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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(AMENDMENT NO. 1)
TELTRONICS, INC.
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(Name of Issuer)
COMMON STOCK, PAR VALUE $.001 PER SHARE
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(Title of Class of Securities)
879698306
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(CUSIP Number)
FEBRUARY 26, 1998
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(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this
Schedule is filed:
[ ] Rule 13d-1(b)
[ ] Rule 13d-1(c)
[ ] Rule 13d-1(d)
The information required in the remainder of this cover page shall not
be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange
Act of 1934 ("Act") or otherwise subject to the liabilities of that section of
the Act but shall be subject to all other provisions of the Act.
CUSIP No. 879698306
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1. Name of Reporting Person and I.R.S. Identification Number
Sirrom Capital Corporation -- Taxpayer I.D. No. 62-1583116
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2. Check the Appropriate Row if a Member of a Group
a. N/A
b. N/A
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3. SEC Use Only
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4. Citizenship or Place of Organization
Tennessee
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Number of Shares Beneficially Owned by Each Reporting Person With:
5. Sole Voting Power 1,799,091 shares of Common Stock,
consisting of (i) 909,091 shares of
Common Stock receivable upon
conversion of voting Series B
Convertible Preferred Stock, par value
0.001 per share and (ii) 890,000
shares of Common Stock receivable upon
exercise of warrants to purchase
Common Stock
6. Shared Voting Power N/A
7. Sole Dispositive Power 1,799,091 shares of Common Stock,
consisting of (i) 909,091 shares of
Common Stock receivable upon
conversion of voting Series B
Convertible Preferred Stock,
par value 0.001 per share and (ii)
890,000 shares of Common Stock
receivable upon exercise of warrants
to purchase Common Stock
8. Shared Dispositive Power N/A
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9. Aggregate Amount Beneficially Owned by Each Reporting Person
1,799,091 shares of Common Stock, consisting of (i) 909,091 shares of
Common Stock receivable upon conversion of voting Series B Convertible
Preferred Stock, par value 0.001 per share and (ii) 890,000 shares of
Common Stock receivable upon exercise of warrants to purchase Common
Stock
10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares
N/A
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11. Percent of Class Represented by Amount in Row (9)
34.5% of Common Stock
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12. Type of Reporting Person
IV
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ITEM 1(A). NAME OF ISSUER:
Teltronics, Inc.
ITEM 1(B). ADDRESS OF ISSUER'S PRINCIPAL EXECUTIVE OFFICES:
2150 Whitfield Industrial Way
Sarasota, FL 34243
ITEM 2(A). NAME OF PERSON FILING:
Sirrom Capital Corporation
ITEM 2(B). ADDRESS OF PRINCIPAL BUSINESS OFFICE:
500 Church Street, Suite 200
Nashville, Tennessee 37219
ITEM 2(C). CITIZENSHIP/STATE OF ORGANIZATION:
Tennessee
ITEM 2(D). TITLE OF CLASS OF SECURITIES:
Common Stock, par value $.001 per share
ITEM 2(E). CUSIP NUMBER:
879698306
ITEM 3. FILING PURSUANT TO RULE 13D-2(C):
This statement is filed pursuant to Rule 13d-2(c). The
person filing is an Investment Company registered under
section 8 of the Investment Company Act.
ITEM 4. OWNERSHIP:
(a) Amount Beneficially Owned: 1,799,091 shares of Common
Stock, consisting of (i) 909,091 shares of Common
Stock receivable upon conversion of voting Series B
Convertible Preferred Stock, par value 0.001 per
share and (ii) 890,000 shares of Common Stock
receivable upon exercise of warrants to purchase
Common Stock
(b) Percent of Class: 34.5% of Common Stock
(c) Number of shares as to which such person has:
(i) sole power to vote or direct the vote:
1,799,091 (890,000 of which, only
upon exercise)
(ii) shared power to vote or to direct the vote:
N/A
(iii) sole power to dispose or to direct
the disposition of: 1,799,091 (890,000 of
which, only upon exercise)
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(iv) shared power to dispose or to direct the
disposition of: N/A
ITEM 5. OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS:
N/A
ITEM 6. OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF ANOTHER
PERSON:
N/A
ITEM 7. IDENTIFICATION AND CLASSIFICATION OF THE SUBSIDIARY WHICH
ACQUIRED THE SECURITY BEING REPORTED ON BY THE PARENT
HOLDING COMPANY:
N/A.
ITEM 8. IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF THE GROUP:
N/A.
ITEM 9. NOTICE OF DISSOLUTION OF GROUP:
N/A.
ITEM 10. CERTIFICATION:
By signing below I certify that, to the best of my knowledge and
belief, the securities referred to above were acquired in the ordinary course of
business and were not acquired for the purpose of and do not have the effect of
changing or influencing the control of the issuer of such securities and were
not acquired in connection with or as a participant in any transaction having
such purposes or effect.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this Schedule 13G is true, complete,
and correct.
Dated: March 10, 1998 SIRROM CAPITAL CORPORATION
By: /s/ Carl W. Stratton
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Carl W. Stratton, Chief
Financial Officer
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