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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): July 8, 1998
QUARTERDECK CORPORATION
(Exact name of registrant as specified in its charter)
DELAWARE 0-19207 95-4320650
(State or Other Jurisdiction of (Commission File Number) (I.R.S. Employer
Incorporation or Organization) Identification No.)
13160 MINDANAO WAY
MARINA DEL REY, CALIFORNIA 90292
(Address of Principal Executive Offices) (Zip Code)
REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE: (310) 309-3700
NONE
(Former Name or Former Address, if Changed Since Last Report)
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Item 5. Other Events.
On July 8, 1998, Quarterdeck Corporation announced the resignation of
its Chief Executive Officer and the appointment of an interim President. A copy
of the press release dated July 8, 1998 with respect to the announcement is
filed herewith as Exhibit 99.1.
Item 7. Financial Statements and Exhibits.
The following is filed as an exhibit to this Current Report on Form
8-K:
99.1 Press Release dated July 8, 1998
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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 behalf of the
undersigned hereunto duly authorized.
Dated: July 8, 1998 QUARTERDECK CORPORATION
By: /s/ Frank R. Greico
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Frank R. Greico
Senior Vice President and
Chief Financial Officer
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EXHIBIT 99.1
FOR IMMEDIATE RELEASE
JULY 8, 1998
CONTACT:
Ana Thorne
Quarterdeck Corporation
310-309-3767
[email protected]
QUARTERDECK ANNOUNCES RESIGNATION OF ITS CEO
AND APPOINTMENT OF INTERIM PRESIDENT
MARINA DEL REY, CALIF. - JULY 8, 1998 - Quarterdeck Corporation (Nasdaq: QDEK)
announced today that Curt Hessler has resigned as President, CEO and Director,
both to further the cost reduction program he initiated last month and to devote
more time to corporate projects as an advisor to the Company and the Board.
"This program aims foremost at reducing management costs, and I strongly believe
such efforts should start at the top," said Hessler. "Leading this fine Company
has been a great privilege, but at this point I can do more at lower cost for
Quarterdeck from an advisor role."
The Company has appointed King R. Lee, a member of Quarterdeck's Board of
Directors, as Interim President, assisted by an executive committee of the
Board, pending selection of a new CEO. Lee is President of King R. Lee and
Associates, an executive management consulting firm and is an experienced
industry executive. In addition, Lee previously led Quarterdeck through a
restructuring of its worldwide operations.
Last month, the Company announced it was implementing a major cost reduction
program in light of anticipated weak revenues and an associated operating loss
for the June Quarter, noting recent low industry-wide sales for PC utility
products in U.S. and European retail channels. Quarterdeck will detail its
management and cost reduction actions at the scheduled July 30 release of
financial results for the quarter ended June 30, 1998.
ABOUT QUARTERDECK
Quarterdeck Corporation is a global leader in the development and marketing of
PC helpware - software designed to prevent and solve PC performance problems,
especially those encountered
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in networked - Internet and Intranet environments. The Company's goal is to
make personal computing trouble-free for users and network administrators alike,
while reducing the need for live technical support. Quarterdeck's current
product line, which addresses storage management, system conflict resolution,
virus protection, system updating, and enhanced access to networked information
and communications resources, is marketed to both end-users and businesses via
retail distribution, corporate resellers and OEM's, direct marketing channels,
and the Internet. Quarterdeck's products are available in over 14,000 outlets
throughout the United States and Canada, as well as in over 29 countries
worldwide. Incorporated in 1982 and traded on Nasdaq under the symbol QDEK,
Quarterdeck's worldwide headquarters are in Marina del Rey, California, with its
European operations based in Dublin, Ireland. Further information may be
obtained by calling 800-683-6696 toll-free, or 573-443-3282, by accessing
Quarterdeck's Web site at http://www.quarterdeck.com/, or by sending e-mail
requests to [email protected].
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NOTE TO EDITORS: If you would like more information on Quarterdeck
Corporation and its products, please view the Quarterdeck Press Center at
http://www.quarterdeck.com/qdeck/press.
Quarterdeck is a registered trademark of Quarterdeck Corporation or its
subsidiaries. All other brand and product names are trademarks or registered
trademarks of their respective holders.
This press release contains forward-looking statements which are made pursuant
to the safe-harbor provisions of the Private Securities Litigation Reform Act of
1995. Expressions of future goals and similar expressions reflecting something
other than historical fact are intended to identify forward-looking statements,
but are not the exclusive means of identifying such statements. These
forward-looking statements involve a number of risks and uncertainties,
including the timely development and market acceptance of products and
technologies, successful integration of acquisitions and divestitures of
non-core assets, the ability to secure additional sources of financing, the
ability to reduce operating expenses and other factors described in the
Company's filings with the Securities and Exchange Commission. The actual
results that the Company achieves may differ materially from any forward-looking
statements due to such risks and uncertainties. The Company undertakes no
obligations to revise or update any forward-looking statements in order to
reflect events or circumstances that may arise after the date of this release.
