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
----- -----
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
----- -----
If "Yes" is marked, indicate below the file number assigned to the registrant in
connection with Rule 12g3-2(b): 82-_______________
FOR IMMEDIATE RELEASE
Tuesday, May 15, 2001
GENESYS REPORTS PRO FORMA FIRST-QUARTER RESULTS ;
CONFIRMS STRONG GROWTH IN REVENUE AND EBITDA IMPROVEMENT
Highlights:
o Strong revenue growth (vs Q1 2000) for Genesys (31%) and accelerating growth
for Vialog (19%).
o Call volume up 45% for Genesys and 55% for Vialog vs Q1 2000.
o Rapid adoption of automated services (34% of combined audio revenues)
driving improvement of gross margin by 300 basis points to 56.3%.
o Combined EBITDA margin of 17.8% (vs 9.4% in Q4 2000) reflects the benefit of
the Vialog acquisition.
Montpellier, France - May 15, 2001 - Genesys Conferencing (Euronext: 3955 and
Nasdaq: GNSY), the world's leading conferencing specialist, today announced
unaudited pro forma first-quarter results in line with preliminary results
reported on May 3, 2001 for Genesysand Vialog The Vialog acquisition was
completed on April 25 and will be consolidated from May 1, 2001.
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Summary of pro forma Genesys + Vialog first quarter 2001 results
In US GAAP unaudited Pro forma
Accounts. In thousands Genesys + Vialog
----------------
Euro $
Revenue 51,589 47,617
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Gross Margin % 56.3%
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EBITDA (including 9,197 8,489
corporate costs)
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% of revenue 17.8 %
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EBIT (1,252) (1,155)
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Net Income (loss) -3,459 (3,192)
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Combined revenues for Genesys and Vialog for the first quarter increased to
Euros 51.6 million (U.S. $47.6 million) from Euros 41.3 million (U.S. $38.1
million). Europe represented 27% of 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 34% of
audio revenues.
Combined EBITDA was approximately Euros 9.2 million (U.S. $8.5 million), or
17.8% of combined revenues up from 9.4% in Q4 2000.
Combined EBIT, including goodwill amortization of approximately Euros 6,1
million (US$ 5.6 million), for the period amounted to Euros (1.3) million (US$
1.2) and combined pretax loss was Euros (2.04) millions (US$ -1.88). The company
posted a net loss of Euros (3.5) million (US$ -3.2), or Euros -(0.27) (US$ 0.23)
per share.
In presenting those results, Francois Legros, Chairman & CEO of Genesys stated:
"we are very happy with the financial performance of both companies during the
first quarter. These figures clearly reflect some of the benefits of the merger
between Vialog and Genesys, although it has to be noted that savings from
operational synergies as well as from the refinancing of Vialog's debt were not
realized during the first quarter. We are also pleased with the continuous
strong deployment of our automated services and the resulting increase of our
margins", he added.
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Genesys
------------------
In French GAAP,
unaudited accounts Euro $
In thousands
-----------------------------------------
Revenue 26,777 24,709
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Gross margin 15,684 14,476
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in % of revenue 58,6 %
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EBIT (118) (109)
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Financial income (647) (597)
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Income tax (875) (808)
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Goodwill amortization (1,907) (1,760)
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Net income (loss) (3,547) (3,274)
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CEO Francois Legros, EVP Finance Pierre Schwich
and SVP Business Affairs Mike Savage will hold a conference call on
Wednesday, May 16 at 18:30 PM French time (GMT+1)
or at 12:30 AM Eastern Time.
The Genesys conference call will be webcast live. The public may
access the call by:
Dialing + 44 208 781 05 97 from Europe and + 1 303 267 10 07 from North America
to join the conference call and participate in the Q&A session
OR
Joining the live webcast of the call at www.genesys.com/investor by clicking
on the Q1 2001 earnings webcast icon.
If you are unable to participate during the conference, a replay of the
call will be available at www.genesys.com/investor
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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 ADRs 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 Investor Relations Press Relations
Tel: +33 4 67 06 27 55 Tel : + 33 4 67 06 75 17 Tel : + 33 4 67 06 27 49
Pierre.schwich@genesys.com investor@genesys.com florence.catel@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. Some of these factors are described in the form F4
registration statement which was filed by Genesys with the Securities and
Exchange Commission on February 12, 2001.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.
GENESYS CONFERENCING
Pro forma combined Genesys and Vialog results in US GAAP
for the periods ended March 31, 2000, December 31, 2000 and March 31, 2001
(in thousands, except share and per share data)
(the exchange rate is an average of Q1 2001, 1Euro= $0.923)
Three months
ended March 2001
Euro $
Net revenues 51,589 47,617
Cost of revenues, including depreciation 22,543 20,807
----------------------
Gross profit 29,046 26,810
Selling, general and administrative expenses 24,182 22,320
Amortization of goodwill and intangibles 6,116
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Operating income (loss) (1,252) (1,155)
Financial income (expense), net (787) (726)
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Income (loss) before taxes (2,039) (1,881)
Income tax (expense) (1,420) (1,311)
----------------------
Net loss (3,459) (3,192)
Loss per common share - basic and diluted (0.27) (0.25)
Weighted average common shares outstanding 12,865,965
EBITDA 9,197 8,489
Three months Three months ended Three months ended
ended March 2001 December 31, 2000 March 31, 2000
Euro $ Euro $ Euro $
Net revenues 51,589 47,617 49,317 45,519 41,322 38,140
Gross Profit 29,046 26,810 26,286 24,262 22,041 20,344
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9,197 8,489 4,656 4,297 8,818 8,139
EBITDA
GENESYS CONFERENCING
Genesys Results in US GAAP
for the periods ended March 31, 2000, December 31 2000 and March 31, 2001
(in thousands, except share and per share data)
(the exchange rate is an average of Q1 2001, 1Euro= $0.923)
Three months
ended March 2001
Euro $
Net revenues 26,770 24,709
Cost of revenues, including depreciation 11,086 10,232
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Gross profit 15,684 14,476
Selling, general and administrative expenses 15,500 14,307
Amortization of goodwill and intangibles 2,326 2,147
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Operating income (loss) (2,142) (1,977)
Financial income (expenses), net 1,556 1,436
Income (loss) before taxes (586) (541)
Income tax (expense) (1,420) (1,311)
------------------------
Net loss (-2,006) (-1,852)
Loss per common share - basic and diluted (0.21) (0.20)
Weighted average common shares outstanding 9,418,996
EBITDA 2,784 2,570
Main differences between Genesys French GAAP accounts and U.S. GAAP
accounts are summarized below:
- - 2.3 million Euros of goodwill amortization included in the EBIT in U.S. GAAP
and accounted for 1,9 million Euros after EBIT in French GAAP.
- - Deffered treatment of currency exchange gain of 1.0 million Euros in U.S.
GAAP versus a loss of 1,0 million Euros in French GAAP, affecting Finacial
income.
Three months Three months ended Three months ended
ended March 2001 December 31, 2000 March 31, 2000
Euro $ Euro $ Euro $
Net revenues 26,770 24,709 27,865 25,719 20,494 18,916
15,684 14,476 15,749 14,536 11,472 10,589
Gross Profit
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2,784 2,570 1,653 1,526 3,679 3,396
EBITDA
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 16, 2001
GENESYS SA
By: /s/ Pierre Schwich
-------------------------------
Name: Pierre Schwich
Title: Chief Financial Officer