SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 12B-25
COMMISSION FILE NUMBER: 0-29672
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NOTIFICATION OF LATE FILING
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(Check One):
[ X ] Form 10-K [ ] Form 11-K [ ] Form 20-F [ ] Form 10-Q
For Period Ended: September 30, 1999
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
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Full Name of Registrant: Forecross Corporation
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Former Name if Applicable:
Address of Principal Executive Office (Street and Number): 90 New Montgomery St.
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City, State and Zip Code: San Francisco, California 94105
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PART II - RULE 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), 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 or portion thereof will be filed on or
before the 15th calendar day following the prescribed due date; or
the subject quarterly report 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
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State below in reasonable detail the reasons why Form 10-K, 11-K, 20-F or 10-Q
or portion thereof could not be filed within the prescribed time period.
The Registrant's Annual Report on Form 10-K for the fiscal year ended
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September 30, 1998 could not be filed within the prescribed time period
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because the Registrant has experienced unanticipated delays in the
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collection and compilation of certain information required to be included
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in the Form 10-K, and in the completion of the drafting of the Form 10-K
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for filing. Such delays could not be eliminated by the Registrant without
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unreasonable effort or expense. The Form 10-K will be filed as soon as
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practicable, but in no event later than the fifteenth calendar day
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following the prescribed due date.
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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:
Andrew J. Cosentino, Esq. (212) 801-9304
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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 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.
Fiscal 1998 net loss was $2,328,652; but fiscal 1999 net loss was
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$2,750,000. Revenues decreased from $7,168,752 in 1998 to $3,450,000 in
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1999, primarily due to the fact that no new computer software or platform
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migrtion projects were begun in fiscal 1999. It is generally believed that
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prospective clients deferred all significant migrations in anticipation of
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the need to allocate 1999 resources to year 2000 readiness issues. In
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addition, after completing a large, multi-year year 2000 renovation project
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in the second quarter of 1999, the Registrant's year 2000 projects
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predominantly consisted of lower-priced year 2000 compliance audits rather
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than higher-priced renovations. Cost of revenue decreased from $4,419,347
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in 1998 to $2,750,000 in 1999 primarily due to a reduction in staff as a
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result of layoffs and attrition, a reduction in the use of contractors and
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the absense of a substantial warranty amortization period for year 2000
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audit projects which were completed in 1999 versus year 2000 renovation
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projects which were conducted in fiscal 1998. Operating expenses were
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reduced from $4,772,147 in 1998 to $2,900,000 in 1999, again due primarily
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to the reduction in staff, and the reduced need for legal and accounting
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services when compared to fiscal 1998, during which year the Registrant was
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a first-time filer with the United States Securities and Exchange
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Commission. Other expenses increased from $305,110 in fiscal 1998 to
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$550,000 in 1999, due primarily to interest incurred on the use of credit
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facilities, and interest on notes payable.
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FORECROSS 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.
Date: December 30, 1999 By: /s/ Bernadette C. Castello
Name: Bernadette C. Castello
Title: Senior Vice President and
Chief Financial Officer
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