UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 12b-25
NOTIFICATION OF LATE FILING
[ ]Form 10-K [ ]Form 20-F [ ]Form 11-K [X]Form 10-Q [ ]Form N-SAR
For the Period Ended December 31, 2005
Commission file number: 000-333215
Caspian Services, Inc.
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Full 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.
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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 quarterly report of the registrant on Form 10-QSB 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 five 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
Geoffrey Hadley (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 Company anticipates that during the three months ended December 31,
2005, total revenues shall have increased 103%, respectively compared
to the three months ended December 31, 2004. This is mainly
attributable to increased geophysical operations including the
consolidation of Kazmorgeophysica as well as increased revenues from
vessel operations and real estate operations.
The Company expects total operating expenses to have increased
approximately 47% during the three months ended December 31, 2005,
compared to the same period of 2004 as a result of increased
efficiencies resulting from economies of scale and certain cost cutting
measures implemented by the Company.
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During the three months ended December 31, 2005, the Company
anticipates realizing net income of approximately $740,000. By
comparison, during the three months ended December 31, 2004, the
Company realized a net income of $826,000.
Caspian Services, Inc.
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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: February 14, 2006 By: /s/ Geoffrey Hadley
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Geoffrey Hadley, Secretary
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