diluted (5.8p) (3.9p) (15.8p) (10.3p)
- --------------------------------------------------------------------------------
Number of shares: basic 142,853 139,859 141,240 106,325
Number of shares: diluted 142,853 139,859 141,240 106,325
================================================================================
<PAGE> 10
CONSOLIDATED BALANCE SHEET - IN U.K. FORMAT
In thousands January 31, April 30,
2000 1999
(Unaudited)
GBP'000 GBP'000
Fixed assets:
Intangible fixed assets 132,530 133,976
Tangible fixed assets 30,872 28,633
Investments 4,431 4,691
- --------------------------------------------------------------------------------
Total fixed assets 167,833 167,300
- --------------------------------------------------------------------------------
Current assets:
Stock 1,600 1,780
Trade debtors 57,695 70,682
Other debtors and prepaid expenses 6,905 7,205
Cash and bank deposits 63,524 75,394
- --------------------------------------------------------------------------------
Total current assets 129,724 155,061
- --------------------------------------------------------------------------------
Creditors: amounts falling due within one year
Bank loans and overdrafts 872 1,696
Trade creditors 5,671 7,546
Accrued employee compensation 9,394 15,126
Current corporation tax 7,249 11,534
Accrued expenses and other current liabilities 23,995 13,835
Deferred revenue 38,243 42,954
- --------------------------------------------------------------------------------
Total current liabilities 85,424 92,691
- --------------------------------------------------------------------------------
Net current assets 44,300 62,370
- --------------------------------------------------------------------------------
Total assets less current liabilities 212,133 229,670
Creditors: amounts falling due after more than one year - 6
Provision for liabilities and charges 10,184 12,555
- --------------------------------------------------------------------------------
Net assets 201,949 217,109
- --------------------------------------------------------------------------------
Capital and reserves
Called up share capital 2,969 2,873
Share premium account and other reserves 197,514 189,261
Profit and loss account 1,466 24,975
- --------------------------------------------------------------------------------
Total shareholders' equity 201,949 217,109
================================================================================
<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: February 17, 2000 By: /s/ Kenneth A. Sexton
---------------------------------------
Kenneth A. Sexton
Chief Financial Officer
