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U.S. SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 12B-25
Commission File Number 0-27456
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NOTIFICATION OF LATE FILING
(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: December 31, 1996
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[ ] Transition Report on Form 10-K [ ] Transition Report on Form 10-Q
[ ] Transition Report on Form 20-F [ ] Transition Report on Form N-SAR
[ ] Transition Report on Form 11-K
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.
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 EquiMed, Inc.
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Former name if applicable EquiVision, Inc.
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Address of principal executive office (Street and number)
2171 Sandy Drive
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City, State and Zip Code State College, PA 16803
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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)
[X] (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, 20-F, 11-K or Form N-SAR, or portion thereof will be filed
on or before the 15th calendar day following the prescribed due date;
or the subject quarterly report or transition report on the From 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
State below in reasonable detail the reasons why Form 10-K and Form 10-KSB, 11-
K, 20-F, 10-Q and Form 10-QSB, N-SAR or the transition report or portion thereof
could not be filed within the prescribed time period. (Attach extra sheets if
needed.)
On November 5, 1996, the registrant consummated the sale of a
significant portion of its assets. The registrant has been unable to gain
access to certain accounting records regarding the portion of its business
to which the assets sold related. Such records are in the possession of the
Company that acquired such assets. Accordingly, the registrant's auditors
have been unable to complete the audit of the registrant's financial
statements for the period ended December 31, 1996.
PART IV -- OTHER INFORMATION
(1) Name and telephone number of person to contact in regard to this
modification
Daniel Beckett (814) 238-0375
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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
file such report(s) been filed? If the answer is period that the
registrant was required to 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.
For the year ended December 31, 1995, net revenues were $100.1
million, and net income was $7.3 million. For the year ended December 31,
1996, net revenues were $99.7 million, and the net loss was $15.8 million
or $0.57 per share based upon 27.7 million weighted shares outstanding.
These unaudited results included the effect of an extraordinary first
quarter charge relating to early extinguishment of debt, a non-recurring
item resulting from the change from S Corporation to C Corporation tax
status, and the write down of goodwill associated with the sale of the
ophthalmology division effective November 1, 1996. The total of these
items was $25.4 million. Without these items, net income and net income
per share for 1996 would have been $9.8 million and $0.35, respectively.
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(Name of registrant as specified in charter)
Has caused this notification to be signed on its behalf by the
unsigned thereunto duly authorized.
Date March 31, 1996 By /s/ Daniel Beckett
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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.
