-----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, Fs6xAUqj7fG0quj2SOQqNFYvQCy3JyZf/C4nv4UrIIthx4lj4LO5CO+hjZYZ83Re Jy4H7BTgcK4XbAzVAEwlwQ== 0001017062-03-001424.txt : 20030617 0001017062-03-001424.hdr.sgml : 20030617 20030617150229 ACCESSION NUMBER: 0001017062-03-001424 CONFORMED SUBMISSION TYPE: NT 10-Q PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20030430 FILED AS OF DATE: 20030617 EFFECTIVENESS DATE: 20030617 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PROCOM TECHNOLOGY INC CENTRAL INDEX KEY: 0001025711 STANDARD INDUSTRIAL CLASSIFICATION: COMPUTER PERIPHERAL EQUIPMENT, NEC [3577] IRS NUMBER: 330268063 STATE OF INCORPORATION: CA FISCAL YEAR END: 0731 FILING VALUES: FORM TYPE: NT 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-21653 FILM NUMBER: 03747220 BUSINESS ADDRESS: STREET 1: 58 DISCOVERY CITY: IRVINE STATE: CA ZIP: 92618 BUSINESS PHONE: 9497944257 MAIL ADDRESS: STREET 1: 58 DISCOVERY CITY: IRVINE STATE: CA ZIP: 92618 NT 10-Q 1 dnt10q.htm NOTICE OF LATE FILING FOR PROCOM TECHNOLOGY, INC. Notice of Late Filing for Procom Technology, Inc.

(Check One):

    ¨  Form 10-K

    ¨  Form 20-F

    ¨  Form 11-K

    x  Form 10-Q

    ¨  Form N-SAR

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

 

FORM 12b-25

 

NOTIFICATION OF LATE FILING

 

Commission File Number:     000-21653    

   

 

    For Period Ended:                 April 30, 2003                
    ¨  Transition Report on Form 10-K
    ¨  Transition Report on Form 20-F
    ¨  Transition Report on Form 11-K
    ¨  Transition Report on Form 10-Q
    ¨  Transition Report on Form N-SAR
    For the Transition Period Ended:                                                              

 

 

Read attached instruction sheet before preparing form. Please print or type.

 

Nothing in this form shall be construed to imply that the Commission has verified any information contained herein.

 

If the notification relates to a portion of the filing checked above, identify the item(s) to which the notification relates:             

 


 

PART I

REGISTRANT INFORMATION

 

 

Procom Technology, Inc.


Full name of registrant

 


Former name if applicable

 

58 Discovery


Address of principal executive office (Street and Number)

 

Irvine, California 92618


City, State and Zip Code


PART II

RULES 12b-25(b) AND (c)

 

If the subject report could not be filed without unreasonable effort or expense and the registrant seeks relief pursuant to Rule 12b-25(b), the following should be completed. (Check box if appropriate.)

 

¨

  (a)   The reasons described in reasonable detail in Part III of this form could not be eliminated without unreasonable effort or expense;
  (b)   The subject annual report, semi-annual report, transition report on Form 10-K, 20-F, Form 11-K, Form N-SAR or Form N-CSR, or portion thereof, will be filed on or before the 15th calendar day following the prescribed due date; or the subject quarterly report on Form 10-Q, or portion thereof will be filed on or before the fifth calendar day following the prescribed due date; and
  (c)   The accountant’s statement or other exhibit required by Rule 12b-25(c) has been attached if applicable.

 

PART III

NARRATIVE

 

State below in reasonable detail the reasons why Forms 10-K, 20-F, 11-K, 10-Q, N-SAR, N-CSR, or the transition report or portion thereof, could not be filed within the prescribed time period.

 

On May 28, 2003, the plaintiffs in a securities class action entitled Albert Ree v. Alex Aydin, Alex Razmjoo, and Procom Technology, Inc. amended their complaint to add additional allegations of violations of Sections 10(b) and 20(a) and Rule 10b-5 of the Securities Act of 1934. The original complaint, filed in September 2002 in U.S. District Court for the Southern District of New York, was first discussed in the Registrant’s Annual Report on Form 10-K for the fiscal year ended July 31, 2002. The amended complaint includes allegations that, during the period from December 9, 1999 to June 25, 2001, the Registrant falsely and recklessly overstated revenues in violation of generally accepted accounting principles. The Registrant believes that the allegations stated in the amended complaint are without merit, and the Registrant’s audit committee, with the unanimous concurrence of the board of directors, is conducting an independent review of the allegations stated in the amended complaint. The Registrant’s independent public accountants have informed the Registrant that they are unable to complete a FAS 100 review of the consolidated financial statements to be included in the Registrant’s Quarterly Report on Form 10-Q for the Registrant’s third fiscal quarter until the audit committee’s independent review is completed.

 

PART IV

OTHER INFORMATION

 

(1)   Name and telephone number of person to contact in regard to this notification

 

                    Alex Razmjoo                    

(Name)

 

        (949)        

(Area Code)

  

                852-1000                

(Telephone Number)


(2)   Have all other periodic reports reports required under Section 13 or 15(d) of the Securities Exchange Act of 1934 or Section 30 of the Investment Company Act of 1940 during the preceding 12 months or for such shorter period that the registrant was required to file such report(s) been filed? If answer is no, identify report(s).

x  Yes    ¨  No

 

(3)   Is it anticipated that any significant change in results of operations from the corresponding period for the last fiscal year will be reflected by the earnings statements to be included in the subject report or portion thereof?

x  Yes    ¨  No

 

If so, attach an explanation of the anticipated change, both narratively and quantitatively, and, if appropriate, state the reasons why a reasonable estimate of the results cannot be made.

 

The Registrant anticipates that its net sales for the third quarter of fiscal 2003 will be approximately $4.2 million, compared with $4.4 million in the comparable quarter of fiscal 2002, and that its net loss for the third quarter of fiscal 2003 will be approximately $2.6 million, compared with a net loss of $1.1 million for the year-earlier period. The Registrant’s estimated cash and cash equivalents as of April 30, 2003 were approximately $8.2 million, of which $0.5 million was restricted.

 

Procom Technology, Inc.


(Name of Registrant as Specified in Charter)

 

Has caused this notification to be signed on its behalf by the undersigned hereunto duly authorized.

 

Date:         June 17, 2003        

By   /s/    Alex Razmjoo                        

Alex Razmjoo

President and Chief Executive Officer

 

INSTRUCTION: The form may be signed by an executive officer of the registrant or by any other duly authorized representative. The name and title of the person signing the form shall be typed or printed beneath the signature. If the statement is signed on behalf of the registrant by an authorized representative (other than an executive officer), evidence of the representative’s authority to sign on behalf of the registrant shall be filed with the form.

 


ATTENTION

INTENTIONAL MISSTATEMENTS OR OMISSIONS OF FACT CONSTITUTE FEDERAL CRIMINAL VIOLATIONS (SEE 18 U.S.C. 1001).


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