SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 12b-25
Commission File Number 1-12748
NOTIFICATION OF LATE FILING
(Check One:) |X| Form 10-K | | Form 11-K | | Form 20-F | | Form 10-Q
| | Form N-SAR
For Period Ended: MARCH 31, 2000
| | Transition Report on Form 10-K | | Transition Report on Form 10-Q
| | Transition Report on Form 20-F | | Transition Report on Form N-SAR
| | Transition Report on Form 11-K
For the Transition Period Ended: ________________________________________
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: CHESAPEAKE BIOLOGICAL LABORATORIES, INC.
Former name if applicable: INAPPLICABLE
Address of principal executive office: 1111 SOUTH PACA STREET, BALTIMORE,
MARYLAND 21230-2591
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;
(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
|X| 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.
INAPPLICABLE.
PART III
NARRATIVE
State below in reasonable detail the reasons why 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.)
The Registrant was engaged in a business turnaround during its fiscal
year ended March 31, 2000. During this year, the Registrant increased
substantially the range of services provided and the number of customer
contracts, as well as completed its first full year in its new commercial
facility. The Registrant's business is evolving from providing only development
services for process-sensitive biopharmaceutical products to providing a full
range of biopharmaceutical and pharmaceutical product development and commercial
manufacturing services. As a result of this turnaround, the Registrant's
revenues increased by approximately 60% from the prior fiscal year, and net
income increased to about $2.4 million from a net loss of about $5.4 million
from the prior fiscal year. The Registrant intends to file the Form 10-K
promptly after the required information is complete, and in any event by July
13, 2000.
PART IV
OTHER INFORMATION
(1) Name and telephone number of person to contact in regard to this
notification:
JOHN T. JANSSEN, CFO AND TREASURER (410) 843-5000
(Name) (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
registration was required to file such report(s) been filed? If the answer is
no, identify report(s).
|X| Yes | | No
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(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.
Subject to the completion of its audited financial statement, the
Registrant's results from operations for the fiscal year ended March 31, 2000
will vary from the fiscal year ended March 31, 1999 as follows:
Revenues for fiscal year 2000 increased by approximately 60% over
fiscal year 1999 revenues to about $10.8 million from about $6.7 million. The
increase was primarily the result of the increased range of services provided
and the number of customer contracts, as well as the Registrant completing its
first full year in its new commercial facility. Earnings from operations were
about $1.1 million compared to an operating loss, net of restructuring charges,
of about $3.6 million for the prior year period and net income for fiscal year
2000 was about $2.4 million compared to a loss (including restructuring charge)
of about $5.4 million, for the prior fiscal year. The increases in operating
income and net income were primarily due to increased customer demand and the
Registrant's sales and marketing activities.
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CHESAPEAKE BIOLOGICAL LABORATORIES, INC.
(Name of Registrant Specified in Charter)
Has caused this notification to be signed on its behalf by the undersigned
thereunto duly authorized.
Date: June 29, 2000 By: /s/ THOMAS P. RICE
-------------------------------------
Thomas P. Rice
Chief Executive Officer and President
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