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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 October 1999
PARADIGM GEOPHYSICAL LTD.
(Translation of Registrant's Name into English)
Shenkar Street 9, Gav Yam Center No.3, 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 October 1999 and
incorporated by reference herein is the Registrant's news release dated October
13, 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/ JONATHAN KELLER
Jonathan Keller
Company Secretary
Dated: 14 October, 1999
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[PARADIGM GEOPHYSICAL LOGO]
CONTACTS:
Brian W. Berman, CFO Robert Ferris
Paradigm Geophysical Ltd. Anita Ash
Phone: +972-9-970-9339 Ruder Finn, Inc.
Fax: +972-9-970-9319 Phone: +1-212-593-5823
Email: [email protected] Fax: +1-212-715-1660
Email: [email protected]
PARADIGM GEOPHYSICAL COMMENTS ON
EXPECTED THIRD QUARTER RESULTS
HERZLIA, ISRAEL -- OCTOBER 13, 1999 - Paradigm Geophysical Ltd. (NASDAQ:PGEO)
today announced that results for the third quarter ending September 30, 1999
will be below securities analysts' expectations. The Company indicated that it
would report a net loss for the third quarter of between $0.03 and $0.05 per
share on total revenues at levels comparable to those of the second quarter.
Analysts' estimates for EPS range between a net income of $0.01 and $0.04 for
the quarter. Paradigm will announce its third quarter results after the close of
trading on October 27, 1999.
According to Eldad Weiss, Chairman and CEO of Paradigm, the earnings shortfall
is due principally to the Company's decision to continue its planned investment
in infrastructure and development of new products and services in the face of a
lag in an anticipated oil services sector turnaround. Paradigm believes that
this investment strategy strengthens the Company's position as a leading
provider of geoscience technology to the oil and gas industry.
Mr. Weiss commented: "Although we are disappointed by the lower than expected
improvement in upstream spending by oil and gas companies, we are encouraged by
the industry's medium and longer-term prospects."
Paradigm Geophysical Ltd. provides geoscience software and service solutions to
the oil and gas industry. The Company has sales, customer support and service
offices in Houston, London, Aberdeen, Calgary, Moscow, Caracas, Buenos Aires,
Rio de Janeiro, Perth, Brisbane, Beijing, Jakarta and Singapore.
"Paradigm Geophysical[R]" is the registered trademark of Paradigm Geophysical
Ltd.
Recent press announcements are available on Paradigm's web site:
www.paradigmgeo.com.
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
- More -
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PARADIGM GEOPHYSICAL COMMENTS ON EXPECTED THIRD QUARTER RESULTS...
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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