U.S. SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 12b-25
NOTIFICATION OF LATE FILING SEC FILE NUMBER
0-19492
(Check One): CUSIP NUMBER
670974 10 4
[x]Form 10-K and Form 10-KSB [ ] Form 20-F [ ] Form 11-K [ ] Form 10-Q
and Form 10-QSB [ ] Form N-SAR
For Period Ended: December 31, 1998
[ ] 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:
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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.
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If the notification relates to a portion of the filing checked above,
identify the Item(s) to which the notification relates:
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Part I - Registrant Information
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Full Name of Registrant
Former name if Applicable
nVIEW Corporation
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Address of Principal Executive Office (Street and Number)
860 Omni Blvd.
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City, State and Zip Code
Newport News, VA 23606
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Part II - Rules 12b-25 (b) and (c)
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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 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 or 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 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.
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Part III - Narrative
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State below in reasonable detail the reasons why Form 10-K and Form 10-KSB,
20-F, 11-K, 10-Q and Form 10-QSB, N-SAR, or the transition report or portion
thereof could not be filed within the prescribed period.
The Registrant is unable to complete the Consolidated Financial
Statements, the Notes to the Consolidated Financial Statements and the
Management's Discussion and Analysis of Financial Condition. The Registrant has
experienced significant operating losses and consequently, does not have the
available cash to commence an audit for the year ended December 31, 1998.
Although the Registrant has begun work on the 10-K, the Registrant has been
unable to complete the 10-K because it has devoted its limited cash and
personnel resources to daily operations and developing and launching new
products.
(Attach Extra Sheets if Needed)
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Part IV - Other Information
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(1) Name and telephone number of person to contact in regard to this
notification.
Jerry W. Stubblefield 757-873-1354
(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.
Please see Exhibit A attached.
nVIEW Corporation
(Name of Registrant as specified in charter)
has caused this notification to be signed on its behalf by the undersigned
thereunto duly authorized.
nVIEW Corporation
Date March 31, 1999 By /s/ Jerry W. Stubblefield
Jerry W. Stubblefield, Chief Financial Officer
#539037 v1
EXHIBIT A
The results of operations for the year ended December 31, 1998 are
expected to be significantly different from those for the year ended December
31, 1997. Sales for the year ended December 31, 1998 will be approximately $10
million, compared to sales of $20 million for the year ended December 31, 1997.
The sharp decline in sales for 1998 is the result of the Company experiencing
both decreased quantities and selling prices of its traditional products sold
through the audio visual channels as it devoted its resources to developing a
new, high-end product line, the P1500. Very limited quantities of the P1500 were
sold in 1998. Sales of the P1500 product line have also been extremely limited
in 1999. The Company is currently assessing its options regarding the P1500
product line and the inventory that the Company owns related to the line. Until
a decision is finalized regarding the P1500, cost of sales numbers for 1998
cannot be reported, because the Company cannot quantify the expected inventory
write-down associated with this product line. Operating expenses for 1998 are
expected to be reported at amounts consistent with the operating expenses of
$7.5 million reported for the year ended December 31, 1997. Because the Company
cannot yet quantify the inventory write-down for 1998, the amount of net loss
for 1998 cannot be finalized, however, the Company anticipates that the net loss
for 1998 will be less than the net loss of $9.3 million reported for the year
ended December 31, 1997.