8-K

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): April 24, 2003

Commission File No. 1-9158

MAI SYSTEMS CORPORATION

(Exact name of Registrant as Specified in its Charter)

Delaware
(State or other jurisdiction of
incorporation or organization) 22-2554549
(I.R.S. Employer
Identification No.)

26110 Enterprise Way
Lake Forest, California
92630
(Address of Principal Executive Offices)

Registrant’s telephone number, including area code: (949) 598-6000

TABLE OF CONTENTS

	Item 7. Financial Statements or Exhibits.
	Item 9. Regulation FD Disclosure (the following discussion is furnished under “Item 12. Results of Operations and Financial Condition”).
SIGNATURES
INDEX TO EXHIBITS
EXHIBIT 99.1

Item 7. Financial Statements or Exhibits.

a.	Financial Statements. None.
b.	Exhibits.

99.1. Press Release dated April 24, 2003.

Item 9. Regulation FD Disclosure (the following discussion is furnished under “Item 12. Results of Operations and Financial Condition”).

In accordance with SEC Release No. 33-8216, the following information, required to be furnished under “Item 12. Results of Operations and Financial Condition,” is furnished under “Item 9. Regulation FD Disclosure.”

On April 24, 2003, MAI Systems Corporation (the “Company”) announced via press release the Company’s preliminary results for its fiscal year ended December 31, 2002. A copy of the Company’s press release is attached hereto as Exhibit 99.1. This Form 8-K and the attached exhibit are provided under Item 12 of Form 8-K and are furnished to, but not filed with, the Securities and Exchange Commission.

2

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.

	MAI SYSTEMS CORPORATION (Registrant)
Date: April 24, 2003	/s/ W. Brian Kretzmer
	W. Brian Kretzmer Chief Executive Officer and President (Chief Executive Officer)

3

INDEX TO EXHIBITS

Exhibits.

99.1. Press Release dated April 24, 2003.

4 EX-99.1 3 a89440exv99w1.htm EXHIBIT 99.1

NEWS RELEASE

FOR RELEASE THURSDAY, APRIL 24, 2003 AT 7:10 A.M. EDT

CONTACTS: W. Brian Kretzmer
MAI Systems Corporation
Chief Executive Officer
949.598.6160
brian.kretzmer@maisystems.com James W. Dolan
MAI Systems Corporation
Chief Financial Officer
949.598.6404
james.dolan@maisystems.com

MAI Systems Reports Fiscal Year 2002 Results

LAKE FOREST, CA (April 24, 2003) . . . MAI Systems Corporation (ASE: NOW) announced today that its 2002 revenue, net income, and income per share from continuing operations were $21.9 million, $0.4 million, and $0.03 respectively. This compares to $23.8 million, $3.7 million, and $0.28 for 2001. Fiscal 2001 results reflected benefit from a favorable one-time gain on settlements with creditors of $1.4 million or $0.11 per share. The Company reported a loss and loss per share on discontinued operations of $1.8 million and $0.13 respectively, and an overall total loss per share of $0.10 in 2002 compared to an overall income per share of $0.16 or $0.05 per share excluding one-time creditor settlements in 2001. MAI is filing its Form 10-K for fiscal 2002 late.

MAI Chief Executive Officer W. Brian Kretzmer commented, “I am pleased that our continuing hospitality business was profitable for the third consecutive year despite a very difficult industry and economic environment. Our overall loss in 2002 reflects the loss from the operation and sale of discontinued operations. We exit 2002 with a more easily understood company, focused entirely on the sale of software application solutions to the hospitality enterprise. Our business continues to feel the effect of the worldwide downturn in travel. We are hopeful for a recovery in 2004. Although liquidity remains a challenge, we had some success in restructuring our debt. In March 2003 our corporate headquarters lease expired and we relocated to a new facility in Lake Forest, California.”

About MAI Systems Corporation

MAI Systems is a worldwide provider of total information system solutions and to the hospitality, resort and destination market. Headquartered in Lake Forest, California, MAI has worldwide offices for sales and service. For information on the Company’s innovative hospitality solutions, call toll-free 1.800.497.0532, or visit the Hotel Information Systems website at www.hotelinfosystems.com or the MAI website at www.maisystems.com.

MAI Systems Reports Fiscal Year 2002 Results
April 24, 2003
Page: 2

Certain statements in this news release may constitute “forward-looking statements’’ within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company, to be materially different from any future results, performance, or achievements expressed or implied by such forward-looking statements. Such factors include, among others, declining economic conditions, including a slowdown or recession; future terrorist activities affecting the hospitality industry; the Company’s ability to retain and increase revenue from existing clients and to execute agreements with new clients; the successful implementation of strategic relationships with other vendors and service providers; the competitive nature of the market for our software products and services; rapid technological change in the software industry and possible delays in development or shipment of new versions of key product lines; the Company’s ability to attract and retain qualified technical and management personnel; inability to control costs; changes in our product pricing; changes in business strategy or development plans; and other factors set forth in the Company’s Annual Report on Form 10-K for the year ended December 31, 2001 and other interim reports filed from time to time with the Securities and Exchange Commission. Actual results, events and performance may differ materially. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The Company undertakes no obligation to release publicly the results of any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

TABLE FOLLOWS

More – More – More

MAI Systems Reports Fiscal Year 2002 Results
April 24, 2003
Page: 3

MAI SYSTEMS CORPORATION

CONSOLIDATED STATEMENTS OF OPERATIONS

			For the Years Ended December 31,
			(in thousands, except per share data)
			2000			2001			2002
Revenue:
	Software		$	6,857		$	5,329		$	4,585
	Network and computer equipment			1,301			789			996
	Services			19,163			17,650			16,356
		Total revenue		27,321			23,768			21,937
Direct costs:
	Software			1,106			269			437
	Network and computer equipment			1,041			479			770
	Services			9,508			6,490			5,713
		Total direct costs		11,655			7,238			6,920
		Gross profit		15,666			16,530			15,017
Selling, general and administrative expenses				8,942			7,927			9,363
Research and development costs				3,068			4,209			3,307
Amortization of intangibles				740			731			134
Other operating expense (income)				50			(1,643	)		276
		Operating income		2,866			5,306			1,937
Interest income				263			72			5
Interest expense				(1,523	)		(1,545	)		(1,495	)
Income from continuing operations before income taxes				1,606			3,833			447
Income taxes				(162	)		(176	)		(30	)
	Income from continuing operations			1,444			3,657			417
Discontinued operations:
	Gain (loss) on disposal of discontinued operations			—			1,262			(1,021	)
	Loss from discontinued operations			(627	)		(2,787	)		(746	)
		Total loss from discontinued operations		(627	)		(1,525	)		(1,767	)
		Net income (loss)	$	817		$	2,132		$	(1,350	)
Income (loss) per share:
	Continuing Operations:
		Basic income per share	$	0.13		$	0.28		$	0.03
		Diluted income per share	$	0.13		$	0.28		$	0.03
	Discontinued Operations:
		Basic (loss) per share	$	(0.06	)	$	(0.12	)	$	(0.13	)
		Diluted (loss) per share	$	(0.06	)	$	(0.12	)	$	(0.12	)
	Net income (loss) per share:
		Basic income (loss) per share	$	0.07		$	0.16		$	(0.10	)
		Diluted income (loss) per share	$	0.07		$	0.16		$	(0.09	)
	Weighted average common shares used in determining income (loss) per share:
		Basic		10,923			13,091			13,945
		Diluted		11,206			13,263			14,395

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EX-99.1

MAI Systems Corporation