U.S.
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
FORM
12b-25
NOTIFICATION
OF LATE FILING
SEC
File Number 000-17541
CUSIP
Number 741113 10 4
(Check
One):
[ X ]
Form 10-K and Form 10-KSB [ ] Form 20-F [ ] Form 11-K [ ] Form 10-Q and Form
10-QSB
[
] Form
N-SAR
For
Period Ended: December
30, 2006
[
]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
PRESSTEK, INC.
Former
Name if Applicable
Address
of Principal Executive Office (Street
and Number)
55
Executive Drive
City,
State and Zip Code
Hudson,
NH
03051
Part
II - Rules 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,
10-KSB, Form 20-F, 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, 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 the reasons why Form 10-K and Form 10-KSB, 20-F,
11-K, 10-Q and Form 10-QSB, N-SAR, or the transition report or portion thereof,
could not be filed within the prescribed time period. (Attach Extra Sheets
if
Needed)
The
Company is unable to file its Annual Report on Form 10-K for the year ended
December 30, 2006 within the prescribed time for the reasons described below.
As
a result of a routine inspection of BDO Seidman, LLP, the Company’s former
auditors, by the Public Company Accounting Oversight Board (PCAOB), the PCAOB
has issued a comment to BDO Seidman disagreeing with the manner in which
the
Company accounted for certain new product costs in fiscal 2005. The Company
has
consistently accounted for these costs, totaling approximately $1.0 million
over
fiscal 2005 and 2006, by capitalizing them as intangible assets, a treatment
supported by the Company’s auditors at the time (BDO Seidman, LLP). In addition,
the 2006 audit is not yet complete, due in part to the issue raised by the
PCAOB. The Company is requesting that the SEC staff not object to its accounting
for these product costs, and is delaying the filing of its Annual Report
on Form
10-K, for the year ended December 30, 2006, pending receipt of the SEC’s
response and completion of the 2006 audit. In the event that the SEC objects
to
the Company’s accounting for these costs, the Company may be required to restate
historical financial statements to reflect alternative accounting.
The
Company intends to file its Annual Report on Form 10-K, as soon as practicable
following receipt of the SEC’s guidance and subsequent completion of the 2006
audit.
Part
IV - Other Information
(1) Name
and
telephone number of person to contact in regard to this
notification
Edward
J. Marino
603
595-7000
(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 [ ]
(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 [ ]
Provided
the SEC does not object to the Company’s accounting treatment related to the
capitalization of costs as intangible assets, the Company expects to report
net
income for the year ended December 30, 2006 of approximately $9.7 million,
compared with a net income of approximately $6.1 million in the prior year.
The
estimated $3.6 million increase in net income for the year ended December
30,
2006, compared to the prior year, is primarily attributable to a tax benefit
of
$10.7 million, resulting from the reversal of its deferred tax valuation
allowance, partially offset by losses associated with discontinued operations
($2.9 million) and special charges related to goodwill impairment ($2.6 million)
and patent defense litigation costs ($2.3 million).
If
the
SEC objects to the Company’s accounting treatment, the Company may be required
to expense all or a portion of the costs capitalized, which totaled
approximately $450,000 in fiscal 2005 and $509,000 in fiscal 2006.
PRESSTEK,
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:
March 16, 2007 By
/s/ Edward J. Marino
Name:
Edward J. Marino
Title:
President and Chief Executive Officer