SEC File #333-21949
CUSIP #786450AC0 Series B
#786450AF3 Series D
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 12b-25
NOTIFICATION OF LATE FILING
(Check One):
[x] Form 10-K [ ] Form 20-F [ ] Form 11-K [ ] Form 10-Q [ ] Form N-SAR
For Period Ended: April 1, 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: N/A
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:
N/A
Part I-Registrant Information
Full Name of Registrant:
Safelite Glass Corp.
Former Name if Applicable:
N/A
Address of Principal Executive Office (Street and Number):
1105 Schrock Road
City, State and Zip Code
Columbus, Ohio 43229
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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, the following
should be completed. (Check box if appropriate)
(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 or 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 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 the reasons why Form 10-K, 20-F, 11-K, 10-Q,
N-SAR or the transition report or portion thereof could not be filed within the
prescribed time period.
On June 9, 2000, Safelite Glass Corp., as part of a pre-arranged plan to
restructure its debt, filed a voluntary petition for reorganization under
chapter 11 of the Federal Bankruptcy Code. The resulting additional
administrative efforts associated with the filing and its related impact on the
company's annual reporting process, has prevented Safelite from completing and
filing the 10-K within the prescribed timeframe.
Part IV-Other Information
(1) Name and telephone number of person to contact in regard to this
notification
Poe A. Timmons, Vice President - Finance, (614) 842-3325
(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.
Summary Results of Operations
Fiscal Year Ended
($ in thousands) 4/3/1999 4/1/2000
Sales $876,811 $859,165
Gross Profit 231,085 211,241
Operating Income (Loss) 36,450 (1,390)
Loss before Taxes (9,549) (48,195)
Income Tax Provision (433) (72,062)
Extraordinary Item (4,028) 0
Net Loss (14,010) (120,257)
Difficult auto glass replacement market conditions, as evidenced by
lower overall industry volume and pricing, contributed to a significant
decline in gross margin between years. The market conditions and the
expected loss of a significant portion of sales from Safelite's largest
customer upon expiration of their contract in October 2000 caused Safelite
to undertake a restructuring program to lower its cost structure.
Consequently, restructuring charges of $21.6 million were taken against
operating income in fiscal year 2000 for store closings, the closing of one
national call center and reductions in field and corporate overhead staff.
Also, as a result of increased uncertainty regarding Safelite's ability to
realize deferred tax assets, the valuation allowance was adjusted in fiscal
year 2000 to fully reserve for all deferred taxes and loss carryforwards,
resulting in an increase in the tax provision of $94.0 million.
<PAGE>
SAFELITE GLASS CORP.
(Name of Registrant as specified in charter)
Pursuant to the requirements of the Securities Exchange Act of 1934,
Safelite has duly caused this notification to be signed on its behalf by the
undersigned thereunto duly authorized.
Date: 6/30/00 By: /s/ Poe A. Timmons
Name: Poe A. Timmons
Title: Vice President - Finance
