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 June 30, 2006
Commission file number: 000-33215
Caspian Services, Inc.
-----------------------
Full Name of Registrant
257 East 200 South, Suite 340
--------------------------------------
Address of Principle Executive Offices
Salt Lake City, Utah 84101
--------------------------
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.
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
timely filed because the Company's Edgar filing service was unable to
gain access to the SEC's EDGAR website to transmit the report due to
the volume of reports being filed with the Securities and Exchange
Commission. The report will be filed simultaneously with the filing of
this Notification of Late Filing.
Part IV - Other Information
(1) Name and telephone number of person to contact in regard to this
notification
James Gunnell (801) 746-3700
------------- ----------- --------------------
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 and nine months
ended June 30, 2006, total revenues shall have increased 33% and 104%,
respectively compared to the three months and nine months ended June
30, 2005. This is mainly attributable to increased geophysical
operations including the consolidation of Kazmorgeophysica as well as
increased revenues from vessel operations.
The Company expects total operating expenses to have increased
approximately 97% and 107% respectively, during the three months and
nine months ended June 30, 2006, compared to the same periods of 2005.
This increase in increased operating expenses is also attributable to
the consolidation of Kazmorgeophysica and increased vessel operating
costs.
2
During the three months ended June 30, 2006, the Company anticipates
realizing a net loss of approximately $1,593,000 or $0.04 per share
compared to net income of approximately $1,839,000 or $0.05 per share
during the three months ended June 30, 2005. The Company anticipates
realizing a net loss of approximately $3,124,000 or $0.08 per share
during the nine months ended June 30, 2006, compared to a net loss of
approximately $377,000 or $0.01 per share during the nine months ended
June 30, 2005.
Caspian Services, Inc.
-------------------------------------------
(Name of Registrant as Specified in Charter)
has caused this notification to be signed on its behalf by the
undersigned hereunto duly authorized.
Date: August 14, 2006 By: /s/ James Gunnell
------------------------
James Gunnell, Secretary
3