U. S. Securities and Exchange Commission
Washington, D.C. 20549
FORM NT 10-Q ---------------
SEC FILE NUMBER
NOTIFICATION OF LATE FILING 0-31729
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(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: December 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.
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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:________________________________
PART I - REGISTRANT INFORMATION
Clariti Telecommunications International, Ltd.
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Full Name of Registrant
1341 North Delaware Avenue, Suite 300
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Address of Principal Executive Office (Street and Number)
Philadelphia, PA 19125
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City, State and Zip Code
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.
(X) (b) The subject annual report, semi-annual report, transition report on
Form 10-K, Form 10-KSB, Form 20-F, Form 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 or
transition report on Form 10-Q or Form 10-QSB, or portion thereof will
be filed on or before the fifth calendar day following the prescribed
due date.
( ) (c) The accountant's statement or other exhibit required by Rule 12b-25(c)
has been attached, if applicable.
PART III - NARRATIVE
On January 18, 2002, James M. Boyd, Jr. resigned as the Registrant's Vice
President of Finance and Chief Accounting Officer for personal reasons. Mr.
Boyd has historically played an integral part in the process of preparing the
Registrant's Form 10-Q's. As a result, it is management's opinion that
financial statements for the three and six-month period ended December 31, 2001
cannot be completed by February 14, 2002(the original due date for Form 10-Q)
without unreasonable effort or expense. Management expects to file a completed
Form 10-Q for the quarter ended December 31, 2001 on or before February 19,
2002.
PART IV - OTHER INFORMATION
(1) Name and telephone number of person to contact in regard to this
notification:
Peter S. Pelullo 215 291-1700
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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 during the preceding 12 months been
filed? (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 statement to be included in the subject report thereon?
(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.
Explanation:
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Registrant incurred net losses of $6,357,000 and $12,779,000 for the three-
month and six-month periods ended December 31, 2000, respectively. Final
consolidated results of operations for the corresponding periods of the
current fiscal year have not yet been completed. During the three-month
and six-month periods ended December 31, 2000, the Registrant was a
provider of wire-line telecommunication services through its interest in
several businesses with operations in the United States, United Kingdom and
Australia. Substantially all of its interests in such businesses were
divested during the year ended June 30, 2001, representing the disposal of
a business segment under Accounting Principals Board Opinion No. 30.
Accordingly, financial statements for the three-month and six-month periods
ended December 31, 2001 will exclude such divested operations, and
financial statements for the three-month and six-month periods ended
December 31, 2000 will be restated to conform to discontinued operations
treatment.
Clariti Telecommunications International, Ltd.
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(Name of Registrant as Specified in Charter)
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has caused this notification to be signed on its behalf by the
undersigned hereunto duly authorized.
Date: February 14, 2002 By: s/Michael McAnulty
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Michael McAnulty
Vice President of Finance and
Chief Accounting Officer
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