U. S. SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
FORM 12b-25
NOTIFICATION OF LATE FILING
SEC FILE NUMBER
1-5555
CUSIP NUMBER
949476105
[X] Form 10-Q
For Period Ended: Fiscal quarter ending December 30, 1995
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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 related to a portion of the filing checked above, identify
the item(s) to which the notification relates: N/A
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Part 1-Registrant Information
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Full Name of Registrant Wellco Enterprises, Inc.
P. O. Box 188, 150 Westwood Circle
Address of Principal Executive Office
Waynesville, NC 28786
City, State and Zip Code
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Part III- Narrative
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Stated below is the reason why Form 10-Q could not be filed within the
prescribed period:
On December 29, 1995 the Registrant repurchased from its major
shareholder 510,424 (57.69%) of the Registrant's total common shares
outstanding in exchange for cash and all 400,000 shares of
Alba-Waldensian, Inc. (Alba) common stock then owned by the Registrant.
The Registrant has been working with an investment banking firm and its
independent auditors to finalize certain valuations which are critical
to determining the proper accounting for this significant stock
repurchase. This work has taken much longer than was originally
anticipated, and has not been completed as of the required filing date
of the Form 10-Q.
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Part IV-Other Information
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(1) Name and telephone number of person to contact in regard to this
notification.
David Lutz, Secretary/Treasurer (704) 456-3545
(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.
The Registrant anticipates that income before its equity in the loss of
an affiliate (this investment did not exist last year), recording
the stock repurchase and income taxes will be in line
with the prior year's quarter. After the recording of these items, the
Registrant anticipates that there may be a significant reduction
in net income for the
fiscal quarter ended December 30, 1995 because:
1. It's equity in the loss of the affiliate for the quarter will be
approximately $183,000.
2. The Registrant anticipates that operating results for the quarter may
include a charge related to the December 29, 1995 stock repurchase. The amount
of this charge, which cannot as yet be reasonably estimated, may be
significant to quarterly operating results
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Wellco Enterprises, Inc. (Name of Registrant as specified in charter) has caused
this notification to be signed on its behalf by the undersigned thereunto duly
authorized.
Date: February 13, 1996 By: /David Lutz/
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David Lutz, Secretary/Treasurer
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