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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
JULY 21, 1999
Date of Report (Date of earliest event reported)
ANALOGY, INC.
(Exact name of registrant as specified in its charter)
OREGON 0-27752 93-0892014
(State or other jurisdiction (Commission File Number) (IRS Employer
of incorporation or organization) Identification No.)
9205 SW GEMINI DRIVE
BEAVERTON, OREGON 97008
(Address of principal executive offices and zip code)
503-626-9700
(Registrant's telephone number including area code)
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ITEM 5. OTHER EVENTS
On July 21, 1999, Analogy, Inc. (the "Company") issued a press release
containing information about the Company's financial results for the quarter
ended June 30, 1999. The press release is included herein as Exhibit 99.1
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(c) Exhibits
99.1 Press Release
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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.
ANALOGY, INC.
Dated: July 22, 1999 By: /s/ GARY P. ARNOLD
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Gary P. Arnold
Chairman of the Board, President
and Chief Executive Officer
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EXHIBIT 99.1
ANALOGY REPORTS FISCAL FIRST QUARTER RESULTS
BEAVERTON, Ore., July 21 /PRNewswire/ -- Analogy, Inc. (Nasdaq: ANLG - news)
today announced its financial results for the first fiscal quarter ended June
30, 1999.
Total revenue for the first quarter of fiscal 2000 was $5,463,000, up
slightly over the prior year's first quarter total of $5,412,000. Product
license revenue increased 5% to $2,987,000 in the first fiscal quarter this
year compared to $2,834,000 in the first fiscal quarter last year. The net
loss for the first fiscal quarter was $1,261,000 or $0.13 per share, compared
with a net loss of $3,155,000 or $0.34 per share in the first quarter a year
ago. The first quarter of fiscal year 1999 included a one-time restructuring
charge of $557,000 or $.06 per share.
Gary Arnold, chairman, president and CEO of Analogy said: "The first quarter
has historically been our weakest quarter of the year. Therefore, we expect
our quarterly revenues to improve as we go through the remainder of the
fiscal year. Reception of our new products, particularly the SaberHarness(TM)
product family for wire harness design, has been very good. We will continue
to keep tight control on expenses during the next three quarters and, with
anticipated increasing revenues, our goal is to achieve profitability for the
year."
The statements above regarding the Company's goals for future profitability
are forward-looking statements, which are made pursuant to the safe harbor
provisions of the Private Securities Litigation Act of 1995. The
forward-looking statements involve risks and uncertainties that could cause
actual results to differ materially from the forward-looking statements,
including, without limitation, the receipt and timing of customer orders,
changes in capital spending plans by key customers, increased adoption of
behavioral modeling design methodologies for mixed-signal and
mixed-technology systems design, Analogy's ability to introduce new products,
expand its markets as scheduled and maintain expense controls, customer
acceptance of new products, and competitive initiatives. The forward-looking
statements should be considered in light of these risks and uncertainties, as
well as those highlighted in the Company's reports filed with the Securities
and Exchange Commission.
Analogy, Inc., founded in January 1985, develops and markets high performance
software and model libraries for top-down design and behavioral simulation of
mixed-signal and mixed-technology systems.
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ANALOGY, INC.
Consolidated Statements of Operations
(000, except per share data)
<TABLE>
<CAPTION>
Quarter Ended
06/30/99 6/30/98
<S> <C> <C>
Revenue:
Product licenses $2,987 $2,834
Service and other 2,476 2,578
Total revenue 5,463 5,412
Cost of Revenue:
Product licenses 541 520
Service and other 168 334
Total cost of revenue 709 854
Gross profit 4,754 4,558
Operating expenses:
Research and development 1,927 2,396
Sales and marketing 3,309 3,604
General and administrative 587 684
Amortization of intangibles 92 92
Restructuring charges -- 557
Total operating expenses 5,915 7,333
Operating loss (1,161) (2,775)
Other income (expense), net 17 (202)
Loss before income taxes (1,144) (2,977)
Income tax expense 117 178
Net loss $(1,261) $(3,155)
Basic net income (loss) per common share $(0.13) $(0.34)
Diluted net income (loss) per common share $(0.13) $(0.34)
Weighted average shares outstanding - Basic 9,540 9,358
Weighted average shares outstanding - Diluted 9,540 9,358
</TABLE>
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ANALOGY, INC.
Consolidated Balance Sheets
(000)
<TABLE>
<CAPTION>
6/30/99 3/31/99
<S> <C> <C>
Cash and cash equivalents $755 $2,008
Accounts receivable 5,231 6,738
Prepaid expenses 1,210 1,033
Other assets, net 2,083 2,271
Total current assets 9,279 12,050
Furniture, fixtures and equipment, net 2,066 2,416
Library costs, net 4,534 4,495
Other assets, net 1,995 2,257
Total assets $17,874 $21,218
Accounts payable and accrued expenses 1,568 1,320
Bank line of credit 200 400
Current portion of capital leases 347 403
Accrued salaries and benefits 2,114 2,709
Unearned revenue 7,413 8,657
Total current liabilities 11,642 13,489
Non-current portion of capital leases 148 219
Deferred contract revenue 1,272 1,455
Other liabilities 65 65
Total long-term liabilities 1,485 1,739
Common stock 18,617 18,569
Foreign currency translation (299) (269)
Accumulated deficit (13,571) (12,310)
Total shareholders' equity 4,747 5,990
Total liabilities and equity $17,874 $21,218
</TABLE>
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