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FORM 12b-25 --------------------------
SEC FILE NUMBER
000-16423
NOTIFICATION OF LATE FILING --------------------------
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CUSIP NUMBER
79781B
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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: December 31, 2002
[ ] 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 attached instruction sheet 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
SAN Holdings, Inc.
________________________________________________________________________________
Full name of registrant
N/A
________________________________________________________________________________
Former name if applicable
900 W. Castleton Road, Suite 100
________________________________________________________________________________
Address of principal executive office (Street and number)
Castle Rock, CO 80104
________________________________________________________________________________
City, state and zip code
PART II -- RULE 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;
|
[X] | (b) The subject annual report, semi-annual report, transition report
| on Form 10-K, 20-F, 11-K or Form N-SAR, or portion thereof will
| be filed on or before the 15th 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.
PART III -- NARRATIVE
State below in reasonable detail why the Form 10-K, 11-K, 20-F 10-Q, N-SAR or
the transition report portion thereof could not be filed within the prescribed
time period. (Attach Extra Sheets if Needed)
On March 31, 2003, the Company entered into an Agreement and Plan of Merger
with Solunet Storage Holding Corp. and certain other parties, relating to a
significant acquisition for the Company. The management time required to
enter into the agreement has prevented the Company from preparing and
filing the Annual Report on Form 10-KSB by March 31, 2003. The Company
expects to complete and file the Form 10-KSB on or before April 15, 2003.
PART IV -- OTHER INFORMATION
(1) Name and telephone number of person to contact in regard to this
notification
Donna Key (303) 864-9000
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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 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.
The Company's recorded revenues for the year ended December 31, 2002
increased from those recorded for the year ended December 31, 2001 by
approximately $14.2 Million or 75%, and the Company's recorded gross
profit for the year ended December 31, 2002 increased by approximately
$4.1 Million or 130%, both largely as a consequence of the ITIS
acquisition completed as of December 31, 2001. The dollar amount of
the revenue increase was offset in part by a change in the Company's
accounting policy relating to recording of revenues from sales of
third-party maintenance contracts, which had the effect of reducing
recorded revenue by approximately $2.7 Million from the level that
would have been recorded for 2002 under the prior policy. All 2001
amounts referenced in this Part IV have been reclassified to reflect
the newly adopted policy.
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SAN Holdings, Inc.
------------------------------------------
(Name of Registrant as Specified in Charter)
has caused this notification to be signed on its behalf by the undersigned
thereunto duly authorized.
Date: April 1, 2003 By /s/ Hugh A. O’Reilly
------------------- ---------------------------------------------
Hugh A. O’Reilly, Senior Vice President and CFO
INSTRUCTION: The form may be signed by an executive officer of the registrant or
by any other duly authorized representative. The name and title of the person
signing the form shall be typed or printed beneath the signature. If the
statement is signed on behalf of the registrant by an authorized representative
(other than an executive officer), evidence of the representative's authority to
sign on behalf of the registrant shall be filed with the form.
ATTENTION
Intentional misstatements or omissions of fact constitute Federal Criminal
Violations (see 18 U.S.C. 1001).
