SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 12b-25
Commission File Number 0-50464
NOTIFICATION OF LATE FILING
(Check One): |_| Form 10-K and Form 10-KSB |_| Form 20-F |_| Form 11-K
|X| Form 10-Q and Form 10-QSB |_| Form N-SAR
For Period Ended: March 31, 2001
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|_| 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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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:
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PART I - REGISTRANT INFORMATION
Full name of registrant : Nx Networks, Inc.
Former name if applicable: Netrix Corporation
Address of Principal Executive Office (Street and number):
13595 Dulles Technology Drive
City, State and Zip Code: Herndon, Virginia 20171
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
|X| | Form 10-K, Form 20-F, Form 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 the reasons why Form 10-K and Form
10-KSB, 20-F, 11-K, Form 10-Q and Form 10-QSB, N-SAR or the transition report or
portion thereof could not be filed within the prescribed time period. (Attach
extra sheets if needed.)
During the audit of Nx Networks for the year ended December 31, 2001,
our independent public accountants requested a large amount of
information that required us to obtain and reconcile information from
third parties. The process took longer than we expected and delayed the
submission of the Annual Report on Form 10-K for the period ended
December 31, 2000. This delay related to the Form 10-K process, in
turn, delayed our preparation of our Quarterly Report on Form 10-Q for
the period ended March 31, 2001. During the time we were preparing the
Form 10-Q, we also were involved in completing an additional financing
that closed on May 14, 2001. Resources and personnel which would
otherwise have been utilized for completing our Form 10-Q were
necessary to complete this financing. We employed additional accounting
staff in an attempt to overcome the delays, but despite our efforts
were unable to complete all the work necessary to file the Form 10-Q by
May 15, 2001. We expect to complete and file our Quarterly Report on
Form 10-Q for the period year ended March 31, 2001 prior to the end of
the extension period.
PART IV - OTHER INFORMATION
(1) Name and telephone number of person to contact in regard to this
notification.
Peter J. Kendrick 703 742-6000
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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.
Total revenue for the three months ended March 31, 2001 is
expected to be approximately $3.4 million, a 62% percent decrease from
the three months ended March 31, 2000 of $8.9 million. Loss from
operations for the three months ended March 31, 2001 is expected to be
approximately $14.8 million, a 69% decrease from the three months ended
March 31, 2000 of $48.4 million.
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Nx Networks, Inc.
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(Name of Registrant as Specified in Charter)
has caused this notification to be signed on its behalf by the undersigned
thereunto duly authorized.
Date: May 15, 2001 By: /s/ Peter J. Kendrick
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Name: Peter J. Kendrick
Title: Chief Financial Officer
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