SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 12B-25
Notification of Late Filing
Commission File Number 000-22673
(Check one): (X) Form 10-K ( ) Form 11-K ( ) Form 20-F ( )
Form 10-Q ( ) Form N-SAR
For period ended: March 31, 1999
( ) 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
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
Schick Technologies, Inc.
Full name of registrant
Former name if applicable
31-00 47th Avenue
Address of principal executive office (Street and Number)
Long Island City, New York 11101
City, State and Zip Code
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.)
(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, 11-K or Form N-SAR, or portion thereof will be filed
|X| on or before the 15th calendar day following the prescribed due date;
or the subject quarterly report or transition 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.
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PART III - NARRATIVE
State below in reasonable detail the reasons why Form 10-K, 11-K, 20-F, 10-Q,
N-SAR or the transition report portion thereof could not be filed within the
prescribed time period.
The registrant's Form 10-K for the year ended March 31, 1999 cannot be filed
within the prescribed time period due to:
a) Significant turnover in the registrant's professional accounting
staff, including the registrant's retention of a new Chief Financial
Officer on March 1, 1999; and
b) Significant efforts by the registrant's executive management,
including its Chief Financial Officer, seeking to secure additional
financing for the registrant, improve the registrant's cash flow and
reduce expenditures and develop and implement a turnaround strategy
for the registrant.
As a result of the aforementioned turnover and efforts by the registrant's
executive management the registrant was unable to furnish its independent
accountants, in a timely manner, with adequate financial information to enable
them to render an opinion within the prescribed period without unreasonable
effort or expense. In addition, the registrant's independent accountants have
recently requested certain additional information which the registrant is in the
process of assembling.
PART IV - OTHER INFORMATION
(1) Name and telephone number of person to contact in regard to this
notification.
George C. Rough, Jr. (718) 937-5765, ext. 2114
(Name) (Area Code) (Telephone Number)
(2) Have all other periodic reports required under Section 13 or 15(d) or 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
Note: Registrant intends to file amendments to its Forms 10-Q for the
quarters ended June 30, 1998 and September 30, 1998 contemporaneously with or
shortly after its Annual Report on Form 10-K is filed.
(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 reported revenues of $38.5 million in revenue and $2.4 million in
net income for the year ended March 31, 1998. The registrant anticipates
reporting an increase in revenues and a substantial net loss for the year ended
March 31, 1999 and a significant decline in revenues in the fourth quarter of
fiscal 1999 versus the comparable period of fiscal 1998. Such losses have
resulted principally from significant product returns, bad debts and excess and
obsolete inventory due to (a) a change in the semiconductor technology utilized
in the registrant's CDR dental products during fiscal 1999, (b) product
reliability issues associated with the registrant's initial production of the
accuDEXA bone densitometer, (c) a change in the registrant's installation
methodology for its CDR dental products and (d) insufficient credit and
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collections policies and procedures. Due to the ongoing audit process, the
registrant is currently unable to reasonably estimate results. The registrant
expects that the report of its independent accountants relating to its financial
statements for the period ended March 31, 1999 will contain an explanatory
paragraph regarding the registrant's ability to continue as a going concern.
SCHICK TECHNOLOGIES, INC.
(Name of Registrant as Specified in Charter)
has caused this notification to be signed on its behalf by the undersigned
thereunto duly authorized.
Date: June 30, 1999 By : ________________________________
David B. Schick, President &
Chief Executive Officer
