MAPICS' Shareholders Vote to Approve Infor
Acquisition
Monday April 18, 7:00 am ET
ATLANTA--(BUSINESS WIRE)--April 18, 2005--MAPICS (NASDAQ:MAPX - News) announced that MAPICS' shareholders voted to approve the Infor acquisition on Thursday, April 14, 2005. Infor is a leading global provider of enterprise software solutions exclusively focused on select verticals in the manufacturing and distribution industries. The acquisition is expected to close later today.
Under the terms of the agreement, Infor agreed to pay $12.75 per share in cash to MAPICS shareholders. The acquisition is being financed through equity capital provided by Golden Gate Capital and Summit Partners, Infor's existing equity sponsors, and Infor's senior bank debt and subordinated debt is being refinanced by a syndicate of banks led by Lehman Brothers.
Infor focuses exclusively on delivering integrated enterprise resource planning (ERP) and supply chain solutions that are designed specifically for the manufacturing and distribution industries. By adding MAPICS' additional scale and reach, Infor will be able to expand its manufacturing solutions and increase its ability to compete globally. The combined company will have more than 17,500 customers implemented in over 70 countries.
MAPICS has approximately 4,500 customers and a team of dedicated employees who will expand Infor's expertise in the manufacturing sector. MAPICS' strong affiliate and partner network will further enhance Infor's ability to meet the needs of global manufacturers, and MAPICS' proven products will allow Infor to offer an expanded suite of solutions. Infor's financial backing, global reach and additional product solutions will provide MAPICS' customers with a path for continuous improvement and long-term growth.
About Infor
Infor focuses exclusively on providing vertical specific,
enterprise-wide business solutions to the manufacturing and
distribution industries worldwide and delivers best-in-class
products that address the essential challenges our customers face
in areas such as supply chain planning, relationship management,
demand management, ERP, warehouse management, marketing-driven
distribution, and business intelligence. For additional
information, visit www.infor.com.
Contact:
Infor Global Solutions
Scott Meyerhoff, 678-393-5008
scott.meyerhoff@infor.com
or
Beverly McDonald, 678-393-5007
beverly.mcdonald@infor.com
or
MAPICS, Inc.
David Morgan, 678-319-8583
dave.morgan@mapics.com
or
Sandra Hofmann, 404-408-1829
sandy.hofmann@mapics.com
Source: MAPICS, Inc.
MAPICS Reports Results for First Fiscal
Quarter 2005
Thursday February 3, 4:00 pm ET
ATLANTA--(BUSINESS WIRE)--Feb. 3, 2005--MAPICS, Inc. (Nasdaq/NM:MAPX - News) announced results for its first fiscal quarter ended December 31, 2004.
Key quarterly highlights (versus the prior year period) for MAPICS include:
"The license revenue increase was due principally to an increase in customer demand for our Syteline software solutions both in the Americas and in our international markets," remarked Dick Cook, president and chief executive officer. "We began to release translated versions of our Syteline 7 product within many of our foreign distribution channels in the third quarter of fiscal 2004. We signed contracts for a total of 56 new accounts this quarter with 45 being new Syteline customers. The increase in license revenue, with a greater percentage from Syteline, coupled with our prior restructuring efforts resulted in higher income from operations and improved cash flow."
About MAPICS
MAPICS is one of the largest global providers of solutions focused exclusively on manufacturing. Building on more than 25 years of industry experience and proven success, MAPICS helps manufacturers be world class by gaining market share, operating at peak efficiency, and exceeding customer expectations. The MAPICS solutions include software - extended ERP, CRM, and supply chain management - and professional services. The solutions are implemented on the two industry-leading technology platforms - Microsoft and IBM.
Headquartered in Atlanta, MAPICS has implemented solutions in more than 10,000 customer sites in more than 70 countries. For more information, visit www.mapics.com.
Due to the Company's definitive agreement to be acquired by Infor Global Solutions, which was announced on Thursday, January 27, 2005, the Company will not hold a conference call to discuss its first quarter of 2005 results.
MAPICS is a trademark of MAPICS, Inc. The correct usage of the MAPICS name is all capitals. Other brand and product names may be trademarks of their respective owners.
Forward Looking Disclaimer
Statements in this press release or otherwise attributable to Infor or MAPICS regarding their business which are not historical facts, including those regarding closing the contemplated transaction, benefits associated with the contemplated transaction, and financial and operating results of the combined entity post closing are forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Words such as "will," "opportunity," "expect," "anticipate," "believes" and similar expressions as well as statements regarding the closing of the contemplated transaction are intended to identify such forward-looking statements. These forward-looking statements are not guarantees of performance and are inherently subject to risks and uncertainties, none of which can be predicted or anticipated. Future events and actual results, financial or otherwise, could differ materially from those contained herein. Important factors that could cause the actual results to differ materially from the Infor and MAPICS' expectations include the ability of the parties to consummate the transaction, including obtaining acceptable financing and other approvals necessary, the ability of the parties to successfully manage and establish relationships with third parties, the ability of the parties to successfully and profitably integrate products and operations, competition in the market for business software in the manufacturing industry, as well as other factors set forth from time to time in the Infor and MAPICS' respective reports filed with the Securities and Exchange Commission. Infor and MAPICS undertake no obligation to revise or publicly update such forward-looking statements whether as result of new information or otherwise.
MAPICS, Inc. and Subsidiaries
Selected Condensed Consolidated Financial Data
(In thousands, except per share data)
(Unaudited)
Three Months Ended
December 31,
------------------
2004 2003
-------- --------
Total revenue $48,335 $43,035
Net income $ 5,108 $ 2,284
Net income per common share (basic) $ 0.20 $ 0.10
Weighted average common shares (basic) 25,506 23,000
Net income per common share (diluted) $ 0.19 $ 0.09
Weighted average common shares (diluted) 26,268 25,928
MAPICS, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations
(In thousands, except per share data)
(Unaudited)
Three Months Ended
December 31,
------------------
2004 2003
--------- --------
Revenue:
License $ 14,528 $11,693
Services 33,807 31,342
--------- --------
Total revenue 48,335 43,035
--------- --------
Operating expenses:
Cost of license revenue 4,709 4,997
Cost of services revenue 12,785 12,887
Selling and marketing 12,425 11,804
Product development 4,254 3,630
General and administrative 5,394 5,939
--------- --------
Total operating expenses 39,567 39,257
--------- --------
Income from operations 8,768 3,778
Interest expense, net 39 (153)
--------- --------
Income before income tax expense 8,807 3,625
Income tax expense 3,699 1,341
--------- --------
Net income $ 5,108 $ 2,284
========= ========
Net income per common share - BASIC $ 0.20 $ 0.10
========= ========
Weighted average number of common
shares outstanding 25,506 23,000
Net income per common share - DILUTED $ 0.19 $ 0.09
========= ========
Weighted average number of common
shares and common equivalent
shares outstanding 26,268 25,928
========= ========
MAPICS, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(In thousands)
December 31, September 30,
2004 2004
------------ -------------
(Unaudited) (Unaudited)
ASSETS
Current assets:
Cash and cash equivalents $ 34,696 $ 26,407
Accounts receivable, net 41,647 36,275
Deferred royalties and commissions 14,864 15,759
Other current assets, net 7,040 7,553
------------ -------------
Total current assets 98,247 85,994
Property and equipment, net 4,417 4,531
Computer software costs, net 29,034 29,307
Goodwill and other intangible assets, net 47,953 48,409
Other non-current assets, net 13,365 16,083
------------ -------------
Total assets $193,016 $184,324
============ =============
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable, accrued expenses
and other current liabilities $ 35,584 $ 34,197
Restructuring reserve, current 1,182 1,808
Deferred license revenue 15,952 16,199
Deferred services revenue 62,417 60,875
------------ -------------
Total current liabilities 115,135 113,079
Restructuring reserve, non-current 1,753 1,899
Other non-current liabilities 486 575
------------ -------------
Total liabilities 117,374 115,553
Total shareholders' equity 75,642 68,771
------------ -------------
Total liabilities and shareholders'
equity $193,016 $184,324
============ =============
MAPICS, Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
Three Months Ended
December 31,
----------------------
2004 2003
---------- ----------
Cash flows from operating activities:
Net income $ 5,108 $ 2,284
Adjustments to reconcile net income to net cash
provided by (used for) operating activities:
Depreciation 633 696
Amortization 2,813 3,460
Provision for bad debts 743 704
Deferred income taxes 3,147 1,354
Other non-cash items, net (6) 11
Changes in operating assets and liabilities:
Accounts receivable (5,123) 4,766
Deferred royalties & commissions 1,268 2,156
Other assets, current & non-current 428 1,217
Restructuring reserve, current &
non-current (824) (1,260)
Deferred license revenue (544) (2,294)
Deferred services revenue 402 (5,792)
Other liabilities, current & non-current 988 (7,561)
---------- ----------
Net cash provided by (used for) operating
activities 9,033 (259)
---------- ----------
Cash flows from investing activities:
Purchases of property and equipment (471) (420)
Additions to computer software costs (1,972) (2,563)
Acquisition related costs --- ---
---------- ----------
Net cash used for investing activities (2,443) (2,983)
---------- ----------
Cash flows from financing activities:
Proceeds from stock options exercised 1,203 1,838
Proceeds from employee stock purchases 222 264
Proceeds from revolving credit facility --- 1,500
Principal repayments of long-term debt --- (1,250)
Other financing activities, net --- (9)
---------- ----------
Net cash provided by financing activities 1,425 2,343
Effect of exchange rate changes on cash 274 142
---------- ----------
Net increase (decrease) in cash and cash
equivalents 8,289 (757)
Cash and cash equivalents at beginning of
period 26,407 21,360
---------- ----------
Cash and cash equivalents at end of period $34,696 $20,603
========== ==========
Contact:
MAPICS, Inc., Atlanta
Dave Morgan, 678-319-8583
dave.morgan@mapics.com
Source: MAPICS, Inc.
Infor Global Solutions to Buy Mapics
Thursday January 27, 12:17 pm ET
Infor Global Solutions Agrees to Purchase Mapics for About $346.8 Million in Cash
ATLANTA (AP) -- Infor Global Solutions, a privately held maker of software for manufacturers and distributors, said Thursday it agreed to purchase business software maker Mapics Inc. for $12.75 per share in cash, or about $346.8 million.
Mapics' shares rose 95 cents, or 8.2 percent, to $12.57 in midday trading on the Nasdaq National Market.
Alpharetta, Ga.-based Mapics currently has about 27.2 million common shares outstanding. The plan has received unanimous approval from Mapics' board and its special committee, and is expected to close in the second calendar quarter of 2005, subject to regulatory and shareholder approvals.
Infor said the combined company will have more than 17,500 customers in over 70 countries. Mapics currently has about 4,500 customers.
Mapics' President and CEO Dick Cook said, "With the industry consolidation currently taking place, it was imperative that Mapics combine to create a larger company to help ensure the continued success of our customers. While our initial strategy was to grow through acquisition, the opportunity to be part of a much larger company while rewarding our shareholders presented an attractive alternative."
The acquisition will be financed through equity capital provided by Golden Gate Capital and Summit Partners, Infor's existing equity sponsors. Infor's senior bank debt and subordinated debt will be refinanced by a syndicate of banks led by Lehman Brothers, with Wells Fargo Foothill acting as syndication agent.
SunTrust Robinson Humphrey is acting as the exclusive adviser to Mapics in this transaction. Lehman Brothers Inc. and Wachovia Securities are acting as advisers to Infor.
MAPICS Web-based Netconferences!
MAPICS is pleased to provide our customers with Internet-based presentations, designed to help your organization provide better service, operate more efficiently and to plan for the future. Check out the MAPICS TouchPoint Netconference site at: http:cmh.mapics.com/touchpoint
MAPICS Education
For end-user and implementation training the MAPICS Learning Services will help you get the most out of MAPICS products. MAPICS Learning Services offers a broad range of options, from general overview to in-depth study of specific applications. We have locations worldwide to choose from.
For class schedules, locations, dates and prices go to: http://www.mapics.com/services/MAPICSeducation/