SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 0R 15(D)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): April 29, 1999
INSO CORPORATION
(Exact name of registrant as specified in its charter)
Delaware 000-23384
(State or other jurisdiction of (Commission File Number)
incorporation or organization)
04-3216243
(I.R.S. Employer Identification No.)
31 St. James Avenue
Boston, Massachusetts 02116-4101
(Address of principal executive offices) (Zip code)
(617) 753-6500
(Registrant's telephone number, including area code)
N/A
(Former name or former address, if changed since last report)
ITEM 5. OTHER EVENTS
The Registrant's press release dated April 29, 1999, which is filed as
Exhibit 99.1, to this Current Report on Form 8-K, is incorporated
herein by reference.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL
INFORMATION AND EXHIBITS
(a) Financial Statements of Business Acquired.
Not Applicable.
(b) Pro Forma Financial Information.
Not Applicable.
(c) Exhibits.
See Exhibit Index attached hereto.
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 this 29th day of April, 1999.
Inso Corporation
By /s/ Jonathan P. Levitt
------------------
Jonathan P. Levitt
Secretary
EXHIBIT INDEX
Exhibit
No. Exhibit Description
99.1 Press release, dated April 29, 1999 (filed herewith)
Inso Corporation Announces Revenue Targets and Potential Restructuring
Plan for FY 2000
BOSTON, April 29, 1999- Inso Corporation (Nasdaq: INSO) today announced
that revenues for fiscal year 2000 are expected to approximate $90 million.
The Company also said that it expects to announce a restructuring plan
in the second quarter of the fiscal year.
Speaking at the Company's investor conference, Stephen O. Jaeger, Chairman
and Chief Executive Officer, said, "We expect to report revenue of not
less than $90 million for fiscal year 2000 and target revenue growth
for fiscal year 2001 of approximately 40 percent. The Company's
management is in the process of finalizing a restructuring plan that is
intended to reduce current operating costs, as well as support the
Company's new divisional structure. The complete details, costs, benefits
and timing for plan implementation are expected to be announced upon
final Board approval before the end of the second fiscal quarter. The
restructuring plan is expected to include a reduction in staff, closure
of certain support facilities and the write-off of property, equipment
and other capitalized costs."
Mr. Jaeger continued, "These actions will lead to substantial operating
cost savings. The operating cost benefit for fiscal year 2000 is
dependent upon final Board approval and timing of implementation.
Commencing in fiscal year 2001, the costs benefits from this plan are
expected to approximate $15 million per year."
Kirby A. Mansfield, President and Chief Operating Officer, said "The
divisional structure currently being implemented will sharpen the
market and customer focus of the Company. Each of our divisions has
been assigned revenue and operating profit targets and they are fully
empowered to execute against these targets while focusing on their
particular market opportunities. We believe this freedom of action,
formed around specific markets and driven by precise financial goals,
will enable each division and the Company as a whole to achieve or
exceed revenue and operating income targets for FY 2000 and 2001."
Inso Corporation is a leading provider of tools for the management,
exchange and dynamic delivery of critical business information. Inso's
award-winning technology enables large corporations to manage, exchange
and publish all types of information, from the simplest memo to the
most complex multimedia document. For more information, visit the
Inso Web site at http://www.inso.com.
This release, and other reports, proxy statements and other communications
to stockholders, as well as oral statements by the Company's officers or
its agents, may contain forward-looking statements with respect to,
among other things, the Company's future revenues, operating income or
earnings per share. Please refer to the Company's Annual Report on
Form 10-K for the fiscal year ended December 31, 1998, for a description
of certain factors which may cause the Company's actual results to vary
materially from those forecasted or projected in any such forward-
looking statements.
Among the factors which may cause the Company's actual results to differ
materially from historical results are the following: the timing and
implementation of any restructuring plan, the ability of the Company to
reduce operating expenses, competitive pressures including price pressures;
consolidation in the OEM business; declining OEM revenues; increased
reliance on direct and distribution channels; market acceptance of new
products; inability to integrate businesses or assets the Company has
acquired; and adverse economical changes in the markets in which the
Company does business.
Inso and the Inso logo are trademarks or registered trademarks of Inso
Corporation in the United States and/or other countries. All other
company, product or service names are trademarks or registered
trademarks of their respective holders.
