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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 14A
PROXY STATEMENT PURSUANT TO SECTION 14(a) OF THE SECURITIES
EXCHANGE ACT OF 1934
(AMENDMENT NO. )
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[ ] Preliminary Proxy Statement [ ] CONFIDENTIAL, FOR USE OF THE
[ ] Definitive Proxy Statement COMMISSION ONLY (AS PERMITTED BY
|X| Definitive Additional Materials RULE 14a-6(e)(2))
[ ] Soliciting Material Pursuant to
Section 240.14a-12
DELTEK SYSTEMS, INC.
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(NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
(NAME OF PERSON(S) FILING PROXY STATEMENT, IF OTHER THAN THE REGISTRANT)
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Filed by Deltek Systems, Inc.
Pursuant to Rule 14a-6(b)
of the Securities Exchange Act of 1934
Subject Company: Deltek Systems, Inc.
Commission File No.: 000-22001
On May 13, 2002, Deltek Systems, Inc. issued the following press release:
NEWS RELEASE
For Immediate Release
DELTEK REPORTS FIRST QUARTER EARNINGS
HERNDON, VA - MAY 13, 2002 -- DELTEK SYSTEMS, INC. (NASDAQ:DLTK), the leading
provider of business software and solutions for project-based businesses and
professional services firms, today announced financial results for the first
quarter ended March 31, 2002. Revenues for the first quarter were $22.8 million,
a decrease of 10% compared with $25.1 million in revenue for the first quarter
of 2001.
Net income and diluted earnings per share for the quarter were $1.4 million and
$0.09, respectively, for the first quarter of 2002. Results for the quarter
exclude goodwill amortization as required by new accounting rules that became
effective for the Company on January 1, 2002. Net income and diluted earnings
per share for the quarter ended March 31, 2001 were $904,000 and $0.06,
respectively, including goodwill amortization, and $1.6 million and $0.10,
respectively, excluding goodwill amortization.
During the quarter, Deltek incurred approximately $800,000 in general and
administrative expenses as a direct result of the planned going private
transaction. Deltek expects to incur additional transaction fees during the
second quarter.
Software revenue was $6.2 million for the first quarter of 2002, compared with
$5.8 million for the first quarter of 2001. Total services revenue was $16.2
million for the quarter, down 13.1% compared with $18.7 million for the first
three months of 2001. Services revenue for the first quarter of 2001 included
approximately $1.0 million for user conference registration fees.
For further information about the results of the quarter ended March 31, 2002
please see the Form 10-Q to be filed with the Securities and Exchange Commission
on May 14 or 15, 2002. Deltek will hold a Special Meeting of Shareholders on May
31, 2002 to vote on a proposal to take the company private. Deltek has recently
mailed proxy materials to shareholders regarding this proposal.
The proposed going private transaction is the subject of a lawsuit filed on or
about May 6, 2002 in the Second Judicial District Court in Ramsey County,
Minnesota. Additional information concerning this lawsuit will be contained in
an amendment to Deltek's Rule 13E-3 Transaction Statement to be filed promptly
with the SEC.
ABOUT DELTEK SYSTEMS, INC.
Deltek Systems, Inc. (NASDAQ: DLTK) is the leading provider of business
software, solutions and consulting to more than 7,500 professional services
firms and project-based companies worldwide. Deltek's solutions encompass client
relationship management and proposal automation; employee time and expense;
project and resource planning, budgeting and control; accounting and billing;
procurement and materials management; human resources management; and
e-Business. Integrated services include premium-level customer support and
software maintenance, implementation and practice management consulting, and
classroom training. For more information, visit Deltek at www.deltek.com, or
call 800/456-2009 in the U.S., or +44 (0) 20 7518 5010 in the U.K.
(C)2002 DELTEK SYSTEMS, INC. ALL REFERENCED TRADEMARKS ARE THE PROPERTY OF THEIR
RESPECTIVE OWNERS.
DELTEK CONTACTS:
K. ALLEN FARBER, PRESS OFFICER, 800/456-2009 x4544; Cell: 703/598-3585;
afarber@deltek.com
BABETTE J. ALLER, INVESTOR RELATIONS MANAGER, 800/456-2009, x4444;
baller@deltek.com
CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share data)
THREE MONTHS
ENDED MAR 31,
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2002 2001
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REVENUES
License fees $ 6,167 $ 5,765
Services 16,228 18,681
Third party equipment and software 388 690
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Total revenues 22,783 25,136
OPERATING EXPENSES
Cost of software 957 1,044
Cost of services 7,079 10,004
Cost of third-party equipment and software 325 618
Software development 5,124 4,911
Sales and marketing 3,381 3,789
General and administrative 3,503 2,049
Amortization of goodwill and intangibles 136 978
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Total operating expenses 20,505 23,393
Income from operations 2,278 1,743
Interest and other income 278 122
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Income before income taxes 2,556 1,865
Provision for income taxes 1,138 961
Net income $ 1,418 $ 904
PER SHARE
Basic $ 0.09 $ 0.06
Diluted $ 0.09 $ 0.06
SHARES USED TO COMPUTE PER SHARE AMOUNTS
Basic 15,313 15,178
Diluted 15,403 15,228
CONSOLIDATED STATEMENTS OF INCOME, AS ADJUSTED
(In thousands, except per share data)
THREE MONTHS
ENDED MAR 31,
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2001
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Earnings before income taxes $ 1,865
Amortization of goodwill 835
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Earnings before income taxes excluding amortization $ 2,700
Provision for income taxes 1,147
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Net income, as adjusted $ 1,553
Diluted net income per share, as adjusted $ 0.10
Diluted shares used to compute per share amounts 15,228
SELECTED BALANCE SHEET DATA
(In thousands)
03/31/02 12/31/01
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ASSETS
Cash and marketable securities $30,502 $30,383
Accounts receivable, net 15,010 12,263
Other current assets 5,747 5,710
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Total current assets 51,259 48,356
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Property and equipment, net 7,488 6,247
Capitalized research & development, net 6,021 6,199
Goodwill and purchased intangibles, net 11,329 11,465
Other assets 257 267
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Total assets $76,354 $72,534
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LIABILITIES AND SHAREHOLDERS' EQUITY
Accounts payable and accrued expenses $ 8,214 $ 8,065
Deferred revenue 14,238 13,420
Other current liabilities 2,111 1,739
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Total current liabilities 24,563 23,224
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Long term liabilities 1,682 932
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Total shareholders' equity 50,109 48,378
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Total liabilities and shareholders' equity $76,354 $72,534
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