UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 12b-25
NOTIFICATION OF LATE FILING
(Check One): X Form 10-K Form 20-F Form 11-K Form 10-QSB Form N-SAR
For the period ended April 30, 1998
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PART I - REGISTRANT INFORMATION
INITIO, INC.
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Full Name of Registrant
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Former Name if Applicable
2500 Arrowhead Drive
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Address of Principal Executive Office (Street and Number)
Carson City, Nevada 89706
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City, State and Zip Code
Part II - Rules 12b-25(b) and (c)
If the subject could not be filed without reasonable 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 reasonable effort or expense.
(b) The subject annual report, semi-annual report, transition report on
Form 10-K, Form 20-F, X 11-K or Form N-SAR, or portion thereof, will be
X 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
12-b-25(c) has been attached if applicable
Part III - Narrative
Initio, Inc. (the "Company") is unable to timely file Form 10-KSB for
the period ended April 30, 1998 because of an accident and resultant
surgery, last week to the mother of the President of the Company.
Filing is expected this week, but not necessarily before July 30, 1998.
Part IV - Other Information
The Company has released results of operations. A copy is attached.
c/s/ Martin Fox
PRESS RELEASE - FOR IMMEDIATE RELEASE
Carson City, NV, July 27, 1998
Page 1 of 2...
INITIO LAUNCHES INTERNET MARKETING PROGRAM,
RELEASES ANNUAL STATEMENT
Carson City, NV, July 27, 1998 -- Initio, Inc. (NASDAQ: INTO) Announced
today that its first four Internet sites, developed in conjunction with RR
Donnelley, are all "up and ready for shopping." The first four sites are as
follows:
WWW.housenet.com
WWW.homearts.com
WWW.ivillage.com
WWW.weddingchannel.com
Initio's exclusive Deerskin site is progressing as originally planned and is
expected to be operational within 60 days. While Initio remains committed
to consumer cataloging by mail, the Company believes that Internet responses
will significantly add to sales and profitability in the near future.
Initio also released year end figures, reporting a loss for the year ended
April 30, 1998 of $178,589 (or $0.04 per share) before an extraordinary,
non-recurring charge of approximately $600,000, compared with a loss of
$124,187 (or $0.03 per share) for the fiscal year ended April 30, 1997.
For the 12 months ended:
April 30, 1998 April 30, 1997
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Net Sales $11,133,544 $12,089,517
Net Loss ($804,589) (a) ($124,187)
Loss per share
Basic ($0.17) (a) ($0.03)
Diluted ($0.16) (a) ($0.03)
Average Shares
Basic 4,842,737 4,681,280
Diluted 4,886,321 4,681,280
(a) includes restructuring charges of $611,000 or $0.13 per share
The Company stated that the one time non-recurring charge of approximately
$600,000 was taken to set up a reserve for the cost of closing and moving
expenses of its Massachusetts operations, the set-up costs for the planned
consolidation of all mail/telephone room functions into its company owned
building in Nevada, and a reserve for the quick sale of inventory at its
retail store location.
Management expects the consolidating of all mail order fulfillment operations
and the closing of the Massachusetts retail store to result in substantial
cost-saving efficiencies in the immediate future.
Through the DEERSKIN Catalog, Initio markets a line of fine leather apparel
and accessories. This line dominates its niche of the mail-order industry.
Through the JOAN COOK catalog, Initio offers housewares, home furnishings,
and gifts. While Initio remains committed to consumer cataloging by mail,
it anticipates that Internet responses will significantly add to the
Company's sales and profitability in the near future.
The disclosures herein include statements that are "Forward Looking" within
the meaning of the Federal Securities Laws. Such forward looking
information involves important risks and uncertainties that could
significantly affect results in the future and, accordingly, such results
may differ substantially from those expressed in any forward looking
statements made by, or on behalf of, the Company. These risks and
uncertainties include, but are not limited to, response rates, dollar value
of average order, paper and postage costs, competition and reliance on key
personnel. For additional information, review the Company's filings with
the Securities and Exchange Commission, including the Company's annual report
on Form 10K.
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(1) Name and telephone number of person to contact in regard to this
notification
Martin Fox, President (201) 392-1500
(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. Yes X 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? Yes No X
INITIO, 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: July 29, 1998 By: /s/ Martin Fox
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Martin Fox, President
