<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 12B-25
Commission File Number 0-21689
NOTIFICATION OF LATE FILING
(Check One):
[X] Form 10-K [ ] Form 11-K [ ] Form 20-F [ ] Form 10-Q
[ ] Form N-SAR
For Period Ended: August 31, 1998
[ ] Transition Report on Form 10-K [ ] Transition Report on Form 10-Q
[ ] Transition Report on Form 20-F [ ] Transition Report on Form N-SAR
[ ] Transition Report on Form 11-K
For the Transition Period Ended:_______________________________________
Read attached instruction sheet before preparing form. Please print or
type.
Nothing in this report shall be construed to imply that the commission
has verified any information contained herein.
If the notification relates it a portion of the filing checked above,
identify the item(s) to which the information relates:
--------------------------
- --------------------------------------------------------------------------------
PART 1
REGISTRANT INFORMATION
Full name of registrant Mego Mortgage Corporation
---------------------------------------------------------
Former name if applicable
------------------------------------------------------
Address of principal executive office (Street and number)
-----------------------
1000 Parkwood Circle Suite 600
- --------------------------------------------------------------------------------
City, state and zip code Atlanta, Georgia 30339
-------------------------------------------------------
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.)
| (a) The reasons described below 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, 20-F, 11-K of Form
| N-SAR, or portion thereof will be filed on or
<PAGE> 2
| 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.
| See Exhibit A.
PART III
NARRATIVE
State below in reasonable detail the reasons why Form 10-K, 11-K, 20-F,
10-Q, N-SAR or the transition report portion thereof could not be filed within
the prescribed time period. (Attach extra sheets if needed.)
During the last fiscal year, Mego Mortgage Corporation (the "Company")
has substantially changed its business. As a result, Deloitte & Touche, the
Company's auditors, require additional time to fully complete their audit of the
financial statements necessary to complete the required filing. The Company's
inability to file in a timely manner could not be eliminated by the Company
without unreasonable effort or expense. The Company will file its Annual Report
on Form 10-K no later than the 15th calendar day following the prescribed due
date.
PART IV
OTHER INFORMATION
(1) Name and telephone number of person to contact in regard to
this notification:
J. Richard Walker (770) 952-6700
--------------------------------------------------------------
(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 the report(s).
[X] Yes [ ] No
(3) Is it anticipated that any significant change in the 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.
2
<PAGE> 3
The Company expects to report a net loss before taxes of approximately
$126 million in fiscal 1998 as compared to net income before taxes in
fiscal 1997 of approximately $24 million. The net loss resulted
primarily from a write-down in the value of the Company's mortgage
related securities and a substantial reduction in loan production from
January 1998 through the end of fiscal 1998.
3
<PAGE> 4
Mego Mortgage Corporation
- --------------------------------------------------------------------------------
(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 25, 1998 By /s/ Edward B. Meyercord
------------------------- -------------------------------------
Edward B. Meyercord
Chairman and Chief Executive Officer
4
<PAGE> 5
EXHIBIT A
[Letterhead of Deloitte & Touche LLP]
To the Securities and Exchange Commission:
Our audit of Mego Mortgage Corporation (the "Company") as of and for the year
ended August 31, 1998 cannot be completed by November 29, 1998 without the
incurrence of unreasonable effort or expense by the Company due to several
unresolved accounting issues.
/s/ Deloitte & Touche LLP
---------------------
November 25, 1998
