U.S. SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 12b-25
NOTIFICATION OF LATE FILING SEC File No. 0-28348
(CHECK ONE:) CUSIP No. 233041 30 0
[x] Form 10-K and 10-KSB [ ] Form 20-F [ ] Form 11-K [ ] Form 10-Q and 10-
QSB [ ] Form N-SAR
For Period Ended: December 31, 1998
[ ] 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:
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
Full Name of Registrant
DBS INDUSTRIES, INC.
Former Name if Applicable
N/A
Address of Principal Executive Office (STREET AND NUMBER)
100 SHORELINE HIGHWAY, SUITE 190A
City, State and Zip Code
MILL VALLEY, CA 94941
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-K, Form 11-K, Form N-SAR or a 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
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(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 Form 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 period.
The Registrant is currently involved in certain significant transactions
subsequent to its 1998 year-end, the outcome may impact the Registrant's
financial condition and results of operation.
(Attached Extra Sheets if Needed).
PART IV -- OTHER INFORMATION
(1) Name and telephone number of person to contact in regard to this
notification.
Roger D. Linn 415 442-0400
(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?
[ ] Yes [x] No**
** SEE ATTACHED SUPPLEMENTAL RESPONSE
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.
DBS INDUSTRIES, 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 31, 1999 By: /s/ E.A. JAMES PERETTI
_________________________
E. A. James Peretti
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Supplemental Response to Item (3) of Part IV:
The Registrant recognized a one time gain of $5.2 million upon sale of
investment stock in 1997 which resulted in net income of $3,068,917. However,
excluding the foregoing non-operating/non-recurring gain recognized in 1997, the
Registrant does not believe its results of operations for 1998 changed
significantly from results of operations for fiscal 1997. The Registrant is
still in the development stage and had no revenue in 1997 or 1998.
