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UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ____________________________________ FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES AND EXCHANGE ACT OF 1934 April 26, 2005 Date of Report (Date of earliest event reported) FILENET CORPORATION (Exact name of registrant as specified in its charter) Delaware 000-15997 95-3757924 (State or other Jurisdiction (Commission File Number) (IRS Employer of Incorporation) Identification Number) 3565 Harbor Boulevard Costa Mesa, California 92626 92626 (Address of principal executive offices) (Zip Code) (714) 327-3400 Registrant's telephone number, including area code N/A (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: [ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))Item 2.02 Results of Operations and Financial Conditions On April 26, 2005, the Company issued a press release, which sets forth certain preliminary results of operations for the quarter ended March 31, 2005. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference. Such information shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and is not incorporated by reference into any filing of the Company, whether made before or after the date hereof, regardless of any general incorporation language in such filing. Item 9.01 Financial Statements and Exhibits (c) Exhibits The following exhibits are filed herewith. 99.1 Press Release dated April 26, 2005. 2 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 hereunto duly authorized. Date: April 26, 2005 . FILENET CORPORATION By: /s/ Philip C. Maynard . Name: Philip C. Maynard Title: Senior Vice President, Chief Legal Officer and Secretary 3 Exhibit 99.1 [FILENET CORPORATION LOGO] FOR IMMEDIATE RELEASE FileNet Reports First Quarter 2005 Results COSTA MESA, Calif.--April 26, 2005--FileNet Corporation (Nasdaq: FILE), the leading provider of Enterprise Content and Business Process Management solutions, today announced financial results for its first quarter March 31, 2005. Total revenues for the first quarter of 2005 were $100.0 million compared to total revenues of $99.5 million for the same period in 2004 and $107.5 million for the fourth quarter of 2004. Software revenues for the first quarter of 2005 were $38.5 million compared to $41.4 million for the same period in 2004 and $44.8 million for the fourth quarter of 2004. Net income was $8.3 million in the first quarter of 2005, compared to net income of $4.0 million in the first quarter of 2004 and $16.9 million in the fourth quarter of 2004. The fourth quarter 2004 results included a non-cash tax benefit to earnings. Earnings per basic and diluted share were $0.20 for the first quarter of 2005, compared to earnings per basic and diluted share of $0.10 for the first quarter of 2004. For the fourth quarter of 2004, earnings per basic and diluted share were $0.42 and $0.41, respectively. As of March 31, 2005, FileNet had cash and investments of $375.4 million, compared to $348.7 at December 31, 2004. The company has no long-term debt. "Our first quarter performance underscores our commitment to enhancing profitably and market leadership," said Lee Roberts, chairman and CEO of FileNet. "We continued to improve our financial performance, highlighted by increased operating margins again this quarter in excess of 10 percent. We expanded our product leadership with the availability of the latest version of our ECM platform, FileNet P8 3.5. This new release increases our deployment opportunities with significant platform and system enhancements." Quarterly Conference Call with Management - April 26, 2005 Lee Roberts, Chairman and Chief Executive Officer, and Sam Auriemma, Chief Financial Officer, will host a conference call for investors at 7:00 a.m. Pacific Time today. The call and presentation will be broadcast live over the Internet. To listen to the event via the Internet, please follow the instructions that will be available on the investor relations' section of FileNet's Web site at http://www.filenet.com. A replay of the Web cast will be available for an extended period of time. Alternatively, to listen to the call live, dial (800) 659-1942. The conference call ID number for the call is 84483072. A replay of the call will be available from approximately 9:00 a.m. PT on April 26 through midnight PT on May 3. To listen to the replay, dial (888) 286-8010. The conference call ID number for the replay is 42089694. 4 About FileNet FileNet Corporation (NASDAQ: FILE) helps organizations make better decisions by managing the content and processes that drive their business. FileNet's Enterprise Content Management (ECM) solutions allow customers to build and sustain competitive advantage by managing content throughout their organizations, automating and streamlining their business processes, and providing a spectrum of connectivity needed to simplify their critical and everyday decision-making. FileNet ECM products are designed to deliver a broad set of capabilities that integrate with existing information systems to provide cost-effective solutions that solve real-world business problems. Since the Company's founding in 1982, more than 4,000 organizations, including more than three quarters of the FORTUNE 100, have taken advantage of FileNet solutions for help in managing their mission-critical content and processes. Headquartered in Costa Mesa, Calif., the Company markets its innovative ECM solutions in more than 90 countries through its own global sales, professional services and support organizations, as well as via its ValueNet(R) Partner network of resellers, system integrators and application developers. Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: This release contains forward-looking statements that are based on our current expectations, estimates and projections about our industry, management's beliefs and certain assumptions made by us. Words such as "anticipates," "expects," "intends," "plans," "believes," "seeks," "estimates," "may," "will" and variations of these words or similar expressions are intended to identify forward-looking statements. In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to predict. Therefore, our actual results could differ materially and adversely from those expressed in any forward-looking statements as a result of various factors. Important factors that may cause such a difference for FileNet include, but are not limited to, the volume of our sales and pricing concessions on volume sales; our ability to specify, develop or acquire, complete, introduce, market, distribute and gain market acceptance for new products and technologies in a timely manner; the mix of products and services sold by us; the timing, rescheduling or cancellation of significant customer orders; the loss of a key customer; our ability to control expenses; announcements of technological innovations, new products or product enhancements by the Company or its competitors; the emerging nature of the Enterprise Content Management market; key management changes; changes in joint marketing and development programs; developments relating to patents or other intellectual property rights or disputes; changing relationships with customers, distributors, suppliers and strategic partners; potential contractual or employment issues; our ability to integrate acquired businesses; and general conditions in the worldwide economy and the software/technology sector and other factors. Our Annual Report on Form 10-K, recent Quarterly Reports on Form 10-Q, recent Current Reports on Forms 8-K and other Securities and Exchange Commission filings discuss some of the important risk factors that may affect our business, results of operations and financial condition. We undertake no obligation to revise or update publicly any forward-looking statements for any reason. 5 Note to editors: FileNet and ValueNet are registered trademarks of FileNet Corporation. All other company or product names referenced in this release may be trademarks or registered trademarks of their respective owners. # # # Investor Contact: Greg Witter, Director, Investor Relations FileNet Corporation Phone: 714-327-3405 Email: gwitter@filenet.com Media Contact: Tom Hennessey, Director, Corporate Communications FileNet Corporation Phone: 714-327-5050 Email: thennessey@filenet.com 6 FILENET CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share data) Quarter Ended March 31, . 2005 2004 . (Unaudited) (Unaudited) Revenue: Software $ 38,451 $ 41,351 Service 61,566 58,147 Total revenue 100,017 99,498 Costs: Cost of software revenue 2,370 3,523 Cost of service revenue 20,910 21,130 Total cost of revenue 23,280 24,653 Gross profit 76,737 74,845 Operating expenses: Sales and Marketing 38,182 41,561 Research and development 18,630 20,102 General and administrative 9,227 9,233 Total operating expenses 66,039 70,896 Operating income 10,698 3,949 Other income, net 2,028 927 Income before income taxes 12,726 4,876 Provision for income taxes 4,454 878 Net income $ 8,272 $ 3,998 Earnings per share: Basic $ 0.20 $ 0.10 Diluted $ 0.20 $ 0.10 Weighted average shares outstanding: Basic 40,361 38,280 Diluted 41,706 40,785 7 FILENET CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands) March 31, December 31, 2005 2004 (Unaudited) (Unaudited) ASSETS Current assets: Cash and cash equivalents $ 235,113 $ 123,217 Short-term investments 130,680 211,196 Accounts receivable, net 40,198 35,878 Prepaid expenses and other assets 12,730 12,179 Deferred income taxes 3,681 3,681 Total current assets 422,402 386,151 Property, net 19,918 21,738 Long-term investments 9,585 14,256 Goodwill 26,896 27,268 Intangible assets, net 5,591 6,188 Deferred income taxes 36,063 36,028 Other assets 2,283 2,037 Total assets $ 522,738 $ 493,666 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 14,153 $ 13,868 Customer deposits/advances 8,484 9,007 Accrued compensation and benefits 27,443 33,674 Unearned maintenance revenue 71,552 47,145 Other accrued liabilities 21,090 19,575 Total current liabilities 142,722 123,269 Other liabilities and unearned maintenance revenue 4,819 2,533 Total liabilities 147,541 125,802 Stockholders' equity 375,197 367,864 Total liabilities and stockholders' equity $ 522,738 $ 493,666 8
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Filenet (FILE) Inactive 8-KResults of Operations and Financial Condition
Filed: 26 Apr 05, 12:00am