UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SEC FILE NUMBER
000-17449
FORM 12b-25
NOTIFICATION OF LATE FILING
CUSIP NUMBER
742806 30 0
(Check One): [ X ] Form 10-K and Form 10-KSB [ ] Form 20-F [ ] Form 11-K
[ ] Form 10-Q and Form 10-QSB [ ] Form N-SAR
For Period Ended: June 30, 1998
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[ ] Transition Report on 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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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
PROCYON CORPORATION
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Former Name if Applicable
Not Applicable
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Address of Principal Executive Office (Street and Number)
1150 CLEVELAND STREET, SUITE 410
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City, State and Zip Code
CLEARWATER, FLORIDA 34615
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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)
(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 10-KSB, 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 Form 10-QSB, 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.
<PAGE>
PART III -- NARRATIVE
State below in reasonable detail the reasons why Forms 10-K and 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.
The time required by management to acquaint the Company's new
accountants with the Company's financial procedures was more lengthy
than contemplated. Accordingly, final review and approval of the Form
10-KSB by the Company's directors can not be completed in the
prescribed time period.
PART IV -- OTHER INFORMATION
(1) Name and telephone number of person to contact in regard to this
notification
J. B. ANDERSON (813) 447-2998
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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 answer is no,
identify reports(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? 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. [ X ] Yes [ ] No
Net sales, gross profit and net loss (after dividend requirements for
Preferred Stock) during fiscal 1998 were approximately $370,000, $190,000
and $1,112,000, respectively. This compares to net sales, gross profit and
net loss (after dividend requirements for Preferred Stock) during fiscal
1997 of $216,000, $119,000 and $701,000, respectively.
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PROCYON CORPORATION
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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.
PROCYON CORPORATION
Date: September 28, 1998 By: /s/ John C. Anderson
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John C. Anderson, President
INSTRUCTION: The form may be signed by an executive officer of the registrant or
by any other duly authorized representa-tive. 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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