-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, PAdT/PJxvR6J0982WpFSrVXD34IPajDAsLFpbugFC9T9WNCoMBM/qCjqhMFG3DQh /LEmnaPZoFHuogDo9q+RPQ== 0000950148-96-002200.txt : 19961009 0000950148-96-002200.hdr.sgml : 19961009 ACCESSION NUMBER: 0000950148-96-002200 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19961007 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 19961008 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: QUARTERDECK CORP CENTRAL INDEX KEY: 0000707668 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-PREPACKAGED SOFTWARE [7372] IRS NUMBER: 954320650 STATE OF INCORPORATION: DE FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-19207 FILM NUMBER: 96640686 BUSINESS ADDRESS: STREET 1: 13160 MINDANAO WAY CITY: MARINA DEL REY STATE: CA ZIP: 90292 BUSINESS PHONE: 3103093700 MAIL ADDRESS: STREET 1: 13160 MINDANAO WAY CITY: MARINA DEL RAY STATE: CA ZIP: 90292 FORMER COMPANY: FORMER CONFORMED NAME: QUARTERDECK OFFICE SYSTEMS INC DATE OF NAME CHANGE: 19940510 8-K 1 FORM 8-K DATED OCTOBER 7, 1996 1 - -------------------------------------------------------------------------------- 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): OCTOBER 7, 1996 COMMISSION FILE NUMBER 0-19207 QUARTERDECK CORPORATION (Exact name of Registrant as specified in its charter) DELAWARE 95-4320650 (State or other jurisdiction of (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 - -------------------------------------------------------------------------------- 2 ITEM 5. OTHER EVENTS On October 7, 1996, Quarterdeck Corporation issued a press release announcing among other things, a comprehensive restructuring of the Company, its expectation that it will suffer a significant loss for the quarter ended September 30, 1996, a net loss for the fiscal year ended September 30, 1996, and the completion of the issuance of a $20 million convertible preferred stock offering. ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS. (c) Exhibits. 99.1 October 7, 1996 press release. 2 3 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. QUARTERDECK CORPORATION (REGISTRANT) Date: October 8, 1996 \s\ KING R. LEE ------------------------------ King R. Lee Office of the President, Director Date: October 8, 1996 \s\ FRANK GREICO ------------------------------- Frank Greico Sr. Vice President and Chief Financial Officer 3 EX-99.1 2 PRESS RELEASE, DATED OCTOBER 7, 1996 1 EXHIBITS: Exhibit 99.1 October 7, 1996, Press Release QUARTERDECK RESTRUCTURES; DESIGNED TO RETURN OPERATIONS TO PROFITABILITY SIGNIFICANT LOSS EXPECTED FOR FOURTH QUARTER MARINA DEL REY, Calif., Oct. 7 /PRNewswire/ -- Quarterdeck Corporation (Nasdaq: QDEK) today announced a comprehensive company restructuring that includes steps that re-shape the company's operations and are designed to return the company to profitability. In addition, the company has strengthened its balance sheet with the completion of a $20 million convertible preferred stock offering. Also, the company said that primarily as a result of these steps and other operational issues, results for the fiscal fourth quarter and year-end will fall well below expectations. Costs associated with this restructuring, previously announced acquisition related charges and less than expected revenues will result in a significant charge to fiscal fourth quarter results and will contribute to a net loss for the fiscal year ended September 30, 1996. Following the establishment of the Office of the President, comprised of King R. Lee and Anatoly Tikhman, on August 27, 1996, a complete review of the company's operations was commenced. As a result of this review, initial strategic decisions were taken to align the company's core products and competencies with existing and future market directions and opportunities. King R. Lee, member of the Board of Directors and Office of the President, said, "Our team is implementing plans to quickly restore Quarterdeck's strength while strategically positioning the company for renewed growth under the leadership of a permanent CEO. We are focusing our staff back on the basics of efficiency and product quality, and we have set common sense strategies to build on our diverse and balanced product portfolio of established PC utilities and promising new Internet software solutions." "Quarterdeck has an impressive inventory of technologies that were acquired over the last year," said Anatoly Tikhman, member of the Office of the President. "Our new organization lets us capitalize on the synergy among our technologies, develop and introduce new and exciting products more rapidly, and increase the overall effectiveness of our marketing programs." Specifically, the company announced: -- The reduction of its work force by approximately 40 percent. These reductions will be achieved primarily through the elimination of redundant positions resulting from the company's ten recent acquisitions and are intended to bring the company in line with industry standards on revenue per employee. -- A new management structure designed to more efficiently address the market opportunities and to more effectively integrate the large number of acquisitions. The company has been restructured around two business units and a new direct-marketing business unit. -- Joe Fusco, previously with Symantec Corporation, has joined Quarterdeck to head the Company's Utilities unit. Joe Fusco joins Suzanne Dickson, newly appointed head of the Communications and Collaboration unit, and Anatoly Tikhman, who, in addition to his duties in the Office of the President, will also lead the new Direct Marketing unit. 4 2 -- Expansion of the technology leadership position it has built with products that provide effective solutions to the problems that PC users have. This includes getting the best performance from ever more sophisticated PCs, enhancing the exchange of information over the Internet and intranets, and assisting users in managing the large amounts of information and software on their PCs. Future products will be integrated with industry-leading client and server technologies from Netscape and Microsoft including support for Active-X. In addition, Quarterdeck is developing several exciting new products that will incorporate intelligent agents. Quarterdeck believes it is well positioned to develop these products with its extensive and experienced engineering staff. -- The completion of a $20 million convertible preferred stock offering. Proceeds from this offering will be used for restructuring, working capital and general corporate purposes. Hambrecht & Quist served as placement agent on this transaction. -- Shipments in the fourth quarter of new versions of MagnaRAM, HiJaak, ProComm and a recently acquired utility Vertisoft Fix-It. Quarterdeck also plans to release a new version of CleanSweep and a new hard drive optimization utility, Partition-It in the near future. Quarterdeck Corporation is a pioneer in the development of PC utilities and Internet software. The Company leads the industry in bringing utilities solutions to the Windows and Macintosh environments and offers powerful Internet and communications software tools. Quarterdeck Corporation is headquartered at 13160 Mindanao Way, Marina Del Rey, CA 90292. Its European headquarters are in Dublin, Ireland, with other offices in England, France and Australia. Further product availability and pricing information may be obtained by calling 310-309-3755 or by accessing Quarterdeck's Internet website at http://www.quarterdeck.com. When used in the preceding discussion, the words "expected to, designed to or intended to" and similar conditional expressions are intended to identify forward-looking statements. Such statements are subject to certain risks and uncertainties and actual results could differ materially from those expressed in any of the forward-looking statements. Such risks and uncertainties include, but are not limited to, conditions in the general economy or the software industry, the timely development and market acceptance of products and technologies, competitive factors, demand for memory-management software products, sell-through of products in the sales channels, successful integration of acquisitions, the ability to secure additional sources of financing and other risks described from time to time in Quarterdeck's SEC reports and filings. NOTE: Quarterdeck, HiJaak are registered trademarks of Quarterdeck Corporation or its subsidiaries. MagnaRAM, CleanSweep, Vertisoft Fix-It and Partition-It are trademarks of Quarterdeck Corporation or its subsidiaries. All other brand and product names are trademarks or registered trademarks of their respective companies. CONTACT: Media Contact: Audrey Pobre, 310-309-4221 or apobre@quarterdeck.com, or Investor Contact: Frank Greico, 310-309-4232, both of Quarterdeck 5 -----END PRIVACY-ENHANCED MESSAGE-----