SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 OF
THE SECURITIES EXCHANGE ACT OF 1934
For the Month of November 2004
GENESYS S.A.
(Exact name of registrant as specified in its charter)
L'Acropole, 954-980 avenue Jean Mermoz, 34000 Montpellier, FRANCE
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports
under cover Form 20-F or Form 40-F.
Form 20-F X Form 40-F
Indicate by check mark if the registrant is submitting the Form 6-K in paper as
permitted by Regulation S-T Rule 101(b)(1):____
Indicate by check mark if the registrant is submitting the Form 6-K in paper as
permitted by Regulation S-T Rule 101(b)(7):____
Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes No X
If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-_______________.
Genesys Conferencing Reports Third Quarter 2004 Results
Reston, Virginia, and Montpellier, France – November 15, 2004 – Genesys Conferencing (Euronext 3955) (NASDAQ: GNSY), a global multimedia conferencing leader, today reported financial results (unaudited) for the third quarter ended September 30, 2004. All results are reported under French Generally Accepted Accounting Principles (GAAP).
Third Quarter 2004 Operating Highlights
• | Total volume increased to 372.8 million minutes, up 15.7% from the third quarter of 2003 |
• | Genesys Meeting Center, automated services, volume increased to 337.9 million minutes, up 23.8% from the third quarter of 2003 |
• | Multimedia Minute usage, included in Genesys Meeting Center volumes, increased sequentially by 121% to 33.4 million minutes |
• | Successful launch of Genesys Meeting Center 3.0 |
“We are pleased with our improved year-over-year volume growth and our increased penetration of the large enterprise market with Genesys Meeting Center conferencing and collaboration services,” stated Francois Legros, Chairman and Chief Executive Officer. “Converged conferencing and collaboration applications are where the industry is heading, and we lead the industry with a truly integrated multimedia conferencing service. We are able to start taking greater advantage of this opportunity as a result of our realigned organization, strengthened technological leadership, improved cost structure and reinforced presence in the large enterprise market.”
Third Quarter 2004 Operating Results
(in millions) | USD1 | EUR |
Revenue |
|
|
Q3 2004 | $ 40.7 | € 33.3 |
Q3 2003 | $ 40.8 | € 36.3 |
|
|
|
Change % | -0.3% | -8.3% |
|
|
|
EBITDA before non recurring items2 | ||
Q3 2004 | $ 5.7 | € 4.7 |
Q3 2003 | $ 8.0 | € 7.1 |
|
|
|
Change % | -28.4% | -34.1% |
Revenue for the third quarter of 2004 was €33.3 million, an 8.3% decrease compared to 2003 third quarter revenue of €36.3 million. In U.S. dollars, third quarter 2004 revenue was $40.7 million or flat compared to $40.8 million in the third quarter of 2003. The weakness of the U.S. dollar compared to the euro, contributed to the revenue decline on a euro basis. As expected, revenue reflects the continued transition of the company’s product mix from attended to automated conferencing services. Automated services represented approximately 74.4% of total revenue in the third quarter of 2004 compared to 68.3% in the third quarter of 2003. Revenue also reflects the continued transition in the company’s customer base to a greater portion of large enterprise customers who generate significant volumes at lower prices.
Gross margin was 58.8% in the third quarter of 2004 compared to 62.5% in the third quarter of 2003. Although revenue from higher margin automated conferencing services continued to increase, gross margin was offset as expected by the increase in the proportion of volumes generated by large enterprise customers, which traditionally have lower margins.
“Providing users on-demand access to a full set of integrated multimedia conferencing and collaboration services is a core component of our growth strategy,” stated Legros. “As we work to transition each customer to Multimedia Minute bundled pricing, Genesys expects to benefit from higher volume and more stable revenue and gross margins.”
Introduced in late 2003, Multimedia Minute, a flat-rate model designed to simplify pricing and promote volume growth of multimedia services from both new and existing customers, generated 33.4 million minutes of usage in the third quarter of 2004.
Selling, general and administrative expenses, excluding non-recurring charges, were €17.6 million in the third quarter of 2004 compared to €18.2 million in the third quarter of 2003 and €19.1 million in the second quarter of 2004. Non-recurring charges related to relocation and centralization efforts accounted for approximately €0.8 million in the third quarter of 2004.
Earnings before interest, taxes, depreciation and amortization (EBITDA2), before non-recurring charges in the third quarter of 2004, was €4.7 million as compared to €7.1 million in the same period last year. This decline reflects lower gross profit due to the increase in the proportion of volumes generated by large enterprise customers. In U.S. dollars, EBITDA, before non-recurring charges, was $5.7 million for the third quarter of 2004 compared to $8.0 million in the same period last year.
As of September 30, 2004, the company’s net cash3 was €12.9 million. Net cash is down from €14.2 million at June 30, 2004, primarily due to the reimbursement of €3.2 million of the company’s outstanding convertible notes during the third quarter of 2004. Subsequent to the end of the third quarter, in October 2004, the company made €6.5 million of scheduled principal repayments under the company’s credit facility.
“With our major restructuring objectives achieved, the company’s improved cost structure positions us competitively and allows us to deliver a highly attractive value proposition to customers,” stated Mike Savage, Chief Financial Officer. “As spending levels for general and administrative expenses continue to decline, future operating performance is expected to benefit from our ability to concentrate a higher amount of resources on sales and marketing initiatives.”
Guidance
The following contains forward-looking guidance regarding Genesys’ financial outlook and is based on current expectations. As previously stated, in the fourth quarter of 2004 the company expects revenue to be essentially stable as compared to revenue in the fourth quarter of 2003, excluding any volatility in foreign exchange rates. The company further expects EBITDA margins for the fourth quarter of 2004, excluding non-recurring charges related to the finalization of the relocation and centralization initiatives, to be approximately twenty percent.
____________
| (1) | USD amounts were calculated using the average quarterly exchange rate. |
| |||
| (2) | See attached note to consolidated statements of operations for reconciliation of operating income and EBITDA. (French GAAP). | |||||
| (3) | Net cash is equivalent to cash and cash equivalents less bank overdrafts. | |||||
Conference Call and Webcast
Chief Executive Officer François Legros and Executive Vice President/Chief Financial Officer Michael E. Savage will host a conference call on Monday, November 15, 2004, at 5:30 p.m. Central European Time or 11:30 a.m. Eastern Standard Time to discuss third quarter 2004 financial results.
The conference call will be webcast live and may be accessed at www.genesys.com.
A replay of the call will be available at www.genesys.com.
Impact of Exchange Rates
The company serves large enterprises on a world-wide basis. As a result, the company has extensive international operations and thus significant exposure to exchange rate fluctuations, in particular the U.S. dollar. In 2003, the U.S. dollar declined significantly compared to the euro, and its value has remained weak during
2004. As a result, the comparability of the company’s revenues and results of operations expressed in euros were significantly impacted.
The Company prepares its consolidated financial statements in euros. In order to demonstrate the impact of the decline of the U.S. dollar on its revenues from the third quarter 2003 to the third quarter 2004, the company has recalculated its revenues as if its functional currency had been the U.S. dollar rather than the euro. For this purpose, the company has used the average for each quarter of the daily euro/U.S. dollar exchange rates for the third quarters of 2003 and 2004, respectively, which are the rates it used for translation purposes in its consolidated income statement.
The company believes that this analysis is useful because the majority of its revenues were actually earned in U.S. dollars. However, the change in its U.S. dollar revenues also reflects the mechanical impact of exchange rate differences on the portion of its consolidated revenues earned in euros.
Forward-Looking Statements
This release contains statements that constitute forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements other than historical information or statements of current condition. These statements appear in a number of places in this release and include statements concerning the parties' intent, belief or current expectations regarding future events and trends affecting the parties' financial condition or results of operations. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and actual results may differ materially from those in the forward-looking statements as a result of various factors. Some of these factors are described in the Form 20-F that was filed by Genesys with the Securities and Exchange Commission on April 28, 2004. Although management of the parties believe that their expectations reflected in the forward-looking statements are reasonable based on information currently available to them, they cannot assure you that the expectations will prove to have been correct. Accordingly, you should not place undue reliance on these forward-looking statements. In any event, these statements speak only as of the date of this release. Except to the extent required by law, the parties undertake no obligation to revise or update any of them to reflect events or circumstances after the date of this release, or to reflect new information or the occurrence of unanticipated events.
About Genesys Conferencing
Genesys Conferencing is a leading provider of integrated Web, voice and video conferencing services to over 500,000 users worldwide, including users at nearly 200 of the Global Fortune 500 companies. The company’s services are designed to meet the full range of communication needs within the global enterprise, from small, collaborative team meetings to large, high-profile online events. The company’s flagship product, Genesys Meeting Center, provides a single-platform multimedia conferencing solution that is easy to use and available on demand. With offices in 21 countries across North America, Europe and Asia Pacific, the company offers an unmatched global presence and strong local support. Genesys Conferencing is listed on the Nouveau Marché in Paris (Euronext: 3955) and Nasdaq (GNSY). Additional information is available at www.genesys.com.
At Genesys Conferencing
| Michael E. Savage | Marine Pouvreau | |
| Executive Vice President and Chief Financial Officer | Investor Relations Manager | |
| Phone: +1 703 736 7100 | Phone: +1 703 733-2140 | |
| mike.savage@genesys.com | marine.pouvreau@genesys.com |
GENESYS CONFERENCING
Consolidated Balance Sheets (French GAAP)
(In thousands of euros, except share data)
|
| December 31, |
|
| September 30, | |
|
| 2003 |
|
| 2004 | |
|
|
|
|
| unaudited | |
ASSETS |
|
|
|
|
| |
Fixed assets |
|
|
|
|
| |
Goodwill, net | € | 54,992 |
| € | 17,424 | |
Intangible assets, net |
| 47,504 |
|
| 20,464 | |
Tangible assets, net |
| 22,014 |
|
| 19,808 | |
Financial assets, net |
| 1,255 |
|
| 1,222 | |
Investments in affiliated companies |
| 141 |
|
| 190 | |
Total fixed assets | € | 125,906 |
|
| € | 59,108 |
Current assets |
|
|
|
|
| |
Inventory | € | 29 |
| € | 22 | |
Accounts receivable, less allowances (€2,537 and |
|
|
|
|
| |
€ 2,202 at December 31, 2003 and September 30, |
|
|
|
|
| |
2004, respectively) |
| 30,206 |
|
| 26,733 | |
Deferred tax assets |
| 840 |
|
| 233 | |
Other current assets |
| 10,600 |
|
| 7,378 | |
Prepaid expenses and deferred charges |
| 4,858 |
|
| 4,094 | |
Marketable securities |
| 9,614 |
|
| 2,315 | |
Cash at bank |
| 12,094 |
|
| 13,879 | |
Total current assets | € | 68,241 |
|
| € | 54,654 |
Total assets | € | 194,147 |
|
| € | 113,762 |
|
|
|
|
|
| |
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
|
| |
Shareholders’ equity |
|
|
|
|
| |
Ordinary shares, nominal value of €1 per share |
|
|
|
|
| |
18,307,756 shares issued and outstanding |
|
|
|
|
| |
at December 31, 2003 and September 30, 2004 | € | 18,308 |
| € | 18,308 | |
Common shares to be issued |
| 140 |
|
| 140 | |
Additional paid-in capital |
| 185,080 |
|
| 185,080 | |
Additional paid-in capital to be issued |
| 3,844 |
|
| 3,809 | |
Accumulated deficit |
| (137,950) |
|
| (174,471) | |
Net loss for the period |
| (36,544) |
|
| (67,371) | |
Currency translation adjustments |
| 15,945 |
|
| 15,881 | |
Total shareholders’ equity | € | 48,823 |
| € | (18,624) | |
Provisions for risks and charges | € | 5,558 |
| € | 4,586 | |
Long-term debt |
|
|
|
|
| |
Long-term portion of long term debt |
| 82,445 |
|
| 75,861 | |
Long-term portion of capitalized lease obligations |
| 298 |
|
| 108 | |
Total long-term debt | € | 82,743 |
| € | 75,969 | |
Current liabilities |
|
|
|
|
| |
Bank overdrafts |
| 3,850 |
|
| 3,248 | |
Accounts payable and accrued liabilities |
| 14,353 |
|
| 14,362 | |
Tax payable and deferred compensation |
| 15,611 |
|
| 16,097 | |
Current portion of long-term debt |
| 19,144 |
|
| 16,018 | |
Current portion of capitalized lease obligations |
| 572 |
|
| 620 | |
Deferred revenue |
| 88 |
|
| 80 | |
Other liabilities |
| 3,405 |
|
| 1,406 | |
Total current liabilities | € | 57,023 |
| € | 51,831 | |
Total liabilities and shareholders’ equity | € | 194,147 |
| € | 113,762 | |
GENESYS CONFERENCING
Consolidated Statements of Operations (French GAAP)
(Unaudited. In thousands of euros, except share data)
|
|
| Three months ended September 30, |
|
| Nine months ended | |||
|
|
| 2003 | 2004 |
|
| 2003 | 2004 | |
|
|
|
|
|
|
|
|
| |
Revenue: |
|
|
|
|
|
|
|
| |
| Services | € | 36,225 | 33,271 |
| € | 123,921 | 104,978 | |
| Products |
| 67 | 25 |
|
| 295 | 226 | |
|
| € | 36,292 | 33,296 |
| € | 124,216 | 105,204 | |
Cost of revenue: |
|
|
|
|
|
|
| ||
| Services |
| 13,555 | 13,714 |
|
| 44,415 | 40,719 | |
| Products |
| 55 | 6 |
|
| 199 | 49 | |
|
|
| 13,610 | 13,720 |
|
| 44,614 | 40,768 | |
Gross Profit | € | 22,682 | 19,576 |
| € | 79,602 | 64,436 | ||
Operating expenses: |
|
|
|
|
|
|
| ||
| Research and development |
| 1,043 | 868 |
|
| 3,128 | 2,951 | |
| Selling and marketing |
| 9,300 | 8,823 |
|
| 28,460 | 27,810 | |
| General and administrative |
| 8,231 | 8,187 |
|
| 29,218 | 27,037 | |
| Restructuring charge |
| 1,562 | 457 |
|
| 1,562 | 2,546 | |
| Amortization of intangible assets |
| 2,391 | 820 |
|
| 7,175 | 26,069 | |
|
|
| 22,527 | 19,155 |
|
| 69,543 | 86,413 | |
Operating income / (loss) | € | 155 | 421 |
| € | 10,059 | (21,977) | ||
Financial expenses, net |
| (1,937) | (565) |
|
| (5,766) | (3,633) | ||
Equity in income of affiliated companies |
| (4) | 12 |
|
| 11 | 49 | ||
Income tax expense |
| (535) | (952) |
|
| (2,576) | (3,057) | ||
Amortization of goodwill |
| (1,503) | (809) |
|
| (4,009) | (38,753) | ||
Net income/(loss) | € | (3,824) | (1,893) |
| € | (2,281) | (67,371) | ||
|
|
|
|
|
|
|
|
| |
Basic and diluted net income/(loss) per share |
€ |
(0.23) |
(0.10) |
|
€ |
(0.14) |
(3.67) | ||
Number of outstanding shares used in |
|
|
|
|
|
|
| ||
computing basic and diluted net |
|
|
|
|
|
|
| ||
income/(loss ) per share |
| 16,829,643 | 18,372,841 |
|
| 15,974,734 | 18,372,841 | ||
GENESYS CONFERENCING
Notes to the Consolidated Financial Statements (French GAAP)
(Unaudited. In thousands of Euros)
NOTE A: EBITDA CALCULATION | Three months ended September 30, |
| Nine months ended September 30, | ||||
|
| 2003 | 2004 |
|
| 2003 | 2004 |
|
|
|
|
|
|
|
|
Operating income (loss) | € | 155 | 421 |
| € | 10,059 | (21,977) |
Amortization of deferred acquisition |
|
|
|
|
|
|
|
and deferred financing costs |
| 409 | 73 |
|
| 1,186 | 577 |
Amortization of intangible assets |
| 2,391 | 820 |
|
| 7,175 | 26,069 |
Depreciation and provisions |
| 2,391 | 2,645 |
|
| 9,021 | 8,022 |
EBITDA (1) | € | 5,346 | 3,959 |
| € | 27,441 | 12,691 |
Restructuring charge |
| 1,562 | 457 |
|
| 1,562 | 2,546 |
Other non recurring charges |
| 164 | 244 |
|
| 186 | 2,125 |
EBITDA before non-recurring items | € | 7,072 | 4,660 |
| € | 29,189 | 17,362 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOTE B: DETAIL OF FINANCIAL EXPENSES, NET | Three months ended September 30, |
| Nine months ended September 30, | ||||
|
| 2003 | 2004 |
|
| 2003 | 2004 |
|
|
|
|
|
|
|
|
Interest and other financial income | € | 11 | 393 |
| € | 389 | 679 |
Foreign exchange gains |
| 25 | 542 |
|
| 2,077 | 3,337 |
Total financial income | € | 36 | 935 |
| € | 2,466 | 4,016 |
|
|
|
|
|
|
|
|
Interest and other financial expenses |
| 1,676 | 1,429 |
|
| 5,805 | 4,255 |
Foreign exchange losses |
| 297 | 71 |
|
| 2,427 | 3,394 |
Total financial charges |
| 1,973 | 1,500 |
|
| 8,232 | 7,649 |
|
|
|
|
|
|
|
|
Financial expenses, net | € | (1,937) | (565) |
| € | (5,766) | (3,633) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOTE C: DETAIL OF INCOME TAX EXPENSE | Three months ended September 30, |
| Nine months ended September 30, | ||||
|
| 2003 | 2004 |
|
| 2003 | 2004 |
|
|
|
|
|
|
|
|
Deferred tax expense | € | (202) | - |
| € | (233) | (546) |
Income tax expense |
| (333) | (952 |
|
| (2,343) | (2,511) |
Total income tax expense | € | (535) | (952) |
| € | (2,576) | (3,057) |
|
|
|
| ||||
|
|
|
| ||||
NOTE D: DETAIL ACCOUNTS RECEIVABLE, NET |
December 31, |
|
September 30, | ||||
|
| 2003 |
|
| 2004 | ||
|
|
|
|
|
| ||
Billed portion of accounts receivables, net | € | 23,462 |
| € | 20,778 | ||
Un-billed portion of accounts receivables |
| 6,744 |
|
| 5,955 | ||
Total accounts receivables, net | € | 30,206 |
| € | 26,733 | ||
US GAAP ANNEX
GENESYS SA
U.S. GAAP CONSOLIDATED BALANCE SHEETS
(in thousands, except share data)
| December 31, | September 30, |
| 2003 | 2004 |
ASSETS |
| (Unaudited) |
Current assets: |
|
|
Cash and cash equivalents | €15,574 | €14,533 |
Short-term portion of restricted cash | 3,371 | 1,647 |
Un-billed accounts receivable | 6,744 | 5,955 |
Billed accounts receivable, less allowances of €2,537 at December 31, 2003 and €2,202 at September 30, 2004 | 23,462 | 20,778 |
Inventory | 29 | 22 |
Prepaid expenses | 2,286 | 2,132 |
Other current assets | 8,856 | 5,664 |
Total current assets | 60,322 | 50,731 |
Property and equipment, net | 27,284 | 25,112 |
Goodwill, net | 75,047 | 22,014 |
Customer lists, net | 42,774 | 16,710 |
Technology and other intangibles, net | 352 | 143 |
Investment in affiliated company | 141 | 190 |
Deferred tax assets | 840 | 233 |
Deferred financing costs, net | 2,531 | 1,937 |
Other assets | 1,824 | 1,581 |
Long-term portion of restricted cash | 2,722 | — |
Total assets | €213,837 | €118,651 |
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
Current liabilities: |
|
|
Bank overdrafts | €3,850 | €3,248 |
Accounts payable | 8,676 | 9,502 |
Accrued liabilities | 6,627 | 6,428 |
Accrued compensation | 6,519 | 7,486 |
Tax payable | 9,092 | 8,611 |
Deferred revenue | 88 | 80 |
Current portion of long-term debt | 18,564 | 14,592 |
Current portion of capitalized lease obligations | 55 | 290 |
Current portion of deferred tax liability | 2,143 | 1,013 |
Current portion of other long-term liability | 1,740 | 1,911 |
Other current liabilities | 3,242 | 1,415 |
Total current liabilities | 60,596 | 54,576 |
Long-term portion of long-term debt | 82,814 | 76,004 |
Long-term portion of capitalized lease obligations | 107 | 108 |
Long term portion of deferred tax liability | 11,504 | 3,756 |
Other long-term liability | 3,173 | 1,806 |
Shareholders’ equity (deficit): |
|
|
Ordinary shares: €1.00 nominal value and 18,307,756 shares issued and outstanding at December 31, 2003 and September 30, 2004 | 18,308 | 18,308 |
Common shares to be issued: €1.00 nominal value and 65,067 shares at December 31, 2003 and September 30, 2004 | 65 | 65 |
Additional paid-in capital | 197,611 | 197,130 |
Accumulated other comprehensive income | 15,372 | 16,329 |
Deferred compensation | (322) | — |
Accumulated deficit | (174,640) | (248,680) |
| 56,394 | (16,848) |
Less cost of treasury shares: 22,131 shares at December 2003 and September 30, 2004 | (751) | (751) |
Total shareholders’ equity (deficit) | 55,643 | (17,599) |
Total liabilities and shareholders’ equity (deficit) | €213,837 | €118,651 |
See notes to financial statements
GENESYS SA
U.S. GAAP CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
(in thousands, except share data)
| Three months ended September 30, | Nine months ended September 30, | |||
| 2003 | 2004 | 2003 | 2004 | |
|
|
| |||
Revenue: |
|
|
|
| |
Services | €36,225 | €33,271 | €123,921 | €104,978 | |
Products | 67 | 25 | 295 | 226 | |
| 36,292 | 33,296 | 124,216 | 105,204 | |
Cost of revenue: |
|
|
|
| |
Services | 13,574 | 13,708 | 44,564 | 40,767 | |
Products | 55 | 6 | 199 | 49 | |
| 13,629 | 13,714 | 44,763 | 40,816 | |
Gross profit | 22,663 | 19,582 | 79,453 | 64,388 | |
Operating expenses: |
|
|
|
| |
Research and development | 1,044 | 868 | 3,128 | 2,951 | |
Selling and marketing | 9,300 | 8,823 | 28,460 | 27,810 | |
General and administrative | 8,097 | 8,113 | 28,430 | 26,299 | |
Restructuring charge | — | 458 | — | 2,547 | |
Impairment of goodwill and other intangibles | — | — | — | 75,401 | |
Amortization of intangibles | 2,608 | 952 | 7,834 | 4,435 | |
Total operating expenses | 21,049 | 19,214 | 67,852 | 139,443 | |
Operating income (loss) | 1,614 | 368 | 11,601 | (75,055) | |
Interest income | 16 | 44 | 195 | 145 | |
Interest expense | (1,851) | (749) | (5,556) | (3,319) | |
Foreign exchange gain (loss) | 285 | 951 | 5,615 | (894) | |
Other financial expense, net | (87) | (380) | (857) | (813) | |
Financial expense, net | (1,637) | (134) | (603) | (4,881) | |
Equity in income (loss) of affiliated company | (4) | 12 | 11 | 49 | |
Income (loss) before taxes | (27) | 246 | 11,009 | (79,887) | |
Income tax (expense) credit | 406 | (694) | (88) | 5,826 | |
Net income (loss) | €379 | €(448) | €10,921 | €(74,061) | |
Basic net income (loss) per share | €0.02 | €(0.02) | €0.68 | €(4.03) | |
Diluted net income (loss) per share | €0.02 | €(0.02) | €0.66 | €(4.03) | |
Number of shares used in computing basic net income (loss) per share |
16,829,643 |
18,372,841 |
15,974,734 |
18,372,841 | |
Dilution effect on convertible notes | 552,188 | — | 552,188 | — | |
Number of shares used in computing diluted net income (loss) per share |
17,381,831 |
18,372,841 |
16,526,922 |
18,372,841 | |
SIGNATURES
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, thereunto duly authorized.
Dated: November 15, 2004
GENESYS SA
By: /s/ François Legros |
Name: François Legros
Title: Chairman and Chief Executive Officer