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FORM 6-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
OF THE SECURITIES EXCHANGE ACT OF 1934
For the Month of April 1999
PARADIGM GEOPHYSICAL LTD.
(Translation of Registrant's Name into English)
Merkazim House 32 Maskit Street P.O.B. 2061 Herzlia B, Israel 46120
(Address of Principal Executive Offices)
Indicate by check mark whether the registrant files or will file annual reports
under cover Form 20-F or Form 40-F.
Form 20-F ...X... Form 40-F........
Indicate by check mark whether the registrant by furnishing the information
contained in this Form is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes ...... No ...X....
If "Yes" is marked, indicate below the file number assigned to the registrant in
connection with Rule 12g3-2(b): 82-.....................
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Attached to the Registrant's Form 6-K for the month of April 1999 and
incorporated by reference herein is the Registrant's news release dated April
14, 1999.
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SIGNATURE
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.
PARADIGM GEOPHYSICAL LTD.
(Registrant)
By: /s/ Brian Berman
Brian Berman
Chief Financial Officer
Dated: April 15, 1999
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[PARADIGM GEOPHYSICAL LETTERHEAD]
FOR IMMEDIATE RELEASE
CONTACTS:
BRIAN W. BERMAN, CFO STEVEN CURTIS, RUDER FINN, INC.
Phone: +972-9-970-9339 Phone: +1-212-593-6319
Fax: +972-9-955-3016 Fax: +1-212-715-1660
Email: [email protected] Email: [email protected]
PARADIGM GEOPHYSICAL TO REPORT BREAK-EVEN OPERATING
RESULTS FOR THE FIRST QUARTER
HERZLIA, Israel, April 14, 1999: Paradigm Geophysical Ltd. (NASDAQ: PGEOF) today
announced that the company expects to report break-even operating results for
the first quarter of 1999. The consensus of analyst estimates for the quarter is
$.10 per share. Paradigm's full report for the quarter will be issued on April
28, after the close of the New York markets.
Brian Berman, Paradigm's Chief Financial Officer, commented, "The recent
weakness in oil prices has forced the major oil companies, our primary customer
base, to cut purchasing budgets and undertake drastic reorganizations and
streamlining measures. As a result, decisions on the purchase of software tools
have been postponed, particularly among the U.S. majors. Importantly for
Paradigm, the fact that we have had three long-term compensating strategies over
the years has played in our favor. These are: 1) to serve the entire spectrum of
the market - majors, independents, state-owned oil companies and service
providers; 2) to maintain a strong geographic spread so that downturns in one
area are compensated by other areas; and 3) to balance software sales with our
services operation.
"In the first quarter, we were able to balance the downturn among the U.S.
majors and independents with a more steady level of sales outside the U.S. and
to state-owned oil companies. This strategy has allowed us to reach break-even
operating results in this difficult environment, before taking into account our
recent acquisition of the Petroleum Technology Division of Mincom Ltd.," he
concluded.
Paradigm Geophysical Ltd. develops, markets and supports seismic data analysis
software solutions and provides seismic data processing and interpretation
services to companies engaged in oil and natural gas exploration and production.
Paradigm Geophysical Ltd. serves this industry with offices and geophysical data
analysis services centers in the United States, the United Kingdom, Canada,
China, Australia, Indonesia, Argentina, Venezuela, and Russia.
-More-
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PARADIGM GEOPHYSICAL TO REPORT BREAK-EVEN OPERATING RESULTS FOR Q1.......
Recent press announcements are available on Paradigm's web site:
www.paradigmgeo.com.
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Safe Harbor statement: This news release may contain certain forward-looking
statements relating to the future performance of Paradigm Geophysical Ltd. Such
statements are subject to certain factors which may cause Paradigm's plans to
differ or results to vary from those expected including the risks associated
with the impact of competitive products and pricing, increased investment to
support product introductions, market acceptance of products, product
transitions by the company and its competitors, currency fluctuations, changes
in product sales mix, and a variety of risks described in the company's filings
with the U.S. Securities and Exchange Commission. Paradigm undertakes no
obligation to publicize or release results of any of these forward-looking
statements which may be made to reflect events or circumstances after the date
hereof or to reflect the occurrence of unexpected results.
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