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                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                   FORM 10-K/A

                                   (Mark One)

                     X  ANNUAL REPORT PURSUANT TO SECTION 13
                    ---
                 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934

                                       OR

                      TRANSITION REPORT PURSUANT TO SECTION 13
                  ----
                 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934

                     For the fiscal year ended July 31, 2003

                         Commission File Number 0-20008

                             FORGENT NETWORKS, INC.
                            (f.k.a. VTEL Corporation)
             (Exact name of registrant as specified in its charter)


                         Delaware                       74-2415696
             (State or other jurisdiction of         (I.R.S. Employer
              incorporation or organization)        Identification No.)

                   108 Wild Basin Road
                      Austin, Texas                       78746
             (Address of principal executive            (Zip Code)
                         offices)


       Registrant's telephone number, including area code: (512) 437-2700

              Securities registered pursuant to Section of the Act:
                                      None

              Securities registered pursuant to Section of the Act:
                                  Common Stock

     Indicate  by check mark  whether the  registrant  (1) has filed all reports
required to be filed by Section 13 or 15(d) of the  Securities  Exchange  Act of
1934  during  the  preceding  12 months  (or for such  shorter  period  that the
registrant was required to file such reports),  and (2) has been subject to such
filing requirements for the past 90 days. Yes X   No
                                             ----   ----

     Indicate by check mark whether the registrant is an  accelerated  filer (as
defined in Rule 12b-2 of the Act). Yes    No X
                                      ---   ---

         Indicate by check mark if disclosure of delinquent  filers  pursuant to
Item 405 of Regulation S-K is not contained  herein,  and will not be contained,
to  the  best  of  registrant's   knowledge,   in  definitive  proxy  statements
incorporated  by reference  in Part III of this Form 10-K/A or any  amendment to
this Form 10-K/A. ( ).

         The aggregate market value of Common Stock held by nonaffiliates of the
registrant  as of  January  31,  2003  was  $30,749,744.  For  purposes  of this
computation,  all officers, directors and 5% beneficial owners of the registrant
are  deemed  to be  affiliates.  Such  determination  should  not be  deemed  an
admission  that such  officers,  directors and  beneficial  owners are, in fact,
affiliates of the registrant.

         As  of  October  21,  2003,   there  were  24,637,547   shares  of  the
registrant's Common Stock, $0.01 par value, issued and outstanding.

                       DOCUMENTS INCORPORATED BY REFERENCE

                                      None


Forgent Networks, Inc., a Delaware corporation (the "Company"), hereby amends, as set forth herein, the Company's Annual Report on Form 10-K filed with the Securities and Exchange Commission on October 29, 2003 (the "Company Form 10-K"). The item numbers and responses thereto are in accordance with the requirements of Form 10-K. All capitalized terms used and not otherwise defined herein shall have the meaning specified in the Company Form 10-K. PART III ITEM 10. DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT The Company's Board of Directors consists currently of six directors. Directors are elected for one-year terms and serve until their successors are elected and qualified. All of the executive officers of the Company are full-time employees of the Company. Executive officers of the Company are appointed for a one-year term and serve until their respective successors have been selected and qualified; provided, however, such officers are subject to removal at any time by the affirmative vote of a majority of the Board of Directors. See Item 1 of the Company Form 10-K for a description of the executive officers of the Company. The following is a description of the principal occupations and other employment during the past five years and their directorships in certain companies of the directors of the Company. This information is as reported by the respective directors. Richard N. Snyder, age 59, has served as a director of the Company since December 1997 and was elected chairman of the board in March 2000. In June 2001, Mr. Snyder was elected as president and chief executive officer of the Company. From September 1997 until assuming the positions of president and chief executive officer of the Company, Mr. Snyder served as founder and chief executive officer of Corum Cove Consulting, LLC, a consulting firm specializing in providing strategic guidance to high technology businesses. From 1996 until 1997, Mr. Snyder was the senior vice president of World Wide Sales, Marketing, Service and Support of Compaq Computer Corp., a worldwide computer company. From 1995 until 1996, Mr. Snyder was the senior vice president and general manager of Dell Americas, a computer manufacturer and marketer. Prior to 1995, Mr. Snyder served as group general manager of the Deskjet Products Group of Hewlett Packard. He also serves as a director of Symmetricom, Inc., based in San Jose, California. Kathleen A. Cote, age 54, has served as a director of the Company since December 1999. From May, 2001 through June, 2003, she was chief executive officer of Worldport Communications, Inc., a provider of internet managed services to the European market. In January 1998, Ms. Cote founded Seagrass Partners, a provider of expertise in business planning and strategic development, and served as its president until May, 2001. From November 1996 to January 1998, Ms. Cote served as chief executive officer of Computervision Corporation, an international provider of software for data management and product development software and services. From November 1986 to November 1996, she held various senior management positions with Computervision Corporation. In January 1998, Computervision Corporation was acquired by Parametric Technology Corporation. Ms. Cote is also a director of Radview Corporation and Western Digital Corporation. James H. Wells, age 57, has served as a director of the Company since December 1999. He currently consults with early stage internet start-up companies. Mr. Wells was the senior vice president of marketing and business development of Dazel, a Hewlett Packard enterprise software company, from January 1999 through February 2000. From April 1995 to March 1998, Mr. Wells served as vice president of sales and was a founding officer in the internet streaming company, RealNetworks, Inc. Lou Mazzucchelli, age 47, has served as a director of the Company since February 2002. He is currently a venture partner at Ridgewood Capital, a venture capital firm focusing its investments in the information technology industry. Prior to joining Ridgewood Capital in 2001, Mr. Mazzucchelli was an investment banker at Gerard Klauer Mattison in New York, which he joined in 1996 as their PC and digital media technology analyst. Previously, Mr. Mazzucchelli spent 13 years leading Cadre Technologies, a pioneering computer-aided software engineering tools company that he founded in 1982 and grew to become one of the top 50 U.S. independent software vendors before its sale in 1986. 2

Richard J. Agnich, age 60, has served as a director of the Company since March 2003. He is currently an advisor to technology start-ups, is a trustee of Austin College and chair of the Entrepreneurs Foundation of North Texas. Mr. Agnich is also currently serving as a director of ST Assembly Test Services, Ltd. (STTS, NASDAQ), a leading semiconductor test and assembly service provider headquartered in Singapore. Prior to his retirement in 2000, Mr. Agnich served as Senior Vice President, General Counsel and Secretary and various other positions at Texas Instruments Incorporated since 1973. Rajko Milovanovic, age 50, has served as a director of the Company since March 2003. He is currently working with Rajko Associates, a company that provides consulting services on corporate strategy. From 2001 to 2002, Mr. Milovanovic served as the President of Communications Services, a service line of the Operations Solutions business of EDS, Inc. Prior to joining Communications Services, Mr. Milovanovic was a business manager and manager of software strategy at Texas Instruments from 1999 to 2001. From 1996 to 1999, Mr. Milovanovic served as a branch manager and then Chief Operating Officer of Deutsche Telekom Alliance, a strategic alliance between Texas Instruments Incorporated and Deutsche Telekom. Section 16(a) Beneficial Ownership Reporting Compliance Section 16(a) of the Securities Exchange Act of 1934, as amended, requires the Company's officers, directors, and persons who beneficially own more than 10% of the Company's common stock ("10% Stockholders"), to file reports of ownership and changes in ownership with the Securities and Exchange Commission and NASDAQ. Such officers, directors and 10% Stockholders are also required by SEC rules to furnish us with copies of all Section 16(a) forms that they file. Based solely upon information provided to us by individual officers, directors and 10% Stockholders, we believe that all of these filing requirements were satisfied by the Company's officers, directors, and 10% Stockholders, except as described below: o In September 2002, Ken Kalinoski, the Company's Chief Technology Officer, purchased 20,000 shares of Forgent common stock on the open market. The Form 4 reporting of these purchases was filed late. o On October 17, 2002, each of the executive officers of Forgent, Messrs. Snyder, Peterson, Kalinoski, and Caccamisi were awarded options as show in the table "Option/SAR Grants in Last Fiscal Year." The Form 4 reporting of these purchases was late. POLICIES ON BUSINESS ETHICS AND CONDUCT As of the date of this report, the Company has not adopted a code of ethics that applies to the Company's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. The Company, along with legal counsel, is currently in the process of developing a code of ethics for the above mentioned officers of the Company. Once the Company has adopted a code of ethics, the Company will publish the code of ethics on its website and , as required, disclose in its next annual report the address of the internet website. AUDIT COMMITTEE FINANCIAL EXPERT Ms. Kathleen A. Cote is the Chairperson of the Company's Audit Committee. The board of directors has determined that Ms. Cote has the qualifications and experience necessary to serve as an "audit committee financial expert," as defined by the Securities and Exchange Commission. ITEM 11. EXECUTIVE COMPENSATION The following table summarizes certain information regarding compensation paid or accrued during each of the Company's last three fiscal years to the Company's chief executive officer and each of the Company's other four most highly compensated executive officers, also referred to as the named executive officers: 3

Summary Compensation Table Long-Term Compensation Awards(1) Annual Compensation ----------------------- ------------------------------------- Restricted Securities Period Bonus and Other Annual Stock Underlying All Other Name and Principal Ended Commissions Compensation Awards Options/SARs Compensation Position July 31 Salary($) ($) ($)(1) ($) (#) ($)(2) ------------------------ -------- ---------- ----------- ------------ ---------- ------------ ------------- Richard N. Snyder...... 2003 300,000 83,420(3) -0- -0- 186,335 3,808 Chief Executive Officer 2002 300,833 176,552 -0- -0- 250,000 3,316 and President 2001 98,333(4) 32,100 -0- -0- 250,000 824 Jay C. Peterson........ 2003 185,000 22,735(3) -0- -0- 114,906 1,285 Chief Financial 2002 179,860 51,956 -0- 19,500 125,599 1,054 Officer, and Vice 2001 165,259 59,040 -0- -0- 40,000 745 President, Finance Kenneth Kalinoski...... 2003 220,000 23,159(3) -0- -0- 68,323 1,302 Chief Technology 2002 213,333 62,867 -0- 19,500 95,000 1,105 Officer and Vice 2001 85,185(4) 34,881 -0- -0- 200,000 11,630 President, Development Harry R. Caccamisi..... 2003 161,250(4) 19,035(3) -0- -0- 311,802 1,332 Senior Vice President, 2002 N/A N/A N/A N/A N/A N/A Sales 2001 N/A N/A N/A N/A N/A N/A Dennis Egan (5)........ 2003 155,833(4) 173,038(3) -0- -0- -0- 1,344 Former Vice President 2002 175,149 47,412 -0- -0- 25,000 1,454 Services 2001 178,549 82,508 -0- -0- 15,000 1,172 _________ (1) Includes perquisites and other personal benefits if value is greater than the lesser of $50,000 or 10% of reported salary and bonus. (2) Represents the dollar value of any insurance premiums paid by the Company during the covered fiscal year with respect to term life insurance and long term disability insurance for the benefit of the chief executive officer or the named executive officers. (3) Includes tax preparation allowances ranging between $2,800 and $3,600 per executive. (4) Represents a partial year of compensation. (5) On July 3, 2003, the services division of the Company was sold. Mr. Egan's employment was terminated effective July 2, 2003. He was paid $170,000 pursuant to the change-in-control agreement discussed below in the section titled "Employment Contracts; Termination of Employment and Change in Control Agreements." Stock Option Grants During Fiscal 2003 The following table sets forth information with respect to grants of stock options to purchase common stock pursuant to the Company's equity plans to the Company's chief executive officer and the named executive officers reflected in the Summary Compensation Table above. No stock appreciation rights (SARs) were granted during fiscal 2003 and none were outstanding as of July 31, 2003. 4

Option/SAR Grants in Last Fiscal Year Potential Realizable Value of Assumed Annual Rates of Stock Price Appreciation Individual Grants for Option Term(1) --------------------------------------------------- ---------------------------------------- Number of % of Total Securities Options/SARs Underlying Granted to Exercise or Options/SARs Employees in Base Expiration Name Granted(#) Fiscal Year Price($/Sh) Date 0%($) 5%($) 10%($) ------------------------ ------------ ------------ ----------- ---------- -------- -------- --------- Richard N. Snyder....... 186,335 10.35 1.61 10/17/2012 -0- 188,668 478,122 Jay C. Peterson......... 114,906 6.38 1.61 10/17/2012 -0- 116,345 294,840 Kenneth Kalinoski....... 68,323 3.80 1.61 10/17/2012 -0- 69,178 175,311 Harry R. Caccamisi...... 200,000 11.11 3.90 09/09/2012 -0- 490,538 1,243,119 111,802 6.21 1.61 10/17/2012 -0- 113,202 286,876 Dennis Egan............. -0- -0- -0- N/A -0- -0- -0- All employee options.... 1,825,071 100 1.972(2) N/A N/A 2,263,774 5,735,943 All stockholders(3)..... N/A N/A N/A N/A N/A 30,493,551 77,276,645 Optionee gains as % of all stockholder gains..... N/A N/A N/A N/A N/A 7.42% 7.42% __________ (1) The dollar amounts under these columns represent the potential realizable value of each grant of options assuming that the market price of the Company's common stock appreciates in value from the date of grant at the five percent and ten percent annual rates compounded over the ten year term of the option as prescribed by the Securities and Exchange Commission and therefore are not intended to forecast possible future appreciation, if any, of the price of the Company's common stock. (2) Weighted average grant price of all stock options granted to employees in fiscal 2003. (3) Appreciation for all stockholders is calculated using the average exercise price for all employee optionees of $1.972 granted during fiscal 2003 and using the number of shares of the Company's common stock outstanding on July 31, 2003 of 24,588,000. Aggregated Stock Option/SAR Exercises During Fiscal 2003 and Stock Option/SAR Values as of July 31, 2003 The following table sets forth information with respect to the Company's chief executive officer and the named executive officers concerning the exercise of options during fiscal 2003 and unexercised options held as of July 31, 2003: Aggregate Option/SAR Exercises in Last Fiscal Year and FY-End Option/SAR Values(1) Number of Securities Underlying Unexercised Value of Unexercised Options/ SARs at In-the-Money Options/ SARs Shares Fiscal Year End(#) at Fiscal Year End($) Acquired on Value -------------------- --------------------- Name Exercise(#) Realized($) Exercisable Unexercisable Exercisable Unexercisable ---- ----------- ----------- ----------- ------------- ----------- ------------- Richard N. Snyder -0- -0- 325,091 129,842 96,436 194,333 *Jay C. Peterson. -0- -0- 123,768 184,562 77,077 169,691 Kenneth Kalinoski 18,276 23,014 186,664 158,383 290,353 146,217 Harry R. Caccamisi -0- -0- 56,620 255,182 22,281 144,304 Dennis Egan...... -0- -0- -0- -0- -0- -0- 5

__________ (1) All options held by the Company's chief executive officer and the named executive officers were granted under the Company's 1989 Stock Option Plan or the Company's 1996 Stock Option Plan. All options granted under the 1989 Stock Option Plan and the 1996 Stock Option Plan are immediately exercisable. However, the Company can repurchase shares issued upon exercise of those options, at the exercise price, to the extent of the number of shares that have not vested if the optionee's employment terminates before all of the optionee's option shares become vested. The amounts under the headings entitled "Exercisable" reflect vested options as of July 31, 2003 and the amounts under the headings entitled "Unexercisable" reflect option shares that have not vested as of July 31, 2003. Compensation Committee Interlocks and Insider Participation No member of the Compensation Committee is or has been an officer or employee of the Company or any of the Company's subsidiaries or had any relationship requiring disclosure pursuant to Item 404 of Securities and Exchange Commission Regulation S-K (Certain Relationships and Related Transactions). Director Compensation During fiscal 2003, each non-employee director was paid a retainer of $3,000 for each quarter. Additionally, each non-employee director was paid $1,000 for the regularly scheduled and special meetings of the board of directors he or she attended and $250 for participation in each telephonic meeting not considered an official board of directors' meeting. Total director fees earned in fiscal 2003 were $ 71,400. All non-employee directors participate in the Company's 1992 Director Stock Option Plan. Non-employee directors receive, upon their initial election or appointment to the board of directors, stock options to purchase 25,000 shares of the Company's common stock, having an exercise price equal to the market price of the Company's common stock on the date of grant. Thereafter, each non-employee director will receive options to purchase 10,000 shares of the Company's common stock on the anniversary date of his or her election or appointment to the board of directors. All of these options vest in equal amounts monthly over a three-year period but cease vesting at the time the director ceases to be a director. The compensation of the employee directors is discussed at "Executive Compensation" above. Employment Contracts; Termination of Employment and Change in Control Agreements The Company has not entered into any employment agreements with members of its senior management. However, the Company has entered into change-in-control agreements, also called parachute agreements, with members of its senior management, which provide that if the officer is terminated within a specified amount of time after a "change in control" of the Company (as that term is defined in the parachute agreements), in any of the following ways: o by the Company other than for cause, the officer's death, retirement or disability, or o by the officer for "good reason," the Company will pay to the officer an amount one times his or her current year's salary and will accelerate the vesting schedule of his or her unvested stock options. 6

ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT. Stock Ownership of Certain Beneficial Owners and Management The Company has only one outstanding class of equity securities, its common stock, par value $.01 per share. The following table sets forth certain information with respect to beneficial ownership of the Company's common stock as of November 15, 2003 by: o each person who is known by the Company to beneficially own more than five percent of the Company's common stock; o each of the Company's directors at that date and the named executive officers; and o all directors and officers as a group. Shares Beneficially Owned(1)(2) ------------------- Name and Address of Beneficial Owner Number Percent ------------------------------------ ------ ------- Corbin & Company.................................. 1,895,925(3) 7.7% University Drive, Suite 500 Fort Worth, TX 76109 Dimensional Fund Advisors Inc..................... 1,569,988 6.37% 1299 Ocean Avenue Santa Monica, CA 90401 Richard N. Snyder................................. 943,655(4) 3.76% Kathleen A. Cote.................................. 39,333(5) * James H. Wells.................................... 60,333(6) * Lou Mazzucchelli.................................. 18,749(7) * Richard J. Agnich................................. 6,250(8) * Rajko Milovanovic................................. 6,250(9) * Jay C. Peterson................................... 282,982(10) 1.14% Kenneth Kalinoski................................. 568,669(11) 2.28% Harry R. Caccamisi................................ 329,256(12) 1.32% Dennis M. Egan.................................... 122,846(13) * All directors and officers as a group (10 persons)(4)(5)(6)(7)(8)(9)(10)(11)(12)(13).... 2,378,323(14) 9.07% __________ * Indicates ownership of less than 1% of the Company's common stock (1) Beneficial ownership as reported in the above table has been determined in accordance with Rule 13d-3 under the Securities Exchange Act of 1934, as amended. The persons and entities named in the table have sole voting and investment power with respect to all shares shown as beneficially owned by them, except as noted below. Amounts shown include shares of the Company's common stock issuable upon exercise of certain outstanding options within 60 days after November 15, 2003. (2) Except for the percentages of certain parties that are based on presently exercisable options which are indicated in the following footnotes to the table, the percentages indicated are based on 24,638,047 shares of the Company's common stock issued and outstanding on November 15, 2003. In the case of parties holding presently exercisable options, the percentage ownership is calculated on the assumption that the shares presently held or purchasable within the next 60 days underlying such options are outstanding. (3) David A. Corbin, the Chairman, President and Chief Executive Officer of Corbin & Company, has the shared power to vote and dispose of all shares held by Corbin & Company. 7

(4) Consists of 488,722 shares held by Mr. Snyder directly and 454,933 shares (128,105 of which are subject to repurchase at January 14, 2004 by the Company at the optionee's exercise prices pursuant to the option agreements) which Mr. Snyder may acquire upon the exercise of options within 60 days after November 15, 2003. (5) Consists of 11,000 shares held by Ms. Cote directly and 28,333 shares which Ms. Cote may acquire upon the exercise of options within 60 days after November 15, 2003. (6) Consists of 32,000 shares held by Mr. Wells directly and 28,333 shares which Mr. Wells may acquire upon the exercise of options within 60 days after November 15, 2003. (7) Consists of 18,749 shares which Mr. Mazzucchelli may acquire upon the exercise of options within 60 days after November 15, 2003. (8) Consists of 6,250 shares which Mr. Agnich may acquire upon the exercise of options within 60 days after November 15, 2003. (9) Consists of 6,250 shares which Mr. Milovanovic may acquire upon the exercise of options within 60 days after November 15, 2003. (10)Consists of 22,115 shares held by Mr. Peterson directly and 260,867 shares (165,678 of which are subject to repurchase at January 14, 2004 by the Company at the optionee's exercise prices pursuant to the option agreements) which Mr. Peterson may acquire upon the exercise of options within 60 days after November 15, 2003. (11)Consists of 223,622 shares held by Mr. Kalinoski directly and 345,047 shares (138,695 of which are subject to repurchase at January 14, 2004 by the Company at the optionee's exercise prices pursuant to the option agreements) which Mr. Kalinoski may acquire upon the exercise of options within 60 days after November 15, 2003. (12)Consists of 17,454 shares held by Mr. Caccamisi directly and 311,802 shares (230,183 of which are subject to repurchase at January 14, 2004 by the Company at the optionee's exercise prices pursuant to the option agreements) which Mr. Caccamisi may acquire upon the exercise of options within 60 days after November 15, 2003. (13)Consists of 122,846 shares which Mr. Egan may acquire upon the exercise of options before August 31, 2004. Mr. Egan had vested in 122,846 shares of the Company's stock at the date of his termination. His last date to exercise his previously vested was extended to August 31, 2004, upon his termination from employment. (14)All options held by the Company's chief executive officer and the named executive officers were granted under the 1989 Stock Option Plan or the 1996 Stock Option Plan. Pursuant to these stock option plans, all options granted thereunder are immediately exercisable, however, shares issued upon exercise are subject to repurchase by the Company, at the exercise price, to the extent of the number of shares that have not vested in the event that the optionees' employment terminates prior to all such optionees' options becoming vested. Richard J. Agnich and Rajko Milovanovic became directors on March 25, 2003 8

Equity Compensation Plan Information The following table provides information as of November 15, 2003 with respect to the shares of the Company's common stock that may be issued under the Company's existing equity compensation plans. A B C -------------------------------------------------------------------------------------- Number of Securities Remaining Available for Future Issuance Number of Securities to be Weighted Average Under Equity Compensation Issued upon Exercise of Exercise Price of Plans (Excluding Securities Plan Category Outstanding Options Outstanding Options Reflected in Column A) - ---------------------------------------------------------------------------------------------------------------------- Equity Compensation Plans Approved by Shareholders(1) 4,179,616(3) $ 2.677 1,583,093(4) Equity Compensation Plans Not Appproved by Shareholders(2) -0- $ N/A -0- ------------- --------- ------------- Total 4,179,616 $ 2.677 1,583,093 ------------- --------- ------------- (1) Consists of the 1989 Stock Option Plan, the 1992 Director Stock Option Plan, the 1996 Stock Option Plan, the Restricted Stock Plan and the Employee Stock Purchase Plan. (2) All of the Company's equity compensation plans have been previously approved by the Company's shareholders. (3) Excludes purchase rights accruing under the Company's Restricted Stock Plan and Employee Stock Purchase Plan which have a combined shareholder approved reserve of 986,398 shares. Under the Employee Stock Purchase Plan, each eligible employee may purchase up to 2,500 shares per quarter (but in no case can the participant contribute more than 15% of base pay) of common stock at quarterly intervals on the last day of the calendar quarter (i.e. March, June, September, and December) each year at a purchase price per share equal to 85% of the lower of (i) the average selling price per share of common stock on the first day of the quarter or (ii) the average selling price per share on the quarterly purchase date. (4) Includes shares available for future issuance under the Employee Stock Purchase Purchase Plan and the Restricted Stock Plan. As of November 15, 2003, 191,948 shares of common stock were available for issuance under the Employee Stock Purchase Plan and 794,450 shares of common stock were available for issuance under the Restricted Stock Plan. ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSATIONS Certain Transactions Officer and Director Stock Loan Program As of July 31, 2003, under the Company's Officer and Director Stock Loan Program, the aggregate principal amount of stock loans outstanding was $59,405, consisting entirely of a loan outstanding to Richard N. Snyder. This amount also represented the largest amount of indebtedness outstanding during fiscal 2003. As of October 31, 2003, the amount outstanding under this loan was $63,935. 9

No new loans are allowed to be made under this program. This program had previously allowed the directors and officers to acquire shares of the Company's common stock with the proceeds of the loans. The interest rate charged on this loan is fixed at 6.09%. The term of the loan is nine years. ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES Fees Audit Fees The Company paid fees in the amount of $339,500 for professional audit services rendered by Ernst & Young LLP for the audit of the Company's annual financial statements and the reviews of the financial statements included in the Companys 10-Qs, for the fiscal year ended July 31, 2003. The services included work generally only the independent auditor can reasonably be expected to provide, such as those in connection with statutory and regulatory filings. Audit Related Fees The Company paid fees in the amount of $25,500 for professional audit services rendered by Ernst & Young LLP related principally to the audits of employee benefit plans, for the fiscal year ended July 31, 2003. Tax Fees The Company paid $69,350 for professional tax services rendered by Ernst & Young LLP during the fiscal year ended July 31, 2003. Other Fees All fees paid to Ernst & Young LLP by the Company are reported under the fee categories listed above. There were no other fees paid during the fiscal year ended July 31, 2003. 10

SIGNATURE Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this Form 10-K/A to be signed on its behalf by the undersigned, thereunto duly authorized. FORGENT NETWORKS, INC. By: /s/ JAY C. PETERSON ---------------------------- Jay C. Peterson Chief Financial Officer November 26, 2003 11

INDEX TO EXHIBITS EXHIBIT NUMBER DESCRIPTION OF EXHIBIT - ------- ---------------------- 31.1-- Certification pursuant to Section 302 of Sarbanes-0xley Act of 2002 31.2-- Certification pursuant to Section 302 of Sarbanes-Oxley Act of 2002 32.1-- Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 32.2-- Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 12

Exhibit 31.1


                        CERTIFICATION OF PERIODIC REPORT
            PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, the  undersigned  Richard N.  Snyder,  Chief  Executive  Officer,  of Forgent
Networks, Inc. (the "Company"), certify that:

    1.  I have  reviewed the Annual Report on Form 10-K/A of the Company for the
        fiscal year ended July 31, 2003 (the "Report");

    2.  Based on my knowledge,  the Report does not contain any untrue statement
        of a material fact or omit to state a material  fact  necessary in order
        to make the statements made, in light of the  circumstances  under which
        such  statements  were made, not misleading  with respect to the periods
        covered by this Report;

    3.  Based on my knowledge,  the financial  statements,  and other  financial
        information  included  in the  Report,  fairly  present in all  material
        respects the financial  condition,  results of operations and cash flows
        of the Company as of, and for, the periods presented in the Report;

    4.  The  Company's  other  certifying  officer  and  I are  responsible  for
        establishing  and  maintaining  disclosure  controls and  procedures (as
        defined in Exchange Act Rules  13a-15(e) and  15d-15(e)) for the Company
        and we have (a) designed such  disclosure  controls and  procedures,  or
        caused such disclosure  controls and procedures to be designed under our
        supervision,  to  ensure  that  material  information  relating  to  the
        Company, including its consolidated subsidiaries, is made known to us by
        others within these  entities,  particularly  during the period in which
        the Report is being  prepared;  (b) evaluated the  effectiveness  of the
        Company's disclosure controls and procedures and presented in the Report
        our conclusions about the  effectiveness of the disclosure  controls and
        procedures,  as of the end of the period  covered by the Report based on
        such  evaluation;  and (c)  disclosed  in the  Report  any change in the
        Company's internal control over financial reporting that occurred during
        the  Company's  most recent  fiscal  quarter (the quarter ended July 31,
        2003)  that  has  materially  affected,   or  is  reasonably  likely  to
        materially   affect,  the  Company's  internal  control  over  financial
        reporting; and

    5.  The Company's other  certifying  officer and I have disclosed,  based on
        our  most  recent   evaluation  of  internal   controls  over  financial
        reporting,  to the Company's  auditors and to the Audit Committee of the
        Board  of  Directors:  (a)  all  significant  deficiencies  or  material
        weaknesses  in  the  design  or  operation  of  internal  controls  over
        financial  reporting which are reasonably likely to adversely affect the
        Company's  ability to record,  process,  summarize and report  financial
        information;  and (b) any fraud, whether or not material,  that involves
        management  or  other  employees  who  have a  significant  role  in the
        Company's internal controls.


                                              /s/ RICHARD N. SNYDER
                                              ---------------------------
                                              Richard N. Snyder
                                              Chief Executive Officer
                                              November 26, 2003



Exhibit 31.2

                        CERTIFICATION OF PERIODIC REPORT
            PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, the  undersigned,  Jay C.  Peterson,  Chief  Financial  Officer,  of  Forgent
Networks, Inc. (the "Company"), certify, that:

    1.  I have  reviewed the Annual Report on Form 10-K/A of the Company for the
        fiscal year ended July 31, 2003 (the "Report");

    2.  Based on my knowledge,  the Report does not contain any untrue statement
        of a material fact or omit to state a material  fact  necessary in order
        to make the statements made, in light of the  circumstances  under which
        such  statements  were made, not misleading  with respect to the periods
        covered by this Report;

    3.  Based on my knowledge,  the financial  statements,  and other  financial
        information  included  in the  Report,  fairly  present in all  material
        respects the financial  condition,  results of operations and cash flows
        of the Company as of, and for, the periods presented in the Report;

    4.  The  Company's  other  certifying  officer  and  I are  responsible  for
        establishing  and  maintaining  disclosure  controls and  procedures (as
        defined in Exchange Act Rules  13a-15(e) and  15d-15(e)) for the Company
        and we have (a) designed such  disclosure  controls and  procedures,  or
        caused such disclosure  controls and procedures to be designed under our
        supervision,  to  ensure  that  material  information  relating  to  the
        Company, including its consolidated subsidiaries, is made known to us by
        others within these  entities,  particularly  during the period in which
        the Report is being  prepared;  (b) evaluated the  effectiveness  of the
        Company's disclosure controls and procedures and presented in the Report
        our conclusions about the  effectiveness of the disclosure  controls and
        procedures,  as of the end of the period  covered by the Report based on
        such  evaluation;  and (c)  disclosed  in the  Report  any change in the
        Company's internal control over financial reporting that occurred during
        the  Company's  most recent  fiscal  quarter (the quarter ended July 31,
        2003)  that  has  materially  affected,   or  is  reasonably  likely  to
        materially   affect,  the  Company's  internal  control  over  financial
        reporting; and

    5.  The Company's other  certifying  officer and I have disclosed,  based on
        our  most  recent   evaluation  of  internal   controls  over  financial
        reporting,  to the Company's  auditors and to the Audit Committee of the
        Board  of  Directors:  (a)  all  significant  deficiencies  or  material
        weaknesses  in  the  design  or  operation  of  internal  controls  over
        financial  reporting which are reasonably likely to adversely affect the
        Company's  ability to record,  process,  summarize and report  financial
        information;  and (b) any fraud, whether or not material,  that involves
        management  or  other  employees  who  have a  significant  role  in the
        Company's internal controls.


                                             /s/ JAY C. PETERSON
                                             ----------------------------
                                             Jay C. Peterson
                                             Chief Financial Officer
                                             November 26, 2003




Exhibit 32.1


                        CERTIFICATION OF PERIODIC REPORT
            PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002


I, the  undersigned,  Richard N. Snyder,  Chief  Executive  Officer,  of Forgent
Networks, Inc. (the "Company"),  does hereby certify, pursuant to Section 906 of
the Sarbanes-Oxley Act of 2002, 18 U.S.C. Section 1350, that:

    1.  The Annual  Report on Form  10-K/A of the  Company  for the fiscal  year
        ended July 31, 2003 (the "Report") fully complies with the  requirements
        of  section  13(a) or 15(d) of the  Securities  Exchange  Act of 1934 as
        amended (15 U.S.C. 78m or 78o(d)), and

    2.  The information contained in the Report fairly presents, in all material
        respects,  the  financial  condition  and results of  operations  of the
        Company.



                                                /s/ RICHARD N. SNYDER
                                                -----------------------------
                                                Richard N. Snyder
                                                Chief Executive Officer
                                                November 26, 2003




Exhibit 32.2


                        CERTIFICATION OF PERIODIC REPORT
            PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

I, the  undersigned,  Jay C.  Peterson,  Chief  Financial  Officer,  of  Forgent
Networks, Inc. (the "Company"),  does hereby certify, pursuant to Section 906 of
the Sarbanes-Oxley Act of 2002, 18 U.S.C. Section 1350, that:

    1.  The Annual  Report on Form  10-K/A of the  Company  for the fiscal  year
        ended July 31, 2003 (the "Report") fully complies with the  requirements
        of  section  13(a) or 15(d) of the  Securities  Exchange  Act of 1934 as
        amended (15 U.S.C. 78m or 78o(d)), and

    2.  The information contained in the Report fairly presents, in all material
        respects,  the  financial  condition  and results of  operations  of the
        Company.



                                               /s/ JAY C. PETERSON
                                               -----------------------------
                                               Jay C. Peterson
                                               Chief Financial Officer
                                               November 26, 2003