Edgar Filing: CASPIAN SERVICES INC

	UNITED STATES	OMB APPROVAL
	SECURITIES AND EXCHANGE COMMISSION	OMB Number: 3235-0058
		Expires: April 30, 2009
	Washington, D.C. 20549	Estimated average burden
		hours per response 2.50
	FORM 12b-25
		SEC FILE NUMBER
		000-33215
	NOTIFICATION OF LATE FILING

(Check One): x Form 10-K o Form 20-F

o Form 11-K o Form 10-Q

o Form 10-D

o Form N-SAR o Form N-CSR

For Period Ended: September 30, 2008

[

] 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 Instruction (on back page) 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

Caspian Services, Inc.

Full Name of Registrant

n/a

Former Name if Applicable

257 East 200 South, Suite 340

Address of Principal Executive Office (Street and Number)

Salt Lake City, Utah 84111

City, State and Zip Code

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)

(a) The reason 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, Form 20-F, 11-K, Form N-SAR or Form N-CSR, 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 subject distribution report on Form 10-D, or portion thereof, will be filed on or before the fifth calendar day following the prescribed due date; and

PART III -- NARRATIVE

State below in reasonable detail the reasons why Forms 10-K, 20-F, 11-K, 10-Q, 10-D, N-SAR, N-CSR, or the transition report or portion thereof, could not be filed within the prescribed time period.

The annual report of the registrant on Form 10-K could not be timely filed because management requires additional time to compile and verify the data required to be included in the report. The report will be filed within fifteen calendar days of the date the original report was due.

PART IV -- OTHER INFORMATION

(1)	Name and telephone number of person to contact in regard to this notification

Alexey Kotov

801

746-3700

(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 answer is no, identify report(s).

x Yes

o 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

o 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.

The Company anticipates that during the fiscal year ended September 30, 2008 total revenues will have increased approximately 13% compared to the fiscal year ended September 30, 2007. This increase was primarily attributable to improved fleet utilization, the increased size of our vessel fleet and increased charter rates. The increase in vessel revenue was partially offset by lower geophysical service revenue resulting from unusually strong geophysical service revenue during our 2007 fiscal year.

The Company believes that total costs and operating expenses will have increased approximately 32% during the twelve months ended September 30, 2008. The increases in total operating expenses are primarily attributable to increased personnel, fuel, vessel rental and repair costs and higher port fees.

The Company expects to realize income from operations during fiscal 2008 of approximately $295,000 compared to income from operations of $9.3 million during fiscal 2007. This decrease in income from operations during fiscal 2008 is largely attributable to decreased geophysical service revenue coupled with increased operating expenses as discussed in the preceding paragraphs.

During fiscal 2008, the Company anticipates realizing net income of approximately $1.5 million compared to a net income of $9.5 million during fiscal 2007. The Company anticipates net income per share of approximately $0.03 for the year ended September 30, 2008 compared to a net income of $0.22 per share during the year ended September 30, 2007.

Caspian Services, 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: December 29, 2008	By	/s/ Alexey Kotov
		Alexey Kotov Corporate Secretary