U.S. 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): NOVEMBER 14, 1996
ITI TECHNOLOGIES, INC.
(Exact name of registrant as specified in its charter)
DELAWARE 0-24900 06-1340453
(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation) File Number) Identification No.)
2266 NORTH 2ND STREET
NORTH ST. PAUL, MINNESOTA 55109
(Address of principal executive offices, including Zip Code)
Registrant's telephone number, including area code: (612) 777-2690
NOT APPLICABLE
(Former name or former address, if changed since last report.)
(The remainder of this page was intentionally left blank.)
ITEM 5. OTHER EVENTS.
The press release of ITI Technologies, Inc. attached hereto as Exhibit
99.1 is hereby incorporated by reference herein.
This Current Report on Form 8-K contains forward-looking statements
that involve risks and uncertainties. Actual results may differ from the results
discussed in the forward-looking statements due to many factors including,
without limitation, the unanticipated loss of business from other major
customers and/or additional business from existing or new customers.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS
(a) FINANCIAL STATEMENTS OF BUSINESSES ACQUIRED.
Not applicable.
(b) PRO FORMA FINANCIAL INFORMATION.
Not applicable.
(c) EXHIBITS.
Exhibit 99.1 Press Release of ITI Technologies, Inc. dated
November 15, 1996.
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.
ITI Technologies, Inc.
Date: November 15, 1996. By /s/ Jack A. Reichert
-----------------------------------------
Jack A. Reichert
Vice President Finance and Administration
Exhibit 99.1
FOR IMMEDIATE RELEASE
Contact Thomas L. Auth, President of ITI Technologies, Inc. at 612-777-2690.
NORTH ST. PAUL, MINNESOTA--NOVEMBER 15, 1996
ITI TECHNOLOGIES, INC. (ITII, NASDAQ) ("ITI") announced that it received a
letter yesterday afternoon from the President of ADT Security Systems, Inc.
("ADT") stating that ITI is currently not included in ADT's "future strategic
product planning" and that ITI should "anticipate a reduction in purchase orders
from ADT during the first quarter of 1997. . ."
ADT is ITI's largest single customer and accounted for over 43% of ITI's revenue
through the third quarter of 1996. A significant reduction of orders from ADT
will have a material adverse effect on ITI's revenues and earnings in 1997.
No specific reasons were given by ADT for its change in product strategy.
ITI's management has long recognized that having one customer account for such a
large portion of our sales represented a business risk. Accordingly, ITI has
been working on several new product developments and seeking sales opportunities
with a number of other potentially large customers for ITI products. Management
believes that these efforts, coupled with our strong financial position, will
allow ITI to continue to prosper.
