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SEC 1344
(10-2002) PERSONS WHO POTENTIALLY ARE TO RESPOND TO THE COLLECTION OF
Previous INFORMATION CONTAINED IN THIS FORM ARE NOT REQUIRED TO RESPOND
versions UNLESS THE FORM DISPLAYS A CURRENTLY VALID OMB CONTROL NUMBER.
obsolete
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UNITED STATES OMB APPROVAL
SECURITIES AND EXCHANGE COMMISSION --------------------------
WASHINGTON, D.C. 20549 OMB Number: 3235-0058
Expires: January 31, 2005
FORM 12b-25 Estimated average burden
hours per response....2.50
NOTIFICATION OF LATE FILING --------------------------
SEC FILE NUMBER 0-13976
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CUSIP NUMBER
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(Check One): / / Form 10-K / / Form 20-F / / Form 11-K /X/ Form 10-Q
/ / Form N-SAR
For Period Ended: March 31, 2003
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/ / 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:
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Read Instruction (on back page) Before Preparing Form. Please Print or Type.
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NOTHING IN THIS FORM SHALL BE CONSTRUED TO IMPLY THAT THE COMMISSION HAS
VERIFIED ANY INFORMATION CONTAINED HEREIN.
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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
Akorn, Inc.
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Full Name of Registrant
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Former Name if Applicable
2500 Millbrook Drive
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Address of Principal Executive Office (Street and Number)
Buffalo Grove, Illinois 60089
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City, State and Zip Code
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)
(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 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 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, 20-F, 11-K, 10-Q,
N-SAR, or the transition report portion thereof, could not be filed within the
prescribed time period.
See Attached Sheet.
PART IV -- OTHER INFORMATION
(1) Name and telephone number of person to contact in regard to this
notification
Mr. Ben J. Pothast (847) 279-6151
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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). / / Yes /X/ No
The registrant has not filed its report on Form 10-Q for the period ended
September 30, 2002 or its report on Form 10-K for the year ended December 31,
2002.
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(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?
/ / Yes /X/ No
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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.
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Akorn, 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 May 16, 2003 By /s/ BEN J. POTHAST
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Ben J. Pothast, 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
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INTENTIONAL MISSTATEMENTS OR OMISSIONS OF FACT CONSTITUTE FEDERAL CRIMINAL
VIOLATIONS (SEE 18 U.S.C. 1001).
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GENERAL INSTRUCTIONS
1. This form is required by Rule 12b-25 (17 CFR 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).
PART III
NARRATIVE
The Registrant has been unable to complete its report on Form 10-Q for
the quarter ended March 31, 2003 (its "2003 Form 10-Q") due to the fact that the
Registrant is currently delinquent in the filing of its reports on Form 10-Q for
the quarter ended September 30, 2002 and on Form 10-K for the year ended
December 31, 2002 (the "2002 Reports"), and has been working to complete the
2002 Reports to file prior to or simultaneous with its 2003 Form 10-Q, but not
all parties with responsibility for the 2002 Reports and the 2003 Form 10-Q have
completed their review of those reports.
The Registrant anticipates reporting in its 2003 Form 10-Q revenues of
approximately $12.8 million for the three months ended March 31, 2003 compared
to $13.4 million for the comparable period in 2002. The Registrant anticipates
net income of approximately $0.01 per basic share for the three months ended
March 31, 2003 compared to $0.01 per basic share for the comparable period in
2002.
On April 24, 2003, Deloitte And Touche, LLP ("Deloitte") notified the
Registrant that it would decline to stand for re-election as the Registrant's
independent accountants after completion of the audit of the Registrant's
consolidated financial statements as of and for the year ended December 31,
2002. The Registrant has begun the process of selecting a new independent
accountant, but has not completed this process as of the date of this filing. As
a result, independent accountants have not reviewed the anticipated results
included in this Form 12B-25 or the underlying financial statements from which
such anticipated results are derived.