| UNITED STATES | OMB APPROVAL |
| SECURITIES AND EXCHANGE COMMISSION | OMB Number: 3235-0058 |
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| FORM 12b-25 | |
| | SEC FILE NUMBER |
| | 000-33215 |
| NOTIFICATION OF LATE FILING | |
| | |
| | |
(Check One): x Form 10-K o Form 20-F | o Form 11-K o Form 10-Q | o Form 10-D | o Form N-SAR o Form N-CSR |
For Period Ended: September 30, 2007
| [ | ] 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: |
Read Instruction (on back page) 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
Former Name if Applicable
257 East 200 South, Suite 340 |
Address of Principal Executive Office (Street and Number)
Salt Lake City, Utah 84111 |
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 reason 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 20-F, 11-K, Form N-SAR or Form N-CSR, 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 subject distribution report on Form 10-D, 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
State below in reasonable detail the reasons why Forms 10-K, 20-F, 11-K, 10-Q, 10-D, N-SAR, N-CSR, or the transition report or portion thereof, could not be filed within the prescribed time period.
The annual report of the registrant on Form 10-K could not be timely filed because management requires additional time to compile and verify the data required to be included in the report. The report will be filed within fifteen calendar days of the date the original report was due.
PART IV -- OTHER INFORMATION
(1) | Name and telephone number of person to contact in regard to this notification |
| (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 report(s) been filed? If answer is no, identify report(s). |
(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? |
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.
The Company anticipates that during the fiscal year ended September 30, 2007 total revenues will have increased approximately 50% compared to the fiscal year ended September 30, 2006. These increases are primarily attributable to improving day rates and utilization and the increased size of our vessel fleet in 2007 and providing more geophysical services during fiscal 2007.
The Company believes that total operating expenses will have increased approximately 33% during the twelve months ended September 30, 2007. The increases in total operating expenses are primarily attributable to the expansions in personnel and equipment in our geophysical services segment and higher personnel costs in our vessel operations segment.
The Company expects to realize income from operations during fiscal 2007 of approximately $9.8 million compared to income from operations of $1.6 million during fiscal 2006. This increase in income from operations during fiscal 2007 is largely attributable to increases in revenue outpacing increases in operating expenses as discussed in the preceding paragraphs.
During fiscal 2007, the Company anticipates realizing net income of approximately $9.6 million compared to a net loss of $1.7 million during fiscal 2006. The Company anticipates net income per share of approximately $0.22 for the year ended September 30, 2007 compared to a net loss of $0.04 per share during the year ended September 30, 2006.
| (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 30, 2007 | By | /s/ Alexey Kotov |
| | | Alexey Kotov |
| | | Corporate Secretary |