SECURITIES AND EXCHANGE COMMISSION
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
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For the quarterly period ended March 31, 2003 |
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OR |
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
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For the transition period from to |
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SYNAVANT Inc.
(Exact name of registrant as specified in its charter)
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Delaware |
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22-2940965 |
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(State of Incorporation) |
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(I.R.S. Employer Identification No.) |
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3445 Peachtree Road NE, Suite 1400 |
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30326 |
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(Address of principal executive offices) |
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(Zip Code) |
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Registrant’s telephone number, including area code (404) 841-4000 |
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Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Sections 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 ý No o
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date:
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Title of Class |
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Shares
Outstanding |
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Common Stock, |
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15,242,578 Shares |
SYNAVANT Inc.
2
SYNAVANT Inc.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Dollar amounts in thousands, except per share data)
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March 31, |
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December
31, |
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(Unaudited) |
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(Audited) |
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ASSETS: |
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CURRENT ASSETS: |
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Cash and cash equivalents |
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$ |
10,146 |
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$ |
6,994 |
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Restricted cash |
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1,364 |
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— |
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Accounts receivable—net |
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29,941 |
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36,469 |
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Other receivables |
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1,171 |
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334 |
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Other current assets |
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6,483 |
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5,504 |
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TOTAL CURRENT ASSETS |
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49,105 |
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49,301 |
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Property, plant and equipment—net |
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12,176 |
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12,829 |
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Computer software—net |
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2,342 |
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2,682 |
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Goodwill—net |
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41,156 |
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41,156 |
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Other assets |
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2,388 |
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2,769 |
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TOTAL ASSETS |
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$ |
107,167 |
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$ |
108,737 |
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LIABILITIES AND STOCKHOLDERS’ EQUITY: |
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CURRENT LIABILITIES: |
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Accounts payable |
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$ |
12,139 |
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$ |
9,193 |
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Line of credit |
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4,500 |
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— |
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Accrued restructuring |
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1,374 |
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2,109 |
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Accrued and other current liabilities |
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14,724 |
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16,219 |
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Accrued income taxes |
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1,961 |
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2,074 |
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Deferred revenues |
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9,784 |
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8,180 |
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TOTAL CURRENT LIABILITIES |
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44,482 |
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37,775 |
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Accrued liability due to former parent |
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9,000 |
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9,000 |
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Other liabilities |
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1,671 |
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1,966 |
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TOTAL LIABILITIES |
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$ |
55,153 |
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$ |
48,741 |
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Commitments and contingencies (see note 2) |
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STOCKHOLDERS’ EQUITY: |
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Common stock, par value $.01, authorized 41,000,000 shares; 15,242,578 and 15,187,722 shares outstanding at March 31, 2003 and December 31, 2002, respectively |
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152 |
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152 |
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Other stockholders’ equity |
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51,862 |
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59,844 |
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TOTAL STOCKHOLDERS’ EQUITY |
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52,014 |
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59,996 |
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TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY |
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$ |
107,167 |
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$ |
108,737 |
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See accompanying Notes to the Consolidated Financial Statements (unaudited).
3
SYNAVANT Inc.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(Dollar amounts in thousands, except per share data)
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Three
Months Ended |
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2003 |
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2002 |
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REVENUES: |
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Software fees |
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$ |
174 |
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$ |
1,440 |
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Software services |
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16,636 |
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20,848 |
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Interactive marketing |
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18,005 |
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22,672 |
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TOTAL REVENUES |
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34,815 |
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44,960 |
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OPERATING COSTS: |
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Software fees |
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62 |
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726 |
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Software services |
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13,155 |
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15,106 |
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Interactive marketing |
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15,598 |
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19,259 |
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TOTAL OPERATING COSTS |
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28,815 |
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35,091 |
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Research & development |
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1,308 |
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1,939 |
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Selling and administrative expenses |
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8,397 |
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7,596 |
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Restructuring costs |
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500 |
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— |
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Depreciation and amortization |
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1,881 |
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1,838 |
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OPERATING LOSS |
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(6,086 |
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(1,504 |
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Other expense—net |
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(1,023 |
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(100 |
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LOSS BEFORE PROVISION FOR INCOME TAXES |
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(7,109 |
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(1,604 |
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Income tax provision |
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(349 |
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(341 |
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NET LOSS |
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$ |
(7,458 |
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$ |
(1,945 |
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