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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): JANUARY 23, 1998
TRITEAL CORPORATION
(Exact name of registrant as specified in its charter)
DELAWARE
(State or other jurisdiction of incorporation)
0-28660 33-0548924
(Commission File No.) (IRS Employer Identification No.)
2011 PALOMAR AIRPORT ROAD
SAN DIEGO, CA 92009-1431
(Address of principal executive offices and zip code)
Registrant's telephone number, including area code: (760) 827-5000
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ITEM 5. OTHER EVENTS.
On January 23, 1998, TriTeal Corporation (the "Company") issued a press
release concerning the discovery of errors in the recording of revenue in its
fiscal year ended March 31, 1997. Further detail regarding the restatement is
provided in the Company's press release relating to this event, a copy of which
is attached hereto as Exhibit 99.1.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS.
(C) EXHIBITS.
99.1 Press Release of TriTeal Corporation dated January 23, 1998.
2.
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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 hereunto duly authorized.
TRITEAL CORPORATION
Dated: January 26, 1998 By: /S/ JEFFREY D. WITOUS
--------------------------------
Jeffrey D. Witous
Chief Executive Officer
3.
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INDEX TO EXHIBITS
PAGE NO.
99.1 Press Release of TriTeal Corporation dated January 23, 1998. 5
4.
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EXHIBIT 99.1
PRESS RELEASE
TRITEAL CORPORATION TO RESTATE FINANCIAL RESULTS
CARLSBAD, Calif., Jan. 23 /PRNewswire/ -- TriTeal Corporation (Nasdaq: TEAL -
news), announced today that it has discovered errors in the recording of Company
revenue in its fiscal year ended March 31, 1997 and that, based upon an ongoing
review performed by special counsel to the independent directors of the Company,
and upon consultations with the Company's regular outside counsel and Ernst &
Young, the Company's independent auditors, it preliminarily expects to restate
quarterly operating results for at least three quarters in the fiscal year ended
March 31, 1997 and affect the first two quarters of fiscal 1998. The Company
said the restated financial results primarily relate to revenue recognition on
software licenses.
TriTeal said that based upon information which is presently available, the
cumulative effect of the restatements to revenue is expected to materially and
adversely affect revenues and previously reported income or loss for the periods
to be restated. Ernst & Young has withdrawn its report for the fiscal year ended
Match 31, 1997, and has indicated that it will work with the Company to promptly
determine the correct figures.
TriTeal also said it has retained the firm of Osnos & Company, a management
specialist, to work with the Company and the Board of Directors.
Headquartered in Carlsbad, Calif., TriTeal Corporation is a provider of mission
critical desktop solutions for Global 1000 enterprise environments, The
Company's software solutions enable end-users, system administrators and
developers to access applications, data and network resources across multiple
platforms from a common, intuitive desktop environment.
Except for historical information contained herein, this press release contains
forward-looking statements that are subject to risks and uncertainties,
including the risk that the actual restatement will cover more periods than
currently anticipated, as well as the risks detailed in the Company's Forms 10-Q
and 10-K filed with the Securities and Exchange Commission.
5.
