SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 12b-25
Commission File Number 0-23111
NOTIFICATION OF LATE FILING
(Check One): [_] Form 10-K [_] Form 11-K [_] Form 20-F [x] Form 10-QSB
[_] Form N-SAR
For Period Ended: June 30, 2002
[_] 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 attached instruction sheet 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 checked above,
identify the item(s) to which the notification relates: ________________________
PART I
REGISTRANT INFORMATION
Full name of registrant: A NOVO BROADBAND, INC.
Former name if applicable:
CABLE LINK, INC.
________________________________________________________________________________
Address of principal executive office (Street and number)
196 Quigley Boulevard
________________________________________________________________________________
City, state and zip code
New Castle, Delaware 19720
________________________________________________________________________________
PART II
RULE 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;
|
| (b) The subject annual report, semi-annual report, transition report
| on Form 10-K, 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 or
| transition report on Form 10-QSB 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 why the Form 10-K, 11-K, 20-F 10-QSB,
N-SAR or the transition report portion thereof could not be filed within the
prescribed time period. (Attach extra sheets if needed.)
An extension of time to prepare and submit Registrant's Report on Form
10-QSB is being requested because the financial printing service used by the
Company to edgarize and file the Report failed to do so in a timely manner;
accordingly management could not prepare and file the Form 10-QSB without
unreasonable effort or expense.
PART IV
OTHER INFORMATION
(1) Name and telephone number of person to contact in regard to this
notification
William Kelly (302) 322-6088
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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 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.
Our sales for the third quarter of fiscal 2002 increased 62% to $4.9
million, as compared to $3.0 million for the third quarter of fiscal 2001. As we
focused our business more on the repair of set top boxes, our repair revenue
increased to $4.5 million for the third quarter of fiscal 2002, as compared to
$305,000 for the third quarter of fiscal 2001. We have also increased our
efforts to provide logistics services to our customers, and our revenue from
this source increased to $348,000 for the quarter ended June 30, 2002, as
compared to $185,000 in the corresponding quarter of fiscal 2001.
For the three months ended June 30, 2002, approximately 76% of our
total revenues were from the same customer and approximately 57% of our total
purchases were from the same customer as a vendor. Activity involving this
customer consists primarily of services we provide to a number of users of the
customer's equipment pursuant to warranty arrangements for which the customer is
responsible.
For the three months ended June 30, 2001, sales from our
now-discontinued international and domestic distribution activities and
brokerage activities decreased to $0, as compared to $1.9 million in the
comparable period of fiscal 2001. This was due to the termination of these
activities mid-way through the second quarter of this year. For the same reason,
sales of refurbished products decreased to $0 in the third quarter of fiscal
2002, as compared to $619,000 in the same three months of 2001. We expect no
further revenues from these sources.
Cost of goods sold was 69% of sales in the third quarter of fiscal
2002, compared to 65% in the 2001 quarter. The overall cost of goods sold
increased as a percentage of revenues as a result of the increased labor expense
(recognized in cost of goods sold) associated with increases in repair capacity
which was not fully utilized during the current period.
Operating expenses decreased 3% in the third quarter of fiscal 2002 to
$2.0 million, as compared to $2.1 million in the third quarter of the prior
fiscal year. The decrease reflects managements' efforts to implement cost
controls and increased efficiencies.
In February 2002, we curtailed our operations in Canada and sought a
sale of the related assets, which we completed on May 8, 2002. As a result of
the sale, we recognized a loss of $2.6 million, including the write-down of
approximately $2.5 million of goodwill stemming from our acquisition of the
facility in September 2000. For the third quarter of fiscal 2002, the Canadian
facility contributed an estimated operating loss of $289,000 to our overall loss
from operations of $491,000.
A NOVO BROADBAND, 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
thereunto duly authorized.
Date August 15, 2002 By /s/ William Kelly
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William Kelly
Chief Executive Officer