UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 12B-25
NOTIFICATION OF LATE FILING
Commission File
Number 333-44273
(Check One): [ ] Form 10-K [ ] Form 20-F [ ] Form 11-K
[ X ] Form 10-Q [ ] Form N-SAR
For Period Ended: October 31, 1998
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[ ] 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:
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Read Instruction (on back page) 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.
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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
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FWT, Inc.
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Full Name of Registrant
N/A
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Former Name if Applicable
701 Highlander Blvd., Suite 200
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Address of Principal Executive Office (Street and Number)
Arlington, Texas 76015
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City, State and Zip Code
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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(b), 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 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 Forms 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.
The Company respectfully requests a delay in the filing of the Form 10-Q
due to the inability, without unreasonable effort or expense, to timely
complete and finalize certain issues and the disclosures required by Form
10-Q. See Exhibit A attached hereto.
PART IV - OTHER INFORMATION
(1) Name and telephone number of person to contact in regard to this
notification
William R. Estill 817 255-3060
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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 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.
See Exhibit A attached hereto.
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FWT, INC.
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(Name of Registrant as Specified in Charter)
has caused this information to be signed on its behalf by the undersigned
hereunto duly authorized.
Date December 16, 1998 By /S/William R. Estill
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Chief Financial Officer
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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.
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ATTENTION
INTENTIONAL MISSTATEMENTS OR OMISSIONS OF FACT CONSTITUTES FEDERAL CRIMINAL
VIOLATIONS (SEE 18 U.S.C. 1001).
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GENERAL INSTRUCTIONS
1. This form is required by Rule 12b-25 (17 CFR 240.12b-25) of the
General Rules and Regulations under the Securities Exchange Act of
1934.
2. One signed original and four conformed copies of this form and
amendments thereto must be completed and filed with the Securities and
Exchange Commission, Washington, D.C. 20549, in accordance with Rule
0-3 of the General Rules and Regulations under the Act. The
information contained in or filed with the form will be made a matter
of public record in the Commission files.
3. A manually signed copy of the form and amendments thereto shall be
filed with each national securities exchange on which any class of
securities of the registrant is registered.
4. Amendments to the notifications must also be filed on form 12b-25 but
need not restate information that has been correctly furnished. The
form shall be clearly identified as an amended notification.
5. ELECTRONIC FILERS. This form shall not be used by electronic filers
unable to timely file a report solely due to electronic difficulties.
Filers unable to submit a report within the time period prescribed due
to difficulties in electronic filing should comply with either Rule
201 or Rule 202 of Regulation S-T (Section 3.6232.201 or Sec. 232.202
of this chapter) or apply for an adjustment in filing date pursuant to
Rule 13(b) of Regulation S-T (Sec. 232.13(b) of this chapter).
EXHIBIT A
TO FORM 12B-25
The Company anticipates a net loss of approximately $2.1 million
for the three months ended October 31, 1998 as compared to net income
of approximately $1.7 million for the three months ended October 31,
1997. This difference is primarily due to an increase in interest
expense related to the Company's 9-7/8% senior subordinated notes that
were issued on November 17, 1997. In addition, based on the Company's
financial condition as of October 31, 1998, the Company is in
technical default under that certain Credit Agreement, dated
November 12, 1997, by and among the Company, Bankers Trust Company and
BT Commercial Corporation (as amended, the "Revolving Credit
Facility"). This technical default resulted from the Company's
failure to maintain certain financial covenants and ratios under the
Revolving Credit Facility. As of October 31, 1998, the Company's
outstanding indebtedness under the Revolving Credit Facility was
approximately $2.4 million. In addition, in November 1998 the Company
incurred an additional $5.184 million of indebtedness under the
Revolving Credit Facility for the purpose of funding its semi-annual
interest payment due November 15, 1998 on its public 9-7/8% senior
subordinated notes. The lenders under the Revolving Credit Facility
have not notified the Company of their intent to accelerate the
outstanding indebtedness of the Company under the Revolving Credit
Facility.