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SEC FILE NUMBER
1-7948
CUSIP NUMBER
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 12b-25
NOTIFICATION OF LATE FILING
(Check One): X Form 10-K _ Form 20-F _ Form 11-K _ Form 10Q _ Form N-SAR
For Period Ended: January 31, 1999
[ ] 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:____________________________
Read Instruction (on back page) 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.
If the notification relates to a portion of the filing check above,
identify the Item(s) to which the notification relates:
PART I -- REGISTRANT INFORMATION
HIRSCH INTERNATIONAL CORP.
Full Name of Registrant
Former Name if Applicable
200 Wireless Blvd.
Address of Principal Executive Office (Street and Number)
Hauppauge, New York 11788
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).
(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 of 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 Forms 10-K, 20-F, 11-K,
10-Q, N-SAR, or the transition report or portion thereof, could not be filed
within the prescribed time period.
Our Form 10-K filing will be delayed due to the extensive review and
documentation associated with the year-end restructuring plan approved by
management in January 1999, including obtaining third-party appraisals of
certain equipment inventories and conducting an exhaustive evaluation of
facility lease obligations. An independent collateral audit of accounts
receivable and inventory was conducted which required a substantial amount of
time and personnel involved in the year-end closing. The Company anticipates
filing the Form 10-K by May 14, 1999.
PART IV - OTHER INFORMATION
(1) Name and telephone number of person to contact in regard to this
notification
Richard M. Richer (516) 436-7100
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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 answer is not,
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.
Revenues for the fourth quarter of fiscal 1999 were $25.1 million, as
compared to $33.1 million reported in the fourth quarter of fiscal 1998. The net
loss for the quarter was $6.5 million, or a loss of $.68 per diluted share,
versus net income of $252,000 or $.03 per diluted share, reported in the fourth
quarter of fiscal 1998. The weighted average number of shares outstanding, on a
diluted basis, for the fourth quarter of fiscal 1999 was 9.4 million, as
compared to 9.8 million in the same period of last year.
Revenues for fiscal 1999 were $127.5 million, versus $152.5 million
reported in fiscal 1998. The net loss for fiscal 1999 was $4.6 million, or a
$.49 loss per diluted share, as compared to net income of $8.2 million, or $.89
per diluted share, last year. The weighted average number of shares outstanding
on a diluted basis for the fiscal 1999 and 1998 fiscal years was 9.4 million and
9.2 million, respectively.
The Company's fiscal 1999 fourth quarter and year end results include
pre-tax non-recurring charges of $5.8 million. These charges reflect costs of
the consolidation and closing of operating divisions, write-down of related
inventory, facility closings, severance and other consolidation costs.
HIRSCH INTERNATIONAL CORP.
(Name of Registrant as Specified in Charter)
has caused this notification to be signed on its behalf by the undersigned
hereunto duly authorized.
Date: May 3, 1999 By: /s/Henry Arnberg
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Henry Arnberg, Chief Executive Officer