UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 12B-25
Commission File Number 1-2207
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: January 3, 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: __________________________
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 1--REGISTRANT INFORMATION
TRIARC COMPANIES, INC.
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(Full Name of Registrant)
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(Former Name if Applicable)
280 Park Avenue
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(Address of Principal Executive Office (Street and Number))
New York, New York 10017
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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)
| (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, Form N-SAR, or portion thereof, will
[X] | 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.
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PART III--NARRATIVE
State below in reasonable detail the reasons why the Form 10-K, 11-K, 10-Q,
N-SAR, or the transition report or portion thereof, could not be filed within
the prescribed time period. (Attach Extra Sheets if Needed)
Triarc Companies, Inc. (the "Company") could not complete the
electronic filing of its Annual Report on Form 10-K for the fiscal year
ended January 3, 1999 (the "Form 10-K") by the prescribed filing date
of 5:30 p.m. on April 5, 1999 without unreasonable effort or expense as
a result of the following:
The Company's Form 10-K was required to be filed by April 5, 1999. Also
on April 5, 1999 the Company entered into a definitive agreement to
sell substantially all of its 42.7% interest in National Propane
Partners, L.P. , the entity representative of the Company's propane
business segment. This was deemed by the Company to be a significant
event which called for disclosures in several sections of the 10-K. The
finalization of such disclosures delayed the process of assembling the
10-K for electronic filing. Moreover, the Company experienced numerous
technical difficulties in the document assembly process. As a result,
the Company could not file the 10-K by 5:30 p.m. on the prescribed due
date. The 10-K was, however, submitted through the EDGAR system
subsequent to 5:30 p.m. on April 5, 1999 with an indicated filing date
of 8:00 a.m. on April 6, 1999.
PART IV--OTHER INFORMATION
(1) Name and telephone number of person to contact in regard to this
notification
Fred Schaefer (212) 451-3000
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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 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 statement 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 Annex A hereto.
<PAGE>
TRIARC COMPANIES, 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 6, 1999 By:/s/ Fred H. Schaefer
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Fred H. Schaefer
Vice President and Chief Accounting Officer
<PAGE>
Annex A
For the reasons stated in Part III to this Form 12b-25, the Company's Form 10-K
for its fiscal year ended January 3, 1999 was not filed by the prescribed date
of 5:30 p.m. on April 5, 1999. The Form 10-K was, however, submitted through the
EDGAR filing system on April 5, 1999 subsequent to 5:30 p.m. with an indicated
filing date of 8:00 am on April 6, 1999. The Company reported in its Form 10-K
(i) revenues of $815.0 million for fiscal 1998 compared with $861.3 million for
fiscal 1997, (ii) operating profit of $81.8 million for fiscal 1998 compared
with $27.0 million for fiscal 1997 and (iii) net income of $14.6 million for
fiscal 1998 compared with a net loss of $3.6 million for fiscal 1997. Item 7 of
the Form 10-K contains management's discussion and analysis of the Company's
results of operations for fiscal 1998 compared with fiscal 1997 and, as such,
provides, both narratively and quantitatively, detailed explanations of the
changes in such results. However, a summary of those explanations as they affect
revenues, operating profit and net income, is set forth in the following
paragraph.
The aforementioned revenues are lower in fiscal 1998 compared with 1997
principally due to the effects of (i) the absence in fiscal 1998 of sales of the
Company's propane business segment which is no longer consolidated effective
December 28, 1997 and (ii) the sale of all of the Company's 355 Arby's
restaurants on May 5, 1997, substantially offset by the effects of the
acquisitions of (i) Snapple Beverage Corp. ("Snapple") on May 22, 1997 and (ii)
Cable Car Beverage Corporation ("Cable Car") on November 25, 1997. The increase
in operating profit was principally due to the effects of (i) the aforementioned
acquisitions of Snapple and Cable Car, (ii) charges recorded in fiscal 1997
which did not recur in fiscal 1998 associated with such acquisitions and (iii)
the sale of Arby's restaurants which experienced operating losses in fiscal
1997, all partially offset by the effect of no longer consolidating the
Company's propane business segment. The improvement in net income was
principally due to the after-tax effect of the aforementioned increase in
operating profit substantially offset by the effect of the substantially higher
income from discontinued operations in fiscal 1997 reflecting an after tax gain
from the sale of the Company's dyes and specialty chemicals business on December
23, 1997 compared with the lower income from discontinued operations in fiscal
1998 reflecting an adjustment to amounts provided in prior years as a result of
collection of a note receivable not previously recognized associated with
businesses discontinued prior to fiscal 1996.
