UNITED MERCHANTS & MANUFACTURERS INC /NEW/
NT 10-K, 1995-09-27
COSTUME JEWELRY & NOVELTIES
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                    SECURITIES AND EXCHANGE COMMISSION
                          WASHINGTON, D.C.  20549

                                FORM 12b-25

                                           Commission File Number 1-3185 

                        NOTIFICATION OF LATE FILING
[X] Form 10-K
For the Year Ended:  June 30, 1995

Nothing in this form shall be construed to imply that the Commission has 
verified any information contained herein.

                     Part I - Registrant Information 

Full name of registrant:
  UNITED MERCHANTS AND MANUFACTURERS, INC.

Address of principal executive office (Street and Number):
  1650 Palisade Avenue     

City, State and Zip Code:
  Teaneck, NJ 07666

                     Part II - Rule 12b-25 (b) and (c)

(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 on Form 10-K will be filed on or before the 
fifteenth calendar day following the prescribed due date;

                           Part III - Narrative

State below in reasonable detail the reasons why Form 10-K could not be 
filed within the prescribed time period.

    During the year ended June 30, 1995, Registrant sold the retail outlet 
    store operations of its Accessories and Apparel Segment and shutdown 
    its Buffalo Mill division.  The latter was its Apparel Textiles 
    segment.  In addition, subsequent to fiscal year end, the Registrant 
    and its 79%-owned subsidiary each renegotiated its borrowing 
    arrangements with its current lender.  The shutdown of the segment 
    required that the Registrant's financial statements for applicable 
    years be restated to report separately the results of operations and 
    the assets and liabilities of the continuing and the discontinued 
    businesses.  The personnel who prepare the Registrant's filings with 
    the Commission have been occupied in restating the financial 
    statements for the prior years.  They were also involved in the 
    renegotiation of the borrowing arrangements for both companies.  At 
    the same time, the same personnel have been preparing Annual Reports 
    on Form 10-K for both the Registrant and the Registrant's 79%-owned, 
    publicly-traded subsidiary.  At this time, additional time is 
    necessary to have the Form 10-K reviewed by all the Registrant's 
    appropriate personnel and its independent auditors to assure adequate 
    disclosure. 

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                        Part IV - Other Information

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

Norman R. Forson               (201)                   837-1700
(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?
                                                         [X] Yes  [ ] No

(3) Is it anticipated that any significant change in results of operations 
from the corresponding periods 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

    Net sales for the year ended June 30, 1995 will be approximately 
    8% lower than the restated net sales of $64.9 million for prior year 
    as a result of the sale of the retail outlet store operations 
    mentioned above.  Registrant will report a loss from continuing 
    operations for the current year of approximately $18.3 million 
    compared with the restated loss of $22.7 million for last year.  For 
    the current fiscal year, Registrant will report losses from 
    discontinued operations prior to sale or closing of $532,000 as 
    compared to earnings of $1.7 million for the prior year.  Net results 
    for the year ended June 30, 1995 will reflect a loss provision of 
    $9.1 million for the shutdown of the Apparel Textile segment 
    mentioned above.  Net results for the prior year include a gain of 
    $2.2 million on the sale by the Registrant of certain of its 
    operations.  Also included in the results for the prior year is a 
    gain on retirement of debt of $33.4 million and a loss from the 
    cumulative effect of change in accounting principles for 
    post-retirement benefits other than pensions of $15.3 million.  After 
    the above mentioned items, Registrant will report a net loss of 
    approximately $27.9 million for the year ended June 30, 1995 compared 
    with a net loss of $752,000 for fiscal 1994.  As mentioned on page 
    one, the amounts for fiscal 1994 have been restated to report 
    separately the results of continuing and discontinued businesses.


                 UNITED MERCHANTS AND MANUFACTURERS, 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: September 26, 1995       By /s/ Norman R. Forson                 
                                 Norman R. Forson
                                 Senior Vice President and 
                                  Comptroller

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