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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 12b-25
SEC FILE NUMBER
NOTIFICATION OF LATE FILING 1-13852
FORM 10-QSB CUSIP NUMBER
125180
For Period Ended: June 30, 1999
[Nothing in this form shall be construed to imply that the Commission has
verified any information contained herein.]
PART I - REGISTRANT INFORMATION
CET ENVIRONMENTAL SERVICES, INC.
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Full Name of Registrant
Not Applicable
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Former Name if Applicable
7032 S. Revere Parkway
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Address of Principal Executive Office (Street and Number)
Englewood, Colorado 80112
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City, State and Zip Code
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)
(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, Form 20-F, 11-K, Form N-SAR, or portion thereof, will be
filed on or before the fifteenth calendar day following the
[X] prescribed due date; or the subject quarterly report of 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 has been attached if applicable.
PART III - NARRATIVE
State below in reasonable detail the reasons why the Form 10-K, 11-K, 10-Q,
N-SAR, or the transition report or portion thereof, could not be filed within
the prescribed time period.
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On August 10, 1999, the Company received a notice from the Environmental
Protection Agency (EPA) that it had been suspended, pending further review,
from receiving additional contracts. The suspension does allow the Company to
continue performance on existing contracts. The suspension prevents the
Company from being awarded new contracts under the provisions of 48 C.F.R.
Subpart 9.4 of the Federal Acquisition Regulations. The EPA has represented
approximately 63% of the Company's revenue during 1999. The Company's
management, after a review of available information and consultation with its
legal counsel, believes the issues raised do not warrant a suspension. The
issues relate to billing and accounting matters occurring in prior years. The
Company intends to vigorously pursue having the suspension lifted.
At this time, the Company is still assessing the impact that the EPA
suspension will have on the Company's operations and financial condition. The
Company is also reviewing whether any adjustments need to be made to the
financial statements and other disclosures to be included in the Form 10-Q.
As a result, the Company is not able to file its Form 10-Q by the current due
date.
PART IV - OTHER INFORMATION
(1) Name and telephone number of person to contact in regard to this
notification.
Steven H. Davis 720/875-9115
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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)
period that the Registrant was required to file such
reports) been filed? If 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
NARRATIVE AND QUALITATIVE EXPLANATION OF THE ANTICIPATED CHANGE:
The Company expects to report that during the quarter ended June 30, 1999,
project revenues for the quarter ended June 30, 1999, were $8,503,000 as
compared to $16,005,000 during the same period in the prior year. The
decrease in revenues were primarily a result of the sale of a subsidiary in
December 1998, reduced activities under contracts with federal agencies and a
decrease in the Company's commercial business. The Company is currently
evaluating the effects that the EPA suspension will have on the operating
results for the quarter ended June 30, 1999, and therefore cannot yet quantify
the amount of the net loss it will report. However, the Company anticipates
that the net loss will exceed $1,200,000.
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The Company also expects to report that project revenues for the six months
ended June 30, 1999, were $21,448,000 as compared to $27,460,000 during the
same period last year. The decrease in revenues was primarily a result of the
sale of a subsidiary in December 1998, and a decrease in the Company's
commercial business. The Company is currently evaluating the effects that the
EPA suspension will have on the operating results for the six months ended
June 30, 1999, and therefore cannot yet quantify the amount of the net loss it
will report. However, the Company anticipates that the net loss will exceed
$900,000.
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CET ENVIRONMENTAL SERVICES, INC.
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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.
CET ENVIRONMENTAL SERVICES, INC.
By:/s/ Steven H. Davis
Steven H. Davis, President
Date: August 16, 1999
[ATTENTION: Intentional misstatements of omissions of fact constitute Federal
Criminal Violations (See 18 U.S.C. 1001).]
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