SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULES 13a-16 OR 15d-16 OF
THE SECURITIES EXCHANGE ACT OF 1934
For the Month of August 2002
GENESYS S.A.
(Exact name of registrant as specified in its charter)
L'Acropole, 954-980 avenue Jean Mermoz, 34000 Montpellier, 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-_______________.
CONSOLIDATED FINANCIAL STATEMENTS
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2002
U.S. GAAP
GENESYS S.A.
UNAUDITED PROFORMA STATEMENTS OF OPERATIONS (U.S. GAAP)
(in thousands of euros)
------------------------------ ------------------------------
Three months ended Six months ended
June 30, June 30,
2001 2002 2001 2002
-------------- -------------- -------------- --------------
Revenue (1) (euro) 54,021 (euro) 51,946 (euro) 106,642 (euro) 107,398
Cost of revenue (2) 23,160 23,228 45,930 46,647
-------------- -------------- -------------- --------------
Gross profit 30,861 28,718 60,712 60,751
Research and development expenses 1,180 1,188 2,423 2,448
Selling, general and administrative expenses (1)(3) 33,269 30,235 58,557 58,953
Nonrecurring charge - - - 3,671
Amortization of goodwill and other intangibles 10,407 3,832 20,416 7,481
-------------- -------------- -------------- --------------
EBIT (1)(2)(3) (euro) (13,995) (euro) (6,537) (euro) (20,684) (euro) (11,802)
============== ============== ============== ==============
EBITDA (1)(2)(3) (euro) 3,986 (euro) 1,761 (euro) 11,326 (euro) 8,481
============== ============== ============== ==============
(1) The three and six months ended June 30, 2002 include a (euro) 3.2 million
negative impact (revenue (euro) 0.7 million, SG&A (euro) 2.5 million)
related to the termination of a rich media contract.
(2) The three and six months ended June 30, 2002 include (euro) 1.2 million in
costs related to the termination of a long distance contract and (euro) 0.5
million in duplicate costs related to the call center consolidation.
(3) The six months ended June 30, 2002 include (euro) 1.0 million in cost
associated with employee separations.
GENESYS S.A.
CONSOLIDATED BALANCE SHEETS (U.S. GAAP)
(in thousands, except share data)
December 31, June 30, 2002
2001 2002
-------------- --------------
ASSETS (Unaudited)
Current assets:
Cash and cash equivalents (euro) 17,510 (euro) 2,999
Accounts receivable, less allowances of(euro)3,201 at
December 31, 2001 and(euro)3,265 at June 30, 2002 48,989 42,619
Inventory 146 187
Prepaid expenses 7,156 2,208
Other current assets 6,664 5,138
-------------- --------------
Total current assets 80,465 53,151
Property and equipment, net 47,697 38,305
Goodwill and other intangibles, net 275,058 258,134
Investment in affiliated company 126 112
Deferred tax assets 236 278
Deferred financing costs, net 4,722 4,494
Other assets 2,100 1,880
-------------- --------------
Total assets (euro) 410,404 (euro) 356,354
============== ==============
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable (euro) 24,533 (euro) 14,735
Accrued liabilities 7,148 5,889
Accrued compensation 7,489 6,703
Taxes payable 9,929 7,693
Deferred revenue 4,198 922
Current portion of longterm debt 6,901 11,347
Current portion of capitalized lease obligations 266 70
Current portion of deferred tax liability 5,346 4,972
Current portion of accrued restructuring expenses 90 5,003
Other current liabilities 6,804 3,550
-------------- --------------
Total current liabilities 72,704 60,884
Longterm portion of longterm debt 142,552 120,000
Longterm portion of capitalized lease obligations 171 16
Long term portion of deferred tax liability 28,503 24,908
Other long term liabilities 3,606 5,650
Shareholders' equity:
Ordinary shares;(euro)5.00 nominal value; 15,271,064 and
15,358,954 at December 31, 2001 and June 30, 2002,
respectively 76,356 76,795
Common shares to be issued :(euro)5.00 nominal value;
250,687 and 188,328 shares at December 31, 2001 and
June 30, 2002 1,253 942
Additional paidin capital 194,019 194,168
Accumulated other comprehensive income 3,749 3,152
Deferred compensation (465) (342)
Accumulated deficit (111,293) (129,068)
-------------- --------------
163,619 145,647
Less cost of treasury shares: 22,131 shares at
December 31, 2001 and June 30, 2002 (751) (751)
-------------- --------------
Total shareholders' equity 162,868 144,896
-------------- --------------
Total liabilities and shareholders' equity (euro) 410,404 (euro) 356,354
============== ==============
GENESYS S.A.
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) (U.S. GAAP)
(in thousands, except share data)
Three Months ended June 30, Six Months ended June 30,
2001 2002 2001 2002
-------------- --------------- ------------- ---------------
Revenue :
Services (euro) 46,178 (euro) 51,599 (euro) 72,344 (euro) 106,539
Products 640 347 1,244 859
-------------- --------------- ------------- ---------------
46,818 51,946 73,588 107,398
Cost of revenue :
Services 19,133 23,010 29,736 45,944
Products 355 218 838 703
-------------- --------------- ------------- ---------------
19,488 23,228 30,574 46,647
-------------- --------------- ------------- ---------------
Gross profit 27,330 28,718 43,014 60,751
Operating expenses :
Research and development 1,178 1,188 1,873 2,448
Selling and marketing 13,399 13,864 19,044 27,372
General and administrative 13,630 16,371 22,729 31,581
Non-recurring charge - - - 3,671
Amortization of goodwill and other intangibles 9,027 3,832 11,351 7,481
-------------- --------------- ------------- ---------------
Total operating expenses 37,234 35,255 54,997 72,553
Operating loss (9,904) (6,537) (11,983) (11,802)
Financial income (expense)
Interest income 23 31 156 89
Interest expense (2,161) (2,811) (3,069) (5,108)
Foreign exchange gain (loss) 309 (25) 1,530 (565)
Other financial income (expense), net (910) (520) 92 (795)
-------------- --------------- ------------- ---------------
Financial expense, net (2,739) (3,325) (1,291) (6,379)
Equity in loss of affiliated company (40) (3) (40) (11)
-------------- --------------- ------------- ---------------
Income (loss) before taxes (12,683) (9,865) (13,314) (18,192)
Income tax (expense) / credit (4,263) 302 (5,609) 651
-------------- --------------- ------------- ---------------
Net loss (euro)(16,946) (euro) (9,563) (euro)(18,923) (euro)(17,541)
============== =============== ============= ================
-------------- --------------- ------------- ---------------
Basic and diluted net loss per share (euro) (1.31) (euro) (0.62) (euro) (1.69) (euro) (1.13)
============== =============== ============= ================
Number of shares used in computing basic
and diluted net loss per share 12,945,264 15,544,450 11,191,218 15,536,374
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: August 13, 2002
GENESYS SA
By: /s/ Francois Legros
----------------------------
Name: Francois Legros
Title: Chairman and Chief
Executive Officer