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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 12b-25
NOTIFICATION OF LATE FILING
(Check One) [ ]Form 10-K [ ]Form 20-F [ ]Form 11-K [X]Form 10-Q [ ]Form N-SAR
For Period Ended: June 27,1999
[ ] 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: _____________
Read attached instruction sheet before preparing form. Please print or type.
Nothing in the 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:
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PART I - REGISTRANT INFORMATION
CROWN CRAFTS, INC.
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Full Name of Registrant
Former Name if Applicable
1600 RIVEREDGE PARKWAY, SUITE 200
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Address of Principal Executive Office (STREET AND NUMBER)
ATLANTA, GEORGIA 30328
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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 appropriate box)
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[X] (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, 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 the Form 10-KSB, 11-K, 10-Q,
N-SAR, or the transition report or portion thereof, could not be filed with the
prescribed time period. (Attach Extra Sheets if Needed)
On August 11, 1999, Crown Crafts, Inc. (the "Company")
entered into definitive agreements with all three of its existing
senior lenders pursuant to which such lenders extended the maturity
dates, adjusted financial and other covenants, and waived defaults
with respect of the Company's existing indebtedness. In exchange, the
Company has granted security interests in substantially all of its
assets to the lenders.
One effect of the foregoing is that approximately $43
million of the Company's indebtedness that otherwise would be
classified as current maturities of long-term debt on the Company's
balance sheet for the fiscal quarter ended June 27, 1999 will instead
be classified as long-term debt. The Company has delayed filing its
Quarterly Report on Form 10-Q pending the execution of the foregoing
agreements and presently expects to file its Form 10-Q on or before
August 16, 1999.
PART IV - OTHER INFORMATION
(1) Name and telephone number of person to contact in regard to this
notification
David Fraser 404 644-6230
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(Name) (Area Code) (Telephone Number)
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(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 reports 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:
The Company historically has experienced a loss during the first
quarter of its fiscal year. In the first quarter of fiscal 1999, ended
June 28, 1998, the Company reported a net loss of $2.3 million, or 0.27
per share. The final results for the first quarter of fiscal 2000,
ended June 27, 1999, are not yet available, but the Company expects to
report a net loss somewhat wider than during the corresponding period
of the prior year due to the sale of close-out inventory and under-
absorption of overhead at its Roxboro, North Carolina facilities.
CROWN CRAFTS, INC.
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(Name of Registrant as Specified in Charter)
has caused this notification to be signed on its behalf by the undersigned
hereunto duly authorized.
Date: August 12, 1999 By: /s/ David Fraser
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David Fraser
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