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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SEC FILE NUMBER
0-9403
FORM 12b-25
CUSIP NUMBER
628735-20-1
NOTIFICATION OF LATE FILING
(Check one): [X] Form 10-K & Form 10-KSB [_] Form 20-F [_] Form 11-K
[_] Form 10-Q & Form 10-QSB [_] Form N-SAR
For Period Ended: June 30, 1995
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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 Instructions (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
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Full Name of Registrant
NBI, Inc.
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Former Name if Applicable
N/A
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Address of Principal Executive Office (Street and Number)
1880 Industrial Circle, Suite F
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City, State and Zip Code
Longmont, CO 80501
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PART II - RULES 12b-25(b) AND (c)
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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 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, 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
(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
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State below in reasonable detail the reasons why the Form 10-K and Form 10-KSB,
20-F, 11-K, 10-Q and 10-QSB, N-SAR, or the transition report or portion thereof,
could not be filed within the prescribed time period. (ATTACH EXTRA SHEETS IF
NEEDED.)
See attached
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PART IV - OTHER INFORMATION
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(1) Name and telephone number of person to contact in regard to this
notification:
Marjorie Cogan (303) 684-2700
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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 reports)
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.
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NBI, 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: September 29, 1995 By: /s/ MARJORIE A. COGAN
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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 or 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
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INTENTIONAL MISSTATEMENTS OR OMISSIONS OF FACT CONSTITUTE FEDERAL CRIMINAL
VIOLATIONS
(SEE 18 U.S.C. 1001).
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Part III
Subsequent to its fiscal year-end, the Company made two significant business
acquisitions and changed its auditors. The Company has had to devote a
significant amount of time to the due diligence, accounting, Form 8-K
requirements and transitional issues related to these acquisitions. In
addition, the acquisitions and change in auditors delayed the start of the
Company's year-end audit.
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Part IV
NBI, INC.
CONSOLIDATED BALANCE SHEET
June 30, 1995
(Amounts in thousands, except share data)
<TABLE>
<CAPTION>
ASSETS
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<S> <C>
Current assets:
Cash and cash equivalents $ 1,931
Trading securities 4,324
Accounts receivable, less allowance for doubtful accounts of $13 371
Inventories 196
Other current assets 391
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Total current assets 7,213
Property and equipment, net 55
Other assets 289
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$ 7,557
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LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
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Current liabilities:
Current portion of income taxes $ 2,457
Short-term borrowings and current portion of notes payable 925
Accounts payable 384
Accrued liabilities 544
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Total current liabilities 4,310
Long-term income taxes 3,811
Notes payable 56
Long-term postemployment disability benefits 234
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Total liabilities 8,411
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Commitments and contingencies
Stockholders' equity (deficit):
Common stock - $.01 par value (10,001,270 shares
issued) 100
Capital in excess of par value 5,769
Accumulated deficit (5,517)
Foreign currency translation adjustment 311
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663
Less treasury stock, at cost (3,504,036 shares) (1,517)
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Total stockholders' equity (deficit) (854)
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$ 7,557
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</TABLE>
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NBI, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
Years Ended June 30, 1995 and 1994
(Amounts in thousands, except per share data)
<TABLE>
<CAPTION>
1995 1994
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<S> <C> <C>
Revenues:
Sales $ 1,856 $ 2,001
Service 957 1,340
Software 37 --
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2,850 3,341
Costs and expenses:
Cost of sales 1,377 1,778
Cost of service 746 1,604
Cost of software 8 --
Product development and engineering 278 229
Marketing, general and administrative 2,583 4,889
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4,992 8,500
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Loss from operations (2,142) (5,159)
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Other income (expense):
Interest income 194 518
Net gain (loss) on investments and other income 2,462 (226)
Interest expense (741) (715)
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1,915 (423)
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Loss before income taxes, minority interest and
cumulative effect of change in accounting method (227) (5,582)
Income tax benefit -- 2,600
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Net loss before minority interest and cumulative
effect of change in accounting method (227) (2,982)
Minority interest 15 --
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Net loss before cumulative effect of change in
accounting method (212) (2,982)
Cumulative effect of change in accounting method (271) --
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Net loss $ (483) $(2,982)
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Loss per common share:
Net loss before income taxes and cumulative
effect of change in accounting method $(.03) $ (.74)
Income tax benefit -- .34
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Net loss before cumulative effect of change
in accounting method (.03) (.40)
Cumulative effect of change in accounting method (.04) --
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Net loss $(.07) $ (.40)
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Weighted average number of common and
common equivalent shares outstanding 6,743 7,537
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</TABLE>
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RESULTS OF OPERATIONS 1995 - 1994 COMPARISON
The Company incurred a net loss of $483,000 in fiscal 1995, compared to a net
loss of $3.0 million recorded in fiscal 1994. The improved performance resulted
primarily from a substantial net gain on investments recorded for the year ended
June 30, 1995, compared to a significant net loss on investments recorded in
fiscal 1994. In addition, the Company experienced a significant reduction in
operating costs and expenses during fiscal 1995 resulting from the closure of
its domestic systems integration operation in June 1994. These improvements
were partially offset by the absence of an income tax benefit in fiscal 1995, as
compared to a benefit of $2.6 million included in fiscal 1994 resulting from the
favorable outcome of a court case.
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