UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549
FORM 8-K CURRENT REPORT
Pursuant to Section 13 or 15(d) of the |
Date of Report: September 26, 2007
(Date of earliest event reported)
Forgent Networks, Inc.
(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))
- o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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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 September 26, 2007
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.
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Dated: September 26, 2007 |
FORGENT NETWORKS, INC.
By: /s/ Jay Peterson |
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| Exhibit No. | Description |
| 99.1 | Press Release of Forgent Networks, Inc. dated September 26, 2007 |
Company Reports $2.2M in Profit, Software Revenue Growth of 32%
AUSTIN, TX -- 09/26/2007 -- Asure Software (NASDAQ: ASUR) today announced results for the 2007 fiscal fourth quarter ended July 31, 2007. For the quarter, the company reported net income of approximately $2.2 million. Highlights for the quarter include:
- -- Grew NetSimplicity revenues by 32% over the prior quarter and 52% over
the prior fiscal year
- -- Achieved profitability for the fourth consecutive quarter
- -- Generated cash from the NetSimplicity Software business
- -- Decreased operating expenses to $3.2M due to the conclusion of the
litigation related to the '746 patent trial
- -- Realized $8M in IP revenue from the '746 patent, finalizing the
Intellectual Property program
- -- Grew working capital by $1.9M and cash from $26.1M to $35.1M
"We continue to be very pleased with the performance of the NetSimplicity Software business," said Richard N. Snyder, Chairman and Chief Executive Officer of Asure Software. "The fourth quarter was particularly strong, driven by the release of V7.5 of Meeting Room Manager, which contained significant enhancements to the Outlook plug-in capability. These features appeal to the enterprise segment leading to more wins, a higher average selling price, and more marquee accounts. In addition, our recently announced acquisition of iEmployee creates an opportunity for us to become a leader in the SaaS workforce management marketplace."
NetSimplicity Software
NetSimplicity Software revenue grew by 32% to $1.3M for the fourth quarter of fiscal 2007, as compared to the prior quarter. In addition to revenue growth, software bookings increased to $1.6M, marking the third consecutive quarter of bookings growth for NetSimplicity. Margins for NetSimplicity continued to be a strong 80%. In addition, the NetSimplicity Software business generated cash this past fiscal quarter.
Fourth Quarter Results
Revenue was approximately $9.3M for the 2007 fiscal fourth quarter compared to $21.0M for the 2007 fiscal third quarter. Total operating expenses were $3.2M, a decrease of approximately $1M from the prior quarter. The company reported net income of $2.2M or $0.08 per share for the fourth fiscal quarter of 2007, as compared to net income of $6.0 million or $0.23 per share for the third quarter of 2007. Cash and investments were $35.1M for the quarter.
Conference Call and Webcast
Asure Software has scheduled a conference call with the investment community for Wednesday, September 26, 2007, at 10:00 a.m. CT (11:00 a.m. ET) to discuss the quarter and outlook. To take part, dial 866-203-2528 ten minutes before the conference call begins, ask for the Asure event, and use a pass code of 88989179. International callers should dial 617-213-8847, and use a pass code of 88989179. 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 comprehensive suite of on-demand workforce management software and services. Asure's market-leading suite includes products that optimize workforce time and attendance tracking, benefits enrollment and tracking, pay stubs and W2 documentation, expense management, meeting and event management, and asset tracking and reservations. 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.
CONSOLIDATED BALANCE SHEETS
(Amounts in thousands, except per share data)
JULY 31,
------------------
2006 2007
-------- --------
ASSETS
Current assets:
Cash and equivalents, including restricted cash
of $543 and $0 at July 31, 2006 and 2007,
respectively $ 16,206 $ 33,524
Short-term investments -- 1,538
Accounts receivable, net of allowance for
Doubtful accounts of $13 and $21 at July 31,
2006 and 2007, respectively 714 1,040
Prepaid expenses and other current assets 274 211
-------- --------
Total current assets 17,194 36,313
Property and equipment, net 788 767
Intangible assets, net 4 --
Other assets 3 212
-------- --------
$ 17,989 $ 37,292
======== ========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 3,631 $ 10,970
Accrued compensation and benefits 547 557
Other accrued liabilities 907 855
Notes payable, current portion 313 --
Deferred revenue 683 1,076
-------- --------
Total current liabilities 6,081 13,458
Long-term liabilities:
Deferred revenue 11 28
Other long-term obligations 1,777 1,186
-------- --------
Total long-term liabilities 1,788 1,214
Stockholders' equity:
Preferred stock, $.01 par value; 10,000 authorized;
None issued or outstanding -- --
Common stock, $.01 par value; 40,000 authorized;
27,163 and 27,388 shares issued, 25,373 and 25,598
shares outstanding at July 31, 2006 and 2007,
respectively 271 274
Treasury stock at cost, 1,790 shares at July 31,
2006 and 2007, respectively (4,815) (4,815)
Additional paid-in capital 265,406 265,647
Accumulated deficit (250,754) (238,506)
Accumulated other comprehensive income 12 20
-------- --------
Total stockholders' equity 10,120 22,620
-------- --------
$ 17,989 $ 37,292
======== ========
FORGENT NETWORKS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Amounts in thousands, except per share data)
For the For the
Three Months Ended Twelve Months Ended
July 31, April 30, July 31,
2007 2007 2007 2006
(Unaudited) (Unaudited)
Revenues:
Intellectual property
licensing $ 8,000 $ 20,000 $ 36,162 $ 12,105
Software and services 1,288 978 4,245 2,791
----------- ----------- -------- --------
Total revenues 9,288 20,978 40,407 14,896
----------- ----------- -------- --------
Cost of sales:
Intellectual property
licensing 4,135 10,592 18,270 7,057
Software and services 264 196 962 851
----------- ----------- -------- --------
Total cost of sales 4,399 10,788 19,232 7,908
----------- ----------- -------- --------
Gross margin 4,889 10,190 21,175 6,988
Operating expense:
Selling, general and
administrative 2,999 3,971 12,008 10,271
Research and
development 182 180 611 618
Amortization of
intangible assets -- -- 4 28
----------- ----------- -------- --------
Total operating
expenses 3,181 4,151 12,623 10,917
----------- ----------- -------- --------
Income (Loss) from
operations 1,708 6,039 8,552 (3,929)
----------- ----------- -------- --------
Other income (expense):
Interest income 389 202 981 506
Gain on sale of assets 3 -- 2,899 --
Interest expense and
other (21) (25) (89) (88)
----------- ----------- -------- --------
Total other income 371 177 3,791 418
----------- ----------- -------- --------
Income (Loss) from
operations, before income
taxes 2,079 6,216 12,343 (3,511)
Provision for income taxes 76 (170) (94) (44)
----------- ----------- -------- --------
Net income (loss) $ 2,155 $ 6,046 $ 12,249 $ (3,555)
=========== =========== ======== ========
Basic and diluted income
(loss) per share:
Basic $ 0.08 $ 0.24 $ 0.48 $ (0.14)
=========== =========== ======== ========
Diluted $ 0.08 $ 0.23 $ 0.47 $ (0.14)
=========== =========== ======== ========
Weighted average shares
outstanding:
Basic 25,598 25,596 25,515 25,294
Diluted 26,155 26,202 26,049 25,294
Investor contact: Hala Elsherbini 972-458-8000 hala@halliburtonir.com Media contact: Susan Tull 512.577-2956 susan_tull@asuresoftware.com