U.S. SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 12b-25
NOTIFICATION OF LATE FILING SEC FILE NUMBER
0-19492
(Check One): CUSIP NUMBER
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[ ] 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:______________________________________________
[ ] 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:________________________________
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Read Attached Instruction sheet 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: Item 1: Notes to
Condensed Consolidated Financial Statements; Item 2: Management's Discussion and
Analysis of Financial Condition and Results of Operations
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Part I - Registrant Information
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Full Name of Registrant
Former name if Applicable
nVIEW Corporation
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Address of Principal Executive Office (Street and Number)
860 Omni Blvd.
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City, State and Zip Code
Newport News, VA 23606
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Part II - Rules 12b-25 (b) and (c)
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If the subject report could not be filed without unreasonable effort or expense
and the registrant seeks relief pursuant to Rule 12b-25(b) [ss. 23,047], the
following should be completed. (Check 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.
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Part III - Narrative
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State below in reasonable detail the reasons why Form 10-K and Form 10-KSB,
20-F, 11-K, 10-Q and Form 10-QSB, N-SAR, or the transition report or portion
thereof could not be filed within the prescribed period. The Registrant is
unable to complete the Notes to the Condensed Consolidated Financial Statements
and the Management's Discussion and Analysis of Financial Condition because the
Company is unclear as to the status of its line of credit with an existing bank,
and such bank is scheduled to meet with the Company next week. At the current
time, there are no amounts outstanding under this line of credit.
(Attach Extra Sheets if Needed)
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Part IV - Other Information
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(1) Name and telephone number of person to contact in regard to this
notification.
Diane Lingo 757-873-1354
(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?
[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. Please see Exhibit A attached.
nVIEW 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
thereunto duly authorized. nVIEW Corporation
Date 11/17/97 By /s/ Jerry W. Stubblefield
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Jerry W. Stubblefield, Chief Financial Officer
<PAGE>
EXHIBIT A
Attached are the Condensed Consolidated Financial Statements of the
Registrant as of September 30, 1997, without the Notes thereto.
As evidenced by these results, the Registrant experienced a significant
decline in sales during the Third Quarter of 1997 as compared to the Third
Quarter of 1996 resulting in a net loss for the first nine months of 1997 of
$5.4 million, compared to a net loss of $1 million for the same period of 1996.
<PAGE>
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
<TABLE>
nVIEW CORPORATION AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
<CAPTION>
<S> <C>
Assets September December 31,
30, 1997 1996
(Unaudited)
Current assets:
Cash and cash equivalents $710,076 $1,802,596
Receivables, net 4,304,415 9,057,646
Inventories (note 3) 8,424,964 11,997,760
Prepaid expenses 453,670 331,306
----------------- ------------------
Total current assets 13,893,125 23,189,308
Property and equipment, net 605,287 801,641
Other assets, net 139,240 191,388
----------------- ------------------
$14,637,652 $24,182,337
================= ==================
Liabilities and Shareholders' Equity
Current liabilities:
Accounts payable $1,917,435 $5,890,860
Accrued expenses 774,768 989,605
----------------- ------------------
Total current liabilities 2,692,203 6,880,465
Shareholders' equity:
Common stock, no par value
Authorized 20,000,000 shares; 5,005,166
shares issued and outstanding at September 30,
1997 and December 31, 1996 --- ---
Additional paid-in capital 25,060,978 25,060,978
Accumulated deficit (13,115,529) (7,759,106)
----------------- ------------------
Total shareholders' equity 11,945,449 17,301,872
----------------- ------------------
Commitments and contingencies (note 2)
$14,637,652 $24,182,337
================= ==================
See accompanying notes to condensed consolidated financial statements.
1
<PAGE>
nVIEW CORPORATION AND SUBSIDIARIES
Condensed Consolidated Statements of Operations
(Unaudited)
<CAPTION>
Three Months Ended Nine Months Ended
September 30, September 30,
--------------------------------------- -----------------------------------------
1997 1996 1997 1996
------------------- ---------------- ------------------ -------------------
Sales $3,464,537 $8,483,201 $15,825,381 $23,343,670
Cost of goods sold 5,245,767 6,580,394 15,571,554 18,217,339
------------------- ---------------- ------------------ -------------------
Gross profit (1,781,230) 1,902,807 253,827 5,126,331
------------------- ---------------- ------------------ -------------------
Marketing and promotion 841,632 792,886 2,429,720 2,900,501
Research and development 590,419 467,399 1,511,842 1,475,496
General and administrative 601,226 610,165 1,624,668 1,756,259
------------------- ---------------- ------------------ -------------------
Operating expenses 2,033,277 1,870,450 5,566,230 6,132,256
------------------- ---------------- ------------------ -------------------
Earnings (loss) from
operations (3,814,507) 32,357 (5,312,403) (1,005,925)
Other income (expense):
Interest expense (35,318) (29,051) (92,105) (117,596)
Interest income 12,584 31,285 53,046 79,121
Miscellaneous (4,983) (5,745) (4,961) (5,498)
------------------- ---------------- ------------------ -------------------
(27,717) (3,511) (44,020) (43,973)
------------------- ---------------- ------------------ -------------------
Net earnings (loss) ($3,842,224) $28,846 ($5,356,423) ($1,049,898)
=================== ================ ================== ===================
Weighted average number
of common and common
share equivalents outstanding 5,005,166 4,936,416 5,005,166 4,921,105
=================== ================ ================== ===================
Earnings (loss) per share ($0.77) $0.01 ($1.07) ($0.21)
=================== ================ ================== ===================
See accompanying notes to condensed consolidated financial statements.
2
<PAGE>
nVIEW CORPORATION AND SUBSIDIARIES
Condensed Consolidated Statement of Shareholders' Equity
(Unaudited)
Nine Months Ended September 30, 1997
<CAPTION>
Common Stock
------------------------------------
Additional Total
Number of Paid-in Accumulated Shareholders'
Shares Amount Capital Deficit Equity
----------------- ------------ ----------------- ------------------ ------------------
Balance at
December 31, 1996 5,005,166 --- $25,060,978 ($7,759,106) $17,301,872
Net loss --- --- --- (5,356,423) (5,356,423)
----------------- ------------ ----------------- ------------------ ------------------
Balance at
September 30, 1997 5,005,166 --- $25,060,978 ($13,115,529) $11,945,449
================= ============ ================= ================== ==================
See accompanying notes to condensed consolidated financial statements.
3
<PAGE>
nVIEW Corporation and Subsidiaries
Condensed Consolidated Statements of Cash Flows
(Unaudited)
Nine Months Ended
September 30
1997 1996
----------------- -----------------
Cash flows from operating activities:
Net loss ($5,356,423) ($1,049,898)
Adjustments to reconcile net loss to
net cash provided by (used in) operating activities:
Depreciation and amortization 444,113 590,570
Loss on disposal of fixed assets 553 19,267
Loss on abandonment of patents 46,961 ---
Changes in assets and liabilities
increasing (decreasing) cash:
Receivables, net 4,753,443 (1,783,023)
Inventories 3,572,796 (830,380)
Prepaid expenses (122,576) (42,078)
Income taxes receivable --- 508,277
Accounts payable (3,973,424) 3,458,409
Accrued expenses (214,837) (160,174)
----------------- -----------------
Total adjustments 4,507,029 1,760,868
----------------- -----------------
Net cash provided by (used in) operating activities (849,394) 710,970
----------------- -----------------
Cash flows from investing activities:
Additions to property and equipment (235,573) (272,603)
Purchase of patents and other assets (7,553) (8,638)
----------------- -----------------
Net cash used in investing activities (243,126) (281,241)
----------------- -----------------
Cash flows from financing activities:
Stock options exercised --- 168,700
----------------- -----------------
(Continued)
4
<PAGE>
nVIEW Corporation and Subsidiaries
Condensed Consolidated Statements of Cash Flows, Continued
(Unaudited)
Nine Months Ended
September 30
1997 1996
---------------- ---------------
Net increase (decrease) in cash and cash equivalents ($1,092,520) $598,429
Cash and cash equivalents at beginning of period 1,802,596 1,404,816
---------------- ---------------
Cash and cash equivalents at end of period $710,076 $2,003,245
================ ===============
Supplemental disclosure of cash flow information:
Cash paid during the period for interest $127,519 $136,949
================ ===============
Cash paid during the period for income taxes --- $40,326
================ ===============
See accompanying notes to condensed consolidated financial statements.
5
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> SEP-30-1997
<CASH> 710,076
<SECURITIES> 0
<RECEIVABLES> 4,634,028
<ALLOWANCES> (329,613)
<INVENTORY> 8,424,964
<CURRENT-ASSETS> 13,893,125
<PP&E> 3,458,603
<DEPRECIATION> (2,853,316)
<TOTAL-ASSETS> 14,637,652
<CURRENT-LIABILITIES> 2,692,203
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 11,945,449
<TOTAL-LIABILITY-AND-EQUITY> 14,637,652
<SALES> 15,825,381
<TOTAL-REVENUES> 15,825,381
<CGS> 15,571,554
<TOTAL-COSTS> 15,571,554
<OTHER-EXPENSES> 5,566,230
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 44,020
<INCOME-PRETAX> (5,356,423)
<INCOME-TAX> 0
<INCOME-CONTINUING> (5,356,423)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (5,356,423)
<EPS-PRIMARY> (1.07)
<EPS-DILUTED> (1.07)
</TABLE>
