-----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, QaawDsszI3stgA4Txde/xV2Gmkj4e0K70B750MEhM6dSRDE8Ho1bvb9L0L/q8Ayy TDrrHXQg52I0RaJe7U+YSg== 0001015402-01-000549.txt : 20010223 0001015402-01-000549.hdr.sgml : 20010223 ACCESSION NUMBER: 0001015402-01-000549 CONFORMED SUBMISSION TYPE: NT 10-Q PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20001231 FILED AS OF DATE: 20010215 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FORECROSS CORP CENTRAL INDEX KEY: 0000916513 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-PREPACKAGED SOFTWARE [7372] IRS NUMBER: 942823882 STATE OF INCORPORATION: CA FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: NT 10-Q SEC ACT: SEC FILE NUMBER: 000-29672 FILM NUMBER: 1547435 BUSINESS ADDRESS: STREET 1: 90 NEW MONGOMERY STREET CITY: SAN FRANCISCO STATE: CA ZIP: 94105 BUSINESS PHONE: 4155431515 MAIL ADDRESS: STREET 1: 90 NEW MONTGOMERY ST CITY: SAN FRANCISCO STATE: CA ZIP: 94105 NT 10-Q 1 0001.txt SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 12B-25 COMMISSION FILE NUMBER: 0-29672 -------- NOTIFICATION OF LATE FILING --------------------------- (Check One): [ ] Form 10-K [ ] Form 11-K [ ] Form 20-F [X ] Form 10-Q For Period Ended: December 31, 2000 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 - --------------------------------- Full Name of Registrant: Forecross Corporation ---------------------- Former Name if Applicable: Address of Principal Executive Office (Street and Number): 90 New Montgomery St. --------------------- City, State and Zip Code: San Francisco, California 94105 ---------------------------------- Page 1 of 4 PART II - RULE 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.) [ X ] (a) The reasons described in reasonable detail in Part III of this form could not be eliminated without unreasonable effort or expense; [ X ] (b) The subject annual report or portion thereof will be filed on or before the 15th calendar day following the prescribed due date; or the subject quarterly report 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 Form 10-K, 11-K, 20-F or 10-Q or portion thereof could not be filed within the prescribed time period. The Registrant's Quarterly Report on Form 10-Q for the fiscal year ended --------------------------------------------------------------------------- December 31, 2000 could not be filed within the prescribed time period --------------------------------------------------------------------------- because the Registrant has experienced unanticipated delays in the --------------------------------------------------------------------------- collection and compilation of certain information required to be included --------------------------------------------------------------------------- in the Form 10-Q, and in the completion of the drafting of the Form 10-Q --------------------------------------------------------------------------- for filing. Such delays could not be eliminated by the Registrant without --------------------------------------------------------------------------- unreasonable effort or expense. The Form 10-Q will be filed as soon as --------------------------------------------------------------------------- practicable, but in no event later than the fifth calendar day following --------------------------------------------------------------------------- the prescribed due date. ------------------------ Page 2 of 4 PART IV - OTHER INFORMATION - ------------------------------- (1) Name and telephone number of person to contact in regard to this notification: Bernadette C. Castello (415) 543-1515 ---------------------------- ------------ ------------------ (Name) (Area Code) (Telephone Number) (2) Have all other periodic reports required under Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months or for such shorter period that the registrant was required to file such report(s) been filed? If the 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. Total revenue for the three months ended December 31, 2000 was $472,000 as compared to $1,417,000 for the same period of 1999, an decrease of 67%. Revenue in the 2000 period was less than forecast, in part, due to delays in the signing of new business until late in the reporting period, and unanticipated challenges in processing non-standard and unique programming in client applications, resulting in a temporary slowing in completion of billable and revenue generating milestones. Gross margin was $67,000 and $865,000 for the three months ended December 31, 2000 and 1999, respectively. Gross margin percentages were 14% and 61% for the these periods. The decrease in gross margin and gross margin percentage was due to the end of the higher-margin year 2000 services, and to the previously mentioned challenges, where costs were being incurred to analyze and provide a solution for the non-standard programming, without being able to recognize related revenue. Operating expenses were $619,000 in the three months ended December 31, 2000 as compared to $758,000 in the same period of 1999. Net interest expense was $46,000 for the three months ended December 31, 2000 as compared to $142,000 in the 1999 quarter, reflecting the elimination of debt to the company's senior officers and to year 2000 distributors as part of the debt to equity conversion completed in March 2000. The overall net loss for the three months ended December 31, 2000 was $599,000 or $0.04 per share compared with a loss of $35,000 or $0.00 per share for the three months ended December 31, 1999 (based on the weighted average number of shares outstanding during the respective periods). Backlog was $1,402,000 at December 31, 2000, as compared to $993,000 at September 30, 2000 and $282,000 at December 31, 1999. Page 3 of 4 FORECROSS CORPORATION --------------------- (Name of Registrant as specified in charter) has caused this notification to be signed on its behalf by the undersigned thereunto duly authorized. Date: February 14, 2001 By: /s/ Bernadette C. Castello Name: Bernadette C. Castello Title: Senior Vice President and Chief Financial Officer Page 4 of 4 -----END PRIVACY-ENHANCED MESSAGE-----