SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 12b-25
Commission File Number: 000-27269
NOTIFICATION OF LATE FILING
(Check One): / / Form 10-K / / Form 11-K / / Form 20-F /X/ Form 10-Q
Form N-SAR
For Period Ended: MARCH 31, 2001
/ / Transition Report on Form 10-K / / Transition Report on Form 10-Q
/ / Transition Report on Form 20-F / / Transition Report on Form N-SAR
/ / Transition Report on Form 11-K
For the Transition Period Ended:_________________________
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: NOT APPLICABLE.
PART I
REGISTRANT INFORMATION
Full name of registrant: BREAKAWAY SOLUTIONS, INC.
Former name if applicable: NOT APPLICABLE.
Address of principal executive office (STREET AND NUMBER): 1000 RIVER ROAD,
SUITE 400, 4TH FLOOR
City, State and Zip Code: CONSHOHOCKEN, PENNSYLVANIA 19428
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;
/ / (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-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 form 10-K, 11-K, 20-F,
10-Q, N-SAR or the transition report portion thereof could not be filed within
the prescribed time period. (Attach extra sheets if needed.)
Breakaway Solutions, Inc., a Delaware corporation (the
"Registrant"), did not timely file its Quarterly Report on
Form 10-Q for the fiscal quarter ended March 31, 2001 (the
"Form 10-Q") because management of the Registrant has been
dedicating substantial efforts to financing, corporate
restructuring and operational activities.
PART IV
OTHER INFORMATION
(1) Name and telephone number of person to contact in regard to
this notification
Joanna Bolles (978) 823-1644
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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 Annual Report on Form 10-K
for the fiscal year ended December 31, 2001.
(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 statement 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.
During the first quarter 2001, Breakaway Solutions announced
additional restructuring plans, which will significantly
reduce costs. These restructuring plans will include staff
reductions and closing and consolidation of facilities. This
is in addition to estimated fourth quarter of 2000 asset
impairment and one time restructuring charges relating to
intangibles from acquisitions due to deterioration in market
conditions. There have been substantial changes in the
Company's business between the first quarter of 2000 and the
first quarter of 2001. Additionally, the Company has not yet
completed and filed its 10 K for the year ended December 31,
2000. Due to the above noted factors, the Company's 10 Q for
the first quarter 2001 is not complete. The Company
anticipates that for the first quarter of 2001 revenue will be
significantly less than the comparable prior period and the
operating loss will be significantly higher than the
comparable prior year period.
Breakaway Solutions, 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: MAY 16, 2001 By: /S/ WILLIAM P. LOFTUS
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Name: William P. Loftus
Title: President and Chief Executive Officer
ATTENTION
Intentional misstatements or omissions of fact constitute Federal
criminal violations (SEE 18 U.S.C. 1001).