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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported): December 14, 2000
LIONBRIDGE TECHNOLOGIES, INC.
(Exact Name of Registrant as Specified in Charter)
DELAWARE 000-26933 04-3398462
(State or Other Jurisdiction (Commission (I.R.S. Employer of
Incorporation) File Number) Identification No.)
950 WINTER STREET
WALTHAM, MASSACHUSETTS 02451
(Address of Principal (Zip Code)
Executive Offices)
Registrant's telephone number, including area code: (781) 434-6000
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ITEM 5. Other Events.
On December 14, 2000, the registrant issued a press release (the "Press
Release") reporting that it was revising its fourth quarter revenue estimates.
The Press Release included the following:
Lionbridge Technologies, Inc. (Nasdaq: LIOX), a provider of
multilingual content management products and services to
global businesses, stated that it expects its revenues for the
fourth quarter of 2000 to be in the range of $28 million,
roughly 15 percent below consensus estimates, but
approximately 17 percent above the same quarter last year. The
company said that while customer demand for its services
remains strong, many customers have deferred the commencement
of projects until the first half of 2001. The company expects
to realize much of the revenue it anticipated for the fourth
quarter during the first half of 2001.
"We ended our third quarter on a very positive note, with all
forward-looking metrics -- bookings, backlog, and
work-in-process -- in place," said Rory Cowan, Lionbridge
chairman and CEO. "However, we have encountered an increasing
number of customer-initiated delays over the last three weeks,
as many of these customers focus on making their fourth
quarter numbers through cost deferral. While we are affected
in the short term by these year-end project delays, we expect
to realize revenue from these projects during the first half
of next year, as our customers must localize and test their
products to maintain contractual commitments to their
customers. The services we provide these customers are
`must-have', rather than discretionary, `could have'
services." He added, "Our eleven quarters of excellent cost
discipline continue."
Roger Jeanty, Lionbridge president, continued, "Our outlook
for 2001 remains positive. We are planning for over 30 percent
annual revenue growth with the continued sale of our
Multilingual Content Management Products and Services. In
addition, demand for our Veritest and ChinaConnect services
continues to strengthen. The unsettled financial status of
some of our competitors is creating increasing client
opportunities for Lionbridge."
Lionbridge plans to announce financial results for 2000 on
January 30, 2001.
FORWARD LOOKING STATEMENTS
This press release may contain forward-looking statements that
involve risks and uncertainties. Lionbridge's actual
experience may differ
materially from those discussed in the forward-looking
statements. Factors that might cause such a difference include
the termination of customer contracts prior to the end of
their term; Lionbridge's dependence on clients' product
releases to generate revenues; difficulties Lionbridge may
encounter in the integration of the operations of INT'L.com
and Harvard Translations; the loss of a major client; the
size, timing and recognition of revenue from major clients;
the impact of foreign currency fluctuations (particularly with
respect to the Euro) on its operating results and revenue
growth; risks associated with management of growth; market
acceptance of new service offerings; the failure to keep pace
with the rapidly changing requirements of its clients;
Lionbridge's ability to attract and retain key personnel;
Lionbridge being held liable for defects or errors in its
solutions; one or more of our multi-year outsourcing
relationships may be unprofitable; political, economic and
business fluctuations in international markets; as well as
risks of downturns in conditions generally, and in the
information technology and software industries specifically,
and risks associated with competition and competitive pricing
pressures. For a more detailed description of the risk factors
associated with Lionbridge, please refer to Lionbridge's
Registration Statement on Form S-3 filed with the Securities
and Exchange Commission on September 28, 2000 and its
Quarterly Report on Form 10-Q filed with the Securities and
Exchange Commission on November 14, 2000.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this current report on Form 8-K to be signed on its
behalf by the undersigned hereunto duly authorized.
LIONBRIDGE TECHNOLOGIES, INC.
(Registrant)
/s/ Margaret A. Shukur
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Secretary and General Counsel
December 15, 2000