U.S. SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 12b-25
NOTIFICATION OF LATE FILING
[ ] Form 1O-K [ ] Form 20-F [ ] Form 11-K [X] Form 10-Q
[ ] Form N-SAR
For Period Ended: June 30, 2000
[ ] 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
Full Name of Registrant: VITECH AMERICA, INC.
Former Name if Applicable: Not Applicable
2190 Northwest 89th Place
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Address of Principal Executive Office (Street and Number)
Miami, Florida 33172
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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) [Paragraph 23,047],
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;
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[X] (b) The subject annual report, semi-annual report, transition report on Form
10-K, Form 20-F, 11-K or Form N-SAR, or portion thereof will be filed on or
before the fifteenth 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 [Amended in Release No. 34-26589 (Paragraph 72,435), effective April
12, 1989, 54 F.R. 10306.]
[ ] (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 the Form 1O-K, 20-F, 11-K,
10-Q, N-SAR, or the transition report or portion thereof could not be filed
within the prescribed time period. [Amended in Release No. 34-26589
(Paragraph 72,435), effective April 12, 1989, 54 F.R. 10306.]
The Form 10-Q could not be filed within the prescribed time period
because of additional time required by the Registrant's management to
provide certain information to be included in such Form 10-Q.
Part IV - Other Information
(1) Name and telephone number of person to contact in regard to this
notification:
Edward Kelly (305) 477-1161
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(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 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
(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
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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.
See attached Exhibit A.
Vitech America, Inc.
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(Name of Registrant as specified in charter)
has caused this notification to be signed on its behalf by the undersigned
thereunto duly authorized.
Date: August 14, 2000 VITECH AMERICA, INC.
By:/s/ Edward A. Kelly
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Edward A. Kelly
Its: Chief Financial Officer
<PAGE>
Exhibit A:
VITECH ANNOUNCES SECOND QUARTER 2000 FINANCIAL RESULTS
Sales Up 36% Over 1st Quarter 2000, EPS up 255%
Miami, FL, August 10, 2000 -- Vitech America, Inc. (NASDAQ: VTCH), a leading
US-based provider of PC-based Information Technology solutions direct to
business and individual clients today reported financial results for the second
quarter ended June 30, 2000. Vitech reported sales of $34.9 million and net
income of $1.8 million or $0.11 per share, compared to sales of $25.6 million
and net income of $465,423, or $0.03 per share assuming dilution, in the second
quarter of 1999. Unit sales for the 2nd quarter ended June 30 , 2000 in the core
PC business were approximately 18,000.
"Demand is increasing for the PC-based solutions in the market. Corporate demand
is notably the strongest sector. The consumer market has experienced steady
growth from first quarter, based on continued reduction of interest rates in the
market. Also, we are seeing strong government interest for the second half of
2000, though in the first half of the year the government sector was slow," said
William C. St. Laurent, President and C.O.O. of Vitech America, Inc.
"Sales of solutions made up approximately 20% of total sales. We are looking to
increase our solutions business in the second half to over 30% of total sales.
At the factory, we are increasing manufacturing levels to the range of 8,000 to
10,000 units per month and higher as we move into the traditionally strong
buying period in all sectors for the fourth quarter," said Vicente Soares, Chief
Operating Officer of the Company's Brazilian operations.
Soares continued, "We have been extremely dedicated to the development of a much
more streamlined company and expense structure. For instance, during this
quarter, we have made some structural changes to the way we will import products
and the levels of inventory that we need to carry to run the business. Because
of that, our inventories have fallen by 33%. We will now make further reductions
in the inventory levels with the introduction of RECOF, our in-factory, bonded
warehouse program. This sophisticated system, which is administered on a
web-centric platform, allows us to import products much more quickly reducing
lead-times by as much as 80%. Now, for the first time in the history of our
company, our inventory turns should move closer to those of US-based companies,
such as Gateway."
Vitech America, Inc., a Miami-based company, is a leading provider of PC-based
Information Technology solutions direct to business and individual clients,
including the manufacture and marketing of PCs, servers and related products,
business systems integration products and turn-key business solutions in Brazil
under the names: Microtec Digital World and Microtec(TM), with product lines of
Mythus(TM), Quest(TM), Spalla(TM), Vesper(TM) and Vision(TM).
Except for the historical information herein, the matters discussed in this
press release include forward-looking statements that may involve a number of
risks and uncertainties. Future results may vary significantly based on a number
of factors, including, but not limited to, risks in market acceptance of new
products and continuing product demand, the impact of competitive products and
pricing, changing economic conditions, both here and in Brazil and other risk
factors detailed in the Company's most recent annual report and other filings
with the Securities and Exchange Commission.
For more information, please contact:
Ed Kelly, CFO - Vitech America, Inc. (305) 477-1161 [email protected]
<PAGE>
Vitech America, Inc.
Summary of Operation
(Unaudited)
<TABLE>
<CAPTION>
Three Months Ended Six Months Ended
June 30, June 30,
1999 2000 1999 2000
---- ---- ---- ----
<S> <C> <C> <C> <C>
Sales $ 25,641,391 $ 34,927,406 $ 40,944,105 $ 57,487,567
Cost of sales 14,832,923 22,515,518 23,192,059 37,568,398
Gross profit 10,808,468 12,411,888 17,752,046 19,919,169
SG&A 5,570,733 7,379,916 12,313,993 13,559,085
Income from operations 5,237,735 5,031,972 5,438,053 6,360,084
Interest and financing expense 4,232,069 3,135,016 10,497,765 5,992,579
Foreign currency exchange loss/(gain) 540,243 38,000 17,197,123 (1,506,301)
Net income (loss) 465,423 1,849,677 (22,256,835) 1,864,527
Earnings (loss) per share - basic $ 0.03 $ 0.11 $ (1.52) $ 0.11
Earnings (loss) per share - diluted . $ 0.03 $ 0.11 $ (1.52) $ 0.11
Weighted average number of
shares outstanding - diluted 14,650,355 16,384,121 14,660,446 16,365,030
</TABLE>
<PAGE>
Vitech America, Inc.
Summary Balance Sheet
(unaudited)
December 31, 1999 June 30, 2000
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Assets
Current assets:
Cash & cash equivalents $ 1,024,420 $ 5,719,478
Accounts receivable 58,772,833 61,407,088
Inventories 28,678,882 19,555,098
Other current assets 5,478,986 11,091,338
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Total current assets 93,955,121 97,773,002
Goodwill 19,097,686 18,550,706
Property, plant & equipment 24,113,528 23,785,943
Investments 1,104,222 7,690,734
Other assets 10,167,620 9,577,480
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Total assets $148,438,177 $157,377,865
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Liabilities & Shareholders' Equity
Current liabilities:
Accounts payable $ 25,208,408 $ 16,788,528
Accrued expenses 1,986,919 2,401,574
Deferred tax liability 940,000 940,000
Notes payable - related party 13,564,505 13,564,505
Note payable -- 9,000,000
Convertible note -- 39,507,765
Short term debt 4,949,846 4,224,726
Current maturities of long-term debt 1,371,757 1,362,514
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Total current liabilities 48,021,435 87,789,612
Convertible notes 43,882,921 --
Long-term debt 2,808,789 2,198,078
Total shareholders' equity 53,725,032 67,390,175
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Total liabilities & shareholders' equity $148,438,177 $157,377,865
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