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Interwoven Inc – ‘8-K/A’ for 7/18/00

On:  Friday, 9/29/00, at 5:24pm ET   ·   For:  7/18/00   ·   Accession #:  1012870-0-5068   ·   File #:  0-27389

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  As Of                Filer                Filing    For·On·As Docs:Size              Issuer               Agent

 9/29/00  Interwoven Inc                    8-K/A:2,7   7/18/00    3:37K                                    Donnelley R R & S… 13/FA

Amendment to Current Report   —   Form 8-K
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 8-K/A       Form 8-K/A Am #1                                       7     32K 
 2: EX-23.01    Consent of Pricewaterhousecoopers LLP                  1      5K 
 3: EX-99.02    Financial Statements of Neonyoyo, Inc.                10     43K 


8-K/A   —   Form 8-K/A Am #1
Document Table of Contents

Page (sequential) | (alphabetic) Top
 
11st Page   -   Filing Submission
2Item 2:. Acquisition or Disposition of Assets
"Item 7:. Financial Statements and Exhibits
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SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K/A CURRENT REPORT Amendment No. 1 Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (date of earliest event reported) July 18, 2000 ------------------------------- INTERWOVEN, INC. -------------------------------------------------------------------------------- (Exact name of Registrant as specified in its charter) Delaware 000-27389 77-0523543 ---------------------------- ------------ ------------------- (State or other jurisdiction (Commission (I.R.S. Employer of incorporation) File Number) Identification No.) 1195 West Fremont Avenue, Suite 2000 Sunnyvale, California 94087 ---------------------------------------- ---------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code (408) 774-2000 ----------------------------- 1
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ITEM 2: Acquisition or Disposition of Assets On August 2, 2000, Interwoven, Inc. ("Interwoven") filed a Form 8-K to report its acquisition of Neonyoyo, Inc. ("Neonyoyo"). Pursuant to Item 7 of Form 8-K, Interwoven indicated that it would file certain financial information no later than the date required by Item 7 of Form 8-K. This Amendment No. 1 to Form 8-K is filed to provide the required financial information. ITEM 7: FINANCIAL STATEMENTS AND EXHIBITS. (a) Financial Statements of Business Acquired. ----------------------------------------- The financial statements of Neonyoyo required by paragraph (a)(4) of Item 7 of Form 8-K are included herein as exhibit 99.02. (b) Pro Forma Financial Information. ------------------------------- The pro forma financial statements required by paragraphs (b)(2) and (a)(4) of Item 7 of Form 8-K are included herein. Unaudited pro forma combined condensed balance sheet as of June 30, 2000 Unaudited pro forma combined condensed statement of operations for the six months ended June 30, 2000 Notes to unaudited pro forma combined condensed financial statements The following unaudited pro forma combined condensed financial statements are presented for illustrative purposes only and are not necessarily indicative of the combined financial position or results of operations for future periods or the financial position or results of operations that actually would have been realized had Interwoven and Neonyoyo been a combined company during the specified periods. The unaudited pro forma combined condensed financial statements, including the related notes, are qualified in their entirety by reference to, and should be read in conjunction with, the historical consolidated financial statements and related notes thereto of Interwoven, included in its Form 10-K and Form 10-Q, filed with the Securities and Exchange Commission on March 30, 2000 and August 10, 2000, respectively, and Neonyoyo, included elsewhere in this Form 8-K/A. The following unaudited pro forma combined condensed financial statements give effect to the merger between Interwoven and Neonyoyo using the purchase method of accounting. The pro forma combined condensed financial statements are based on the respective historical unaudited consolidated financial statements and related notes of Interwoven and Neonyoyo. The pro forma adjustments are preliminary and based on management's estimates of the value of the tangible and intangible assets acquired. In addition, management is continuing to assess its integration plans, which may result in additional costs. The pro forma combined condensed balance sheet and statement of operations assume the merger took place as of January 1, 2000 and combine Interwoven's unaudited consolidated balance sheet as of June 30, 2000 with Neonyoyo's unaudited balance sheet as of June 30, 2000 and Interwoven's statement of operations for the six months ended June 30, 2000 with Neonyoyo's unaudited statement of operations for the six months ended June 30, 2000, respectively. A pro forma combined balance sheet as of December 31, 1999 assuming the merger took place as of January 1, 1999 and a pro forma combined condensed statement of operations for the twelve months ended December 31, 1999 assuming the merger took place as of January 1, 1999 are not presented as operating activities of Neonyoyo during 1999 consisted of less than $10,000 in expenses and no revenues. The operating results for the period December 17, 1999 (inception) through December 31, 1999 have been included in the June 30, 2000 financial statements to facilitate presentation. 2
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INTERWOVEN, INC. UNAUDITED PRO FORMA COMBINED CONDENSED BALANCE SHEET (In thousands) [Enlarge/Download Table] June 30, 2000 -------------------------------------------------------- Historical Pro forma ----------------------- ------------------------------ Interwoven Neonyoyo Adjustments Combined ---------- ---------- ----------------- ---------- (unaudited) (unaudited) Assets Current assets: Cash and cash equivalents................. $ 47,393 $ 1,619 $ (10,247) (a) $ 38,765 Short-term investments.................... 119,300 119,300 Accounts receivable, net of allowance for doubtful accounts....................... 23,723 23,723 Prepaid expenses.......................... 2,319 (1,613) (a) 706 Other current assets...................... 872 872 ---------- ---------- ----------- ---------- Total current assets................. 193,607 1,619 (11,860) 183,366 Investments................................. 58,297 58,297 Property and equipment, net................. 6,191 110 6,301 Intangible assets, net...................... 313 72,301 (a) 72,614 Restricted cash............................. 605 605 Other assets................................ 149 41 1,092 (a) 1,282 ---------- ---------- ----------- ---------- $ 259,162 $ 1,770 $ 61,533 $ 322,465 ========== ========== =========== ========== Liabilities and Stockholders' Equity Current liabilities: Accounts payable.......................... $ 2,129 $ 50 $ $ 2,179 Accrued liabilities....................... 13,369 75 379 (a) 13,823 Deferred revenue.......................... 16,117 16,117 ---------- ---------- ----------- ---------- Total current liabilities............ 31,615 125 379 32,119 Stockholders' Equity: Preferred stock........................... -- - - - Common Stock.............................. 24 - 1 (a) 25 Additional paid-in capital................ 261,341 2,254 81,747 (a) 345,342 Notes receivable from stockholders........ (105) -- (105) Deferred stock-based compensation......... (3,282) -- (3,691) (a) (6,973) Accumulated deficit....................... (30,431) (609) (16,903) (a) (47,943) ---------- ---------- ----------- ---------- Total stockholders' equity........... 227,547 1,645 61,154 290,346 ---------- ---------- ----------- ---------- $ 259,162 $ 1,770 $ 61,533 $ 322,465 ========== ========== =========== ========== See notes to unaudited pro forma combined condensed financial statements. 3
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INTERWOVEN, INC. UNAUDITED PRO FORMA COMBINED CONDENSED STATEMENT OF OPERATIONS (In thousands, except per share amounts) [Enlarge/Download Table] Six Months Ended June 30, 2000 -------------------------------------------------------- Historical Pro forma ----------------------- ------------------------------ Interwoven Neonyoyo Adjustments Combined ---------- ---------- ----------------- ---------- (unaudited) (unaudited) Revenues: License............................................ $ 24,809 -- $ 24,809 Services........................................... 13,312 -- 13,312 ---------- ---------- ------------ ---------- Total revenues................................ 38,121 -- 38,121 Cost of revenues: License............................................ 267 -- 267 Services........................................... 12,562 -- 12,562 ---------- ---------- ------------ ---------- Total cost of revenues........................ 12,829 -- 12,829 Gross profit......................................... 25,292 -- 25,292 Operating expenses: Research and development........................... 5,396 282 5,678 Sales and marketing................................ 23,918 23,918 General and administrative......................... 4,768 347 5,115 Amortization of deferred stock-based compensation.. 1,450 1,739 (b) 3,189 Amortization of acquired intangible assets......... 103 -- 14,866 (c) 14,969 ---------- ---------- ------------ ---------- Total operating expenses...................... 35,635 629 16,605 52,869 Loss from operations................................. (10,343) (629) (16,605) (27,577) Interest income and other income (expense), net...... 5,875 20 (298) (d) 5,597 ---------- ---------- ------------ ---------- Net loss............................................. (4,468) (609) (16,903) (21,980) ========== ========== ============ ========== Basic and diluted net loss per share................. ($0.10) ($0.49) ========== ========== Shares used in computing basic and diluted net loss per share.......................................... 44,215 1,100 (e) 45,315 ========== ============ ========== See notes to unaudited pro forma combined condensed financial statements. 4
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INTERWOVEN, INC. NOTES TO UNAUDITED PRO FORMA COMBINED CONDENSED FINANCIAL STATEMENTS On July 18, 2000, Interwoven acquired all of the outstanding capital stock of Neonyoyo in exchange for approximately $9.9 million in cash and 1.1 million shares of Interwoven common stock. In addition, Interwoven assumed options to purchase a total of 33,862 shares of Interwoven common stock in exchange for all issued and outstanding Neonyoyo options and agreed to pay Interwoven common stock and cash upon the exercise of such assumed options. Under purchase accounting, the total purchase price was allocated to Neonyoyo's assets and liabilities based on their relative fair values with any excess purchase price being allocated to intangibles and goodwill. The fair value of Neonyoyo's assets and liabilities were estimated by examining expected future cash flows. The fair value of intangibles and goodwill related to the acquisition were estimated by examining replacement cost and present value of discounted cash flows. The Company may revise estimates and accordingly adjust the components of purchase price up to twelve months subsequent to the acquisition date. The amounts and components of the purchase price along with the allocation of the purchase price to assets acquired were as follows (in thousands): [Download Table] Cash......................................................... $ 9,949 Common stock................................................. 76,311 Incremental fair value of Neonyoyo stock options assumed .... 6 Assumed liabilities.......................................... 25 Transaction costs............................................ 1,967 -------- Total purchase price..................................... $ 88,258 ======== Book value of net tangible assets of Neonyoyo................ $ 1,091 Acquired workforce........................................... 582 Covenants not to compete..................................... 6,929 Writeoff of In-process Research and Development ............. 1,724 Goodwill..................................................... 77,932 -------- Net assets acquired...................................... $ 88,258 ======== As the Company recorded approximately $85.4 million in intangible assets related to the acquisition, amortization charges of these intangibles is expected to be $5.0 million and $7.4 million in the third quarter and the fourth quarter of 2000, respectively. As the Company recorded deferred compensation liabilities of $2.3 million and $3.1 million related to the assumption of Neonyoyo options and the exchange of Interwoven shares for Neonyoyo shares, respectively, amortization expenses related to these items is expected to be $0.9 million in the third quarter of 2000 and $0.8 million in the fourth quarter of 2000. The unaudited pro forma combined condensed balance sheet and statement of operations give effect to the merger as if it had occurred at the beginning of the period presented. The following adjustments have been reflected in the unaudited pro forma combined condensed balance sheet and statement of operations: (a) To record cash paid, common stock and options issued to common and preferred stockholders of Neonyoyo, and record applicable purchase accounting entries. 5
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INTERWOVEN, INC. NOTES TO UNAUDITED PRO FORMA COMBINED CONDENSED FINANCIAL STATEMENTS (b) To reflect the year to date adjustment related to amortization of deferred stock based compensation. (c) Adjustment to record the amortization of goodwill and intangible assets resulting from the allocation of the Neonyoyo purchase price. The pro forma adjustment assumes goodwill and other intangible assets will be amortized on a straight-line basis over the following estimated lives: Acquired workforce................................................. 2 years Covenants not to compete........................................... 2 years Goodwill........................................................... 3 years (d) To eliminate interest income earned by Interwoven on cash paid at the date of the merger assuming a 6% interest rate which approximates the Company's actual weighted average rate of return during the periods presented. (e) To reflect the shares issued as consideration for the merger based on the calculated exchange price of $69.09 per share. (c) Exhibits. 2.01* Agreement and Plan of Merger by and among the Registrant, Neonyoyo, Inc. and Agnes Pak, dated July 10, 2000. 23.01 Consent of PriceWaterhouseCoopers LLP, Independent Accountants. 99.01* Press Release dated July 11, 2000. 99.02 Financial statements of Neonyoyo, Inc. __________ *Previously filed 6
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SIGNATURE 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. Dated: September 26, 2000 INTERWOVEN, INC. By: /s/ David M. Allen ------------------------------ David M. Allen Senior Vice President, Chief Financial Officer and Secretary 7

Dates Referenced Herein   and   Documents Incorporated by Reference

Referenced-On Page
This ‘8-K/A’ Filing    Date First  Last      Other Filings
Filed on:9/29/00
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3/30/00210-K
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