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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K/A
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report: September 21, 1999 (Date of Earliest Event Reported:
August 24, 1999)
CLARUS CORPORATION
(Exact name of Registrant as specified in its charter)
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<S> <C> <C>
Delaware 0-24277 58-1972600
(State or other jurisdiction of (Commission File No.) (IRS Employer Identification No.)
incorporation or organization)
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3970 Johns Creek Court
Suite 100
Suwanee, Georgia 30024
(Address of principal executive offices, including zip code)
(770) 291-3900
(Registrant's telephone number, including area code)
(Former name or Former Address if Changed Since Last Report)
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ITEM 5. Other Events
This form 8-K/A is being filed to amend the Form 8-K/A filed on August 30,
1999 by Clarus Corporation to include revised proforma financial information in
connection with the sale by Clarus Corporation of substantially all of its
financial and human resources business to Geac Computer Systems, Inc. and GEAC
Canada Limited. Under the terms of the agreements, Geac will acquire the
products, manufacturing assets, intellectual property and employees of Clarus
Corporation's financial and human resources software business. The sale is
expected to close in the fourth quarter of 1999.
ITEM 7. Financial Statements, Pro Forma Information and Exhibits
(c) Exhibits
99.2 Revised Selected Pro Forma Financial Information
SIGNATURE
Pursuant to the requirements of the Securities and Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
CLARUS CORPORATION
Date: September 21, 1999 /s/ Arthur G. Walsh, Jr.
----------------------------
ARTHUR G. WALSH, JR.
Chief Financial Officer
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Exhibit 99.2
UNAUDITED PRO FORMA FINANCIAL INFORMATION
The following unaudited pro forma condensed combined balance sheet as of June
30, 1999, was prepared as if the sale occurred on such date. The following
unaudited condensed combined statements of operations give effect to the sale
as of the beginning of the periods presented. The unaudited pro forma
condensed combined statements of operations do not purport to represent what
our results of operations actually would have been if the sale had occurred as
of such date or what such results will be for any future periods.
The unaudited pro forma condensed combined financial statements are derived
from our historical financial statements and the assumptions and adjustments
described in the accompanying notes. We believe that all adjustments necessary
to present fairly such unaudited financial information have been made. The
unaudited pro forma financial data should be read in conjunction with the
accompanying notes thereto.
Unaudited Pro Forma Condensed Balance Sheet at June 30, 1999
(In thousands)
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Clarus Pro Forma
ASSETS Historical Adjustments Pro Forma
------ ---------- ----------- ---------
<S> <C> <C> <C>
Current assets:
Cash...................................... $ 8,072 $14,193 (a) $ 22,265
Restricted cash........................... (740)(a) 2,167
2,907 (a)
Accounts receivable, net.................. 11,248 (7,805)(b) 3,443
Prepaid and other current assets.......... 759 (111) 648
-------- ------- --------
Total current assets.................... 20,079 8,444 28,523
Property and equipment, net................. 4,358 (483)(b) 3,875
Other assets:
Intangible assets, net.................... 11,170 (4,603) 6,567
Deposits and other long-term assets....... 134 134
-------- ------- --------
Total other assets...................... 11,304 (4,603) 6,701
-------- ------- --------
TOTAL ASSETS............................ $ 35,741 $ 3,358 $ 39,099
======== ======= ========
LIABILITIES AND STOCKHOLDER'S EQUITY
------------------------------------
Current liabilities:
Accounts payable and accrued liabilities.. $ 6,927 $(1,710)(b) $ 5,217
Deferred revenue.......................... 7,129 (6,638)(b) 491
Current maturities of long-term debt...... 392 392
-------- ------- --------
Total current liabilities............... 14,448 (8,348) 6,100
Noncurrent liabilities:
Deferred revenue.......................... 1,654 (1,266)(b) 388
Long-term debt, net of current
maturities............................... 70 70
Other non-current liabilities............. 235 235
-------- ------- --------
Total liabilities....................... 16,407 (9,614) 6,793
Stockholders' equity (Note 3)
Common stock.............................. 1 -- 1
Additional paid in capital................ 61,505 (43)(c) 62,311
849 (c)
Accumulated deficit....................... (41,694) 17,100 (a) (29,671)
(740)(a)
(3,388)(b)
(949)(c)
Warrants.................................. 40 40
Treasury stock, at cost................... (2) (2)
Deferred compensation..................... (516) 143 (c) (373)
-------- ------- --------
Total stockholders' equity.............. 19,334 12,972 32,306
-------- ------- --------
Total liabilities and stockholders'
equity................................. $ 35,741 $ 3,358 $ 39,099
======== ======= ========
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(a) To reflect the receipt of cash of $17.1 million from the sale, of which
$2.9 million will be held in escrow, net of the anticipated expenses of
$740,000.
(b) To reflect the elimination of the historical operations and net assets and
liabilities of the financial, enterprise resources planning and human
resources software business and technologies included in the balance sheet
of Claus Corporation as of June 30, 1999.
(c) To reflect the recognition of the vesting of certain stock options upon
completion of the sale, and the elimination of the deferred compensation
related to employee stock options that will be forfeited upon the sale.
Unaudited Pro Forma Condensed Combined Statement of Operations
for the Six Months Ended June 30, 1999
(In thousands except per share data)
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Clarus Pro forma Pro
Historical Adjustments Forma
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<S> <C> <C> <C>
Revenues:
License fees............................... $ 7,879 $ 4,284 (b) $ 3,595
Services fees.............................. 10,053 9,626 (b) 427
Maintenance fees........................... 4,748 4,672 (b) 76
-------- -------- -------
Total revenues........................... 22,680 18,582 4,098
Cost of revenues:
License fees............................... 711 699 (b) 12
Service fees............................... 6,640 6,080 (b) 560
Maintenance fees........................... 1,970 1,741 (b) 229
-------- -------- -------
Total cost of revenues................... 9,321 8,520 801
Operating expenses:
Research and development................... 4,552 2,175 (b) 2,377
Sales and marketing........................ 6,817 2,842 (b) 3,975
General and administrative................. 3,222 1,694 (b) 1,528
Depreciation............................... 1,006 345 (b) 661
Amortization............................... 827 250 (b) 577
Non-cash compensation...................... 84 74 (b) 959
(949)(c)
-------- -------- -------
Total operating expenses................. 16,508 6,431 10,077
Operating loss............................... (3,149) (3,631) (6,780)
Interest income.............................. 228 228
Interest expense............................. 51 51
Net loss................................... $ (2,972) $ (3,631) $(6,603)
======== ======== =======
Basic and diluted net loss per share......... $ (0.27) $ (.60)
Weighted average common shares outstanding
(basic and diluted)......................... 10,968 10,968
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Unaudited Pro Forma Condensed Combined Statement of Operations
for the Year Ended December 31, 1998
(In thousands except per share data)
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Clarus Pro forma
Historical Adjustments Pro forma
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<S> <C> <C> <C>
Revenues:
License fees.............................. $ 17,372 $16,672 (b) $ 700
Services fees............................. 16,477 16,467 (b) 10
Maintenance fees.......................... 7,791 7,639 (b) 152
-------- ------- --------
Total revenues.......................... 41,640 40,778 862
Cost of revenues:
License fees.............................. 1,969 1,477 (b) 492
Service fees.............................. 10,353 10,316 (b) 37
Maintenance fees.......................... 3,599 3,581 (b) 18
-------- ------- --------
Total cost of revenues.................. 15,921 15,374 547
Operating expenses:
Research and development.................. 6,335 5,862 (b) 473
Purchased in-process technology........... 10,500 -- 10,500
Sales and marketing....................... 11,802 11,512 (b) 290
General and administrative................ 5,126 5,005 (b) 121
Depreciation.............................. 1,271 1,271 (b) --
Amortization.............................. 883 753 (b) 130
Non-cash compensation..................... 880 (949)(c) 949
880 (b)
-------- ------- --------
Total operating expenses................ 36,797 24,334 12,463
Operating loss.............................. (11,078) (1,070) $(12,148)
Interest income............................. 636 -- 636
Interest expense............................ 224 224 --
Minority interest........................... 36 36 --
-------- ------- --------
Net loss.................................... $(10,702) $ (810) $(11,512)
======== ======= ========
Basic and diluted net loss per share........ $ (1.70) $ (1.82)
Weighted average common shares outstanding.. 6,311 6,311
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See notes to unaudited pro-forma condensed combined financial statements.
Notes To Unaudited Pro Forma Condensed Combined Financial Statements
Note 1. Basis of Presentation
The unaudited pro forma condensed balance sheet assumes that the sale took
place on June 30, 1999, and separates the June 30, 1999 assets and
liabilities, to be transferred in the sale from our unaudited June 30, 1999,
consolidated condensed balance sheet.
The pro forma statements of operations assumes the sale took place as of the
beginning of the periods presented and separate the unaudited statement of
operations for the business being sold for the year and six month period ended
December 31, 1998, and June 30, 1999, respectively from our consolidated
statement of operation for the year and six month period ended December 31,
1998 and June 30, 1999, respectively.
