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UNITED STATES SEC File Number
SECURITIES AND EXCHANGE COMMISSION 333-29869
Washington, D.C. 20549
Cusip Number
FORM 12b-25 730873-ACO
NOTIFICATION OF LATE FILING
(Check One) __ Form 10-K __ Form 20-F __ Form 11-K X Form 10-Q __ Form N-SAR
For Period Ended: June 30, 1997
[ ] 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 the form shall be construed to imply that the Commission has
verified any information contained herein.
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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
Poland Communications, Inc.
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Full Name of Registrant
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Former Name if Applicable
One Commercial Plaza
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address Of Principal Executive Office (STREET AND NUMBER)
Hartford, CT 06103
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City, State and Zip Code
PART II - RULES 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, Form 20-F, 11-K, Form N-SAR, or portion
thereof, will be filed on or before the fifteenth calendar day
following the prescribed due date; or the subject quarterly
report of 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 the reasons why the Form 10-K, 11-K, 10-Q,
N-SAR, or the transition report or portion thereof, could not be filed with the
prescribed time period. (Attach Extra Sheets if Needed)
The quarterly report of Poland Communications, Inc. (the "Company") on Form 10-Q
could not be filed within the prescribed period because of (i) difficulties in
coordinating and obtaining required information from the Company's foreign
subsidiaries, (ii) transmitting financial statements and text from Poland to
the United States, and (iii), as a conequence of the foregoing, the inability
of the Company's independent auditors to complete their review as of the
prescribed filing date.
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PART IV - OTHER INFORMATION
(1) Name and telephone number of person to contact in regard to this
notification
John Frelas 011-48-22-608-9810
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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 reports been
filed? If 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
The Company's revenues will increase, primarily due to an increase in
the Company's cable television subscribers. The majority of the
increase in subscribers was the result of acquisitions. Direct
operating expenses increased due to the increased number of the
Company's cable television subscribers, higher levels of technical
personnel and increased maintenance costs associated with the
recently acquired cable television networks and other costs.
Selling, general and administrative expenses increased primarily as a
result of an increase in sales and marketing expenses incurred in
newly acquired networks, costs associated with the advertising
revenue purchase from Atomic TV and costs of launching the HBO
premium pay movie channel in Poland. Compensation expense was
recorded in the second quarter of 1997 for options to purchase shares
granted to two key executives.
Depreciation and amortization expenses increased principally as a
result of depreciation of additional cable television assets acquired
in connection with the build-out of the Company networks and
acquisitions.
Interest expense increased substantially primarily due to the issuance
of $130 million aggregate principal amount of the Company's 9 7/8%
Senior Notes due 2003 (the "Notes") in October 1996.
Interest and investment income increased substantially primarily due to
the interest and investment income derived from the investment of a
portion of the proceeds from the issuance of the Notes in October 1996.
Foreign currency translation loss increased primarily due to increased
assets subject to translation during the period resulting from the
growth of the Company and less favorable exchange rate fluctuations.
As a result of these factors the Company's net loss increased.
It is not possible to qualify these changes at this time due to the
factors set forth in Part III.
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Poland Communications, Inc.
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(Name of Registrant as Specified in Charter)
has caused this notification to be signed on its behalf by the undersigned
hereunto duly authorized.
Date August 15, 1997 By /s/ John Frelas
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John Frelas, Chief Financial Officer
