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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) October 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 October 29, 1997, Platinum Software Corporation, (the "Company")
announced the results for its first quarter of fiscal 1998, ending September 30,
1997.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS
(C) EXHIBITS.
Exhibit Number
Ex-99 Press Release dated October 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: November 4, 1997 By /s/ Perry Tarnofsky
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Perry Tarnofsky
Vice President and Assistant Secretary
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EXHIBIT INDEX
The following exhibits are attached hereto and incorporated herein by
reference:
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Sequentially
Exhibit Number Numbered Page
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Ex.-99 Press Release dated October 29, 1997. 5
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EXHIBIT 99
FOR IMMEDIATE RELEASE CONTACT:
Michael J. Simmons
Chief Financial Officer
Platinum Software Corporation
714/450-4595
[email protected]
PLATINUM SOFTWARE CORPORATION ANNOUNCES
FIRST QUARTER FISCAL 1998 RESULTS
Irvine, Calif., (October 29, 1997) -- Platinum(R) Software Corporation (NASDAQ:
PSQL), A leading provider of midmarket, high-performance client/server financial
accounting and business applications, today reported its financial results for
the first quarter of fiscal year 1998. Revenues for the first quarter of fiscal
1998, ended September 30, 1997, were $17.0 million as compared to revenues of
$11.9 million for the first quarter of fiscal 1997. The company reported net
income of $1.0 million or $0.04 per share for the first quarter of fiscal 1998,
as compared to a loss of $1.9 million or $0.10 per share for the same quarter a
year ago. The company's balance sheet as of September 30, 1997, showed cash,
cash equivalents and short-term investments of $12.4 million, accounts
receivable of $12.2 million and deferred revenue of $11.1 million.
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PLATINUM ANNOUNCES RESULTS - P.2
George Klaus, chairman of the board, president and chief executive
officer said, "We had a very exciting and successful first quarter of fiscal
1998. We are now better positioned than ever to take advantage of our rapidly
growing marketplace."
Klaus indicated the successes for the first quarter of fiscal 1998
include:
- Record revenues
- Six consecutive quarters of quarter to quarter revenue growth
- Revenue growth first quarter fiscal 1998 vs. fourth quarter
fiscal 1997
- 43% increase in revenue compared to first quarter fiscal 1997
- $1 million profit
- Microsoft awarded first place to Platinum Software for "Best
Functionality" in an accounting product for the Platinum SQL
product at the Microsoft Industry Solution Awards competition
- Integration of the Clientele(R) Products Division into Platinum
Software continues on schedule
ABOUT PLATINUM SOFTWARE CORPORATION
Platinum Software Corporation 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 subsidiary 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-K for the fiscal year ended
June 30, 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, and the
discovery of undetected software errors.
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PLATINUM ANNOUNCES RESULTS - P.3
PLATINUM SOFTWARE CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(IN THOUSANDS)
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SEPTEMBER 30, JUNE 30,
ASSETS 1997 1997
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Current assets:
Cash and cash equivalents $ 2,898 $ 6,290
Short-term investments 9,533 9,542
Accounts receivable, net 12,185 12,025
Inventories 475 481
Prepaid expenses and other 1,483 1,467
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Total current assets 26,574 29,805
Property and equipment, net 8,080 8,508
Software development costs, net 2,467 2,660
Acquired intangible assets, net 247 278
Other assets 1,418 527
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$ 38,786 $ 41,778
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LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 2,841 $ 4,725
Accrued expenses 6,178 8,081
Accrued restructuring costs 2,363 2,609
Deferred revenue 11,058 11,638
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Total current liabilities 22,440 27,053
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Long-term liabilities 75 277
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Stockholders' equity:
Preferred stock 30,292 30,292
Common stock 21 20
Additional paid-in capital 117,258 116,747
Less: notes receivable from officers (11,563)
(11,563)
Accumulated foreign currency translation adjustments 575 293
Accumulated deficit (120,312) (121,341)
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Total stockholders' equity 16,271 14,448
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$ 38,786 $ 41,778
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PLATINUM ANNOUNCES RESULTS - P.4
PLATINUM SOFTWARE CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
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THREE MONTHS ENDED
SEPTEMBER 30,
1997 1996
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Revenues:
License fees $ 8,991 $ 5,922
Consulting and professional services 3,859 2,221
Support services 4,011 3,616
Royalty income 99 135
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16,960 11,894
Cost of revenues 5,724 4,305
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Gross profit 11,236 7,589
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Operating expenses:
Sales and marketing 6,783 5,416
General and administrative 1,057 1,969
Software development 2,936 2,350
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10,776 9,735
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Income (loss) from operations 460 (2,146)
Other income, net 569 199
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Income (loss) before provision for income taxes 1,029 (1,947)
Provision for income taxes - -
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Net income (loss) $ 1,029 $ (1,947)
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Net income (loss) per share $ 0.04 $ (0.10)
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Shares used in computing net income (loss) per share 26,444 19,021
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