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U.S. SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 12b-25
NOTIFICATION OF LATE FILING
SEC FILE NUMBER
0-15946
CUSIP NUMBER
278715107
(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
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 Items to which the notification relates:
PART I - REGISTRANT INFORMATION
Full Name of Registrant: ebix.com, Inc.
Former Name if Applicable: DELPHI INFORMATION SYSTEMS, INC.
Address of Principal Executive Office: 3501 Algonquin Road
City, State and Zip Code: Rolling Meadows, Illinois 60008
PART II - RULES 12b-25 (b) and (c)
If the subject report could not be filed without unreasonable efforts 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
/X/ (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 Form 10-K, 20-F, 11-K, 10-Q,
N-SAR, or the transition report or portion thereof could not be filed within the
prescribed period.
The Company will be unable to timely file its Form 10-K for the year ended
December 31, 1999. In preparing its response to certain revenue recognition
issues raised by the staff of the Securities and Exchange Commission's
Division of Corporate Finance under SOP 97-2 (regarding revenue recognition
for software licenses) with respect to the Company's financial statements for
the transition period ended December 31, 1998, the Company has consulted with
Arthur Andersen, the auditor of its 1998 transition period financial
statements. Arthur Andersen has advised the Company that it has now concluded
that (i) $259,000 of 1998 revenues from Canadian cd.global contracts should
not have been recognized, (ii) the other software contracts should be
reaudited and (iii) the Company's 1998 transition period financial statements
should be restated to reverse such Canadian contract revenues and that
additional work is required to determine whether or to what extent the
revenues from such other software contracts should be reversed. Such reversal
of 1998 revenues will decrease 1998 earnings by substantially the amount of
the reversed revenue, but is expected to either increase 1999 revenues or
diminish reserves and write-offs that the Company would otherwise require in
1999, thus decreasing the loss that the Company would otherwise report for
the fiscal year ended December 31, 1999. The Company intends to retain Arthur
Andersen to proceed with the reaudit, and the Company's 1998 financial
statements and the related report of independent accountants cannot be
republished or relied upon until that work is completed and the 1998
transition period financial statements are restated. Accordingly, the Company
cannot file its annual report on Form 10-K for the year ended December 31,
1999, on or prior to March 30, 2000, without unreasonable effort and expense.
SAFE HARBOR FOR FORWARD-LOOKING STATEMENTS UNDER THE SECURITIES LITIGATION
REFORM ACT OF 1995 - This Form 12b-25 Notice contains various forward-looking
statements and information that are based on management's beliefs as well as
assumptions made by and information currently available to management, including
statements regarding future economic performance and financial condition,
liquidity and capital resources. Such statements are subject to various risks
and uncertainties which could cause actual results to vary materially from those
stated. Should one or more of these risks or uncertainties materialize, or
should underlying assumptions prove incorrect, actual results may vary
materially from those anticipated, estimated, expected or projected. Such risks
and uncertainties include the timing, progress, and outcome of the reaudit of
the 1998 transition year financial statements. Certain other risks and
uncertainties are described in detail in the Company's Registration Statement on
Form S-3 filed under the Securities Act of 1933, Registration No. 333-12781, and
the Company's periodic filings pursuant to the Securities Exchange Act of 1934.
The Company undertakes no obligation to update any such factors or to publicly
announce the results of any of the forward-looking statements contained herein
to reflect future events or developments.
PART IV - OTHER INFORMATION
(1) Name and telephone number of person to contact in regard to this
notification.
Richard Baum (CFO) (847) 506-3100
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(2) Have all other periodic reports required under section 13 or 15(d) of
the Securities and 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?
/ / 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. [FOR THE REASONS STATED IN PART III, THE COMPANY
IS UNABLE TO MAKE A COMPARATIVE STATEMENT CONCERNING 1999 AND 1998 RESULTS OF
OPERATIONS.]
ebix.com, Inc. has caused this notification to be signed on its behalf by the
undersigned thereunto duly authorized.
Date: March 31, 2000 By: /s/ Richard Baum
Chief Financial 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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[ARTHUR ANDERSEN LETTERHEAD]
March 31, 2000
U. S. Securities and Exchange
Commission
450 Fifth Street, N.W.
Washington, D.C. 20549
Dear Sir / Madam:
We have read the statements about our firm in Part III of the Form 12b-25,
Notification of Late Filing, to be filed by ebix.com on March 31, 2000. We
agree with those statements.
Very truly yours,
ARTHUR ANDERSEN
