<PAGE>

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                          SECURITIES AND EXCHANGE COMMISSION
                               Washington, D.C.  20549
                                                     
                                               
                                      FORM 10-Q
                                           
 X   Quarterly Report Pursuant to Section 13 or 15(d) of the Securities 
---  Exchange Act of 1934 for the quarter ended September 30, 1996, or
                      
---  Transition Report Pursuant to Section 13 or 15(d) of the Securities
     Exchange Act of 1934


                            Commission File Number 0-8138



                                  TRITON GROUP LTD.







Incorporated in Delaware            IRS Employer Identification No:  33-0318116

Principal Executive Offices:                       Telephone:  (619) 231-1818  
    550 West C Street, Suite 1880      
    San Diego, California 92101                                                




Indicate by check mark whether the Registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months, and (2) has been subject to such filing requirements
for the past 90 days.  Yes    X     No        
                             ---       ---

Indicate by check mark whether the Registrant has filed all documents and
reports required to be filed by Section 12, 13 or 15(d) of the Securities
Exchange Act of 1934 subsequent to the distribution of securities under a plan
confirmed by a court.  Yes  X       No    
                           ---         ---


The number of shares of Triton Group Ltd.'s $ .0001 par value common stock
outstanding as of November 11, 1996 was 21,553,502.


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<PAGE>

                            PART I - FINANCIAL INFORMATION

ITEM 1.  FINANCIAL STATEMENTS

TRITON GROUP LTD.
Condensed Consolidated Balance Sheet
(Unaudited) (In thousands)

<TABLE>
<CAPTION>
                                            September 30          March 31
                                                1996                1996
                                            ------------          --------
<S>                                         <C>                    <C>
ASSETS
Current assets:
  Cash and cash equivalents                   $  6,532            $  7,934
  Other current assets                             277               1,348
                                            ------------          --------
     Total current assets                        6,809               9,282

Investment in Mission West Properties            2,963               2,973
Other assets                                     2,625               2,628
                                            ------------          --------
                                              $ 12,397            $ 14,883
                                            ------------          --------
                                            ------------          --------

LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
  Current portion of long-term debt                               $    915
  Accrued liabilities                         $    398               1,146
                                            ------------          --------
     Total current liabilities                     398               2,061

Other liabilities                                2,715               2,887

Stockholders' equity:
  Common stock                                       2                   2
  Additional paid-in capital                    21,774              21,774
  Accumulated deficit                          (12,492)            (11,841)
                                            ------------          --------
                                                 9,284               9,935
                                            ------------          --------
                                              $ 12,397            $ 14,883
                                            ------------          --------
                                            ------------          --------
</TABLE>


         See notes to condensed consolidated financial statements.




                                       2

<PAGE>

TRITON GROUP LTD.
Condensed Consolidated Statement of Operations  
(Unaudited) (In thousands except per-share data)

<TABLE>
<CAPTION>
                                               Three Months           Six Months
                                                  Ended                 Ended
                                               September 30          September 30                                                
                                            ------------------    ------------------
                                              1996       1995       1996        1995
                                            -------    -------    -------    -------
<S>                                         <C>        <C>        <C>         <C>
General and administrative expenses         $  (409)   $  (668)   $  (793)   $(1,283)
                                            -------    -------    -------    -------
Other income (expenses):          
  Net interest income (expense) and other        87       (338)       155     (1,013)
  Equity in losses of:           
     The Actava Group Inc.                              (2,992)               (4,751)
     Mission West Properties                    (44)       (53)       (10)       (43)
                                            -------    -------    -------    -------
Loss before income taxes                       (366)    (4,051)      (648)    (7,090)
Income taxes                                                           (3)        (8)
                                            -------    -------    -------    -------
Loss from continuing operations                (366)    (4,051)      (651)    (7,098)
Income (loss) from discontinued operations                 (43)                   32
                                            -------    -------    -------    -------
Net loss                                    $  (366)   $(4,094)   $  (651)   $(7,066)
                                            -------    -------    -------    -------
                                            -------    -------    -------    -------

Per share:
  Continuing operations                       $(.02)     $(.20)     $(.03)     $(.35)
  Discontinued operations 
                                            -------    -------    -------    -------
      Net loss                                $(.02)     $(.20)     $(.03)     $(.35)
                                            -------    -------    -------    -------
                                            -------    -------    -------    -------


</TABLE>


         See notes to condensed consolidated financial statements.




                                       3

<PAGE>
TRITON GROUP LTD.
Condensed Consolidated Statement of Cash Flows
(Unaudited) (In thousands)

<TABLE>
<CAPTION>
                                                                Six Months Ended
                                                                  September 30
                                                         ------------------------------
                                                             1996                1995
                                                         ------------          --------
<S>                                                      <C>                    <C>
Cash flows from operating activities:       
  Net loss                                                 $  (651)            $ (7,066)
  Adjustments to reconcile net loss to net            
    cash flows from operating activities:
      Equity in losses                                          10                4,794
      Other operating activities                               154                 (727)
      Discontinued operations                                                     3,017
                                                         ------------          --------
      Net cash provided (used) by operating activities        (487)                  18
                                                         ------------          --------


Cash flows from investing activities:
  Proceeds from sale of subsidiaries                                             11,250
  Other                                                                              (2)
                                                         ------------          --------
      Net cash provided by investing activities                                  11,248
                                                         ------------          --------
Cash flows from financing activities:
  Repayment of long-term debt                                 (915)              (2,943)
  Discontinued operations                                                        (3,194)
                                                         ------------          --------
      Net cash used by investing activities                   (915)              (6,137)
                                                         ------------          --------
Increase (decrease) in cash and cash equivalents            (1,402)               5,129
Cash and cash equivalents at beginning of period             7,934                  974
                                                         ------------          --------
Cash and cash equivalents at end of period                 $ 6,532             $  6,103
                                                         ------------          --------
                                                         ------------          --------




</TABLE>


         See notes to condensed consolidated financial statements.




                                       4

<PAGE>


                     NOTES TO CONDENSED FINANCIAL STATEMENTS
                                    (UNAUDITED)


NOTE (a) - BASIS OF PRESENTATION

    The accompanying unaudited consolidated financial statements have been 
prepared in accordance with generally accepted accounting principles for 
interim financial information and with the instructions to Form 10-Q and 
Article 10 of Regulation S-X.  Accordingly, they do not include all of the 
information and footnotes required by generally accepted accounting 
principles for complete financial statements.

    In August 1993, the Company announced a corporate strategy to return 
value to its stockholders, in the form of cash and/or liquid securities over 
a relatively short period of time.  Since that time, several transactions and 
events have occurred consistent with this strategy.  Triton's remaining 
holdings as of September 30, 1996 consisted of a 49.4% interest in Mission 
West Properties, $6.5 million of cash and certain other non-operating assets 
and liabilities.  In December 1995, the Company retained an investment 
banking firm to assist it in developing and evaluating proposals from 
potential acquirors, acquisition candidates or merger partners.

    On September 23, 1996, the Company announced that it had entered into a 
letter of intent to merge with Security Systems Holdings, Inc. ("SSH"), the 
Orange, Connecticut-based parent of Alarmguard, Inc. ("Alarmguard").  The 
letter of intent calls for the issuance of a number of new shares of Triton 
to stockholders of SSH such that the ownership of the combined entity would 
be divided 40% to Triton's current stockholders and 60% to the current 
stockholders of SSH.  The transaction remains subject to the satisfactory 
completion of documentation, due diligence and other customary conditions, 
and is subject to the affirmative vote of the stockholders of both companies. 
If consummated, it is expected that the transaction would close in early 
1997.

    The condensed consolidated financial statements have been prepared on a 
going concern basis assuming continuity of operations and the realization of 
assets and liquidation of liabilities in the ordinary course of business. The 
preparation of financial statements in conformity with generally accepted 
accounting principles requires management to make estimates and assumptions 
that affect the reported amounts of assets and liabilities, the disclosure of 
contingent assets and liabilities at the financial statement date and the 
reported amounts of revenues and expenses during the reporting period. Actual 
results could differ from those estimates.

                                       5

<PAGE>


    The operating results for interim periods are not necessarily indicative 
of the results to be expected for a full fiscal year.  In the opinion of 
management, the information furnished reflects all adjustments, consisting 
only of normal recurring accruals, which are necessary for a fair statement 
of operating results for the unaudited interim period.

    The condensed balance sheet of the Company at March 31, 1996 has been 
derived from the audited balance sheet at that date.  For further 
information, refer to the consolidated financial statements and footnotes 
thereto included in Triton's Annual Report on Form 10-K as of and for the 
year ended March 31, 1996.


NOTE (b) - EARNINGS PER SHARE

    The computation of earnings per share for the three and six months ended 
September 30, 1996 and 1995 is based upon the weighted average number of 
shares outstanding during the applicable period, including dilutive stock 
options and warrants.  The average number of common shares and equivalents 
was 21,465,684 and 21,458,593, respectively, for the three and six months 
ended September 30, 1996 and 19,978,476 for the three and six months ended
September 30, 1995.


NOTE (c) - INVESTMENT IN MISSION WEST PROPERTIES

    Triton currently owns 49% (represented by 676,050 common shares) of the 
outstanding common stock of Mission West Properties ("Mission West"), a real 
estate company listed on the American Stock Exchange.  Mission West owns and 
manages ten commercial projects and one undeveloped land parcel.  On July 1, 
1996, Mission West announced that it had signed a definitive agreement to 
sell substantially all of its real estate assets for approximately $42 
million.  On October 14, 1996, Mission West announced that it had exercised a 
"fiduciary out" pursuant to this agreement and entered into a new definitive 
agreement to sell all of its real estate assets for an aggregate purchase 
price of $46.5 million. The new transaction, which is scheduled to close 
before the end of December 1996, is subject to customary conditions.  Upon 
successful completion of this transaction, Mission West would make a 
distribution to its stockholders of a substantial portion of the remaining 
cash proceeds, after satisfying outstanding mortgage indebtedness of 
approximately $31 million and applicable corporate taxes and transaction 
costs relating to the sale.  

    At September 30, 1996, Triton's investment in Mission West was carried in 
the consolidated balance sheet at $3 million and the quoted market value of 
the Mission West common shares owned by Triton on such date was $5.2 million. 
On November 11, 1996, the quoted market value of such shares owned by Triton 
was $6.2 million.  Triton accounts for this investment using the equity 
method of accounting and its share of the earnings of Mission West are 
recorded on a one-month delayed basis, enabling Triton to reflect the results 
of Mission West for its quarter ended August 31, 1996 within Triton's second 
quarter 





                                       6

<PAGE>

ended September 30, 1996.

    Condensed unaudited income statement information for Mission West for the 
six months ended August 31, 1996 and 1995 is as follows (in thousands):

                                                                                
<TABLE>
<CAPTION>
                                                      Six Months Ended
                                                          August 31
                                               ------------------------------
                                                   1996                1995
                                               ------------          --------
<S>                                            <C>                   <C>
    Net revenues                                  $3,777              $3,821
    Costs and expenses                             3,807               3,959
    Operating loss                                   (30)               (138)
    Net loss                                         (20)                (88)
</TABLE>


NOTE (d) - INCOME TAXES

    Income taxes are determined and paid separately by Mission West whose 
taxable earnings or losses cannot be offset against those of Triton.  Triton 
is in a net tax loss carryforward position and is unable to record current 
tax benefits on its losses.

    At September 30, 1996, Triton had regular net operating loss ("NOL") 
carryforwards for Federal tax purposes of approximately $47 million and 
capital loss carryforwards of approximately $120 million.  Due to the change 
in ownership requirements of the Internal Revenue Code, as a result of the 
Company's reorganization in 1993, all but approximately $10 million of these 
loss carryforwards are either "pre-ownership change" or were built in at the 
date of the ownership change and are subject to an annual combined limitation 
of approximately $2.4 million.  The capital loss carryforward is limited to 
use against future capital gains only.  If the full amount of the limitation 
is not used in any year, the amount not used increases the allowable limit in 
the subsequent year.  As of March 31, 1996, for alternative minimum tax 
purposes, Triton has fully utilized its post-ownership change NOL carryforwards
and the cumulative annual limitation for its pre-ownership change NOL  
carryforwards.  The NOL carryforwards expire between 2006 and 2011 if not used. 

    The Company has not recognized a financial statement benefit for its tax 
loss carryforwards or any other deferred tax assets due to the uncertainty of 
realizing the benefit of such assets in the future.




                                       7

<PAGE>

ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
         RESULTS OF OPERATIONS     


LIQUIDITY AND CAPITAL RESOURCES

BACKGROUND AND CORPORATE DIRECTION

    Triton is an operating/holding company which has historically done 
business through a number of operating subsidiaries in various industries.  
Triton emerged from Chapter 11 bankruptcy in June 1993 and announced in 
August 1993 that its goal was to maximize the value of its remaining 
operating subsidiaries and return such value to its stockholders in the form 
of either cash or liquid securities.  Refer to the Company's Annual Report on 
Form 10-K for the year ended March 31, 1996 which addresses the progress that 
the Company made through fiscal 1996 toward its goal since the emergence from 
Chapter 11 in 1993.  On November 1, 1995, the Board of Directors of the 
Company declared a special distribution valued at approximately $2.57 per 
share consisting of $1.57 in cash and .066 of a share of common stock of 
Metromedia International Group, Inc. ("Metromedia") for each outstanding 
share of Triton common stock.  The special distribution was completed on 
December 8, 1995 to stockholders of record on November 17, 1995.  

    While management has continued to focus on realizing value for Triton's 
remaining assets, Triton announced that it had retained an investment banking 
firm to assist the Company in developing and evaluating proposals from 
potential acquirors, acquisition candidates or merger partners.  As discussed 
in Note (a) - Basis of Presentation to the Condensed Financial Statements, 
the Company announced that on September 23, 1996 it has entered into a letter 
of intent to merge with SSH, the Connecticut-based parent of Alarmguard. The 
accompanying condensed consolidated financial statements have been prepared 
on a going concern basis assuming continuity of operations and the 
realization of assets and liquidation of liabilities in the ordinary course 
of business.

                                       8

<PAGE>

CURRENT FINANCIAL POSITION

    Triton's principal remaining assets consist of approximately $6.5 million 
of cash, its 49% interest in Mission West with a quoted market value of $6.2 
million at November 11, 1996 and certain other assets.  Triton's ability to 
realize the value of its ownership in the Mission West shares on a short-term 
basis is limited by, among other things, market conditions and securities law 
restrictions.  As described in Note (c) - Investment in Mission West 
Properties, Mission West is currently under contract to sell substantially 
all of its real estate assets.  If the transaction is completed, Mission West 
will make a substantial distribution to its stockholders, including the 
Company.

    The Company's other assets include claims in the Chapter 11 proceedings 
of Liquor Barn, Inc., an interest in Series A Preferred Stock of Ridgewood 
Properties, Inc. ("Ridgewood") and an investment in an insurance captive. 
Triton values its Liquor Barn claims at approximately $500,000 which are 
expected to be realized in calendar 1996.

    Triton's interest in the Ridgewood preferred stock has a face value of 
$3.6 million (450,000 shares with a redemption price of $8 per share) and is 
carried in the Company's consolidated balance sheet at $2 million.  Triton 
currently accrues a quarterly dividend of $90,000 on this investment and the 
preferred stock is redeemable at any time by Ridgewood at its face value plus 
accrued dividends.  The preferred stock is convertible at any time into 
1,350,000 Ridgewood common shares, which would represent approximately 55% of 
the Ridgewood common shares then outstanding.  Management is currently 
evaluating various alternatives for realizing the value of this asset.

     Triton's wholly owned insurance captive, La Jolla Insurance Co. Ltd. 
("La Jolla"), incorporated in Bermuda, currently has cash of approximately 
$3.4 million and statutory reserves totally $3 million.  This cash is not 
included in the Condensed Consolidated Balance Sheet due to the presents of 
the statutory reserves. Management is currently pursuing alternatives to 
maximize the value of the net assets of La Jolla.

    Triton's current quarterly cash requirements include approximately 
$400,000 of corporate level general and administrative expenses.  Management 
of Triton believes that its current cash balances combined with the expected 
cash flows are sufficient to cover its cash requirements.

    Mission West finances its own operations and its debt covenants impose 
restrictions on dividends or other distributions to stockholders.  Triton 
does not guarantee any of the debt of Mission West.






                                       9

<PAGE>


RESULTS OF OPERATIONS

THREE MONTHS ENDED SEPTEMBER 30, 1996
    
    The Company no longer has any consolidated subsidiaries so the operating 
results for all periods presented reflect only the corporate operations, 
consisting primarily of general and administrative expenses, corporate 
transactions and Triton's equity share of the results of Mission West.

    The consolidated loss from continuing operations for the three months 
ended September 30, 1996 was $366,000 compared to a loss during the 
comparable period in the prior year of $4.1 million.  The prior year included 
$3 million of equity losses from The Actava Group Inc. ("Actava"), which was 
25% owned by Triton during the prior six-month period but which was sold in 
October 1995, and $338,000 of net interest expense related primarily to 
secured debt that was repaid in the last year.  Additionally, general and 
administrative expenses in the current year of $409,000 declined from similar 
expenses of $668,000 during the comparable period in the prior year, 
primarily reflecting a reduction in salaries and professional fees consistent 
with the reduced operations of the Company.  The Company's equity losses from 
Mission West of $44,000 in the current period compared to losses of $53,000 
in the prior year.

    The net loss for the current three-month period of $366,000 compared to a 
net loss in the comparable period in the prior year of $4.1 million.  The 
prior year included a loss from discontinued operations of $43,000 reflecting 
the combined net operating results of National Airmotive Corporation and 
Western Metal Lath sold by the Company in June 1995 and November 1995, 
respectively.


SIX MONTHS ENDED SEPTEMBER 30, 1996

    The consolidated loss from continuing operations for the six months ended 
September 30, 1996 of $651,000 compared to a loss of $7.1 million during the 
comparable period in the prior year.  The prior year included $4.8 million in 
equity losses of Actava and $1 million of net interest expense which compared 
to $155,000 of net interest income in the current six-month period.  
Additionally, general and administrative expenses of $793,000 in the current 
six month period compared to similar expenses of $1.3 million during the 
comparable period in the prior year.  The reduction in net interest expense 
and general administrative expenses in the current year are for the same 
reasons which influenced the three-month operating results.  

    The net loss for the six months ended September 30, 1996 of $651,000 
compared to a net loss of $7.1 million in the prior year.  The prior year 
also included income from discontinued operations of $32,000, reflecting the 
operating results of Western Metal prior to disposition. 






                                       10

<PAGE>

                          PART II - OTHER INFORMATION


ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K


(a) 27.1  Financial Data Schedules

(b) No reports on Form 8-K were filed during the quarter ended 
    September 30, 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 thereunto duly authorized. 

                                                    TRITON GROUP LTD.
                                             -----------------------------
                                                       Registrant


Date:   November 14, 1996                    By: /s/ Mark G. Foletta
                                             -----------------------------
                                                 Mark G. Foletta
                                                 Senior Vice President and 
                                                 Chief Financial Officer





                                       11