UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 12B-25
NOTIFICATION OF LATE FILING
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SEC FILE NUMBER
1-3560
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(CHECK ONE):
[X] Form 10-K [ ] Form 20-F [ ] Form 11-K
[ ] Form 10-Q [ ] Form N-SAR
For Period Ended: September 30, 1999
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[ ] 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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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
Full Name of Registrant: Quad Systems Corporation
Address of Principal Executive Office
(Street and Number) 2405 Maryland Road
City, State and Zip Code Willow Grove, PA 19090
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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.
[X] (b) The subject annual report, semi-annual report, transition report on
Form 10-K, Form 10-KSB, Form 20-F, Form 11-K, 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
The Company is currently finalizing significant financing that materially
affects the information to be provided in the Form 10-K, therefore, the Company
was unable to complete its Form 10-K by the required filing date. The Company
will complete such financing before the extension period, provided by the
filing, has terminated.
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PART IV - OTHER INFORMATION
(1) Name and telephone number of person to contact in regard to
this notification
RAYMOND D. AGRAN (215) 864-8524
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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 during the preceding 12 momths been
filed? [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 statement to be included in the
subject report thereof? [X] Yes [ ] No
Explanation:
Additional information was provided in our November 16, 1999 Press Release. For
the fiscal year-ended 1999, net sales were $45.1 million, compared to $74.9
million for the same period last year. The net loss for fiscal year-end 1999 was
$6.3 million, or $1.43 per diluted share, compared to a net loss of $5.1
million, or $1.16 per diluted share, in the prior period. The fiscal year-end
1999 net loss includes $4.9 million of special charges consisting of a $3.7
million valuation allowance recorded against its deferred income tax asset, $0.8
million in additional inventory reserves for product obsolescence and $0.4
million representing a write-off of goodwill, offset by a $5.1 million after-tax
gain on the sale of the Company's screen printer business. The fiscal year-end
1998 net loss includes $2.1 million of inventory reserve charges for
discontinued products and slow
QUAD SYSTEMS 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
hereunto duly authorized.
Date: December 27, 1999 By: /s/ Anthony R. Drury
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Anthony R. Drury
Vice President - Finance, Chief
Financial Officer and Secretary
