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U.S. SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 12b-25
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SEC FILE NUMBER
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NOTIFICATION OF LATE FILING
(CHECK ONE):
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CUSIP NUMBER
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[ ] Form 10-K and Form 10-KSB [ ] Form 20-F [ ] Form 11-K [X] Form 10-Q
and Form 10-QSB
[ ] Form N-SAR
For period Ended: July 3, 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: ......................................
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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.
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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 1 - REGISTRANT INFORMATION
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Full Name of Registrant
AXIOHM TRANSACTION SOLUTIONS, INC.
Former Name if Applicable
DH TECHNOLOGY, INC....................................................
Address of Principal Executive Office (STREET AND NUMBER)
1787 SENTRY PARKWAY WEST
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City, Sate and Zip Code
BLUE BELL, PA 19422
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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)
[XX] (a) The reasons described in reasonable detail in Part III of this
form could not be eliminated without unreasonable effort or expense;
[XX] (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
[ ] (c) The accountant's statement or other exhibit required by Rule
12-b-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 Form 10-K and form 10-KSB,
20-F, 11-K, 10-Q and Form 10-QSB, N-SAR, or the transition report or portion
thereof could not be filed within the prescribed period.
(Attach Extra Sheets if Needed)
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The Registrant (the "Company") is not able to file its Form 10-Q for
the fiscal quarter ended July 3, 1999 within the prescribed time period
because management has been devoting substantially all of its time and
resources in recent weeks to an extensive evaluation of, and discussions
concerning, strategic alternatives and the financial structure of the
Company, including negotiations with members of the Company's credit facility
in an effort to obtain additional financing. The Company plans to file its
Form 10-Q for the fiscal quarter ended July 3, 1999 on or before August 23,
1999, within the time period described by Rule 12b-25 under the Securities
Exchange Act of 1934, as amended.
PART IV - OTHER INFORMATION
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(1) Name and telephone number of person to contact in regard to this
notification
Stuart Groom (215) 591-0315
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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
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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The following results of operations for the fiscal quarter ended
July 3, 1999 are preliminary and approximate only, and are qualified entirely
by and subject to the definitive results of operations to be filed as part of
the registrant's Form 10-Q due five business days after the date hereof.
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Six Months Ended
July 3, 1999 July 4, 1998
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<S> <C> <C>
Net Sales $111,989,000 $115,686,000
Gross Margin 34,303,000 41,607,000
Total operating expenses 47,601,000 43,159,000
Loss from Operations 13,298,000 1,552,000
Net loss $23,102,000 $13,022,000
Net loss per share $3.54 $2.00
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Loss from operations for the first six months of 1999 was $13.3
million compared to a loss of $1.6 million for the same period for 1998. The
increase in losses from the current period versus the prior is primarily due
to the change in product mix. The newer products have higher initial costs
due to a production learning curve, and the cost of new technology. The
Company has experienced delays in the transition of entering new products to
market. On July 28, 1998 the Company announced a major restructuring program
designed to streamline operations and improve manufacturing efficiencies by
consolidating its Paso Robles, California and Riverton, Wyoming manufacturing
operations principally into its Ithaca, New York manufacturing operations.
The above mentioned financial data is inclusive of $1.7 million of plant
closing related costs, which were not present in the comparable period.
Additionally, the company has experienced an increase in operating expenses
principally due to severance-related payments, as well as professional fees
associated with the evaluation of strategic alternatives and the financial
structure of the Company.
AXIOHM TRANSACTION SOLUTIONS, 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 18, 1999 BY: /S/ STUART GROOM
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(STUART GROOM)
VICE PRESIDENT OF FINANCE
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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.
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ATTENTION
Intentional misstatements or omissions of fact constitute Federal
Criminal Violations (see 18 U.S.C. 1001).
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