UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 12B-25
NOTIFICATION OF LATE FILING
SEC File No. 000-27267
(Check One): Form 10-K [ ] Form 20-F [ ] Form 11-K [ ] Form 10-Q |X|
Form N-SAR [ ]
For Period Ended: March 31, 2008
[ ] 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: ________________________
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
I/OMAGIC CORPORATION
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Full Name of Registrant:
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Former Name if Applicable
4 Marconi
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Address of Principal Executive Office (Street and Number)
Irvine, California 92618
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City, State, 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 20-F, 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 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, 11-K, 20-F, 10-Q,
N-SAR or the transition report or portion thereof could not be filed within the
prescribed time period.
The Registrant was unable to file its quarterly report on Form 10-Q in
a timely manner without unreasonable effort or expense because management needs
additional time to complete the financial disclosures in the report. In
addition, the Registrant's independent registered public accounting firm
requires additional time to complete its review of the Registrant's financial
statements for the three months ended March 31, 2008. Management and the
Registrant's independent registered public accounting firm have been working to
complete the financial disclosures and the review and anticipate that the report
will be filed no later than Tuesday, May 20, 2008.
PART IV - OTHER INFORMATION
(1) Name and telephone number of person to contact in regard to this
notification:
Thomas L. Gruber (949) 707-4800
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(Name) (Area Code) (Telephone No.)
(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.
UNAUDITED PRELIMINARY RESULTS OF OPERATIONS
The following results of operations are unaudited and preliminary. The
Registrant's results of operations could be materially different from
the unaudited preliminary results of operations set forth below.
The Registrant anticipates reporting net sales of approximately $5.5
million for the three months ended March 31, 2008, a decrease of approximately
$2.2 million compared to approximately $7.7 million in net sales reported for
the same period in 2008. The decrease in net sales for the three months ended
March 31, 2008 resulted primarily from a decrease in sales of the Registrant's
magnetic data storage products, which was partially offset by an increase in
sales of the Registrant's television products in the three months ended March
31, 2008. The Registrant first introduced its television products in the fourth
quarter of 2007.
The Registrant anticipates reporting a net loss of approximately
$813,000 for the three months ended March 31, 2008, an increase of approximately
$306,000 compared to a net loss of $507,000 reported for the same period in
2007. The increase in net loss for the three months ended March 31, 2008
primarily resulted from a decline in the Registrant's gross profit due to lower
net sales and competitive pricing pressures associated with the Registrant's
magnetic data storage products.
Basic and diluted loss per share are anticipated to be $0.18 based upon
approximately 4.5 million basic and diluted weighted-average shares outstanding
for the three months ended March 31, 2008, as compared to basic and diluted loss
per share of $0.11 based upon approximately 4.5 million basic and diluted
weighted-average shares outstanding for the same period in 2007.
I/OMagic Corporation
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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, 2008 By: /s/Thomas L. Gruber
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Thomas L. Gruber, Chief Financial Officer
INSTRUCTION: The form may be signed by an executive officer of the registrant or
by any other duly authorized representative. The name and title of the person
signing the form shall be typed or printed beneath the signature. If the
statement is signed on behalf of the registrant by an authorized representative
(other than an executive officer), evidence of the representative's authority to
sign on behalf of the registrant shall be filed with the form.
ATTENTION
Intentional misstatements or omissions of fact constitute Federal Criminal
Violations (See 18 U.S.C. 1001).
GENERAL INSTRUCTIONS
1. This form is required by Rule 12b-25 (17 CRF 240.12b-25) of the General
Rules and Regulations under the Securities Exchange Act of 1934.
2. One signed original and four conformed copies of this form and amendments
thereto must be completed and filed with the Securities and Exchange
Commission, Washington, D.C. 20549, in accordance with Rule 0-3 of the
General Rules and Regulations under the Act. The information contained in
or filed with the form will be made a matter of public record in the
Commission files.
3. A manually signed copy of the form and amendments thereto shall be filed
with each national securities exchange on which any class of securities of
the registrant is registered.
4. Amendments to the notifications must also be filed on form 12b-25 but need
not restate information that has been correctly furnished. The form shall
be clearly identified as an amended notification.
5. ELECTRONIC FILERS. This form shall not be used by electronic filers unable
to timely file a report solely due to electronic difficulties. Filers
unable to submit a report within the time period prescribed due to
difficulties in electronic filing should comply with either Rule 201 or
Rule 202 of Regulation S-T (Section 232.201 or Section 232.202 of this
chapter) or apply for an adjustment in filing date pursuant to Rule 13(b)
of Regulation S-T (Section 232.13(b) of this chapter).