UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 12b-25
NOTIFICATION OF LATE FILING
SEC FILE NUMBER
0-15362
CUSIP NUMBER
204 805 501
(Check One): [ ] 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: January 31, 1997
[ ] 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:
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.
If the notification relates to a portion of the filing checked above, identify
the Item(s) to which the notification relates:
PART I - REGISTRANT INFORMATION
COMPUFLIGHT, INC.
Full Name of Registrant
Former Name if Applicable
99 Seaview Boulevard
Address of Principal Executive Office (Street and Number)
Port Washington, NY 11050
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;
[ X ] (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 12b-25(c) has been attached if applicable.
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.
The Company was unable to file its Annual Report on Form 10-QSB for the
fiscal quarter ended January 31, 1997 within the prescribed time period due to
delays incurred in seeking to confirm the amount of supplier credits owed to the
Company, and as a result of the Company's retention of a new Controller in
February 1997. Based on these delays, the Company has not yet been able to
complete its financial statements for the quarter ended January 31, 1997 and,
accordingly, has been unable to finalize the preparation and review of its Form
10-QSB.
PART IV - OTHER INFORMATION
(1) Name and telephone number of person to contact in regard to this
notification:
Fred Skolnik, Esq. (516) 296-7048
(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
(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.
Compuflight, Inc. (File No. 0-15362)
Attachment to Notification of Late
Filing on Form 12b-25
STATEMENT REQUIRED BY PART IV, ITEM 3
The following table sets forth the estimated comparative
results of operations for the quarters ended January 31, 1997 and 1996:
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------
Preliminary
January 31, 1997 January 31, 1996
Unaudited Unaudited
- ------------------------------------------------------------------------------------------------------------------------------
Revenue
- ------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Service fees $672,681 $837,112
- ------------------------------------------------------------------------------------------------------------------------------
Hardware, software and license ----- 16,709
-------- -------
- ------------------------------------------------------------------------------------------------------------------------------
672,681 853,821
--------- -------
- ------------------------------------------------------------------------------------------------------------------------------
Expenses
- ------------------------------------------------------------------------------------------------------------------------------
Operating 562,695 482,158
- ------------------------------------------------------------------------------------------------------------------------------
Research and development 54,305 98,441
- ------------------------------------------------------------------------------------------------------------------------------
Selling, general and administrative 291,357 263,398
- ------------------------------------------------------------------------------------------------------------------------------
Depreciation 39,280 32,918
-------- ---------
- ------------------------------------------------------------------------------------------------------------------------------
947,637 876,915
-------- -------
- ------------------------------------------------------------------------------------------------------------------------------
Operating Loss (274,956) (23,094)
- ------------------------------------------------------------------------------------------------------------------------------
Other Income (expense)
- ------------------------------------------------------------------------------------------------------------------------------
Interest income 15,217 15,333
- ------------------------------------------------------------------------------------------------------------------------------
Interest expense (include, related) (15,546) (24,590)
- ------------------------------------------------------------------------------------------------------------------------------
Realized foreign exchange loss (2,517) (3,580)
- -----------------------------------------------------------------------------------------------------------------------------
Scientific research and experimental development
investment tax credits 40,105 53,026
- ------------------------------------------------------------------------------------------------------------------------------
Other (3,412) 421
--------- ----------
- ------------------------------------------------------------------------------------------------------------------------------
Net (loss) earnings $(241,109) $ 17,516
--------- -------
- ------------------------------------------------------------------------------------------------------------------------------
</TABLE>
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Discussion of material variances:
Revenue has decreased approximately $181,000, or 21%. This decrease is primarily
attributable to the completion of a software development contract during the
third quarter of 1996 which accounted for approximately $100,000 in quarterly
income, as well as a decrease in revenue from two customers that have declared
bankruptcy.
Operating expenses have increased approximately $81,000, or 17%. The majority of
this increase is attributable to increased payroll costs related to the addition
of several key senior management members, as well as a general increase in other
expenses.
Research and development expenses have decreased approximately $44,000, or 45%.
This decline, and the resulting decline in investment tax credits, is
attributable to the involvement of development staff in the successful
relocation of the Company's offices in Waterloo, Ontario.
Overall, a net loss of approximately $241,000 is expected as compared to net
earnings of approximately $18,000 for the same period in 1996. This decline is
attributable to the aforementioned decrease in revenue and the increase in
operating expenses.
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COMPUFLIGHT, INC.
(Name of Registrant as Specified in Charter)
has caused this notification to be signed on its behalf by the undersigned
thereunto duly authorized.
Date March 18,1997 By: /s/Duncan Macdonald
Duncan Macdonald
Chief Executive Officer
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
Intentional misstatements or omissions of fact constitute Federal Criminal
Violations (See 18 U.S.C. 1001)
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