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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): May 25, 2000
SMITH-GARDNER & ASSOCIATES, INC.
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(Exact Name of Registrant as Specified in its Charter)
Florida 0-25297 65-0090038
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(State or Other Jurisdiction (Commission (IRS Employer
of Incorporation) File Number) Identification No.)
1615 South Congress Avenue, Delray Beach, Florida 33445-6368
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(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (561) 265-2700
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(Former Name or Former Address; if Changed Since Last Report
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ITEM 5. OTHER EVENTS.
One of our enterprise solution customers has notified us that it is
experiencing cash flow difficulties and is evaluating its business alternatives.
As a result, we have set up an additional reserve of $1.2 million and expect a
reduction of earnings per share for the three months ended June 30, 2000 of
approximately $0.05. A copy of the Press Release issued by Smith-Gardner &
Associates, Inc. (the "Registrant") is attached hereto as Exhibit 99, and is
incorporated herein by reference.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS.
(c) EXHIBITS.
The Exhibits to this Form 8-K are listed on the Exhibit Index and
are incorporated herein by reference.
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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 hereunto duly authorized.
Date: May 25, 2000 SMITH-GARDNER & ASSOCIATES, INC.
By: /s/ Martin K. Weinbaum
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Martin K. Weinbaum
Vice President Finance and
Chief Financial Officer
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EXHIBIT INDEX
Exhibit No.:
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99 Press Release issued by the Registrant on May 25, 2000
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EXHIBIT 99
Contact: Martin K. Weinbaum Jennifer Plath
Vice President, Finance/CFO Media Relations
Smith-Gardner Smith-Gardner
Phone: 561-265-2700 Phone: 561-265-2700
Fax: 561-454-4376 Fax: 561-454-4566
Email: [email protected]
SMITH-GARDNER ANNOUNCES INCREASE TO ALLOWANCE FOR DOUBTFUL ACCOUNTS
DELRAY BEACH, FL (May 25, 2000) -- Smith-Gardner (NASDAQ: SGAI), a leader in
end-to-end software solutions for e-commerce, today announced that one of its
enterprise solution clients has notified the Company that it is experiencing
cash flow difficulties and is evaluating its business alternatives. Because the
Company does not believe that it will be able to collect its current
receivables from that client, the Company has set up an additional reserve of
$1.2 million. As a result, the Company expects a reduction of earnings per
share for the three months ended June 30, 2000, of approximately $0.05.
Smith-Gardner will have a conference call to discuss this development at
5:00 p.m. EDT on Thursday, May 25, 2000. The conference call telephone number
is 888-243-1119.
ABOUT SMITH-GARDNER
Smith-Gardner is the premier provider of end-to-end e-commerce solutions
worldwide. Smith-Gardner's family of products ensures customer satisfaction
throughout the multi-channel shopping and buying experience. Headquartered in
Delray Beach, Florida, the Company was founded in 1988 and has several hundred
clients in 17 countries. Smith-Gardner operates regional headquarters throughout
the United States, Europe and Asia Pacific. The Company's global client base
includes Nordstrom.com, Hickory Farms, MicroWarehouse, KBkids.com, Nine West,
Coldwater Creek, Outpost.com, Urban Outfitters and Zales. Smith-Gardner products
earned Best of Comdex awards in 1998 and 1999, a Citation of Innovation at
Internet and Electronic Commerce Expo in '99, and an award for Best New
e-Commerce and Internet Product of the Year at The International Direct
Marketing Fair in March. For more information on Smith-Gardner, visit the
Company's web site at www.smith-gardner.com.
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This press release may contain forward-looking statements regarding the
Company's business. Such statements are subject to various risks and
uncertainties, including those risks set forth in the prospectus dated January
29, 1999, which was used in connection with the Company's initial public stock
offering, and the Company's Form 10-K for the period ended December 31, 1999,
which may cause results to differ from management's current expectations.
