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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 12b-25
SEC File Number
0-8777
NOTIFICATION OF LATE FILING
CUSIP NUMBER
(Check One): [X] Form 10-K [ ] Form 20-F [ ] Form 11-K [ ] Form 10-Q [ ]
Form N-SAR
For Period Ended: January 1, 1995
[ ] Transition Report on Form 10-K [ ] Transition Report on Form 20-F
[ ] Transition Report on Form 11-K [ ] Transition Report on Form N-SAR
[ ] Transition Report on Form 10-Q
For the Transition Period Ended:
Read Instruction (on back page) Before Preparing Form. Please Print or Type.
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: N/A
PART I. REGISTRANT INFORMATION
Full Name of Registrant: Color Tile, Inc.
Former Name if applicable: N/A
Address of principal executive officer (street and number): 515 Houston Street
City, State and Zip Code: Fort Worth, Texas 76102
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;
[ ] (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
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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
[X] (c) The accountant's statement or other exhibit required by Rule
12b-25(c) has been attached ifapplicable.
PART III. NARRATIVE
State below in reasonable detail the reasons why Forms 10-K, 20-F, 11-K, 10-Q,
N-SAR, or the transition report or portion thereof, could not be filed within
the prescribed time period.
During the fourth quarter of the Company's 1994 fiscal year, the
Company encountered unanticipated difficulties in completing the
conversion that had commenced earlier in the fiscal year of its
computer systems hardware platform and related accounting software
systems. These difficulties delayed the Company's ability to finalize
its fiscal year-end closing by several weeks.
PART IV. OTHER INFORMATION
(1) Name and telephone number of person to contact in regard to this
notification:
Alan J. Bethscheider, Esq. 817 870-9632
(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 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.
Although the Company expects to report an increase in
systemwide sales of approximately 23% in fiscal 1994 as
compared to fiscal 1993, the Company anticipates reporting a
net loss for fiscal 1994 of approximately $46 million as
compared to a net loss for 1993 or approximately $15 million.
The change of approximately $31 million is primarily
attributable to the combined effects of $29.6 million of
Special Charges previously reported by the Company in its
quarterly report on Form 10-Q for the fiscal quarter ended
October 2, 1994, increased interest expense of approximately
$16 million, and an increased, non-cash income tax provision
of approximately $14 million in the fourth quarter to reduce
deferred income tax assets to zero. The comparative impact of
these factors is partially offset by the non- recurrence of
the fiscal 1993 extraordinary loss on early extinguishment of
debt of $12.6 million, a reduction of $7 million in the losses
on disposal of a line of business as previously reported and
an increase in operating income
<PAGE>
before the Special Charge of approximately $9 million.
COLOR TILE, INC.
(Name of Registrant as Specified in Charter)
Has caused this notification to be signed on its behalf by the undersigned
hereunto duly authorized:
Date: April 3, 1995 By: /s/WILLIAM H. PAVONY
--------------------
Vice President,
Chief Financial Officer
