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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 12b-25
NOTIFICATION OF LATE FILING
(Check One): [X] Form 10-K [ ] Form 20-F [ ] Form 11-K [ ] Form 10-Q
[ ] Form N-SAR
For Period Ended: December 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: N/A
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PART I - REGISTRANT INFORMATION
SYNBIOTICS CORPORATION
Full Name of Registrant
11011 Via Frontera
Address of Principal Executive Office (Street and Number)
San Diego, California 92127
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)
[X] (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
(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 Forms 10-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.
In March 1999, we recognized $1,458,000 of non-refundable license fee revenue
related to the amendment of a supply agreement with Merial Limited ("Merial") in
exchange for giving Merial broadened U.S. distribution rights. On March 29,
2000, as part of our year end audit, we reviewed Staff Accounting Bulletin No.
101 - "Revenue Recognition in Financial Statements" ("SAB 101"), which was
issued in December 1999, to determine if we would have recognized the license
fee revenue had SAB 101 been in effect in March 1999.
Upon further review of the amendment supply agreement, and after discussions
with our independent accountants and our audit committee on March 30, 2000, we
determined that it is more appropriate for us to recognize the license fee
revenue ratable over the remaining term of the supply agreement. As a result, we
were unable to revise Items 6 and 7 of our Form 10-KSB for the year ended
December 31, 1999 to reflect the adjustment to the license fee revenue in time
to meet the filing deadline for the form 10-KSB.
PART IV - OTHER INFORMATION
(1) Name and telephone number of person to contact in regard to this
notification.
Michael K. Green 858 451-3771
(Name) (Area Code and 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
(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 [X] 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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SYNBIOTICS CORPORATION
(Name of Registrant as Specified in Charter)
Date March 30, 2000 By /s/ Michael K. Green
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Michael K. Green
Chief Financial Officer
+----------------------------------ATTENTION-----------------------------------+
| INTENTIONAL MISSTATEMENTS OR OMISSIONS OF FACT |
| CONSTITUTE FEDERAL CRIMINAL VIOLATIONS (SEE 18 U.S.C. 1001). |
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