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, 2000
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, 2000 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:
Bernadette C. Castello (415) 543-1515
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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 1999 net loss was $2,731,000 and fiscal 2000 net loss was
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$1,504,000, which included a $954,000 one-time non-cash charge related to
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the issuance of stock warrants in the second quarter. Revenue increased
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from $3,460,000 in 1999 to $3,939,000 in 2000, with the $1,855,000 increase
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in migration revenue more than offsetting the $1,430,000 reduction in year
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2000 revenue. Cost of revenue decreased from $2,746,000 in 1999 to
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$1,356,000 in 2000 primarily due to a reduction by attrition related to
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year 2000 staff, a reduction in the use of contractors, the end of fees to
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year 2000 distributors, and strict cost control. Operating expenses
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increased from $2,892,000 in 1999 to $3,774,000 in 2000, however, $954,000
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of the increase was the charge for issuing stock warrants. Research and
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development expenses increased by $185,000 with reductions in year 2000
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development offset by increases in new product development and the addition
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of a director of technology. Sales and marketing expenses decreased by
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$327,000, primarily due to the end of fees to year 2000 distributors.
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General and administrative expenses, excluding the warrant expense,
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increased by $70,000. Interest/Other expenses decreased from $554,000 in
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fiscal 1999 to $313,000 in 2000 with the reduced use of bank borrowing and
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the conversion of notes payable to senior officers into stock.
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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 29, 2000 By: /s/ Bernadette C. Castello
Name: Bernadette C. Castello
Title: Senior Vice President and
Chief Financial Officer
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