FORM 6-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULES 13a-16 OR 15d-16 OF
THE SECURITIES EXCHANGE ACT OF 1934
For the month of May 2001
GENESYS S.A.
(Exact name of registrant as specified in its charter)
LE REGENT, 4 RUE JULES FERRY BP 1145, 34008 MONTPELLIER CEDEX
01, 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
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Indicate by check mark whether the registrant by furnishing the information
contained in this Form 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
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If "Yes" is marked, indicate below the file number assigned to the registrant in
connection with Rule 12g3-2(b): 82-
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GENESYS ANNOUNCES FIRST-QUARTER PRELIMINARY UNAUDITED RESULTS
FOR GENESYS, VIALOG AND COMBINED;
SIGNIFICANT NEW BUSINESS WIN
WITH MAJOR GLOBAL AND US TELECOMMUNICATION CARRIER
Montpellier, France--May 3, 2001--Genesys Conferencing (Euronext: 3955 and
Nasdaq: GNSY), the world's leading conferencing specialist, today announced
preliminary unaudited results for the first quarter ended March 31, 2001, for
Genesys and Vialog Corporation independently, and as combined companies. The
results are based on U.S. GAAP; results presented under French GAAP do not
present any material differences. The Vialog acquisition was completed on April
25 and will be consolidated from May 1, 2001.
Organic Growth and Automation Boost First-Quarter Revenues
Genesys revenues for the first quarter increased 32% to Euros 27.0 million (U.S.
$24.9 million) from Euros 20.5 million (U.S. $18.9 million). Vialog revenues
grew 19% to Euros 24.8 million (U.S. $22.9 million) from Euros 20.8 million
(U.S. $19.2 million). The combined growth of both companies was 26% to Euros
51.8 million (U.S. $47.8 million). Europe represented 27% of the combined
revenues, while the United States represented 70% and Asia-Pacific 3%. Growth
was mainly organic, and both companies saw increased use of automated services
which accounted for 44,6%% of Genesys revenues, 26,3% for GCI (Genesys' US
subsidiary) and 23,5% for Vialog at the end of March 2001.
The preliminary unaudited results reflect a gross margin of 59.5% of Genesys'
first-quarter revenues -compared with 55.9% for the first quarter 2000, and
53.8% for Vialog for the first quarter, compared with 51.1% for the first
quarter 2000, and a combined gross margin for the first quarter of 56.8%. The
gross margin increase is primarily attributable to the increased usage of
automated services, which generate higher margins.
Continuous improvement of EBITDA
The preliminary unaudited results reflect a combined Genesys and Vialog' EBITDA
for the first quarter, excluding corporate expenses, of Euros 13.4 million (U.S.
$12.4 million), which represents 25.8% of combined revenues up from a combined
24% for the comparable period last year. Corporate expenses represented 15.5% of
Genesys-only revenues and 8.1% of combined revenues showing the results of cost
control efforts.
Combined EBITDA after corporate expenses is approximately Euros 9.2 million
(U.S. $8.5 million), which represents 17.7% of combined revenues.
"We are pleased to announce our first quarter results for both companies and
that we are off to a strong start for the year," said Francois Legros, Genesys'
Chairman and Chief Executive Officer. "First-quarter revenue growth was very
strong and our profitability for the first quarter should be above our
expectations. We are also keeping corporate expenses under strong control and
for the quarter they decreased to 8.1 percent of combined revenues."
Significant contract win with major global and U.S. telecom carrier
Genesys announced that it has signed one of the largest ever outsourcing
contracts for conferencing services with one of the leading global and U.S.
carriers. Under the terms of this two-year contract, Genesys will provide
privately branded services to the carrier's customers with a clear focus on
fully automated services. Volumes are expected to be in the range of 85 to 120
million minutes per year with a ramp up in 2001. Size, technological leadership,
international coverage and customer focus were key factors for Genesys to win
this contract.
Francois Legros noted : "We believe that this is one of the most important
contracts ever awarded to an independent conferencing specialist. It confirms
that the combined company is a formidable competitor for teleconferencing
business worldwide. We are very proud to partner with a leading international
telecom carrier with$19 billion in revenues and over 30 million customers".
Vialog integration progresses according to plans
Genesys also reported that Genesys' U.S. management team was appointed
immediately following the closing of the Vialog acquisition. Kim Mayyasi, former
Chief Executive Officer of Vialog, becomes Chief Executive Officer of Genesys'
North American combined operations, and Margie Medalle, former Chief Executive
Officer of Genesys' North American operations, becomes President and Chief
Operating Officer of the combined operations. Integration teams representing all
functional areas of both companies have been planning integration programs since
November 2000. The integration of the two companies is progressing according to
plans.
Genesys confirmed that Vialog's recent debt refinancing will generate
approximately U.S. $4.5 million of annual cash savings on interest expenses and
that additional annual savings of $2 million are expected to be generated from
operational synergies and the combination of the companies.
Pro Forma First-Quarter Results and Conference Call
Francois Legros also announced that Genesys will report pro forma financial
results for the first quarter on May 15, 2001, followed by a conference call
that will be broadcast simultaneously over the Internet.
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Genesys Vialog Combined
In US GAAP EUR M $ M EUR M $ M EUR M $ M
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Revenue 27,0 24,9 24,8 22,9 51,8 47.8
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Gross Margin % 59,5 % 53,8 % 56,8 %
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EBITDA without 6,6 6,1 6,8 6,3 13,4 12,4
corporate charges
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% of revenue 24,4 % 27,4 % 25,8 %
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EBITDA with corporate 2,8 2,6 6,4 5,9 9,2 8,5
costs
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% of revenue - - 17,7 %
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About Genesys Conferencing:
Founded in 1986, Genesys Conferencing is the world's leading conferencing
specialist: audio conferencing, data conferencing, video conferencing and
webstreaming. Working in a rapidly growing market and enjoying unique world-wide
coverage as a result of its geographic expansion policy, Genesys Conferencing
has established its advanced technology in 16 countries throughout Europe, Asia
Pacific and the United States. Genesys Conferencing's ordinary shares are listed
on the Nouveau Marche in Paris (Euronext: 3955) and its ADSs are listed on the
Nasdaq National Stock Market (Nasdaq: GNSY). Genesys Conferencing's revenue has
grown by 24 times, internally and through acquisitions, over the past five
years. The company's average yearly revenue growth rate during that same time
span was 89 percent. In 2000, Genesys Conferencing's revenue amounted to
approximately U.S. $85.3 million, up 95 percent from 1999, representing 305
million of conferencing minutes. Combined revenues of Genesys and Vialog for the
full-year 2000 were US $164.4 million.
Press & Investor Relations in Europe
Pierre SCHWICH Marine BRUN Florence CATEL
EVP, Finance Shareholder and Press Relations
Tel: +33 4 67 06 27 55 Investor Relations Tel : + 33 4 67 06 27 49
Pierre.schwich@genesys.com Tel : + 33 4 67 06 75 17 florence.catel@genesys.com
- -------------------------- investor@genesys.com
Press and Investor relations in North America
Mike Savage Paul Joyal
SVP Business Affairs Press Relations
Tel : 781-761-6200 Tel : 781-761-6200
Msavage@genesys.com pjoyal@genesys.com
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. 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.
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: May 3, 2001
GENESYS SA
By: /s/ Pierre Schwich
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Name: Pierre Schwich
Title: Chief Financial Officer