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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 12b-25
Commission File Number 000-22765
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NOTIFICATION OF LATE FILING
(Check One): [ ] Form 10-K and Form 10-KSB [ ] Form 11-K
[ ] Form 20-F [X] Form 10-Q and Form 10-QSB [ ] Form N-SAR
For Period Ended: October 2, 1999
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[ ] Transition Report on Form 10-K and Form 10-KSB
[ ] Transition Report on Form 10-Q and Form 10-QSB
[ ] Transition Report on Form 20-F
[ ] Transition Report on Form N-SAR
[ ] Transition Report on Form 11-K
For Transition Period Ended:
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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:
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PART I. REGISTRANT INFORMATION
Full name of registrant Excelsior-Henderson Motorcycle Manufacturing Company
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Former name if applicable
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Address of principal executive office (STREET AND NUMBER)
805 Hanlon Drive
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City, State and Zip Code Belle Plaine, Minnesota 56011
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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 appropriate box.)
[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, 10-KSB, 20-F, 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,
10-QSB 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 the reasons why Form 10-K, 10-KSB,
11-K, 20-F, 10-Q, 10-QSB, N-SAR or the transition report portion thereof
could not be filed within the prescribed time period. (Attach extra sheets if
needed.)
The Company is negotiating the terms of an equity financing
transaction. Until the negotiations are completed, the Company can not give a
reasonably accurate view of its current or future liquidity situation or
capital resources.
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PART IV. OTHER INFORMATION
(1) Name and telephone number of person to contact in regard to this
notification
Terrance L. Adams (612) 873-7000
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(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 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.
Not applicable. Please see attached Statements of Operations. PLEASE
NOTE: The attached Statements of Operations will be accompanied by certain
footnotes that will be provided in the Company's Quarterly Report on Form
10-Q for the Quarterly Period Ended October 2, 1999 to be filed on or before
November 22, 1999. Such Statements of Operations must be read in conjunction
with such footnotes.
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Excelsior-Henderson Motorcycle Manufacturing Company
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(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 16, 1999 By
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Terrance L. Adams, Chief Financial Officer
INSTRUCTION. The form may be signed by an executive officer of
the registrant or by any other duly authorized representative. The name
and title of the person signing the form shall be typed or printed
beneath the signature. If the statement is signed on behalf of the
registrant by an authorized representative (other than an executive
officer), evidence of the representative's authority to sign on behalf
of the registrant shall be filed with the form.
ATTENTION
Intentional misstatements or omissions of fact constitute Federal criminal
violations (SEE 18 U.S.C. 1001).
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EXCELSIOR-HENDERSON MOTORCYCLE MANUFACTURING COMPANY
Statements of Operations
(Unaudited)
<TABLE>
<CAPTION>
Three Months Ended
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October 2, October 3,
1999 1998
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<S> <C> <C>
NET SALES $ 9,001,571 $ -
COST OF SALES 10,089,492 -
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Gross margin (1,087,921) -
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DEPARTMENTAL EXPENSES:
Research and development 876,227 4,303,645
Sales and marketing 920,641 1,697,788
General and administrative 1,351,390 1,249,357
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Total departmental expenses 3,148,258 7,250,790
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Operating loss (4,236,179) (7,250,790)
INTEREST INCOME 76,544 240,197
INTEREST EXPENSE AND OTHER (933,236) (470,197)
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NET LOSS BEFORE PREFERRED STOCK DIVIDENDS (5,092,871) (7,481,261)
LESS- Preferred stock dividends (151,233) -
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NET LOSS APPLICABLE TO COMMON STOCKHOLDERS $(5,244,104) $(7,481,261)
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NET LOSS PER COMMON SHARE:
Basic and diluted $ (0.38) $ (0.57)
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WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:
Basic and diluted 13,742,319 13,082,586
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</TABLE>
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EXCELSIOR-HENDERSON MOTORCYCLE MANUFACTURING COMPANY
Statements of Operations
(Unaudited)
<TABLE>
<CAPTION>
Nine Months Ended
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October 2, October 3,
1999 1998
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<S> <C> <C>
NET SALES $ 22,218,445 $ -
COST OF SALES 27,566,859 -
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Gross margin (5,348,214) -
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DEPARTMENTAL EXPENSES:
Research and development 3,389,045 8,466,250
Sales and marketing 3,683,508 3,288,564
General and administrative 4,265,485 3,732,824
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Total departmental expenses 11,338,038 15,485,638
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Operating loss (16,686,252) (15,485,638)
INTEREST INCOME 369,202 908,261
INTEREST EXPENSE AND OTHER (2,468,238) (1,198,741)
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NET LOSS BEFORE PREFERRED STOCK DIVIDENDS (18,785,288) (15,776,118)
LESS-Preferred stock dividends (302,466) -
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NET LOSS APPLICABLE TO COMMON STOCKHOLDERS $(19,087,754) $(15,776,118)
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NET LOSS PER COMMON SHARE:
Basic and diluted $ (1.41) $ (1.21)
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WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:
Basic and diluted 13,552,314 13,041,653
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</TABLE>
