Altris to Restate Figures
Altris Software (San Diego) is now reviewing financial statements for all of 1996, and for the first nine months of 1997. At issue are revenues which may not have been reported under "generally accepted accounting principles," including the timing of recognizing certain revenue. The review is primarily focused on contracts with VARs and other customers. As a result, Altris expects to report "a significant downward restatement of previously reported revenues and results of operations" for 1996 and the first nine months of 1997. Price Waterhouse, Altris' independent accounting firm, has withdrawn its audit report for 1996, saying that it should no longer be relied upon.