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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 12b-25
NOTIFICATION OF LATE FILING
(CHECK ONE): / /Form 10-K / /Form 20-F / /Form 11-K /X/Form 10-Q / /Form N-SAR
For Period Ended: March 31, 2000
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/ / 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:
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READ INSTRUCTION (ON BACK PAGE) 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.
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If the notification relates to a portion of the filing checked above, identify
the Item(s) to which the notification relates:
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PART I -- REGISTRANT INFORMATION
Precept Business Services, Inc.
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Full Name of Registrant
N/A
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Former Name if Applicable
1909 Woodall Rodgers Freeway, Suite 500
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Address of Principal Executive Office (Street and Number)
Dallas, Texas 75201
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City, State and Zip Code
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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, 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 of
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
/X/ (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, 11-K, 10-Q,
N-SAR, or the transition report or portion thereof, could not be filed within
the prescribed time period.
The Registrant was unable to file its Quarterly Report on Form 10-Q
within the prescribed due to recent significant turnover in the Registrant's
Transportation Division financial accounting department. In addition, the
Registrant lost at least one business day due to the information system
problems created by the "I Love You" software virus.
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PART IV -- OTHER INFORMATION
(1) Name and telephone number of person to contact in regard to this
notification
William W. Solomon, Jr., Executive
Vice President and Chief Financial
Officer 214 754-6620
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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
answer is no, identify report(s). /X/ Yes / / No
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(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.
Shown below are the condensed consolidated statements of operations for
the three- and nine-month periods ended March 31, 2000. Due to the
reasons explained in Part III above, the Registrant has not been able to
complete the Form 10-Q within the required deadline. The Registrant
expects to file the complete Form 10-Q by May 22, 2000.
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PRECEPT BUSINESS SERVICES, INC.
COMBINED CONDENSED STATEMENTS OF OPERATIONS
(Amounts in thousands, except per share amounts)
<TABLE>
<CAPTION>
Three months Nine months
Ended Ended
March 31, March 31,
2000 1999 2000 1999
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(Unaudited)
<S> <C> <C> <C> <C>
CONTINUING OPERATIONS
Revenue - Business Products................ $ 36,728 $ 35,096 $106,815 $103,874
Costs and expenses:
Cost of goods sold....................... 24,844 23,424 71,701 71,010
Sales commissions........................ 5,195 4,881 14,712 14,005
Selling, general and administrative...... 5,919 6,051 15,839 16,551
Goodwill write-down and
other non-recurring charges........... - 6,727 - 6,727
Depreciation and amortization............ 599 363 1,612 1,019
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36,557 41,446 103,864 108,312
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Operating income (loss).................... 171 (6,350) 2,951 (4,438)
Interest expense........................... 552 201 2,322 1,448
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Income (loss) before income taxes.......... (381) (6,551) 629 (5,586)
Income tax provision (benefit)............. (171) (3,038) 284 (2,526)
-------- -------- -------- --------
Net income (loss).......................... (210) (3,513) 345 (3,060)
DISCONTINUED OPERATIONS
Net income (loss) from discontinued
operations, net of income tax provision
(benefit)................................ (588) (6,886) 546 (6,000)
Net loss from sale of discontinued
operations............................... (16,500) - (16,500) -
-------- -------- -------- --------
Net loss from discontinued operations...... (17,088) (6,886) (15,954) (6,000)
-------- -------- -------- --------
Net income (loss).......................... $(17,298) $(10,399) $(15,609) $ (9,060)
======== ======== ======== ========
Basic net income (loss) per share:
Continuing operations.................... $ (0.02) $ (0.41) $ 0.04 $ (0.37)
Discontinued operations.................. (1.68) (0.81) (1.62) (0.73)
-------- -------- -------- --------
Net income (loss) per share.............. $ (1.70) $ (1.22) $ (1.58) $ (1.10)
======== ======== ======== ========
Weighted average shares outstanding...... 10,153 8,512 9,859 8,208
Diluted net income (loss) per share:
Continuing operations.................... $ (0.02) $ (0.41) $ 0.04 $ (0.37)
Discontinued operations.................. (1.68) (0.81) (1.55) (0.73)
-------- -------- -------- --------
Net income (loss) per share.............. $ (1.70) $ (1.22) $ (1.51) $ (1.10)
======== ======== ======== ========
Weighted average shares outstanding...... 10,153 8,512 10,325 8,208
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Precept Business Services, 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
hereunto duly authorized.
Date May 15, 2000 By /s/ William W. Solomon, Jr.
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Executive Vice President and
Chief Financial Officer
