UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 12b-25
NOTIFICATION OF LATE FILING
[X] Form 10-K [ ] Form 20-F [ ] Form 11-K [ ] Form 10-Q [ ] Form N-SAR
For the Period Ended December 31, 2004
Commission file number: 000-333215
EMPS Corporation
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Full Name of Registrant
N/A
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Former Name of Registrant
2319 Foothill Boulevard, Suite 250
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Address of Principle Executive Offices (street and number)
Salt Lake City, Utah 84109
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City, State and Zip Code
Part II - Rules 12b-25 (b) and (c)
If the subject could be filed without unreasonable effort or expense
and the Registrant seeks relief pursuant to Rule 12b-25 (b), the following
should be completed. (Check if appropriate).
[X] (a) The reasons described in reasonable detail in Part III of this
form could not be eliminated without unreasonable effort of
expense;
[X] (b) The subject annual report, semi-annual report, transition
report on Form 10-K, 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 portion
thereof will be filed on or before the fifth calendar day
following the prescribed due date; and
(c) The accountant's statements or other exhibit required by Rule
12b-25 (c) has been attached if applicable.
1
Part III - Narrative
State below in reasonable detail the reasons why Form 10-K, 10-KSB,
20-F, 11-K, 10-Q, 10-QSB, N-SAR, or the transition report or portion
thereof, could not be filed within the prescribed time period.
The annual report of the registrant on Form 10-KSB could not be filed
because management requires additional time to compile and verify the
data required to be included in the report. The report will be filed
within fifteen calendar days of the date the original report was due.
Part IV - Other Information
(1) Name and telephone number of person to contact in regard to this
notification
Marat Cherdabayev (801) 746-3700
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Name Area Code Telephone Number
(2) Have all other reports required under Section 13 or 15 (b) of the
Securities and Exchange Act of 1934 or Section 30 or the Investments
Act of 1940 during the preceding 12 months (or for such shorter) period
that the Registrant was required to file such reports been filed? If
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.
The registrant anticipates that during the year ended December 31,
2004, gross revenue increased approximately 38% and total operating
expenses increased 61% compared to the year ended December 31, 2003. It
is expected that income from operations will have decreased
approximately 50% for the year ended December 31, 2004 compared to the
year ended December 31, 2003. The registrant expects to realize a net
loss of approximately $128,000 for the year ended December 31, 2004 as
compared to a net loss of $192,000 during the year ended December 31,
2003. The Company anticipates a net loss per common share of
approximately $0.00 for the year ended December 31, 2004 as compared to
a net loss of $0.01 per common share for the year ended December 31,
2003.
2
The increase in revenue and increase in income from operations during
the year ended December 31, 2004, compared to the corresponding prior
year is due to the inclusion of geophysical services revenue from the
Company's TatArka subsidiary that was acquired during May of 2004.
Vessel revenue decreased 23% during the year ended December 31, 2004,
compared to the year ended December 31, 2003. The decrease is due to
the Company having two vessels unchartered and not operating and a
third vessel in dry dock for repairs for the majority of the work
season. While the vessels were not generating revenue, the Company
continued to incur expenses associated with the vessels.
EMPS 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
hereunto duly authorized.
Date: March 31, 2005 By: /s/ Marat Cherdabayev
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Marat Cherdabayev, Secretary