SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the
Securities
Exchange Act of 1934.
|
Date
of Report: December 17, 2007
(Date
of earliest event reported)
|
||
|
(Exact
name of registrant as specified in its charter)
|
||
|
TX
(State
or other jurisdiction
of
incorporation)
|
0-20008
(Commission
File Number)
|
74-2415696
(IRS
Employer
Identification
Number)
|
|
108
Wild Basin Rd
(Address
of principal executive offices)
|
|
78746
(Zip
Code)
|
|
512-437-2700
(Registrant's
telephone number, including area code)
|
||
|
Not
Applicable
(Former
Name or Former Address, if changed since last
report)
|
||
Check
the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions:
o
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
o
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
o
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
Act
(17 CFR 240.14d-2(b))
o
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange
Act
(17 CFR 240.13e-4(c))
Item
9.01. Financial Statements and Exhibits
(a)
Financial statements:
None
(b)
Pro forma financial information:
None
(c)
Shell company transactions:
None
(d)
Exhibits
| 99.1 |
Press
Release of Forgent Networks, Inc. dated December 17,
2007
|
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.
|
Dated:
December 17, 2007
|
FORGENT NETWORKS, INC. | |
| |
|
|
| By: | /s/ Jay Peterson | |
|
Jay Peterson |
||
| Chief Financial Officer | ||
|
Exhibit
Index
|
|
|
Exhibit
No.
|
Description
|
|
99.1
|
Press
Release of Forgent Networks, Inc. dated December 17,
2007
|
 |
|
|
Investor
contact:
Hala
Elsherbini
972-458-8000
hala@halliburtonir.com
|
Media
contact:
Susan
Tull
512-577-2956
susan_tull@asuresoftware.com
|
Asure
Software Announces Results for the 2008 Fiscal First
Quarter
Software
and services revenue increase 46 percent
AUSTIN,
Texas, Dec. 17 /PRNewswire-FirstCall/ -- Asure Software (Nasdaq:
ASUR) today announced results for the 2008 fiscal first quarter ended October
31, 2007. Highlights for the quarter include:
| · |
Software
and service revenues increased by $0.6 million, or 46 percent, to
$1.9
million.
|
| · |
Completed
workforce
management software acquisition.
|
| · |
iEmployee
added $0.3 million to the increase in
revenues.
|
| · |
Gross
margin as a percent of revenues increased to 82
percent.
|
“We
are
progressing with the integration of iEmployee, which has strategically
positioned the Company within the rapidly growing workforce management industry.
The combination of iEmployee and NetSimplicity provides a broad range of
tools
enabling a business to optimize their workforce which is so important in
a
competitive environment. Our offerings target the small, medium business
utilizing an attractive software as a service delivery model,” said Richard N.
Snyder, Chairman and Chief Executive Officer of Asure Software.
Software
and Services Business
Software
and services revenue for the three months ended October 31, 2007 were $1.9
million, an increase of $0.6 million, or 46 percent, from the $1.3 million
reported for the three months ended July 31, 2007. Revenues include sales
of the
NetSimplicity scheduling and asset management software, including Meeting
Room Manager
(“MRM”),
Visual Asset Manager (“VAM”), and sales of the Company’s iEmployee workforce
management software. Also included in these revenues are software maintenance
and support services and professional services.
Software
and services revenue increased $0.9 million or 95% from the three months
ended
October 31, 2006 to the three months ended October 31, 2007.
Gross
Margin
Software
and services gross margin for the 2008 fiscal first quarter was $1.5 million,
an
increase of $0.5 million or 51 percent, versus $1.0 million achieved for
the
2007 fiscal fourth quarter. Software and services gross margins increased
$0.9
million or 137% from the three months ended October 31, 2006 to the three
months
ended October 31, 2007.
Selling,
General and Administrative
Total
selling, general and administrative expenses for the three months ended October
31, 2007, were $2.8 million, a decrease of $0.4 million, or 13 percent, from
the
2007 fiscal fourth quarter. This
is
primarily due to a reduction in Intellectual Property segment related operating
expenses.
Net
(Loss) Income
The
Company reported a net loss of ($0.9 million), or ($0.03) per share, during
the
three months ended October 31, 2007.
Outlook
The
Company continues to fully integrate the iEmployee operations, develop its
sales
force to increase sales performance, and release new software updates.
Management believes its software and services revenues will continue to
increase. Gross margins from the segment are expected to improve during the
next
fiscal quarter. Management will continue to evaluate additional operational
synergies from the iEmployee acquisition and further extend its market reach
both domestically and in the international markets.
The
Company did not have any intellectual property licensing revenues for the
three
months ended October 31, 2007. Management does not anticipate any
additional licensing revenues from the patents which have generated such
revenues in prior fiscal years. Although the Company continues to explore
its patent portfolio for additional opportunities, management can give no
assurance of future licensing revenues and believes any revenues to be generated
from the Company's remaining patent portfolio may be less than those generated
historically.
Conference
Call and Webcast
Asure
Software has scheduled a conference call with the investment community for
Tuesday December 18, 2007, at 10:00 a.m. CT (11:00 a.m. ET) to discuss the
quarter and outlook. To take part in the call, please dial 800-593-9038
ten minutes before the conference call begins, ask for the Asure Software
event,
and use pass code 324972. International callers should dial 334-323-7224
and
reference the same pass code.
Investors, analysts, media and the general public will also have the opportunity
to listen to the conference call over the Internet by visiting the investor
relations page of Asure’s web site at www.asuresoftware.com.
To
listen to the live call, please visit the web site at least 15 minutes early
to
register, download and install any necessary audio software. For those who
cannot listen to the live broadcast,
a replay will be available shortly after the call on the investor relation’s
page of our web site at www.asuresoftware.com.
About
Asure Software
Headquartered
in Austin, Texas, Asure Software (ASUR), (a d/b/a of Forgent Networks, Inc.),
empowers small to mid-size organizations and divisions of large enterprises
to
operate more efficiently, increase worker productivity and reduce costs through
a suite of on-demand
workforce management
software
and services. Asure’s market-leading products include workforce time and
attendance tracking, benefits enrollment and tracking, pay stubs and W2
documentation, expense management, meeting room management, and asset tracking.
With additional offices in Seekonk, Mass., Vancouver, British Columbia, and
Mumbai, India, Asure serves 3,500 customers around the world. For more
information, please visit www.asuresoftware.com.
Safe
Harbor
"Safe
Harbor" Statement under the Private Securities Litigation Reform Act of 1995:
Statements
in this press release regarding Forgent's business which are not historical
facts are "forward-looking statements" that involve risks and uncertainties.
For
a discussion of such risks and uncertainties, which could cause actual results
to differ from those contained in the forward-looking statements, see "Risk
Factors" in the Company's Annual Report or Form 10-K for the most recently
ended
fiscal year.
FORGENT
NETWORKS, INC.
CONDENSED
CONSOLIDATED BALANCE SHEETS
(Amounts
in thousands, except per share data)
|
OCTOBER
31,
2007
|
JULY
31,
2007
|
||||||
|
(UNAUDITED)
|
|||||||
|
ASSETS
|
|||||||
|
Current
Assets:
|
|||||||
|
Cash
and equivalents
|
$
|
15,925
|
$
|
33,524
|
|||
|
Short-term
investments
|
3,551
|
1,538
|
|||||
|
Accounts
receivable, net of allowance for doubtful accounts of $56 and
$21 at October 31, 2007 and July 31, 2007, respectively
|
1,476
|
1,040
|
|||||
|
Prepaid
expenses and other current assets
|
285
|
211
|
|||||
|
Total
Current Assets
|
21,237
|
36,313
|
|||||
|
Property
and equipment, net
|
1,108
|
767
|
|||||
|
Goodwill
|
6,993
|
--
|
|||||
|
Intangible
assets, net
|
5,161
|
--
|
|||||
|
Other
assets
|
129
|
212
|
|||||
|
$
|
34,628
|
$
|
37,292
|
||||
|
LIABILITIES
AND STOCKHOLDERS’ EQUITY
|
|||||||
|
Current
Liabilities:
|
|||||||
|
Accounts
payable
|
$
|
4,058
|
$
|
10,970
|
|||
|
Accrued
compensation and benefits
|
586
|
557
|
|||||
|
Other
accrued liabilities
|
778
|
855
|
|||||
|
Deferred
revenue
|
1,392
|
1,076
|
|||||
|
Total
Current Liabilities
|
6,814
|
13,458
|
|||||
|
Long-Term
Liabilities:
|
|||||||
|
Deferred
revenue
|
33
|
28
|
|||||
|
Other
long-term obligations
|
1,060
|
1,186
|
|||||
|
Total
Long-Term Liabilities
|
1,093
|
1,214
|
|||||
|
Stockholders’
Equity:
|
|||||||
|
Preferred
stock, $.01 par value; 10,000 shares authorized;
none
issued or outstanding
|
--
|
--
|
|||||
|
Common
stock, $.01 par value; 40,000 shares authorized; 32,487
and
27,388 shares issued; 30,697 and
25,598 shares outstanding
at
October 31, 2007 and July 31, 2007, respectively
|
325
|
274
|
|||||
|
Treasury
stock at cost, 1,790 shares at October 31, 2007 and
July
31, 2007
|
(4,815
|
)
|
(4,815
|
)
|
|||
|
Additional
paid-in capital
|
270,590
|
265,647
|
|||||
|
Accumulated
deficit
|
(239,424
|
)
|
(238,506
|
)
|
|||
|
Accumulated
other comprehensive income
|
45
|
20
|
|||||
|
Total
Stockholders’ Equity
|
26,721
|
22,620
|
|||||
|
$
|
34,628
|
$
|
37,292
|
||||
FORGENT
NETWORKS, INC.
CONSOLIDATED
STATEMENT OF OPERATIONS
(Amounts
in thousands, except per share data)
|
FOR
THE THREE
MONTHS
ENDED
OCTOBER
31,
|
|||||||
|
2007
|
2006
|
||||||
|
(UNAUDITED)
|
|||||||
|
REVENUES:
|
|||||||
|
Software
& service
|
$
|
1,875
|
$
|
962
|
|||
|
Intellectual
property licensing
|
--
|
8,134
|
|||||
|
Total
Revenues
|
1,875
|
9,096
|
|||||
|
COST
OF SALES:
|
|||||||
|
Software
& service
|
330
|
310
|
|||||
|
Intellectual
property licensing
|
--
|
3,540
|
|||||
|
Total
Cost of Sales
|
330
|
3,850
|
|||||
|
GROSS
MARGIN
|
1,545
|
5,246
|
|||||
|
OPERATING
EXPENSES:
|
|||||||
|
Selling,
general and administrative
|
2,440
|
2,500
|
|||||
|
Research
and development
|
291
|
116
|
|||||
|
Amortization
of intangible assets
|
36
|
4
|
|||||
|
Total
Operating Expenses
|
2,767
|
2,620
|
|||||
|
(LOSS)
INCOME FROM OPERATIONS
|
(1,222
|
)
|
2,626
|
||||
|
OTHER
INCOME AND (EXPENSES):
|
|||||||
|
Interest
income
|
338
|
155
|
|||||
|
Interest
expense and other
|
(20
|
)
|
(32
|
)
|
|||
|
Total
Other Income and (Expenses)
|
318
|
123
|
|||||
|
(LOSS)
INCOME FROM OPERATIONS, BEFORE INCOME TAXES
|
(904
|
)
|
2,749
|
||||
|
Provision
for income taxes
|
(14
|
)
|
--
|
||||
|
NET
(LOSS) INCOME
|
$
|
(918
|
)
|
$
|
2,749
|
||
|
BASIC
AND DILUTED (LOSS) INCOME PER SHARE:
|
|||||||
|
Net
(loss) income per share - basic and diluted
|
$
|
(0.03
|
)
|
$
|
0.11
|
||
|
WEIGHTED
AVERAGE SHARES OUTSTANDING:
Basic
|
27,094
|
25,381
|
|||||
|
Diluted
|
27,094
|
25,522
|
|||||