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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 12b-25
Commission File Number: 1-7604
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: December 26, 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 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 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)
In July, 1999, the Company implemented new Enterprise Resource
Planning software systems. The implementation of these systems has
resulted in delays in producing certain information necessary to
complete the Company's Quarterly Report on Form 10-Q. The Company
expects to file its Form 10-Q on February 14, 2000.
PART IV - OTHER INFORMATION
(1) Name and telephone number of person to contact in regard to this
notification
David S. Fraser 770 644-6230
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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 expects to report a loss of approximately $0.19 per share
for the quarter ended December 26, 1999, compared to a profit of $0.29 per share
for the comparable quarter last fiscal year. The principal reason for the
decline in performance was that continuing difficulty in implementing the
Company's new enterprise resource planning ("ERP") software system resulted in
lower sales volumes and higher operating expenses in the Company's woven
products division. Another factor causing the decline in performance was
continuing operational inefficiencies in the Company's North Carolina
manufacturing and distribution facilities. Also contributing to the decline was
the reduction in sales associated with the previously-announced repositioning of
the Pillow Buddies line.
In December and January, following the end of the Company's peak
shipping season, the Company executed a plan to stabilize the ERP system so that
it would better support the business. Among the actions taken were some system
modifications, refinements of business procedures, clean-up of corrupted and
inaccurate data, a complete physical inventory in affected facilities, and
controlled restart of operations on January 24, 2000. After these actions, the
system is performing much better than it had in the past, but several more weeks
of operating experience will be required to assess the performance fully.
Because of its operating results during the quarter, the Company is not
in compliance with certain financial covenants of its loan agreements. Unless
the loan agreements are amended or waivers granted by the lenders, one
consequence of this non-compliance is that approximately $36 million of the
Company's debt, which would otherwise be classified as long-term, will be
classified as current maturities of long term debt on its December 26, 1999
balance sheet. The Company's lenders have agreed in principle to waive the
defaults and to amend the loan agreements to provide additional near-term
funding. While no assurance can be given in this regard, the Company believes
the necessary documentation will be agreed upon and executed in the near future.
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: February 10, 2000 By: /s/ David S. Fraser
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David S. Fraser
Vice President, Chief Financial
Officer
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