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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, 1999
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EPICOR 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 (949) 585-4000
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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, 1999, Epicor, Software Corporation, (the "Company")
announced Financial results for its second quarter of fiscal 1999, ending June
30, 1999.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS
(C) EXHIBITS.
Exhibit Number
Ex-99 Press Release dated July 29, 1999.
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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.
EPICOR SOFTWARE CORPORATION
Date: August 2, 1999 By /s/ Perry Tarnofsky
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Perry Tarnofsky
Vice President
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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 July 29, 1999. 5
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EXHIBIT 99
FOR IMMEDIATE RELEASE
Contacts: Valerie Brodie
Epicor Software Corporation
949/585-4293
[email protected]
EPICOR SOFTWARE CORPORATION ANNOUNCES
SECOND QUARTER 1999 FINANCIAL RESULTS
IRVINE, Calif. -- July 29, 1999 -- Epicor Software Corporation (NASDAQ:
EPIC), a leading provider of business performance solutions for mid-sized
companies, today reported its financial results for the second quarter of fiscal
1999 ended June 30, 1999. Revenues for the second quarter were $66.2 million.
Net income for the quarter was $395,000 or $0.01 per share. On December 31,
1998, the company changed its fiscal year end from June 30 to December 31. Also
on December 31, 1998, the merger with DataWorks Corporation was completed and
was accounted for under the purchase method of accounting. As a result, year
over year comparisons are not referenced.
The second quarter results are consistent with the Company's
preliminary estimates of financial performance released on July 7, 1999.
The company's balance sheet as of June 30, 1999 showed cash, cash
equivalents and short-term investments of $43.0 million, accounts receivable of
$82.1 million and deferred revenue of $37.8 million.
Revenues for the six month period ended June 30, 1999 were $132.3
million. Net income for the first six months of 1999 was $2.5 million or $0.06
per share.
"The reported earnings of $0.01 per share for the quarter were
attributable primarily to the lower-than-expected license revenue and a shift in
revenue mix toward services with a higher cost of sales," said George Klaus,
chairman, president and CEO of Epicor. "Our second quarter results reflect an
industry-wide slowdown in demand for new software licenses, which we believe
will
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Epicor Software Announces Second Quarter 1999 Results
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continue, at least, through the fiscal year. The difficult market
conditions notwithstanding, we continue to make the required investments for
Epicor's future. I believe we have created the infrastructure, both from an
organizational and operational focus, to position the Company for its long-term
goal to emerge as the recognized leading supplier of integrated business
performance solutions designed exclusively to meet the unique needs of the
midmarket."
The company also announced today that Stuart W. Clifton, vice chairman
and a member of the Board of Directors has resigned effective immediately. Mr.
Clifton is leaving the company to pursue other opportunities.
ABOUT EPICOR SOFTWARE CORPORATION
Epicor, the company formed following the merger of Platinum Software and
DataWorks, is the largest enterprise software supplier focused exclusively on
the requirements of midmarket companies. Epicor delivers business performance
solutions that enable companies to automate on their own terms and outperform
their competition by capitalizing on customer relationships, minimizing the
risks and upheaval of conventional enterprise resource planning (ERP) systems.
Founded in 1984, Epicor is ranked among the industry's ten largest enterprise
business solutions providers by industry analysts, with more than 10,000
enterprise customers worldwide. Epicor is headquartered in Irvine, California
and employs more than 1,600 employees globally. More information about Epicor,
its products and services is available at www.epicor.com.
# # #
Epicor is a trademark of Epicor Software Corporation. Platinum is a registered
trademark of PLATINUM technology International, Inc. The product and service
offerings depicted in this document are produced by Epicor Software Corporation.
The foregoing statements which are not historical fact are "forward-looking
statements" that involve risks and uncertainties which include but are not
limited to, the company's success in integrating the operations, sales forces,
and products of the two merging companies; fluctuations in demand for the
company's products, particularly in light of competitive offerings; 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 ERP
product offerings, and the discovery of undetected software errors and other
factors discussed in the Company's Quarterly report on Form 10-Q, for the period
ending March 31, 1999, at pages 12-17.
