SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 12b-25
Commission File Number 1-3185
NOTIFICATION OF LATE FILING
[X] Form 10-Q
For the Quarter Ended: March 31, 1996
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):
2 Executive Drive, Suite 780
City, State and Zip Code:
Fort Lee NJ 07024
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 Quarterly Report on Form 10-Q will be filed on or before
the fifth calendar day following the prescribed due date;
Part III - Narrative
State below in reasonable detail the reasons why the Form 10-Q, could not
be filed within the prescribed time period.
As reported in the Registrant's Quarterly Report on Form 10-Q for the
quarter ended December 31, 1995, effective February 22, 1996,
Registrant and its 79%-owned subsidiary, Victoria Creations, Inc.
("Victoria"), each filed petitions for reorganization relief under
Chapter 11 of the Bankruptcy Code in the United States Court for the
Southern District of New York. The same personnel who prepare the
Quarterly Reports on Form 10-Q for both the Registrant and Victoria
have been preparing financial information for the Court and other
interested parties relating to the such filings. Additional time is
necessary to have the Form 10-Q completed and reviewed by all the
Registrant's appropriate personnel 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) 585-1310
(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 quarter ended March 31, 1996 increased 10% from the
net sales of $11.2 million reported for the prior year's quarter.
Registrant will report earnings from continuing operations of
approximately $1.8 million for the three months ended March 31, 1996
compared with a loss of $4.4 million for the same quarter last fiscal
year. The earnings from continuing operations for the current quarter
include a gain from reduction of liability for postretirement
benefits other than pensions of $4.0 million and a loss from sale of
assets not used in the operations of $0.3 million and reflect reduced
interest expense.
Net sales for the nine months ended March 31, 1996 decreased 22% from
the net sales of $48.3 million reported for the prior year's nine
months. The decrease is primarily the result of the sale by the
Registrant of its retail store outlet operations in December 1994.
Excluding the sales of this operation from the fiscal 1995 nine
months, net sales would show a decrease of 2%. Registrant will
report earnings from continuing operations of approximately $14.1
million for the nine months ended March 31, 1996 compared with a loss
of $14.3 million for the same period last fiscal year. Excluding the
operating loss of the retail store outlet operations from the fiscal
1995 nine months results, the loss would be $13.1 million for that
period. The earnings from continuing operations for the current nine
months include a gain from reduction of liability for postretirement
benefits other than pension of $14.7 million and a gain from sale of
assets not used in the operations of $5.1 million and reflects
reduced interest expense as mentioned above. The loss from
continuing operations of the prior year's nine months includes the
loss of $835,000 on sale of the retail store outlet operation
mentioned above.
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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 May 15, 1996 By /s/ Norman R. Forson
Norman R. Forson
Senior Vice President and
Comptroller
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