DETERMINE, INC. 8-K 2005
WASHINGTON, DC 20549
Pursuant to Section 13 or 15(d) of the
Date of Report (Date of earliest event reported): May 4, 2005
(Exact Name of Registrant as Specified in its Charter)
3 West Plumeria Drive
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including area code, of principal executive offices)
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
TABLE OF CONTENTS
Item 2.02. Results of Operations and Financial Condition.
On May 5, 2005, Selectica, Inc. issued a press release announcing its financial results for the fiscal quarter and year ended March 31, 2005. A copy of the press release is attached as Exhibit 99.1.
The information in this Current Report is being furnished and shall not be deemed filed for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section. The information in this Current Report shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.
Item 2.05. Costs Associated with Exit or Disposal Activities.
On May 4, 2005, Selectica, Inc. (the Company) announced that it has implemented an organizational restructuring that includes the elimination of approximately 38 positions, which represents approximately 14% of the Companys workforce. Most of the positions eliminated were based in the Companys San Jose headquarters. The restructuring is expected to reduce Selecticas expense levels by approximately $3 million quarterly and bring the Companys breakeven level down to about $7.5 million per quarter. As a result, the Company expects to record a one time restructuring charge related to severance of approximately $650,000 in the quarter ending June 30, 2005 and anticipates the restructuring to be completed by September 2005.
Item 9.01. Financial Statements and Exhibits.
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.