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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT
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Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) July 29, 1997
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PLATINUM SOFTWARE CORPORATION
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(Exact name of Registrant as specified in charter)
Delaware 0-20740 33-0277592
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(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation) File Number) Identification No.)
195 Technology Drive, Irvine, California 92618
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(Address of principal executive offices) (Zip code)
Registrant's telephone number, including area code (714) 453-4000
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Not Applicable
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(Former name or former address, if changed, since last report)
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Item 5. Other Events
On July 29, 1997, Platinum, Software Corporation, (the "Company")
announced the results for its fourth quarter of fiscal 1997, ending June 30,
1997 as well as the fiscal year ended June 30, 1997.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
(c) Exhibits.
Exhibit Number
Ex-99 Press Release dated July 29, 1997.
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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.
PLATINUM SOFTWARE CORPORATION
Date: July 30, 1997 By \s\ Michael J. Simmons
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Michael J. Simmons
Chief Financial Officer
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EXHIBIT INDEX
The following exhibits are attached hereto and incorporated herein by
reference:
<TABLE>
<CAPTION>
Exhibit Number Sequentially
Numbered Page
<C> <S> <C>
Ex.-99 Press Release dated July 29, 1997.
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FOR IMMEDIATE RELEASE CONTACT:
Michael J. Simmons
Chief Financial Officer
PLATINUM SOFTWARE
(714) 453-4000
[email protected]
PLATINUM SOFTWARE CORPORATION ANNOUNCES
FOURTH QUARTER FISCAL 1997 RESULTS
IRVINE, Calif., (July 29, 1997) -- Platinum Software Corporation (NASDAQ: PSQL)
today reported its financial results for the fourth quarter. Revenues for the
fourth quarter of fiscal 1997, ended June 30, 1997, were $16.7 million as
compared to revenues of $10.4 million for the fourth quarter of fiscal 1996. A
net loss of $3.5 million or $0.18 per share was reported for the fourth quarter
of fiscal 1997, as compared to a net loss of $3.0 million or $0.17 per share for
the same quarter a year ago. The company's balance sheet as of June 30, 1997,
showed cash, cash equivalents and short-term investments of $15.8 million,
accounts receivable of $12.0 million and deferred revenue of $11.6 million.
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Platinum Announces Results - p.2
George Klaus, chairman of the board, president and chief executive
officer said, "I am very pleased with the events that occurred during our fourth
fiscal quarter. On June 30, 1997, we acquired Clientele(R) Software, Inc. of
Portland, Oregon in a pooling of interests transaction. This acquisition
represents Platinum's formal entry into the Customer Information Systems (CIS)
market, denoting a strategic expansion of the company's product and customer
base. This is only the first step in delivering on our planned horizontal
applications strategy. As we close the fiscal year on our highest revenue
quarter ever, it should be noted that without the Clientele acquisition,
Platinum would have reported a profitable fourth quarter. We are well positioned
to move forward."
Software license revenues for the quarter were $9.1 million up 17% from
the previous quarter. Also, during the quarter Platinum(R) SQL license revenues
grew to $5.8 million, an all time quarterly high representing a 27% increase
over the prior quarter.
In addition, Platinum Software released Platinum SQL 4.1 with advanced
multicurrency features that provide Platinum customers the features they need to
manage in the global marketplace. These advanced features enable Platinum SQL
customers to handle both the fiscal requirements and common business practices
of companies with worldwide operations. Platinum SQL 4.1 is the only midmarket
client/server financial suite to implement adjustable exchange rates by document
and an operational currency feature including support for the EURO currency
standard.
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Platinum Announces Results - p.3
Operational currency enables customers using many different local currencies to
manage operations worldwide while maintaining standard business practices and
controls based on a common currency.
ABOUT PLATINUM SOFTWARE CORPORATION
Platinum Software develops and markets leading client/server software
products for corporations worldwide. The company's products enable organizations
to scale their technology investments to meet the changing needs of their
businesses. Founded in 1984, Platinum Software is based in Irvine, California.
More information about Platinum Software Corporation and its products and
services is available at the Platinum World Wide Web site
(http://www.platsoft.com).
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Platinum is a registered trademark of Platinum Software Corporation. Clientele
is a registered trademark of Clientele Software, Inc., a division of Platinum
Software Corporation. All other company and product names mentioned in this
document are trademarks of the respective companies with which they are
associated and are acknowledged.
Except for the historical information contained herein, the matters discussed in
this press release are forward looking statements that involve risks and
uncertainties. As discussed in the Company's Form 10-Q for the third quarter
ended March 31, 1997, the Company's operating results are uncertain and may be
impacted by the following factors, among others: the timely availability and
market acceptance of new products and upgrades, the impact of competitive
products and pricing; the ability of the Company to expand CIS product
offerings, the discovery of undetected software errors, and the amount of orders
placed by dealers of the Company.
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Platinum Announces Results - p.4
PLATINUM SOFTWARE CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(IN THOUSANDS)
<TABLE>
<CAPTION>
June 30, June 30,
ASSETS 1997 1996
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<S> <C> <C>
Current assets:
Cash and cash equivalents $ 6,290 $ 5,440
Short-term investments 9,542 10,098
Restricted cash -- 1,006
Accounts receivable, net 12,025 8,436
Notes receivable from divestitures, net -- 825
Inventories 481 460
Prepaid expenses and other 1,467 1,648
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Total current assets 29,805 27,913
Property and equipment, net 8,508 9,196
Software development costs, net 2,660 2,250
Acquired intangible assets, net 278 1,088
Other assets 527 465
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$ 41,778 $ 40,912
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LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 4,725 $ 4,057
Accrued expenses 8,081 7,893
Accrued restructuring costs 2,609 1,921
Deferred revenue 11,638 11,279
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Total current liabilities 27,053 25,150
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Long-term liabilities 277 288
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Stockholders' equity:
Preferred stock 30,292 31,996
Common stock 20 19
Additional paid-in capital 116,747 111,233
Less: notes receivable from officers and stockholders (11,563) (11,563)
Accumulated foreign currency translation adjustments 293 249
Accumulated deficit (121,341) (116,460)
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Total stockholders' equity 14,448 15,474
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$ 41,778 $ 40,912
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Platinum Announces Results - p.5
PLATINUM SOFTWARE CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
<TABLE>
<CAPTION>
Three Months Ended Twelve Months Ended
June 30, June 30,
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1997 1996 1997 1996
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<S> <C> <C> <C> <C>
Revenues:
License fees $ 9,111 $ 5,239 $30,320 $ 22,157
Consulting and professional services 3,170 1,764 10,716 9,940
Support services 4,365 3,247 15,861 11,550
Royalty income 65 114 1,207 619
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16,711 10,364 58,104 44,266
Cost of revenues 6,520 4,673 21,389 20,848
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Gross profit 10,191 5,691 36,715 23,418
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Operating expenses:
Sales and marketing 7,882 4,341 25,443 21,114
General and administrative 1,470 2,067 5,415 15,996
Software development 2,919 2,386 10,011 14,293
Charge for restructuring 1,600 -- 1,600 5,568
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13,871 8,794 42,469 56,971
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Loss from operations (3,680) (3,103) (5,754) (33,553)
Other income (expense), net 190 57 873 (132)
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Loss before provision for income taxes (3,490) (3,046) (4,881) (33,685)
Provision for income taxes -- -- -- --
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Net loss $ (3,490) $ (3,046) $(4,881) $(33,685)
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Net loss per share $ (0.18) $ (0.17) $ (0.25) $ (2.15)
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Shares used in computing net loss per share 19,916 17,691 19,454 15,654
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