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): MARCH 12, 1998
VERSATILITY INC.
------------------------------------------------------
(Exact name of registrant as specified in its charter)
DELAWARE
----------------------------------------------
(State or other jurisdiction of incorporation)
0-21793 52-1214354
- ------------------------- ----------------------
(Commission File Number) (IRS Employer Id. No.)
11781 Lee Jackson Memorial Highway, Seventh Floor, Fairfax, Virginia 22033
-----------------------------------------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area
code:
(703) 591-2900
--------------
Page 1 of 6 Pages
Exhibit Index - page 4
Item 5. Other Events.
Versatility Inc. (the "Company") announced that it has temporarily
postponed reporting final operating results for the third quarter of fiscal 1998
and that it anticipates that it will not file its Quarterly Report on Form 10-Q
for the third quarter on time. In addition, the Company announced that it
expects to restate its earnings for fiscal 1997 and the first and second
quarters of fiscal 1998. The Company, under the supervision of its Audit
Committee, is examining the accounting treatment of certain transactions and
expects to file its Form 10-Q for the third quarter of fiscal 1998 and any
required restated quarterly or annual reports as soon as its examination is
complete. Previously issued financial statements for fiscal 1997 and interim
periods for fiscal 1998 and any related independent auditor's reports should not
be relied upon. The Company also announced the resignation of Ronald Charnock as
Chairman, Chief Executive Officer and a Director of the Company. Marcus Heth
also stepped down as a Director, although he will continue with the Company as
Senior Vice President. Paul Zoukis, recently appointed President and Chief
Operating Officer, was elected to the Board of Directors. Attached as Exhibit 99
is the press release dated March 12, 1998.
Item 7. Financial Statements and Exhibits
(c) Exhibits.
Exhibit No. Exhibit
99 Press Release of Versatility Inc. dated March 12, 1998
Page 2 of 6 Pages
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.
VERSATILITY INC.
Dated: March 17, 1998
By: /s/ Kenneth T. Nelson
_________________________
Kenneth T. Nelson
Chief Financial Officer
Page 3 of 6 Pages
EXHIBIT INDEX
Page Number in
Exhibit Sequentially
Number Description Numbered Copy
- ------ ----------- --------------
99 Press Release of Versatility Inc. dated 5
March 12, 1998.
Page 4 of 6 Pages