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UNITED STATES | OMB APPROVAL |
SECURITIES AND EXCHANGE COMMISSION --------------------
Washington, D.C. 20549 | OMB Number: |
| 3235-0058 |
FORM 12b-25 | Expires: |
| May 31, 1997 |
NOTIFICATION OF LATE FILING | Estimated |
| average burden |
| hours per |
(Check One): [X] Form 10-K [_] Form 20-F [_] Form 11-K | response....2.50 |
[_] Form 10-Q [_] Form N-SAR --------------------
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For Period Ended: 12/28/97 | SEC FILE NUMBER |
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[X] Transition Report on Form 10-K --------------------
[_] Transition Report on Form 20-F --------------------
[_] Transition Report on Form 11-K | CUSIP NUMBER |
[_] Transition Report on Form 10-Q | XXXXXX XX X |
[_] Transition Report on Form N-SAR --------------------
For the Transition Period Ended:
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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.
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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
CALCOMP TECHNOLOGY, INC.
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Former Name if Applicable
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Address of Principal Executive Office (Street and Number)
2411 W. LA PALMA AVENUE
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City, State and Zip Code
ANAHEIM, CA 92803
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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;
| (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,
[X] | 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.
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.
(ATTACH EXTRA SHEETS IF NEEDED)
SEC 1344 (6/94)
The Registrant's Annual Report on Form 10-K could not be filed by March 30, 1998
because certain transactions that will have a significant impact on the
Company's liquidity have not yet been completed, but are expected to be
completed and available for disclosure in the Company's Annual Report on Form
10-K prior to April 13, 1998.
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PART IV--OTHER INFORMATION
(1) Name and telephone number of person to contact in regard to this
notification
JOHN J. MILLERICK, SENIOR VP & CFO (714) 821-2500
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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
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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? [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.
SEE EXHIBIT A - PART IV (3)
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CALCOMP TECHNOLOGY, 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
hereunto duly authorized.
Date MARCH 27, 1998 By /s/ JOHN J. MILLERICK
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SENIOR V.P. & CFO
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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GENERAL INSTRUCTIONS
1. This form is required by Rule 12b-25 (17 CFR 240.12b-25) of the General
Rules and Regulations under the Securities Exchange Act of 1934.
2. One signed original and four conformed copies of this form and amendments
thereto must be completed and filed with the Securities and Exchange
Commission, Washington, D.C. 20549, in accordance with Rule 0-3 of the
General Rules and Regulations under the Act. The information contained in
or filed with the form will be made a matter of public record in the
Commission files.
3. A manually signed copy of the form and amendments thereto shall be filed
with each national securities exchange on which any class of securities of
the registrant is registered.
4. Amendments to the notifications must also be filed on form 12b-25 but need
not restate information that has been correctly furnished. The form shall
be clearly identified as an amended notification.
5. Electronic Filers. This form shall not be used by electronic filers unable
to timely file a report solely due to electronic difficulties. Filers
unable to submit a report within the time period prescribed due to
difficulties in electronic filing should comply with either Rule 201 or
Rule 202 of Regulation S-T ((S)232.201 or (S)232.202 of this chapter) or
apply for an adjustment in filing date pursuant to Rule 13(b) of
Regulation S-T ((S)232.13(b) of this chapter).
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EXHIBIT A
to Form 12b-25
PART IV (3)
[LETTERHEAD OF CALCOMP]
Contact: John J. Millerick, Senior Vice President
and Chief Financial Officer
CalComp Technology, Inc.
(714) 821-2000
FOR IMMEDIATE RELEASE
CALCOMP REPORTS FINANCIAL RESULTS
FOR FOURTH QUARTER, FISCAL YEAR 1997
Anaheim, California -- January 28, 1998 -- CalComp Technology, Inc.
(Nasdaq: CLCP) today announced financial results for the fourth quarter and year
ended December 28, 1997.
For the fourth quarter, the company reported a net loss of $34.6 million,
or $0.74 per share, compared with a net loss of $23.9 million, or $0.52 per
share, for the same quarter last year. Net sales were $40.2 million, compared
with $67.5 million a year earlier.
The company noted that operating results for the 1997 fourth quarter
reflected the impact of $3.8 million in restructuring costs, related primarily
to a realignment of the company's European operations, and approximately $10.8
million in costs associated with the decision to accelerate the transition from
its current products to its new proprietary inkjet products, which are being
introduced to the marketplace during the first quarter of 1998. Excluding the
effects of the charges, the company would have reported a net loss of $20.0
million, or $0.43 per share, for the most recent fourth quarter. Results also
were affected by higher expenses associated with the launch of the company's new
CrystalJet(TM) technology.
For the full year, CalComp reported a net loss of $75.2 million, or $1.60
per share, versus a net loss of $56.6 million, or $1.32 per share, a year ago.
Net sales for the fiscal year were $200.2 million, compared with $235.9 million
in fiscal 1996.
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John C. Batterton, president and chief executive officer, said, "While 1997
was challenging from a financial perspective, it was a period in which
significant progress was achieved in restructuring the company, completing the
development of an innovative technology and launching the first of a new
generation of exciting products. The introduction of our proprietary CrystalJet
technology in September was received with tremendous enthusiasm by potential
customers and represented a major milestone in the repositioning of CalComp.
While operating losses will continue into 1998, as the company continues its
investment in new technology and transitions from older products lines, we are
encouraged about the company's future and believe our new digital inkjet
printing systems will have a major positive impact on the industries we serve."
Batterton said one of the year's most important accomplishments was the
signing of an OEM agreement with IRIS Graphics, a wholly owned subsidiary of
Scitex Corporation, Ltd., (Nasdaq:SCIXF), under which CalComp will provide wide-
format printers featuring the CrystalJet technology. IRIS Graphics plans to
integrate its color imaging software into the CalComp-manufactured printers and
begin selling them to its customers under the IRIS brand during the first
quarter.
"The agreement with IRIS Graphics clearly demonstrates the viability of
CrystalJet," said Batterton. "As we go forward, we anticipate additional OEM
relationships and wide market penetration of the technology, which we plan to
incorporate in a variety of applications, including print-for-pay, industrial
and corporate-in-house use."
CalComp is a leading supplier of computer graphics printers, sign cutters,
digitizers and large format scanners. The company's products are marketed
throughout the world to the CAD/CAM and graphic arts customers. CalComp
provides full service product support
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and technical assistance, sells supplies and provides after-warranty service.
This press release contains certain forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995 related to
CalComp Technology's ability to successfully develop and introduce new products
which incorporate the company's new CrystalJet(TM) inkjet technology, attain
additional OEM relationships and other matters. Actual results may differ
materially from those indicated by such statements as a result of various
factors, including those discussed in the Company's periodic reports filed with
the SEC.
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CALCOMP TECHNOLOGY, INC.
Condensed Consolidated Statement of Operations
<TABLE>
<CAPTION>
Three Months Ended Twelve Months Ended
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(Unaudited)
Dec. 28, Dec. 29, Dec. 28, Dec. 29,
1997 1996 1997 1996
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(Dollars in Thousands, Except Share and Per Share Data)
<S> <C> <C> <C> <C>
Net Sales $ 40,239 $ 67,546 $200,158 $235,916
Cost of Sales 46,811 49,948 182,591 180,375
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Gross Profit (Loss) (6,572) 17,598 17,567 55,541
Operating Expenses 23,443 23,125 89,343 94,123
Restructuring Costs and (Gain)
Loss on Disposal of Facilities 3,788 20,998 (2,085) 20,998
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Loss from Operations (33,803) (26,525) (69,691) (59,580)
Other (Expense) Income, Net (1,546) (667) (5,459) 518
-------- -------- -------- --------
Loss Before Taxes (35,349) (27,192) (75,150) (59,062)
Provision (Benefit) for Taxes (714) (3,289) 38 (2,458)
-------- -------- -------- --------
Net Loss $(34,635) $(23,903) $(75,188) $(56,604)
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Net Loss Per Common Share $ (0.74) $ (0.52) $ (1.60) $ (1.32)
Weighted Average Shares Outstanding 47,063,797 46,074,474 46,951,243 42,945,581
</TABLE>
CONDENSED CONSOLIDATED BALANCE SHEET
<TABLE>
<CAPTION>
Dec. 28, 1997 Dec. 29, 1996
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(Dollars in Thousands)
<S> <C> <C>
Assets:
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Cash $ 6,494 $ 15,290
Accounts Receivable, net 30,636 56,863
Inventories 43,069 57,765
Net Assets Held for Sale -- 15,119
Other Current Assets 4,783 5,866
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Total Current Assets 84,982 150,903
Plant and Equipment 29,048 26,891
Goodwill 79,994 82,080
Other Assets 15,433 16,211
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Total Assets $209,457 $276,085
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Liabilities and Stockholders' Equity:
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Accounts Payable $ 19,986 $ 32,258
Deferred Revenue 6,828 9,217
Other Current Liabilities 39,014 48,197
Line of Credit with Majority Shareholder 59,525 --
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Total Current Liabilities 125,353 89,672
Line of credit with Majority Shareholder -- 28,880
Other Long-Term Liabilities 8,371 5,029
Stockholders' Equity 75,733 152,504
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Total Liabilities and Stockholders' Equity $209,457 $276,085
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