UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K/A
CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported): February 22, 2001
Centura Software Corporation
(Exact name of registrant as specified in its charter)
975 Island Drive
Redwood Shores, California 94065
(Address of principal executive offices including zip code)
(650) 596-3400
(Registrant's telephone number, including area code)
Inapplicable
(Former Name or Former Address, if Changed Since Last Report)
Item 2. Acquisition of Disposition of Assets
Centura Software Corporation, currently doing business as Mbrane (the "Registrant"), a Delaware corporation announced on February 22, 2001 the completion of a sale of its client-server database software business to Platinum Equity, LLC. This Form 8-K/A, includes a pro forma balance sheet as if the sale of the client-server database software business had occurred on December 31, 2000, and a pro forma statement of operations as if the sale of the client-server database software business had occurred January 1, 2000.
Item 7. Financial Statements and Exhibits.
Pro Forma Consolidated Balance Sheet as of December 31, 2000 (unaudited)
Pro Forma Consolidated Statement of Operations for the year ended December 31, 2000 (unaudited)
CENTURA SOFTWARE CORPORATION
UNAUDITED PRO FORMA CONSOLIDATED BALANCE SHEET
DECEMBER 31, 2000
(IN THOUSANDS EXCEPT PER SHARE DATA)
Pro Forma Pro Forma
As Reported Adjustments As Adjusted
ASSETS ----------- ----------- -----------
Current assets:
Cash and cash equivalents....................... $5,685 $3,732 a $9,417
Accounts receivable, less allowances of $1,865.. 12,681 (2,418) b 10,263
Other current assets............................ 5,339 (1,052) c 4,287
----------- ----------- -----------
Total current assets.......................... 23,705 262 23,967
Property and equipment, net....................... 3,581 (196) d 3,385
Goodwill, net..................................... 2,011 (0) 2,011
Capitalized software, net......................... 1,921 (1,104) d 817
Other intangible assets, net...................... 2,771 - 2,771
Other assets...................................... 861 - 861
----------- ----------- -----------
Total assets.................................. $34,850 (1,038) $33,812
=========== =========== ===========
LIABILITIES AND STOCKHOLDER'S EQUITY
Current liabilities:
Current portion of long-term obligations........ $465 - $465
Accounts payable................................ 4,963 (58) e 4,905
Accrued compensation and related expenses....... 2,147 - 2,147
Short-term borrowings........................... 2,500 - 2,500
Other accrued liabilities....................... 2,788 - 2,788
Restructuring reserve........................... 836 - 836
Deferred revenue................................ 14,582 (12,253) e 2,329
----------- ----------- -----------
Total current liabilities..................... 28,281 (12,311) 15,970
Other long-term liabilities....................... 84 -- 84
----------- ----------- -----------
Total liabilities............................. 28,365 (12,311) 16,054
----------- ----------- -----------
Stockholders' equity:
Preferred stock, no par value; 2,000 shares
authorized; none issued and outstanding....... -- -- --
Common stock, par value $.01 per share; 60,000
shares authorized; 42,906 shares issued
and outstanding .............................. 429 -- 429
Additional paid-in capital...................... 112,167 -- 112,167
Accumulated other comprehensive loss............ (93) -- (93)
Accumulated deficit............................. (106,018) 11,273 f (94,745)
----------- ----------- -----------
Total stockholders' equity.................... 6,485 11,273 17,758
----------- ----------- -----------
Total liabilities and stockholder's equity.... $34,850 (1,038) $33,812
=========== =========== ===========
CENTURA SOFTWARE CORPORATION
UNAUDITED PROFORMA CONSOLIDATED STATEMENT OF OPERATIONS
Year Ended December 31, 2000
(in thousands, except per share data)
Proforma Proforma
As Reported Adjustments Adjusted
----------- ----------- ----------
Net revenues:
Product.............................. $17,488 ($13,407) g $4,081
Service.............................. 23,488 (19,531) g 3,957
----------- ----------- ----------
Total net revenues................. 40,976 (32,938) 8,038
----------- ----------- ----------
Cost of revenues:
Product.............................. 2,593 (1,935) g 658
Service.............................. 3,604 (3,097) g 507
Amortization of acquired technology.. 534 -- 534
----------- ----------- ----------
Total cost of revenues............. 6,731 (5,032) 1,699
----------- ----------- ----------
Gross profit..................... 34,245 (27,906) 6,339
----------- ----------- ----------
Operating expenses:
Sales and marketing.................. 34,622 (27,310) g 7,312
Engineering and product development.. 9,367 (3,454) g 5,913
General and administrative........... 10,740 (4,317) g 6,423
Amortization of goodwill and
workforce intangible................. 1,140 -- 1,140
Restructuring expense................ 847 (782) g 65
----------- ----------- ----------
Total operating expenses........... 56,716 (35,863) 20,853
----------- ----------- ----------
Operating loss................... (22,471) 7,957 (14,514)
Other income (expense):
Interest income...................... 1,025 (514) g 511
Interest expense..................... (647) 771 g 124
Other non-cash charges............... (2,540) -- (2,540)
Foreign currency gain................ 270 (198) g 72
----------- ----------- ----------
Loss before income taxes............... (24,363) 8,016 (16,347)
Provision for income taxes............. 439 (359) h 80
----------- ----------- ----------
Net loss............................... (24,802) 8,375 (16,427)
Basic and diluted loss per share ...... $0.71 $0.50
=========== ==========
Basic weighted average common shares .. 41,236 41,236
=========== ==========
CENTURA SOFTWARE CORPORATION
Footnotes to Unaudited Pro Forma Consolidated Financial Statements
The accompanying unaudited pro forma financial statements have been prepared to present the effect of the sale by the Company of its client-server database software business to Platinum Equity, LLC. The pro forma balance sheet has been prepared as if the sale had occurred on December 31, 2000, and the pro forma statement of operations has been prepared as if the sale had occurred January 1, 2000.
The Pro Forma Consolidated Statement of Operations may not be indicative of the results of operations that actually would have occurred if the transaction had been in effect as of the beginning of the period, nor do they purport to indicate the results of future operations to the Company. The pro forma financial statements should be read in conjunction with the financial statements and notes thereto included in the Company's 2000 Annual report on Form 10-K, and its 2001 Quarterly Report on Form 10-Q. Management believes that all adjustments necessary to present fairly such pro forma financial statements have been made based on the terms and structure of the transaction.
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 therunto duly authorized.
| CENTURA SOFTWARE CORPORATION (dba:Mbrane) |
| By: | /s/ John Bowman |
| John Bowman | |
| Chief Financial Officer (Principal Finance and Accounting Officer) |
Dated: June 15, 2001