Gartner Completes Conversion of Notes into Common Stock
STAMFORD, Conn. — October 8, 2003 —
Gartner, Inc. (NYSE: IT and ITB), the world's leading technology research and advisory firm, said today that it has completed the previously announced conversion into common stock of the $300 million original face amount of 6% convertible subordinated notes held by Silver Lake Partners ("SLP") and other noteholders.
The notes were converted into approximately 49.4 million shares of Gartner Class A common stock. The conversion completely eliminates Gartner's debt and will have no negative effect on reported diluted earnings per share, as the shares issued already had been factored into the Company's fully diluted EPS calculations.
"The conversion of the notes leaves Gartner with a significantly stronger balance sheet and greater financial flexibility," stated Michael D. Fleisher, Gartner's Chairman and Chief Executive Officer. "Our ability to support our strategic objectives will benefit from the fact that we now have zero debt and a strong cash position of $167 million as of June 2003."
About Gartner:
Gartner, Inc. is the leading provider of
research and analysis on the global information technology industry. Gartner serves more
than 10,000 clients, including chief information officers and other senior IT executives
in corporations and government agencies, as well as technology companies and the
investment community. The Company focuses on delivering objective, in-depth analysis
and actionable advice to enable clients to make more informed business and technology
decisions. The Company's businesses consist of Gartner Intelligence, research and
events for IT professionals; Gartner Executive Programs, membership programs and peer
networking services; and Gartner Consulting, customized engagements with a specific
emphasis on outsourcing and IT management. Founded in 1979, Gartner is headquartered in
Stamford, Connecticut, and has 3,700 associates, including more than 1,000 research
analysts and consultants, in more than 75 locations worldwide. For more information,
visit www.gartner.com.
Safe Harbor Statement
This press release contains statements regarding the conversion of the notes held by SLP and others and the future financial condition of Gartner as a result of the conversion of the notes. These statements and all other statements in this release other than the recitation of historical facts are forward-looking statements (as defined in the Private Securities Litigation Reform Act of 1995). Such forward-looking statements include risks and uncertainties; consequently, actual results or events may differ materially from those expressed or implied thereby. Factors that could cause actual results or events to differ materially from the forward-looking statements set forth herein include, but are not limited to: a change in the noteholders' determination to convert the notes; legal and other considerations; and Gartner's ability to capitalize on the reduction of its outstanding debt. Forward-looking statements included herein speak only as of the date hereof and Gartner disclaims any obligation to revise or update such statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events or circumstances. Other risks may be found in Gartner's reports filed from time to time with the Securities and Exchange Commission, including the Company's Transitional Report on Form 10-KT for the three-month transitional period ended December 31, 2002. These filings can be found on Gartner's Web site at www.gartner.com/investors and the SEC's Web site at www.sec.gov.
