U. S. SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 12b-25
NOTIFICATION OF LATE FILING
(Check One):
[X] Form 10-K and Form 10-KSB [ ] Form 20-F [ ] Form 11-K
[ ] Form 10-Q and Form 10-QSB [ ] Form N-SAR
For Period Ended: December 31, 1995
[ ] 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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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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Full Name of Registrant: CHAMPION PARTS, INC.
Address of Principal Executive Office
(Street and Number): 2525 W. 22nd Street
City, State and Zip Code: Oak Brook, IL 60521
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PART II - RULES 12b-25 (b) and (c)
[ X ] (a) The reasons described in reasonable detail in Part
III of this form could not be eliminated without unreasonable
effort or expense on an extension beyond March 31, 1996.
[ X ] (b) The subject annual report on Form 10-K will be filed
on or before the fifteenth calendar day following the prescribed
due date;
[ ] (c) The accountant's statement or other exhibit required
by Rule 12b-25(c) has been attached if applicable.
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PART III - - NARRATIVE
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In 1995 the Registrant exited the manufacture and sale of
automotive electrical (alternators and starters) and mechanical
(clutches and water pumps) products to traditional market
customers in the United States and Canada. The company had
renegotiated its bank credit facility in 1995 due to this
decision. The Company's current credit facility expired March
31, 1996. The Company is in discussions with its lenders on an
extension beyond March 31, 1996.
The result of these discussions could have a significant impact
on the Company's financial statements and disclosures. The
Registrant requires the additional fifteen days following the
prescribed due date for the 1995 annual report 10-K to complete
discussions and finalize its financial statement and disclosure
requirements to reflect this significant item.
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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
Mark Smetana (708) 573-6264
(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.
See Attached.
CHAMPION PARTS, 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: April 1, 1996
BY: /s/ Mark Smetana
Vice President Finance & Secretary
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ATTENTION:
Intentional misstatements or omissions of fact constitute
Federal Criminal Violations (See 18 U.S.C. 1001).
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EXPLANATION OF CHANGE IN RESULTS
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As a result of the Company's decision to exit the manufacture
and sale of automotive electrical and mechanical products in
1995, the Company recorded special charges to reflect the direct
costs of the decision and has provided reserves for the impact
of this decision on the realization of asset carrying values, in
particular its inventories.
Fourth quarter 1995 earnings will include charges totaling
$540,000 to reflect the Registrant's decision to discontinue the
distribution of automotive electrical and mechanical products in
Canada. The results will also reflect an additional $2,400,000
of charges primarily related to changes in the Company's
estimated realization on the sale of discontinued automotive
electrical and mechanical inventory.
For the year, 1995 results will reflect $7,802,000 of charges
related to the Company's restructuring decisions. The charges
consist of $6,200,000 of inventory adjustments to reflect the
expected net realizable values on the sale of the discontinued
product lines and $1,602,000 of special charges related to the
direct restructuring costs.
The above results are unaudited and as such are necessarily
subject to change.
