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U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (date of earliest event reported)
July 14, 1998
PROLOGIC MANAGEMENT SYSTEMS, INC.
(Exact name of registrant as specified in its charter)
Arizona 1-13704 86-0498857
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
2030 East Speedway Blvd.
Tucson, Arizona 85719
(Address of principal executive offices)(Zip Code)
(520) 320-1000
(Registrant's telephone number, including area code)
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Item 5. Other Events
Prologic Management Systems, Inc. (the "Company") announced in a press release
issued July 14, 1998 that its annual report on Form 10-KSB for the fiscal year
ended March 31, 1998 would not be timely filed with the Securities and Exchange
Commission (the "SEC"). On June 29, 1998, the Company filed Form 12b-25
requesting an extension of its June 29, 1998 filing deadline to submit its
report on Form 10-KSB.
The Company attributes the delay to the late engagement of Arthur Andersen LLP
as its independent public accountant and certain material uncertainties that
have delayed completion of the audit. The Company anticipates filing its report
on Form 10-KSB promptly upon resolution of these uncertainties.
Pending completion of the audit, Prologic expects to report fiscal year net
sales of approximately $21,263,000, an increase of approximately $7,399,000 from
net sales of $13,864,000 of the prior fiscal year. The Company expects to report
a lower net loss for the fiscal year ended March 31, 1998 as compared to the
prior fiscal year.
As previously reported in the Company's most recent 10-QSB for the quarter ended
December 31, 1997, Prologic's listing agreement with the NASDAQ SmallCap Market
requires the Company to maintain certain qualitative criteria, including net
tangible assets of at least $2 million, and provide timely filings with the SEC.
Currently, the Company has a hearing scheduled with NASDAQ on August 7, 1998 to
review the Company's listing. If the Company were to lose its NASDAQ SmallCap
Market listing, the Company's common stock and warrants would be traded on the
OTC Electronic Bulletin Board under NASD regulation or in the non-NASDAQ
over-the-counter market.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this Report to be signed on its behalf by the
undersigned hereunto duly authorized.
PROLOGIC MANAGEMENT SYSTEMS, INC.
Dated: July 15, 1998 By: /s/James M. Heim
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James M. Heim
President and Chief Executive Officer