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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K/A
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported): April 8, 1999
OBJECTSHARE, INC.
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(Exact Name of Registrant as Specified in Charter)
DELAWARE
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(State or Other Jurisdiction of Incorporation)
0-23132 77-0143293
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(Commission File Number) (IRS Employer Identification No.)
16811 HALE AVENUE, SUITE A, IRVINE, CALIFORNIA 92606-5020
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(Address of Principal Executive Offices) (Zip Code)
(949) 833-1122
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(Registrant's telephone number, including area code)
NOT APPLICABLE
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(Former Name or Former Address, if Changed Since Last Report)
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OBJECTSHARE, INC.
FORM 8-K/A
INDEX
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INFORMATION INCLUDED IN THE REPORT PAGE
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Item 7. Financial Statements, Pro Forma Financial Information and Exhibits 3
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This Current Report on Form 8-K/A is being filed as an amendment to the
Registrant's Current Report on Form 8-K dated April 8, 1999 which was filed as a
result of the Registrant's disposition of certain assets. A computational error
resulted in the Registrant's pro forma net loss per share for the 9 months ended
December 31, 1998 being incorrectly stated as ($0.28) whereas it should have
been ($0.11).
Item 7 of the Registrant's Current Report on Form 8-K dated April 8, 1999 and
filed on April 22, 1999 is hereby deleted in its entirety and replaced with the
following:
ITEM 7: FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS.
(a) Financial Statements of Businesses Acquired.
Not Applicable.
(b) Pro Forma Financial Information.
The following Pro Forma Financial Information required to be filed pursuant to
Item 7(b) of Form 8-K is attached hereto as Exhibit 99 and incorporated herein
by reference:
Registrant's Unaudited Pro Forma Condensed Combined Balance Sheet as of December
31, 1998.
Registrant's Unaudited Pro Forma Condensed Consolidated Statements of Operations
for the twelve months and nine months ended March 31, 1998 and December 31,
1998, respectively.
Notes to Registrant's Pro Forma Financial Information.
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(c) Exhibits.
The following exhibits are filed herewith:
99 Pro Forma Financial Information.
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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.
OBJECTSHARE, INC.,
a Delaware corporation
Date: May 12, 1999 By: /s/ KEVIN E. BROOKS
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Kevin E. Brooks
Vice President and Chief
Financial Officer
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INDEX TO EXHIBITS
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EXHIBIT NUMBER DESCRIPTION OF EXHIBIT
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99 Pro Forma Financial Information.
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EXHIBIT 99
OBJECTSHARE, INC.
UNAUDITED PRO FORMA CONDENSED COMBINED BALANCE SHEET
AS OF DECEMBER 31, 1998
(IN THOUSANDS)
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PRO FORMA
ADJUSTMENTS
FOR THE
DISPOSITION
OF THE PARTS
HISTORICAL FOR JAVA PRO FORMA
OBJECTSHARE BUSINESS OBJECTSHARE
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ASSETS
Current assets:
Cash and cash equivalents $ 1,638 $ 725 (a) $ 2,363
Accounts receivable, net 3,164 3,164
Inventories 65 65
Prepaid expenses and other current assets 352 352
-------- ------- --------
Total current assets 5,219 725 5,944
Property and equipment, net 877 (47)(b) 830
Other assets 884 884
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Total assets $ 6,980 $ 678 $ 7,658
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LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 778 $ 778
Accrued compensation and related expenses 769 (85)(c) 684
Other accrued liabilities 713 713
Deferred revenue 2,096 2,096
Accrued restructuring costs 21 21
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Total current liabilities 4,377 (85) 4,292
Commitments and contingencies
Stockholders' equity:
Common stock 12 12
Additional paid-in capital 50,113 50,113
Accumulated deficit (47,372) 763 (46,609)
Accumulated other comprehensive loss (150) (150)
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Total stockholders' equity 2,603 763 3,366
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Total liabilities and stockholders' equity $ 6,980 $ 678 $ 7,658
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(a) Represents cash received on the sale
(b) Property and equipment transferred to Seagull.
(c) Liabilities assumed by Seagull; this amount represents accrued vacation at
December 31, 1998 for the employees in the Parts for Java Business. During
the period from December 31, 1998 to April 8, 1999 liabilities assumed
increased to $96,000.
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OBJECTSHARE, INC.
UNAUDITED PRO FORMA CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE TWELVE MONTHS AND NINE MONTHS ENDED
MARCH 31, 1998 AND DECEMBER 31, 1998
(IN THOUSANDS, EXCEPT PER SHARE DATA)
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PRO FORMA PRO FORMA
ADJUSTMENTS ADJUSTMENTS
HISTORICAL FOR THE PRO FORMA HISTORICAL FOR THE PRO FORMA
OBJECTSHARE DISPOSITION OBJECTSHARE OBJECTSHARE DISPOSITION OBJECTSHARE
TWELVE MONTHS OF THE PARTS TWELVE MONTHS NINE MONTHS OF THE PARTS NINE MONTHS
ENDED FOR JAVA ENDED ENDED FOR JAVA ENDED
3/31/98 BUSINESS 3/31/98 12/31/98 BUSINESS 12/31/98
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Net revenues:
Service $ 12,068 $ 12,068 $ 7,958 $ 7,958
License 8,172 (168)(a) 8,004 3,630 (251)(a) 3,379
-------- -------- -------- -------- -------- --------
Total net revenues 20,240 (168) 20,072 11,588 (251) 11,337
Cost of net revenues:
Service 7,569 7,569 4,180 4,180
License 1,626 (13)(a) 1,613 762 (94)(a) 668
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Total cost of net revenues 9,195 (13) 9,182 4,942 (94) 4,848
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Gross profit 11,045 (155) 10,890 6,646 (157) 6,489
Operating expenses:
Sales and marketing 7,684 (157)(a) 7,527 4,592 (210)(a) 4,382
Research and development 4,648 (1,714)(a) 2,934 2,881 (954)(a) 1,927
General and administrative 3,956 3,956 1,998 1,998
Restructuring costs 2,621 2,621 (166) (166)
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Total operating expenses 18,909 (1,871) 17,038 9,305 (1,164) 8,141
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Loss from operations (7,864) 1,716 (6,148) (2,659) 1,007 (1,652)
Interest income and other, net 313 313 256 256
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Loss before provision for income taxes (7,551) 1,716 (5,835) (2,403) 1,007 (1,396)
Provision/ (benefit) for income taxes 31 31 (29) (29)
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Net loss $ (7,582) $ 1,716 $ (5,866) $ (2,374) $ 1,007 $ (1,367)
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Basic and diluted net loss per share $ (0.63) $ (0.49) $ (0.19) $ (0.11)
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Shares used in computing basic and
diluted net loss per share 12,022 12,022 12,289 12,289
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(a) To eliminate revenues, cost of revenues, and related sales and marketing,
and research and development expenses that are directly related to the
business disposed of.
