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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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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) March 10, 1998
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Altris Software, Inc.
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(Exact name of registrant as specified in charter)
California 0-15935 95-3634089
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(State or other jurisdiction (Commission (IRS employer identification
of incorporation) file no.) number)
9339 Carroll Park Drive, San Diego, California 92121
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(Address of principal executive offices) (Zip code)
Registrant's telephone number, including area code (619) 625-3000
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Not applicable
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(Former name or former address, if changed since last report)
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ITEM 5. OTHER EVENTS.
On March 11, 1998, Altris Software, Inc., a California corporation
(the "Company"), announced that it is conducting a review of its financial
statements for the year ended December 31, 1996 and the nine months ended
September 30, 1997 with a view to determining whether all of the revenue
previously reported for those periods was recognized in accordance with
generally accepted accounting principles and in the proper period. Further
detail regarding the review and likely restatement of certain financial
statements is provided in the Company's press release relating to this
development, a copy of which is attached hereto as Exhibit 99.1.
As a result of this development, Price Waterhouse LLP, the
Company's independent public accounting firm, has informed the Company, by
letter dated March 10, 1998, that it is withdrawing its report dated February
25, 1997 on the Company's financial statements as of and for the year ended
December 31, 1996. A copy of the letter from Price Waterhouse LLP to the
Company is attached hereto as Exhibit 99.2.
ITEM 7. EXHIBITS.
(c) Exhibits:
99.1 Press Release of Altris Software, Inc., dated March 11, 1998
99.2 Letter of Price Waterhouse LLP to Altris Software, Inc., dated
March 10, 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 its behalf
by the undersigned hereunto duly authorized.
Date: March 13, 1998
ALTRIS SOFTWARE, INC.
By: /s/ John W. Low
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John W. Low
Chief Financial Officer
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EXHIBIT INDEX
SEQUENTIALLY
NUMBERED
EXHIBIT NO. DESCRIPTION PAGE
----------- ----------- -----------
99.1 Press Release of Altris Software, Inc., dated
March 11, 1998 5
99.2 Letter of Price Waterhouse LLP to Altris Software,
Inc., dated March 10, 1998 6
4
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EXHIBIT 99.1
ALTRIS SOFTWARE MAKES ANNOUNCEMENT
SAN DIEGO, CA, March 11, 1998 -- Altris Software, Inc. (Nasdaq/NMS:ALTS)
announced today that it is conducting a review of its financial statements
for the year ended December 31, 1996 and the nine months ended September
30,1997 with a view to determining whether all of the revenue previously
reported for those periods was recognized in accordance with generally
accepted accounting principles. The Company's review is focused primarily on
the recognition of revenues from contracts with value added resellers and
certain other customers, including the timing of such recognition. Although
a definitive determination of the effect of this review on the Company's past
results of operations is not yet possible, it is likely that a significant
downward restatement of previously reported revenues and results of
operations in 1996 and the nine-month period ended September 30, 1997 will
result. The Company's independent public accounting firm, Price Waterhouse
LLP, is assisting the Company in its review and has advised the Company that
its audit report on the Company's financial statements at and for the year
ended December 31, 1996 is being withdrawn and should no longer be relied
upon. The Company currently expects to complete its review within the next
several days.
Based in San Diego, California, Altris Software delivers enterprise-wide
document management software to its customers around the world.
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EXHIBIT 99.2
[LETTERHEAD OF PRICE WATERHOUSE LLP]
March 10, 1998
Jay Tanna
Chairman of the Board and
Chief Executive Officer
Altris Software, Inc.
9339 Carroll Park Drive
San Diego, CA 92121
Dear Mr. Tanna:
As you are aware, subsequent to the issuance of our report dated February 25,
1997 on the financial statements of Altris Software, Inc. as of and for the
year ended December 31, 1996, information has come to our attention which
appears to be reliable and may affect the financial statements as of and for
the year ended December 31, 1996. Accordingly, we are advising you we are
withdrawing our report dated February 25, 1997 on such financial statements.
Our report dated February 25, 1997 should no longer be relied upon or
associated with the financial statements of Altris Software, Inc. as of and
for the year ended December 31, 1996.
It is our understanding that you will take reasonable steps to notify those
persons who you believe are relying, or likely to rely, on such financial
statements and our report thereon that our report should no longer be relied
upon or associated with such financial statements, and that if appropriate,
revised financial statements will be issued upon completion of an
investigation of any possible irregularities.
Yours very truly,
/s/ Price Waterhouse LLP
Price Waterhouse LLP
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