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: JUNE 30, 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
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;
[x] (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 June 30, 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 persons 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
(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 second quarter 2001, Breakaway Solutions disclosed
additional restructuring plans, which will significantly
reduce costs. These restructuring plans include staff
reductions and closing and consolidation of facilities. This
is in addition to fourth quarter of 2000 asset impairment and
one time restructuring charges relating to intangibles from
acquisitions due to deterioration in market conditions and in
addition to staff reductions and closing and consolidation of
facilities in the first quarter if 2001. The company has also
incurred staff reductions in the third quarter of 2001. There
have been substantial changes in the Company's business
between the second quarter of 2000 and the second quarter of
2001. Additionally, the Company has not yet completed and
filed its 10 Q for the quarter ended March 31, 2001. Due to
the above noted factors, the Company's 10 Q for the second
quarter 2001 is not complete. The Company anticipates that for
the second quarter of 2001 revenue will be significantly less
than the comparable prior period and the operating loss,
including restructuring charges, will be 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: AUGUST __, 2001 By:
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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).