SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 12b-25
Commission File Number 0-18033
NOTIFICATION OF LATE FILING
(Check One): [ ] Form 10-K [ ] Form 20-F [ ] Form 11-K
[X ] Form 10-Q [ ] Form N-SAR
For Period Ended: March 29, 2003
[ ] Transition Report on Form 10-K
[ ] Transition Report on Form 10-Q
[ ] Transition Report on Form 20-F
[ ] Transition Report on From N-SAR
[ ] Transition Report on Form 11-K
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 Exabyte Corporation
Former Name if Applicable
______________________________________________________________________________
Address of Principal Executive Office (Street and Number)
1685 38th
Street
City, State and Zip Code Boulder, CO
80301
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)
[x]
(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 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(c) 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. (Attach Extra Sheets if Needed)
Recent events at Registrant have resulted in a delay in completing
Registrant's financial statements for the quarter ended March 29, 2003 and the
Registrant's Quarterly Report on Form 10-Q for that quarter. These events
include a further reduction in personnel and other expenses and the write-off
of the accounts receivable of a significant customer.
PART IV
OTHER INFORMATION
(1) Name and telephone number of person to contact in regard to this
notification
Craig G. Lamborn
(Name)
(303) 442-4333
(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
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 reported a loss of $19.6 million on revenues of $22.6 million
for the first quarter ended March 29, 2003. Included in the loss is a reserve
of $6.9 million for excess and obsolete inventory prompted by changes in the
sales forecast and planned discontinuance of certain Mammoth tape drive and
automation products and a $6.1 million bad debt reserve against debt owed the
company by a major customer that is experiencing financial difficulty.
In the prior quarter the company recorded a loss of $8.1 million on revenues
of $24.0 million.
While revenues declined 6 percent versus the prior quarter, gross profit for
the quarter, net of the inventory reserve, improved 20 percent compared to the
previous quarter due to continued focus by management on reducing overhead
costs. First quarter operating expenses, net of the bad debt reserve,
declined 9 percent versus the fourth quarter primarily due to management's
efforts to bring spending in line with revenue expectations.
Deliveries from the Company's suppliers slowed considerably during the quarter
because of liquidity constraints and while it was in the process of negotiating
repayment plans with major suppliers. This limited the Company's ability to
ship product and resulted in lower first quarter revenues compared to last
quarter.
Because of the delay in product shipments from suppliers, the Company paid
higher freight charges due to accelerated shipments at the end of the quarter,
trying to catch up with demand. Also, the Company incurred expenses associated
with the March reduction in force. These items added together with the
reserves account for a very large part of the operating loss, the remainder
being due to lower revenues.
Changes to the company's balance sheet, including a reduction in accounts
payable from $30.6 million in the fourth quarter to $14.3 million in the
first quarter, and increases in the current portion of long-term liabilities
from $1.8 million to $15.7 million and in long-term liabilities from $3.4
million to $9.1 million over the same period, reflect the effects of the
repayment plans Exabyte negotiated with certain major suppliers. Changes to
accounts receivable include the effects of the bad debt reserve and improved
collections. Changes to inventories include the effects of the inventory
reserve and tighter inventory management.
EXABYTE CORPORATION
(Name of Registrant as Specified in Charter)
Has caused this notification to be signed on its behalf by the undersigned
hereunto duly authorized.
Date
May 13, 2003
By
/s/ Craig G. Lamborn
- ---------------------
Craig G. Lamborn
Vice President, Chief Financial Officer,