UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 12b-25
NOTIFICATION OF LATE FILING
Commission File Number: 0-26917
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(Check one)
[X] Form 10-K and Form 10-KSB [ ] Form 11-K
[ ] Form 10-Q and Form 10-QSB [ ] Form 20-F [ ] Form N-SAR
For period ended: December 31, 2001
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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: N/A
PART I - REGISTRANT INFORMATION
Full name of registrant: Buyers United, Inc.
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Former name if applicable:
Address of principal executive office: 14870 Pony Express Road
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City, state, and zip code: Bluffdale, Utah 84065
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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, 10-KSB, 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, 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, 10-KSB, 11-K,
20-F, 10-Q, 10-QSB, N-SAR, or the transition report thereof could not be
filed within the prescribed time period.
The registrant dismissed Arthur Andersen LLP as its independent
public accountants on February 20, 2002. On the same day, the
registrant engaged Crowe Chizek and Company LLP as its new
independent public accountants. The registrant is therefore unable
to complete the required financial statements and disclosures without
unreasonable effort and expense.
PART IV - OTHER INFORMATION
(1) Name and telephone number of person to contact in regard to this
information:
Paul Jarman (801) 320-3300
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(2) Have all other periodic reports required under Section 13 or
15(d) or 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.
Revenue for the year ended December 31, 2001 was approximately
$14 million as compared to $7.4 million for the previous year.
Net loss applicable to common shareholders for the year ended
December 31, 2001 was approximately $7 million, as compared to
$11.6 million for the previous year. The reasons for the
differences were higher sales from agent channel expansion,
combined with cost saving efforts throughout 2001.
Buyers United, Inc. has caused this notification to be signed on its
behalf by the undersigned thereunto duly authorized.
Date: April 1, 2002 By: /s/ Paul Jarman
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Paul Jarman
Vice President and Treasurer