SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 12b-25
Commission File Number: 0-21003
NOTIFICATION OF LATE FILING
(Check One):
[_] Form 10-K [_] Form 11-K
[_] Form 20-F [X] Form 10-Q [_] Form N-SAR
For Period Ended: September 30, 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 attached instruction sheet 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
Full Name of Registrant
Twinlab Corporation
-------------------------------------------------------------------------------
Former Name if applicable
-------------------------------------------------------------------------------
Address of Principal Executive Office (Street and Number)
150 Motor Parkway, Suite 210
-------------------------------------------------------------------------------
City, State and Zip Code Hauppauge, New York 11788
-----------------------------------------------------
<PAGE>
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.)
[X] (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, Form 20-F, Form 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, 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 why the Form 10-K, 11-K, 20-F, 10-Q,
N-SAR or the transition report or portion thereof could not be filed within the
prescribed time period. (Attach extra sheets if needed.)
The Company's quarterly report on Form 10-Q for the period ended
September 30, 2000, could not be filed without unreasonable effort or expense
due to the following reasons:
During the quarter ended September 30, 2000, the Company became aware
of certain inventory variances which prompted it to conduct a physical count of
herbal inventories at its Utah location. The resulting physical inventory
compilation indicated inventory shortages totaling approximately $8.02 million.
The Company is currently engaged in an analysis of an investigation of the
inventory shortages, and the net impact of the inventory shortages cannot be
ascertained at the current time.
The Company anticipated significant increases in sales for herbal
products during fiscal 2000. However, consistent with industry trends, sales of
the Company's herbal products were disappointing during the first two quarters
of fiscal 2000 and, in the third quarter, were significantly below anticipated
levels. As a result, the Company significantly reduced its projection of herbal
sales for the year ending December 31, 2000, and has also decided to discontinue
the production and/or active marketing of certain herbal products.
As a result, the Company analyzed potential excess and slow moving
inventory and increased related reserves by approximately $7.97 million. These
increased reserves include approximately $5.41 million relating to products that
will be no longer be produced and/or actively marketed. Such products include
approximately $3.85 million of micro-encapsulated herbal products which were
introduced during the fourth quarter of fiscal 1998 but have experienced
disappointing sales.
PART IV
OTHER INFORMATION
(1) Name and telephone number of person to contact in regard to this
notification
Philip M. Kazin, Esq. 631 467-3140
-----------------------------------------------------------------------
(Name) (Area Code) (Telephone Number)
-2-
<PAGE>
(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 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.
Net sales for the third quarter 2000 were $76.4 million, a decrease of
6.7% from $81.9 million in the comparable quarter of 1999. The Company
anticipates recording a loss from operations for the three months ended
September 30, 2000, as compared to income from operations of $5.4 million for
the three months ended September 30, 1999. The decrease in income from
operations is primarily attributable to the herbal inventory adjustments
described above as well as the Company's lower sales volume.
-3-
<PAGE>
Twinlab Corpration
(Name of Registrant as Specified in Charter)
Has caused this notification to be signed on its behalf by the undersigned
thereunto duly authorized.
Date: November 15, 2000 By: /s/ John Bolt
----------------- ---------------------------
Name: John Bolt
Title: Chief Financial Officer
-4-
