Evolving Systems,Inc. (NASDAQ:EVOL) Files An 8-K Results of Operations and Financial Condition

Evolving Systems,Inc. (NASDAQ:EVOL) Files An 8-K Results of Operations and Financial Condition
ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION

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NOTE: On April3, 2018, Evolving Systems,Inc. issued a press release announcing its fourth quarter and year-end results for the period ended December31, 2017. Following the release, the Company discovered an error in the table titled: “Reconciliation of GAAP to Non-GAAP financial measures.” The Company inadvertently reported Non-GAAP diluted net income per share of $0.11 when the correct Non-GAAP diluted net income per share should have read $0.01. Further, in the Consolidated Statements of Income for the three months ended December31, 2016, the Company reflected cash dividends having been declared; that line should have read $0.00 as the Company did not pay any dividends for the three-month period ended December31, 2016. There is no impact to the Company’s Consolidated Statements of Income or other financial statements. Please refer to the full text of the corrected press release furnished herewith as Exhibit99.1 on this Form8-K. The Company has posted the corrected press release on its website.

ITEM 8.01 OTHER EVENTS

Effective April3, 2018, the Board of Directors appointed Matthew Stecker, the Company’s Chairman of the Board, as Executive Chairman. Mr.Stecker will be working with the Company on a full-time basis to drive the growth strategy, business development initiatives and long-term strategic planning. Mr.Stecker will receive $20,000 per month for serving as Executive Chairman, an increase of $10,000 per month over his current Board compensation.

Matthew Stecker, 49, joined our Board of Directors in March2016, was named Chairman of the Board in August2016. He has served as a Senior Policy Advisor to the United States Department of Commerce since November2014 and currently serves on the board of Live Microsystems,Inc. (OTC:LMSC). He previously served on the boards of MRV Communications from April2013 to June2016 and HealthWarehouse.com Inc. from December2010 to August2013, where he also served on the compensation committee. From Januaryto November2014, Mr.Stecker served as the Vice President of Mobile Entertainment for RealNetworks (NASDAQ:RNWK). From November2009 to December2013, he served as CEO of Live MicroSystems,Inc., and from April2005 to November2009 he was a senior executive in both Telecom Operations and Strategy at Cartesian,Inc. (NASDAQ:CRTN). He received his BA in Political Science and Computer Science from Duke University, and his JD from the University of North Carolina at Chapel Hill School of Law.

ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS

d) Exhibits. The following exhibits are filed or furnished with this report.

ExhibitNo.

Description

99.1

Corrected Press Release issued by Evolving Systems,Inc. announcing the Company’s financial results for the fourth quarter and year ended December31, 2017.

EXHIBITINDEX


EVOLVING SYSTEMS INC Exhibit
EX-99.1 2 a18-1082_4ex99d1.htm EX-99.1 EXHIBIT 99.1     Evolving Systems Reports its 2017 Fourth Quarter and Year-End Financial Results   2017 Highlights:   ·                  2017 marked by two transformative acquisitions,…
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About Evolving Systems,Inc. (NASDAQ:EVOL)

Evolving Systems, Inc. is a provider of software solutions for service enablement, on-device activation and management of services for connected devices for network operators. The Company operates in two segments: license fees and services revenue, and customer support revenue. Its service activation solution, Tertio is used to activate voice, video and data services for wireless, wireline and cable network operators. Its Subscriber Identity Module (SIM) card activation solution, Dynamic SIM Allocation is used to allocate and assign resources to Mobile Network Operators devices that rely on SIM cards. Its Mobile Data Enablement solution provides a data consumption and policy management solution for wireless carriers and Mobile Virtual Network Operators that monitor the usage and consumption of data services. Its Total Number Management product is an automated database solution that enables operators to manage their telephone numbers, as well as other communication identifiers.

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