SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 10-K/A Amendment Number 2
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D) OF
THE SECURITIES EXCHANGE ACT OF 1934
(Mark One)
x Annual report pursuant to Section 13 or 15(d) of the Securities Exchange Act
of 1934 [Fee Required]
For the fiscal year ended March 31, 1996 or
|_|Transition report pursuant to Section 13 or 15(d) of the Securities Exchange
Act of 1934 [No Fee Required]
For the transition period from ___________ to___________
Commission File No. 1-10151
THE CONTINUUM COMPANY, INC.
(Exact name of registrant as specified in its charter)
DELAWARE 74-1609363
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
9500 Arboretum Boulevard
Austin, Texas 78759-6399
(Address of principal (Zip Code)
executive offices)
Registrant's telephone number, including area code: (512) 345-5700
Securities Registered Pursuant to Section 12(b) of the Act:
NAME OF EACH EXCHANGE
TITLE OF EACH CLASS ON WHICH REGISTERED
Common Stock, $.10 Par Value New York Stock Exchange
Securities Registered Pursuant to Section 12(g) of the Act:
None
Indicate by check mark whether the Registrant (1) has filed all reports
required to be filed by Section 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 x No___
Indicate by check mark if disclosure of delinquent filers pursuant to Item
405 of Regulation S-K (ss.229.405 of this chapter) is not contained herein, and
will not be contained, to the best of Registrant's knowledge, in definitive
proxy or information statements incorporated by reference in Part III of this
Form 10-K or any amendment to this Form 10-K.[x]
State the aggregate market value of the voting stock held by non-affiliates of
the Registrant as of April 30, 1996:
Common Stock, $.10 Par Value -- $1,029,000,000
Indicate the number of shares outstanding of each of the Registrant's classes of
common stock as of April 30, 1996:
Common Stock, $.10 Par Value -- 24,179,000
The Registrant previously filed the Consolidated Financial Statements of
Hogan Systems, Inc. on an Amendment to the Registrant's Annual Report on Form
10-K/A for the year ended March 31, 1996. The Consolidated Balance Sheets as of
March 31, 1995 and 1994 and Consolidated Statements of Changes in Shareholders'
Equity for the three years ended March 31, 1996, 1995 and 1994 are filed herein
to correct transmission problems associated with the original filing.
Consolidated Balance Sheets .......................................... S-1
Consolidated Statements of Changes In Shareholders' Equity ........... S-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 thereunto duly authorized.
THE CONTINUUM COMPANY, INC.
By: JOHN L. WESTERMANN III
Vice President and Chief
Financial Officer
Date: June 7, 1996
HOGAN SYSTEMS, INC.
CONSOLIDATED BALANCE SHEETS
(IN THOUSANDS)
ASSETS
MARCH 31,
--------------------
1995 1994
-------- --------
Current assets:
Cash and cash equivalents .................................................................................. $ 7,764 $10,374
Accounts receivable, net of allowance for doubtful accounts of $911 and
$525 ..................................................................................................... 40,577 35,484
Deferred income taxes ...................................................................................... 905 799
Prepaid expenses and other current assets .................................................................. 1,685 3,253
-------- --------
Total current assets ..................................................................................... 50,931 49,910
Long-term receivables ......................................................................................... 359 1,204
Property and equipment at cost, net of accumulated depreciation of $8,220
and $6,365 .................................................................................................. 7,236 4,587
Capitalized software costs, net of accumulated amortization of $10,894 and
$7,827 ...................................................................................................... 32,149 20,853
Intangible assets ............................................................................................. 5,136 6,000
Other assets .................................................................................................. 870 936
-------- --------
Total assets ............................................................................................... $96,681 $83,490
======== ========
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable ........................................................................................... $5,666 $3,630
Accrued salary and employee benefits ....................................................................... 7,795 5,291
Working capital line of credit ............................................................................. 1,920 --
Deferred maintenance revenue ............................................................................... 11,741 10,097
Deferred support revenue ................................................................................... 1,011 538
Other ...................................................................................................... 4,027 5,045
-------- --------
Total current liabilities ................................................................................ 32,160 24,601
Deferred maintenance revenue .................................................................................. 3,092 4,115
Deferred income taxes ......................................................................................... 4,502 2,485
Other long-term liabilities ................................................................................... 257 160
-------- --------
Total liabilities ........................................................................................ 40,011 31,361
Shareholders' equity:
Preferred stock, no par value - authorized 1,000 shares - none issued
Common stock, par value $.01 - authorized 50,000 shares - issued 15,078 and
15,070 shares at March 31, 1995 and 1994, respectively -
outstanding 14,390 and 14,381 shares at March 31, 1995 and 1994,
respectively ............................................................................................. 151 151
Capital in excess of par value ............................................................................. 44,618 44,625
Foreign currency translation adjustments ................................................................... (886) (1,577)
Retained earnings .......................................................................................... 18,636 14,785
-------- --------
62,519 57,984
Less: Treasury stock at cost, 688 and 689 shares ......................................................... (5,849) (5,855)
-------- --------
Shareholders' equity .......................................................................................... 56,670 52,129
-------- --------
Total liabilities and shareholders' equity ............................................................... $96,681 $83,490
======== ========
The accompanying notes are an integral part of these consolidated financial statements.
S-1
HOGAN SYSTEMS, INC.
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY
(IN THOUSANDS)
COMMON STOCK CAPITAL FOREIGN CURRENCY
----------------- EXCESS OF TRANSLATION RETAINED TREASURY
SHARES AMOUNT PAR VALUE ADJUSTMENTS EARNINGS STOCK TOTAL
------- ------ --------- ----------- -------- -------- --------
Balance, March 31, 1992 ...... 14,002 $ 155 $44,553 $ (648) $ 7,671 $(7,804) $43,927
Exercise of stock options ... 403 4 1,754 1,758
Special dividend - $.15 per
common share ............... (2,098) (2,098)
Retirement of treasury stock (15) (7,789) 7,804 --
Tax benefit from exercise of
stock options .............. 1,500 1,500
Translation adjustment ...... (762) (762)
Net income .................. 5,480 5,480
------- ------ -------- -------- -------- -------- --------
Balance, March 31, 1993 ...... 14,405 144 40,018 (1,410) 11,053 -- 49,805
Exercise of stock options ... 665 7 3,019 3,026
Special dividend - $.17 per
common share ............... (2,510) (2,510)
Acquisition of treasury stock (689) (5,855) (5,855)
Tax benefit from exercise of
stock options .............. 1,588 1,588
Translation adjustment ...... (167) (167)
Net income .................. 6,242 6,242
------- ------ -------- -------- -------- -------- --------
Balance, March 31, 1994 ...... 14,381 151 44,625 (1,577) 14,785 (5,855) 52,129
Exercise of stock options ... 21 79 79
Issuance of treasury stock .. 1 (6) 6 --
Special dividend - $.17 per
common share ............... (2,443) (2,443)
Cancellation of stock
subscription ............... (13) (80) (80)
Translation adjustment ...... 691 691
Net income .................. 6,294 6,294
------- ------ -------- -------- -------- -------- --------
Balance, March 31, 1995 ...... 14,390 $ 151 $44,618 $ (886) $18,636 $(5,849) $56,670
======= ====== ======== ======== ======== ======== ========
The accompanying notes are an integral part of these consolidated financial statements.
S-2