UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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 X, 2004
LAWSON SOFTWARE, INC.
(Exact name of registrant as specified in its charter)
Commission File Number: 000-33335
Delaware 41-1251159
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification Number)
380 St. Peter Street, St. Paul, Minnesota 55102-1302
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (651) 767-7000
Former name or former address, if changed since last report: Not applicable
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligations of the registrant under any of the
following provisions:
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[ ] Written communications pursuant to Rule 425 under the Securities
Act (17 CFR 230.425)
[ ] Soliciting material pursuant to Rule14a-12 under the Exchange Act
(17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2b
under the Exchange Act (17CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
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Item 2.05 Costs Associated with Exit or Disposal Activities
(a) On September 30, 2004, the Company announced its intent to
enact corporate restructure initiatives. The Company has approved two separate
restructure plans. Both were designed to enhance operating effectiveness and
profitability.
The plan announced on September 30, 2004, included initiatives to
streamline structure, consolidate leadership and reduce long-term costs to
realign projected expenses with anticipated revenue levels. It included a
reduction of approximately 100 employees in the United States and the United
Kingdom, and resulted in a charge of approximately $3.0 million for severance
and related benefits in the second quarter ended November 30, 2004. The
reduction included employees who work in operations, marketing, sales, research
and development, support and services. All terminations and related cash
payments have been primarily completed as of November 30, 2004. The remaining
are expected to be completed during fiscal 2005.
On December 3, 2004, the Company approved a plan that includes
initiatives to further reduce costs and realign projected expenses with
anticipated revenue levels. It includes a reduction of approximately 75
employees in the United States and the United Kingdom, and because the Company
was able to determine probability at the end of the quarter, the restructuring
resulted in a charge of approximately $2.5 million for severance and related
benefits in the second quarter ended November 30, 2004. The reduction includes
employees who work in sales, research and development and services. All
terminations and related cash payments are expected to be completed during
fiscal 2005.
The impact to fiscal 2005 second quarter ended November 30, 2004 is as
follows:
Quarter ended
November 30, 2004
(in thousands)
Restructuring-Phase I $3,000
Restructuring-Phase II 2,500
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Total $5,500
The information in this Form 8-K shall not be incorporated by reference
into any registration statement or other document filed pursuant to the
Securities Act of 1933, as amended, except as shall be expressly set forth by
specific reference in such filing.
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 hereunto duly authorized.
Lawson Software, Inc.
Date: December 9, 2004 By: /s/ Robert G. Barbieri
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Robert G. Barbieri
Executive Vice President and Chief Financial
and Performance Officer