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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: December 31, 1999
[ ] 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:...........................................
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:
PART I - REGISTRANT INFORMATION
CMI Corporation
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Full Name of Registrant
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Former Name if Applicable
I-40 and Morgan Road
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Address of Principal Executive Office (Street and Number)
Oklahoma City, Oklahoma 73101
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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 box if appropriate)
/X/ (a) The reasons described in reasonable detail in Part III of this
form could not be eliminated without unreasonable effort or expense;
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/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 period.
On March 27, 2000, CMI Corporation (the "Company") reached a tentative agreement
to settle certain long-standing claims asserted against the Company by Kirkland
& Ellis, a Chicago law firm previously engaged by the Company. This tentative
settlement affects certain estimates made by management in preparing the
Company's 1999 financial statements. Management is reevaluating those estimates
and the effect such settlement may have on the Company's 1999 results of
operations. As a result, the annual report on Form 10-K for the Company could
not be filed within the prescribed time period, as the Company's audited
financial statements have not been completed and could not be completed without
unreasonable effort or expense. The Company anticipates that its report on Form
10-K will be filed on or before the fifteenth calendar day following its
prescribed due date.
PART IV - OTHER INFORMATION
(1) Name and telephone number of person to contact in regard to this
notification
Jim D. Holland (405) 787-6020
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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 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 Company anticipates reporting net earnings of approximately $2.5 million in
1999 compared to $6.2 million in 1998, or 11 cents per diluted share for 1999
compared to 29 cents per diluted share for 1998. Net earnings were negatively
impacted due to $14.3 million in asphalt plant orders at December 31, 1999 that
could not be recognized as revenues in 1999 because the equipment had not left
the Company's premises, was not complete and ready-to-ship, or other revenue
recognition criteria had not been met. In addition, net earnings were
negatively impacted due to increased marketing and administrative expenses.
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CMI Corporation
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(Name of Registrant as specified in charter)
has caused this notification to be signed on its behalf by the undersigned
thereunto duly authorized.
Date: March 30, 2000 By: /s/ Jim D. Holland
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Jim D. Holland, Chief Financial Officer
