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U.S. 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, 1996
[ ] 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: N/A
________________________________________________________________________
Commission File Number: 1-0096
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PART I
Registrant Information
Full Name of Registrant:
STRIKER INDUSTRIES, INC.
Address of Principal Executive Office:
One Riverway, Suite 2450
Houston, Texas 77056
PART II
Rules 12b-25 (b) and (c)
[X] 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:
(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 on Form 10-K will be filed on or before
the fifteenth calendar day following the prescribed due date of the Annual
Report.
(c) The accountant's statement or other exhibit required by Rule
12b-25(c) is attached. N/A
PART III
Narrative
State below in reasonable detail the reasons why Form 10-K could not be filed
within the prescribed period:
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All of the required information necessary to complete Form 10-K by
March 31, 1996 was not available, and therefore Form 10-K will be filed within
the fifteen day extension period.
PART IV
Other Information
(1) Name and telephone number of person to contact in regard to this
Notification:
<TABLE>
<S> <C>
Matthew D. Pond 713 622-4092
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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
as 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
part thereof? [X] Yes [ ] No
For the year ended December 31, 1996, sales decreased
significantly from sales for the corresponding twelve month period ended
December 31, 1995 (the decrease is estimated to be approximately $600,000) due
primarily to a decrease in both the sales price of dry felt product received
and in the quantity (tons) of product sold by the Registrant during the
period, plus the fact that the Registrant had no revenue from the sale of
saturated felt during the period as in the corresponding period in 1995. As a
result of this decrease in sales, coupled with an increase in utilities and the
absence of any pulp hedge gain in the period, gross margin decreased
substantially (estimated to be approximately $760,000) from the corresponding
twelve month period in 1995. The operating loss and increase in interest
expense and in expenses during the period of an acquisition transaction pending
at December 31, 1996 has resulted in a net loss (estimated to be approximately
$5,436,000) for the twelve months ended December 31, 1996, as compared to a
net loss of $1,309,634 for the corresponding twelve month period in 1995. This
will be fully explained in the Registrant's Annual Report on Form 10-K for
the year ended December 31, 1996 to be filed with the Commission on or before
April 15, 1997.
STRIKER INDUSTRIES, INC. has caused this Notification to be signed on
its behalf by the undersigned hereunto duly authorized.
Date: March 27,1996 By: /s/ MATTHEW D. POND
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Matthew D. Pond, Chief
Financial Officer
