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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549 SEC File Number
1-11601
FORM 12b-25
Cusip Number
NOTIFICATION OF LATE FILING 632900 10 6
(Check One) [X] Form 10-K [ ] Form 20-F [ ] Form 11-K [ ] Form 10-Q
[ ] Form N-SAR
For Period Ended: January 31, 2000
[ ] 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 the 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: N/A
PART I - REGISTRANT INFORMATION
NATIONAL AUTO CREDIT, INC.
Full Name of Registrant
Former Name if Applicable: N/A
30000 AURORA ROAD
Address of Principal Executive Office (Street and Number)
SOLON, OH 44139
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 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, Form 20-F, 11-K, Form N-SAR, or portion
thereof, will be filed on or before the fifteenth calendar day
[X] 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.
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PART III - NARRATIVE
The Registrant's Annual Report on Form 10-K for the fiscal year ended January
31, 2000 could not be filed within the prescribed time period because the
Registrant's financial statements and the external audit thereof have not yet
been completed. As disclosed in Current Reports on Form 8-K filed on April 3,
2000 and April 20, 2000, in March 2000 the Company sold substantially all of its
portfolio of automobile loans, and in April 2000 the Company purchased an
interest in Angelika Film Center, LLC. As the result of these significant
transactions, the Company could not, without unreasonable effort or expense,
complete the preparation of its January 31, 2000 financial statements and
provide its independent accountants, Grant Thornton, LLP, with the information
required by that firm for the completion of its audit of those financial
statements in time to file the subject Annual Report on Form 10-K within the
prescribed period.
The Registrant and its independent accountants are working to complete the
preparation and audit of the Company's January 31, 2000 financial statements as
expeditiously as possible. The Registrant expects that the subject Annual Report
on Form 10-K will be filed by May 15, 2000.
Attached hereto is the statement of Grant Thornton, LLP required by Part II(c)
of Form 12b-25.
PART IV - OTHER INFORMATION
(1) Name and telephone number of person to contact in regard to this
notification
David L. Huber (440) 349-1000
(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 reports) been
filed? If answer no, identify report(s).
[ ] Yes [X] No
Current Report on Form 8-K dated April 3, 2000 was filed without pro forma
financial information required by Item 7 of that form. The Registrant
expects that the subject Form 8-K will be amended to include the required
pro forma financial information at the same time as the Registrant files the
Annual Report on Form 10-K that is the subject of this Notification of Late
Filing on Form 12b-25.
(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
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:
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National Auto Credit, Inc.
(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 2, 2000 By /s/ David L. Huber
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David L. Huber
Chairman and Chief Executive Officer
Accountant's Statement
National Auto Credit, Inc.
30000 Aurora Road
Solon, OH 44139
Dear Gentlemen:
Pursuant to Rule 12b-25 of the General Rules and Regulations under the
Securities Exchange Act of 1934, we inform you that we have been furnished a
copy of Form 12b-25 to be filed by National Auto Credit, Inc. on or about May
2, 2000, which contains notification of the registrant's inability to file its
Form 10-K by May 1, 2000. We have read the Company's statements contained in
Part III therein and we agree with the stated reasons as to why we have been
unable to complete our audit and report on the financial statements for the
three-year period ended January 31, 2000, to be included in Form 10-K.
Very truly yours,
/s/ Grant Thornton LLP
Grant Thornton LLP
May 1, 2000
Cleveland, Ohio
