<PAGE>
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 12b-25
Commission File Number: 0-27604
NOTIFICATION OF LATE FILING OF FORM 10-Q
For Period Ended: March 31, 1999
Part 1. Registrant Information
PICK COMMUNICATIONS CORP.
(Full name of registrant)
155 Route 46 West, Wayne, NJ, 07470
(Address of Principal executive office)
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 appropriate box.)
[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 quarterly report on Form 10-Q will be filed on or
before the 5th 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
The management of PICK Communications Corp. has been involved in
financing transactions which has taken up all of the management's time,
therefore, the Company needs more time to properly complete its Form 10-Q for
the quarter ended March 31, 1999.
Part IV. Other Information
(1) Name and telephone number of person to contact in regard to this
notification:
James H. Season (973) 812-7425
--------------- ------------------
(Name) (Telephone number)
(2) Have all other periodic 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 the answer is no,
identify report(s).
[X] Yes [ ] No
<PAGE>
(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.
Although quarterly results of operations are not yet available, the
Company expects to report revenues of approximately $4 million for the first
quarter of 1999 as compared to $0.5 million for the first quarter of 1998, with
an anticipated loss of up to approximately $4 million for the first quarter of
1999, as opposed to $1 million for the first quarter of 1998. The increased
sales resulted from an increase in the prepaid calling card and wholesale
telephone carrier businesses. The loss resulted primarily from increased
staffing and facilities for the expanding wholesale telephone carrier business
and the development stage business of PICK Sat Inc., a subsidiary of the
Company, which recently commenced providing satellite delivered, high speed
broadband Internet access. The prepaid calling card business operated with
negative gross margins.
PICK COMMUNICATIONS CORP.
(Name of registrant as specified in charter)
Has caused this notification to be signed on its behalf by the undersigned
thereunto duly authorized.
Date: May 18, 1999 By: /s/ James H. Season
-------------------------------------
Name: James H. Season
Title: Chief Financial 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 and 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).
