SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13A-16 OR 15D-16 OF
THE SECURITIES EXCHANGE ACT OF 1934
For the Month of June, 2002
AMDOCS LIMITED
Suite 5, Tower Hill House Le Bordage
St. Peter Port, Island of Guernsey, GY1 3QT Channel Islands
Amdocs, Inc.
1390 Timberlake Manor Parkway, Chesterfield, Missouri 63017
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports
under cover of Form 20-F or Form 40-F
Form 20-F X FORM 40-F
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Indicate by check mark whether the registrant by furnishing the information
contained in this form is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
YES NO X
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Attached as Exhibits 99.1 and 99.2 and incorporated herein by
reference in their entirety are copies of the press releases issued by Amdocs
Limited on June 20, 2002 announcing revised guidance on expected revenues for
the third and fourth quarters of fiscal 2002 and the acceleration of the
previously announced senior management transition.
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, thereunto duly authorized.
AMDOCS LIMITED
/s/ THOMAS G. O'BRIEN
--------------------------------
Thomas G. O'Brien
Treasurer and Secretary
Authorized U.S. Representative
Date: June 21, 2002
EXHIBIT INDEX
EXHIBIT
NO. DESCRIPTION
- ------- -----------
99.1 Amdocs Press Release dated June 20, 2002.
99.2 Amdocs Press Release dated June 20, 2002.
EXHIBIT 99.1
AMDOCS STATEMENT ON RESULTS FOR THIRD FISCAL QUARTER OF 2002
ST. LOUIS, MO--June 20, 2002--Amdocs Limited (NYSE: DOX) today announced that,
based on preliminary data, revenue for the third quarter of fiscal 2002 is
expected to be approximately $380 million, which is below previous guidance of
$420 million. Pro forma earnings per share is expected to be approximately $0.20
per diluted share, compared to previous guidance of $0.33.*
The company's revised estimates reflect reductions in the capital investment
budgets of many service providers, with resulting slowdowns in customer buying
decisions. Amdocs also anticipates that market conditions in the fourth quarter
will continue to be challenging. The company now expects that revenue for the
fourth quarter ending September 30, 2002, will be in the range of $350 to $360
million, with pro forma earnings per share for the fourth quarter expected to be
in the range of $0.17 to $0.20. The company is moving decisively to reduce
costs, with reductions of approximately 10% to be implemented over the next two
quarters. The measures to be taken include overhead expense cuts and a manpower
reduction of 8-10%. As a result, the company also intends to take a
restructuring charge in the third quarter.
Avi Naor, President and CEO of Amdocs Management Limited, said: "We are
disappointed that revenues will not meet our expectations. The deepening
slowdown in the telecom industry is significantly impacting our business. We are
taking the necessary measures to ensure continued competitiveness and enhance
profitability."
Dov Baharav, CFO of Amdocs Management Limited, said: "We are in a tough market,
but we are moving quickly to deal with the challenges. Amdocs is fortunate to be
starting from a position of strength, with a strong balance sheet and high
recurring revenues generating significant cash flow. Longer term, we believe
that the fundamentals of the billing and CRM market are strong and, as the
market leader, we will be well positioned to generate renewed growth over time."
Amdocs is the world's leading provider of CRM, billing and order management
systems for the communications industry. Amdocs has an unparalleled success
record in project delivery of its mission-critical products. With human
resources of approximately 9,000 information systems professionals, Amdocs
supports a global customer base. For more information visit our Web site at
www.amdocs.com.
Amdocs will host a conference call on June 20, 2002 at 5 p.m. Eastern Daylight
Time to discuss the Company's revised earnings forecast for the third and fourth
quarters. The call will be carried live on the Internet via www.vcall.com and
the Amdocs website, www.amdocs.com.
Amdocs reports its third quarter results on July 23, 2002.
* Pro forma earnings per share excludes a non-recurring restructuring charge and
acquisition-related charges, and related tax effects.
This press release may contain forward-looking statements as defined under the
Securities Act of 1933, as amended, including statements about Amdocs' growth
and business results in future quarters. Although we believe the expectations
reflected in such forward-looking statements are based upon reasonable
assumptions, we can give no assurance that our expectations will be obtained or
that any deviations will not be material. Such statements involve risks and
uncertainties that may cause future results to differ from those anticipated.
These risks include, but are not limited to, the effects of general economic
conditions, Amdocs' ability to grow in the mobile, wireline and IP business
segments, adverse effects of market competition, rapid technological shifts that
may render the Company's products and services obsolete, potential loss of a
major customer, our ability to develop long-term relationships with our
customers, and risks associated with operating businesses in the international
market. These and other risks are discussed at greater length in the Company's
filings with the Securities and Exchange Commission, including in our Annual
Report on Form 20-F filed December 27, 2001 and our Form 6-K filed on January
30, 2002 and our Form 6-K filed May 13, 2002.
For more information:
Investors Contact:
Thomas G. O'Brien
Treasurer and Director of Investor Relations
Amdocs Limited
1-314-212-8328
E-Mail: dox_info@amdocs.com
Media Contact:
Dan Ginsburg
Porter Novelli for Amdocs
Tel: 1-212-601-8020
Fax: 1-212-601-8101
E-Mail: dginsburg@porternovelli.com
EXHIBIT 99.2
AMDOCS ACCELERATES MANAGEMENT TRANSITION
APPOINTMENT OF DOV BAHARAV AS PRESIDENT AND CEO OF AMDOCS
MANAGEMENT LIMITED TO TAKE EFFECT JULY 1, 2002
AVI NAOR TO BECOME VICE CHAIRMAN OF THE BOARD
NEW YORK, NY--June 20, 2002--The Amdocs Limited (NYSE:DOX) board of directors
today announced that it has accepted the request of Avi Naor, currently
President and Chief Executive Officer of Amdocs Management Limited, to
accelerate the previously announced senior management transition. Effective July
1, Dov Baharav, currently Chief Financial Officer of Amdocs Management Limited,
will become President and CEO. Mr. Naor will become Vice Chairman. Originally,
the transition was to have taken place on October 1, the beginning of the
company's financial year. As part of the transition, Ron Moskovitz, currently
Vice President of Finance, will assume the role of Chief Financial Officer.
Naor stated, "We currently are facing several key decisions that have
significant long-term implications. We are also facing challenges in the market
that accelerate the need for the company to act decisively. It is appropriate
that Dov takes on his new position in this period in order to lead these
decision-making processes. I have great confidence in Dov and wish him every
success in his new position."
Baharav said, "I look forward to taking over the reins at Amdocs. Amdocs is a
great company. While we are currently encountering a tough market, I am very
confident that our management team has the experience and ability to lead the
company to renewed growth."
Amdocs Limited Chairman, Bruce Anderson added, "Dov combines good business
acumen with strong leadership qualities. We will be relying on Dov to leverage
Amdocs' strategy and strengths, while also evaluating, planning and implementing
the changes needed to address today's new challenges. I would also like to thank
Avi for his immense contribution to the company, and I look forward to continue
working with him in his new position as Vice Chairman."
Dov Baharav joined Amdocs in 1991 and served as President of Amdocs, Inc., the
company's principal U.S. subsidiary, and since 1995 has served as Chief
Financial Officer. In his role as CFO, Baharav oversaw Amdocs' initial public
offering in 1998. Baharav is also a member of the Board of Certen, Amdocs' joint
venture with Bell Canada. Prior to joining Amdocs, Baharav served as Chief
Operating Officer of Optrotech Ltd., a publicly-held company that develops,
manufactures and markets electro-optical devices. Baharav holds bachelor degrees
in physics and accounting as well as an MBA from the University of Tel Aviv.
Ron Moskovitz joined Amdocs in 1998 as Vice President of Finance. Since then, he
has been responsible for the company's financial organization, and was involved
in Amdocs' initial public offering, M&A activities and various other financial
operations. Prior to Amdocs, Moskovitz served in various senior financial
positions with Tower Semiconductor, a publicly-held semiconductor manufacturer.
Moskovitz graduated from Haifa University with a B.A. in accounting and
economics, holds an MBA in finance from Tel-Aviv University and is a Certified
Public Accountant.
ABOUT AMDOCS
Amdocs is the world's leading provider of CRM, billing and order management
systems to the communications industry. Amdocs has an unparalleled success
record in project delivery of its mission-critical products. With human
resources of more approximately 9,000 information systems professionals, Amdocs
supports a global customer base. For more information visit our Web site at
www.amdocs.com.
This press release may contain forward-looking statements as defined under the
Securities Act of 1933, as amended, including statements about future changes in
Amdocs' management. Although we believe the expectations reflected in such
forward-looking statements are based upon reasonable assumptions, we can give no
assurance that our expectations will be obtained or that any deviations will not
be material. Such statements involve risks and uncertainties that may cause
future results to differ from those anticipated. These risks include, but are
not limited to, the effects of general economic conditions, Amdocs' ability to
grow in the mobile, wireline and IP business segments, adverse effects of market
competition, rapid technological shifts that may render the Company's products
and services obsolete, potential loss of a major customer, our ability to
develop long-term relationships with our customers, and risks associated with
operating businesses in the international market. These and other risks are
discussed at greater length in the Company's filings with the Securities and
Exchange Commission, including in our Form 20-F filed on December 27, 2001 and
our Form 6-K filed May 13, 2002.
For more information:
Investors Contact:
Thomas G. O'Brien
Treasurer and Director of Investor Relations
Amdocs Limited
1-314-212-8328
E-Mail: dox_info@amdocs.com
Media Contact:
Dan Ginsburg
Porter Novelli for Amdocs
Tel: 1-212-601-8020
Fax: 1-212-601-8101
E-Mail: dginsburg@porternovelli.com